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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.

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.

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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.

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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.

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

Key Players Operating in Global Market

  • The global cryogenic battery market is at the nascent stage; hence, just one company, Highview Power, operates in the global cryogenic battery market.

Global Cryogenic Battery Market: Research Scope

Global Cryogenic Battery Market, by End-user

  • Grid Storage
  • Others

Global Cryogenic Battery Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Cryogenic Battery Market