In its research report, Market Research Future (MRFR), emphasizes that the global substation batteries market 2020 is expected to grow significantly, securing a substantial market valuation and a healthy 8.25% CAGR over the review period.
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Drivers and Restraints
The need to sustain a steady supply of power to the equipment, and the major factor driving the global substation battery market in case of a loss of power supply and a increasing need for continuous power. In addition, several large companies are developing new innovations to raise their market share for substation batteries. The global substation battery market is expected to grow at a significant pace during the forecast period due to the growing demand for additional electricity and power generation capacity worldwide. Increasing industrialisation is also expected to push the global substation battery market worldwide. The most important factor ensuring the growth of the demand for substation batteries is the need to ensure a steady supply of electricity to equipment needed for production in the event of loss of electrical supply. The second factor to account for demand growth is the ever growing need for electricity. Increased industrialization in developed countries, increased urbanization in developing countries and increased demand for substation batteries are some factors driving the market to rise.
Covid-19 Impact on Substation Batteries Market players operating in the global substation batteries market as identified by MRFR are Johnson Controls Inc., GS Yuasa, Robert Bosch GmbH, Exide Technologies, Saft Groupe S.A., Tesla, Storage Battery Systems, LLC, and HBL Power Systems Ltd.., among others.
Impact of COVID-19 on the Global Substation Batteries Market
The outbreak of the pandemic, COVID-19, has impacted the global economy and disrupted the operations of various industries across the globe, including the power industry. According to Independent Commodity Intelligence Services, nuclear power availability in the EU is expected to remain consistent as several countries, including the UK and Germany, have put in place safety measures to guarantee the continuation of operations. This would be helpful for the induction motors in the EU to generate power and distribute in the facilities such as isolated houses, farmyards, or pumping stations. However, the lockdown orders announced by regional governments have impacted the financial health of power distribution companies. India’s daily power demand has reduced by 25 to 28% since the beginning of the nationwide lockdown, driven primarily by the closures of factories and offices in the commercial and industrial sectors. Distribution companies would have to incur higher aggregate technical & commercial (AT&C) losses than the levels specified by the regulators, as the T&D losses incurred are higher than what was earlier predicted.
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- By type, the market has been bifurcated into lead-acid batteries and nickel-cadmium batteries. The lead-acid batteries have been sub-divided into sealed batteries and vented batteries.
The geographical overview of the global substation batteries market has been conducted in four major regions, including the Asia Pacific, the Americas, Europe, and the Middle East and Africa.
The Americas is a wide regional market, because the presence of many powerful economies in North America generates the demand. North American demand is strong due to technological advancement, the growth of mature industries and the growth of key market players in countries like the USA and Canada. Mexico is the third most strong country-specific market in North America followed by the rest of the North American countries. South America is a smaller regional market compared to North America because the buying power is weak for people in this country. The main country-specific markets in South America are Brazil, Argentina, and Venezuela, followed by the rest of the South American countries.
Due to the current infrastructure, the presence of many firms and the existence of many major players in the industry, competition in Europe is steady. The demand for electricity to run machines in the factory is high because of the heavily developed European economies (especially those in western Europe). So the European market still remains solid. France, Germany, Italy, the Netherlands, Spain and the United Kingdom are the largest country-specific markets in this region followed by the rest of Europe.
In the Middle East the market is low due to lack of information, lack of infrastructure, lack of specialized facilities, lack of qualified professionals and lack of education. We have the ability to purchase technology but lack the experience of qualified professionals and equipment. The main country-specific markets within the Middle East are Saudi Arabia, Kuwait, Qatar, the UAE and the other Middle East nations.
Africa’s demand is low because most countries are poor, and can not afford the equipment they need. The market is low due to restricted industrialisation, lack of employment and lack of skilled professionals. In this region, Nigeria, Algeria, and South Africa are the primary country-specific markets followed by the remaining African countries.
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