DUBLIN, Jan. 12, 2024 /PRNewswire/ — The “Qatar Grid-Scale Battery Market (2023-2029) Growth, Size, Forecast, Analysis, COVID-19 IMPACT, Companies, Share, Industry, Trends, Revenue & Value: Market Forecast by Type, Ownership Model, Application and Competitive Landscape” report has been added to ResearchAndMarkets.com’s offering.
Qatar’s Grid-Scale Battery Market revenue size is projected to grow at a CAGR of 182.8% during 2023-2029.
T he emergence of the Qatar Grid Scale Battery market commenced with the inauguration of its initial grid-scale battery project in 2020, boasting a capacity of 1MW / 4MWh. Kahramaa, which played a pivotal role in introducing this technology, envisions its potential scalability for high-load substations within the country’s electrical grid.
Although there is progress, the pace of anticipated grid-scale battery installations remains relatively slow, demanding more concerted efforts. In 2022 and 2023, microgrids were implemented in Doha and at QEERI’s desert farm, providing a modest boost to the market. Presently, extensive testing is underway to assess the efficacy of grid-scale batteries in withstanding Qatar’s hot climate and to determine their suitability for integration into large-scale renewable energy projects.
This growth is primarily attributed to growing renewable energy projects such as 800MW Al Kharsaah solar PV project near Qatar’s capital, Doha, and the inauguration of Qatar’s first major solar energy facility, Al Kharsaah, comprising over 1.8 million solar panels with an estimated annual electricity generation capacity of approximately 2 terawatt-hours (TWh) which would require battery energy storage solutions to stabilize the grid during peak demand while ensuring backup power availability in the event of blackouts.
Qatar is also exploring waste-to-energy solutions to diversify its energy portfolio which would further propel the adoption of grid-scale batteries across the region. These factors have been contributing to Qatar Grid-Scale Battery Market Growth.
Market by Type
In 2022, Lithium-Ion batteries occupied the largest revenue share due to advancements in technology and increased manufacturing capabilities which resulted in a reduction in their prices. Additionally, their high energy density has made them the preferred option for grid-scale batteries. Lithium-ion batteries are dominating the Grid-Scale Battery Market in Qatar.
Market by Ownership Model
Utility companies in Qatar are poised to dominate the market as battery storage for renewable energy gains traction, optimizing peak-hour electricity distribution and pricing regulation. Their expertise in grid management and favourable regulations position them as key players, driving their expansion in grid-scale battery deployment.
Market by Application
While peak shift is anticipated to gain more prominence in the future, in 2022, Microgrid will claim the highest revenue share. This was primarily due to Siemens’ installation of a microgrid at Qatar Solar Energy’s Doha factory and the need to replace small diesel generators powering rural communities.
Key Highlights of the Report
- Qatar Grid-Scale Battery Market Overview
- Qatar Grid-Scale Battery Market Outlook
- Qatar Grid-Scale Battery Market Forecast
- Historical Data and Forecast of Qatar Grid-Scale Battery Market Revenues, for the Period 2019-2029F
- Historical Data and Forecast of Qatar Grid-Scale Battery Market Revenues, by Type, for the Period 2019-2029F
- Historical Data and Forecast of Qatar Grid-Scale Battery Market Revenues, by Ownership Model, for the Period 2019-2029F
- Historical Data and Forecast of Qatar Grid-Scale Battery Market Revenues, by Application, for the Period 2019-2029F
- Market Opportunity Assessment by Type 2029F
- Market Opportunity Assessment by Ownership Model 2029F
- Market Opportunity Assessment by Application 2029F
- Market Drivers and Restraints
- Market Trends
- Competitive Benchmarking
- Key Strategic Recommendations
- BYD Company Limited
- Hitachi Energy LLC
- Siemens Energy AG
- Tesla Inc.
Market Scope and Segmentation
- Flow Battery
By Ownership Model
- Renewable Integration
- Peak Shift
- Ancillary Services
- Back-Up Power
For more information about this report visit https://www.researchandmarkets.com/r/kyxpbc
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SOURCE Research and Markets