Cryogenic Battery Market Analysis and Value Forecast Snapshot by End-use Industry 2020-2030

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Cryogenic Battery: Introduction

• Cryogenic battery is a kind of energy storage system that is used to provide all the essential services for grid including synchronous inertia, frequency regulation and reserves, synchronous voltage support, time shifting, and black start capability. A battery utilizes low temperature liquids such as liquid nitrogen or liquid air as energy storage medium.
• Cryogenic battery is scalable to up to a 10-hour 200MW/2GWh system. This system enables renewable energy to be used as baseload at large scale, while supporting energy security.

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Key Drivers and Restrains of Global Cryogenic Battery Market

• Rise in need for resilient energy grids and the climate change impact of fossil fuels around the world are encouraging engineers and policymakers to develop new or better energy storage solutions. This is likely to drive the global cryogenic battery market in the near future.
• Increase in demand for compact and efficient long duration energy storage system to meet the growing demand for electricity, primarily during peak times such as at night when residential buildings turn on their electronics and lights or on hot summer days when air conditioners are running, is expected to augment the global cryogenic battery market during the forecast period. Cryogenic battery has the ability to store and capture the electrical and thermal energy for later utilization. This feature makes the adoption of cryogenic battery viable.
• Growth in investments in rural electrification projects and enactment of stringent regulations to limit GHG emissions from the power industry are expected to propel the global cryogenic battery market during the forecast period
• Technological innovations in design of long energy storage system to optimize efficiency are projected to propel the demand for cryogenic battery during the forecast period. However, availability of alternate substitutes may hamper the global cryogenic battery market.

Major Developments in Global Cryogenic Battery Market

• In June 2019, Highview Power, a long duration energy storage solution provider, introduced a modular cryogenic energy storage system, the CRYOBattery, which is scalable up to multiple gigawatts of energy storage. it can be located anywhere. The technology utilizes liquid air as the storage medium, provides essential services for a robust grid including black start capability, synchronous inertia, frequency regulation and reserves, synchronous voltage support, and time shifting. The inclusion of the new product allows the company to enhance its product portfolio.

Grid Storage End-user Segment to Hold Major Share of Global Market

• The global cryogenic battery market can be segmented based on end-user and region
• In terms of end-user, the global cryogenic battery market can be divided into grid storage and others. The grid storage segment is anticipated to expand significantly in the near future due to rise in demand to maintain grid stability.

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Asia Pacific to Dominate Global Cryogenic Battery Market

• In terms of region, the global cryogenic battery market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• The cryogenic battery market in Asia Pacific is expected to expand at a significant pace during the forecast period due to introduction of several electrification programs in developing countries including India and those in Southeast Asia. In October 2017, the Government of India introduced ‘Pradhan Mantri Sahaj Bijli Har Ghar Yojana.’ The scheme aims to ensure universal household electrification in rural and urban areas.
• North America is also projected to hold vital share of the global market during the forecast period due to ongoing investments in refurbishment and modernization of grid infrastructure in the region
• Europe is likely to be an attractive region for cryogenic battery, owing to the increase in demand for uninterruptable power supply along with rise in efforts to reduce dependency on fossil fuel by promoting the utilization of green energy. According to the European Commission, US$ 6.57 Bn will be invested in energy projects under the Research and Innovation Programme Horizon 2020 between 2014 and 2020. The project aims is to improve the performance of clean energy technologies including energy network, energy storage, and tidal power.
•  The cryogenic battery market in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period, due to the abundant availability of renewable technologies