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Energy Overview
Prepared for Intesa Sanpaolo Innovation Centre
August 2017
Market Highlights
1
Deployment of smart gas
meters
Regulation aimed at
increasing competition and
the establishment of new grid
connections are driving the
uptake of smart gas meters
Deployment of smart
electricity meters
Reducing non-technical
losses and integrating
renewable energy sources are
key factors behind the roll-out
of smart electricity meters
Advances in energy
storage
Thermal and other alternative
solutions are currently
experiencing the largest
capacity additions in the
energy storage market
Roll out of
microgrids
Technological developments,
price reductions and the
piloting of smart grid
technologies are accelerating
the deployment of micro grids
Advent of blockchain use
cases
Emerging energy-focused
start ups are leveraging
blockchain applications as a
means to address key
challenges in the sector
Growth in critical power
LED drivers and PV inverters
are underpinning expansion in
the critical power market
which continues to be
dominated by UPS solutions
Source: Frost & Sullivan
Market Trend #1Deployment of smart gas meters
• TBC
2
Regulation aimed at increasing competition and the establishment of new grid connections are driving the uptake of smart
gas meters; the EMEA market will generate over $1 billion in 2020 with a CAGR of 9.6% for the period 2015-25
Size and outlook
Re
ve
nu
e $
Bil
lio
ns
0,186
1,116
0,466
0,00
0,25
0,50
0,75
1,00
1,25
2015 2020 2025
9.6% CAGR
35%
17%16%
11%
6%
15%
Landis+Gyr Itron Elster
Pietro Meter Italia Others
Market participants
Note: All figures are rounded.
The base year is 2015. Source: Frost & Sullivan
6,7
15,5
9,4
0,0
4,0
8,0
12,0
16,0
2015 2020 2025
Market Trend #2Deployment of smart electricity meters
3
Reducing non-technical losses and integrating renewable energy sources are key factors behind the roll-out of smart
electricity meters; within Europe, the focus is shifting to the UK, France, Germany and, in the longer term, Italy
Un
it S
hip
me
nts
Mil
lio
ns
3.4% CAGR
Market participants
Note: All figures are rounded.
The base year is 2015. Source: Frost & Sullivan
35%
21%
16%
3%
3%
22%
Sagemcom Landis+Gyr ZIV
ADD Sogemcom Others
Size and outlook
Market Trend #3Advances in energy storage
• TBC
4
Thermal and other alternative solutions are currently experiencing the largest capacity additions in the energy storage
market; overall, the market is growing at circa. 17% annually with 5.4GW of installed capacity globally in 2016
Total Installed Capacity is growing at
~17% annually
Alternative energy storage technologies'
installed capacity reached 5.4GW in 2016
with thermal storage constituting 56% of this
capacity, followed by flywheel at 37%
Size and outlook
Note: All figures are rounded.
The base year is 2015. Source: Frost & Sullivan
Thermal Energy Storage is increasingly being used in
solar plants
Grid Integration of wind energy is driving the Flywheel
Energy Storage market
The transportation sector is using Supercapacitors for
Energy Storage
Compressed Air Energy Storage is finding new
applications in telecom towers
Key opportunities
4,1
12,3
0,0
4,0
8,0
12,0
16,0
2015 2022
Market Trend #4Roll out of microgrids
5
Technological developments, price reductions and the piloting of smart grid technologies are accelerating the deployment of
micro grids; the global microgrid market is expected to grow at a GAGR of 17.1% in revenue terms for 2015-2022
Re
ve
nu
e $
Bil
lio
ns
17.1% CAGR
Size and outlook Key opportunities
33%
30%
15%
8%
6%8%
Gensets Wind Solar
Fuel Cells Micro-turbines Others
Note: All figures are rounded.
The base year is 2015. Source: Frost & Sullivan
Market Trend #5Advent of blockchain use cases
6
Emerging energy-focused start ups are leveraging blockchain applications as a means to address key challenges in the
sector; key concrete use cases include energy trade networks, solar credits and IoT data infrastructure solutions
Key use cases Market participants
Energy trade networks
Solar credits
IoT data infrastructure
Source: Frost & Sullivan
Market Trend #6Growth in critical power
7
LED drivers and PV inverters are underpinning expansion in the critical power market which continues to be dominated by
UPS solutions; overall, the critical power market will grow at 9% globally in 2017 boosted by module level electronics
30,0 32,8
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
2016 2017
Re
ve
nu
e $
Bil
lio
ns
9.0% YoY
Size and outlook Key opportunities
Module Level Power Electronics
Non-traditional Cooling Technologies
Connected UPS; for IoT Platforms
Data Centers; Key End User Group
Note: All figures are rounded.
The base year is 2016. Source: Frost & Sullivan
DEPLOYMENT OF SMART METERS
GAS
Regulation aimed at increasing competition and the establishment of new grid connections are
driving the uptake of smart gas meters (1/2)
9Source: Frost & Sullivan
Total Smart Gas Meter Market: Key Market Drivers, Global, 2016–2025
Drivers 1–2Years 3–4Years 5–10Years
1. Energy market regulators aim to increase market competition M M M
Smart meters will help to reduce and to finally end non-consumption-based gas billing and make it easier for consumers to change tariffs and
switch between suppliers, increasing market competition. The European Union has been progressively promoting a common market in natural
gas for 17 years in order to increase market competition and consumer choice. With its Third Energy Package, the EU aims to create new
business opportunities and more cross- border trade to achieve efficiency gains, competitive prices, higher standards of service and to contribute
to security of supply and sustainability
2. New gas connections are driven by population growth in less-developed countries and the
increasing number of single households in highly developed countriesM M L
The population of the developed world has reached a plateau, while populations in the developing world are increasing and are predicted to
surge ahead. Despite the decline overall, the number of households is increasing in highly developed countries due to the growing number of
single households. Hence, although the percentage share of connected and metered households will stay relatively constant over the next 10
years, the absolute number of connected and metered households around the world will increase
Impact Ratings: H = High M = Medium L = Low
Regulation aimed at increasing competition and the establishment of new grid connections are
driving the uptake of smart gas meters (2/2)
10Source: Frost & Sullivan
Total Smart Gas Meter Market: Key Market Drivers, Global, 2016–2025
Drivers 1–2Years 3–4Years 5–10Years
3. Greater demand for energy efficiency drives the adoption of smart gas meters L M H
The global market for smart meters is expected to grow significantly in this decade, fuelled by UN climate target and the associated energy
efficiency measures. Efforts to cut fuel consumption of gas heating systems will foster demand for smart gas meters and a fully automated grid
4. Roll-outs of smart electricity meters lead to simultaneous smart gas meter roll-outs L M H
Simultaneous replacement of electricity and gas meters minimizes the cost of both smart meter roll-outs. A shared communication infrastructure
of electricity and gas meters is more economical. Luxembourg is currently conducting such a dual-fuel roll-out. Other dual-fuel roll-outs are
planned in Germany, Austria, Ireland and Belgium and have already undergone a successful pilot phase
Impact Ratings: H = High M = Medium L = Low
Nonetheless, more widespread adoption is restrained by the relatively high costs, a lack of
standardization, and end-user scepticism
11Source: Frost & Sullivan
Total Smart Gas Meter Market: Key Market Restraints, Global, 2016–2025
Restraints 1–2Years 3–4Years 5–10Years
1. Lack of common protocols and interface standards slows the pace of development H H M
Lack of common protocols and interface standards as well as special courses concerning smart meter specifications make it impossible for many
meter manufacturers to market their products globally
2. Negative cost-benefit ratio—total costs of ownership for smart gas metering in many cases
are higher than the associated energy cost savingsH M L
Cost-benefit analyses indicated that domestic households would be unable to save enough energy to recoup the costs of installing and operating
smart gas meters. As a result, roll-out plans are frequently scaled back, postponed or cancelled
3. There is user scepticism about data security, meter accuracy, and technical security L L L
User concerns have been raised frequently in early adopter countries, about metering accuracy, data security, and granting remote control to
utilities. There are also apprehensions about electromagnetic radiation causing health impairments
Impact Ratings: H = High M = Medium L = Low
Asia-Pacific will surpass North America in terms of smart meter sales by 2018
12
Total Smart Gas Meter Market: Revenue Forecast by Region, Global, 2015–2025
Note: All figures are rounded.
The base year is 2015. Source: Frost & Sullivan
YearAPAC
($ Million)
China
($ Million)
EMEA
($ Million)
North America
($ Million)
South America
($ Million)
2015 82.4 17.5 186.1 153.8 1.3
2016 96.5 22.8 446.6 156.2 2.2
2017 147.7 30.3 714.7 160.1 3.1
2018 245.0 41.0 928.7 164.2 3.9
2019 424.8 56.6 1,079.6 171.0 4.7
2020 662.5 80.8 1,115.7 178.1 5.0
2021 843.9 117.1 930.7 181.2 5.2
2022 773.4 170.6 649.0 180.6 5.3
2023 649.0 247.0 517.8 178.0 5.4
2024 454.7 335.6 494.1 176.1 5.6
2025 420.7 459.2 465.8 174.6 5.7
CAGR (%) 17.7 38.6 9.6 1.3 15.8
EMEA is the largest and most mature market and will generate over $1 billion in 2020 with a
CAGR of 9.6% for the period 2015-25
13Note: All figures are rounded.
The base year is 2015. Source: Frost & Sullivan
Key Takeaway: Roll-outs in several EU countries will let the EMEA market peak in 2020, provided that Germany
does not introduce smart meters for light consumers (<6,000 kWh) within the forecast period.
Smart Gas Meter Market: Unit Shipment and Revenue Forecast, EMEA, 2015–2025
Revenue CAGR 2015–25 = 9.6%, Unit Shipment CAGR 2015–25 = 11.0%
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
0.0
200.0
400.0
600.0
800.0
1,000.0
1,200.0
Revenue2015
186.1
2016
446.6
2017
714.7
2018
928.7
2019
1079.6
2020
1115.7
2021
930.7
2022
649.0
2023
517.8
2024
494.1
2025
465.8Units 2.2 5.0 8.4 11.9 14.5 15.0 12.1 7.9 6.4 6.3 6.1
Un
its
(M
illio
n)
Re
ve
nu
e (
$ M
illio
n)
Year
Landis+Gyr is the clear market leader (35%) in EMEA, ahead of Itron and Elster
14Note: All figures are rounded.
The base year is 2015. Source: Frost & Sullivan
Key Takeaway: Large-scale meter roll-outs are unattractive for small and medium-sized manufacturers, as meters
cannot be marketed over product features but mainly over price.
Smart Gas Meter Market: Per Cent Unit Breakdown, EMEA, 2015 Total Units: 2.2 Million
Landis+Gyr 35.0%
Itron 17.0%Elster 16.0%
Pietro Fiorentini 11.0%
Meter Italia 6.0%
AEM 4.0%
Apator 2.0% Sit Group 1.0%
Others* 2.0%Diehl 3.0%
Secure 3.0%
15
From technology perspective, ultrasonic Advanced Meter Infrastructure (AMI) systems are
leading growth globally with a CAGR of 20% (2016-22)
2016 2017 2018 2019 2020 2021 2022
AMI mechanical 3.547,7 5.414,0 7.141,5 8.127,8 8.326,8 7.383,1 6.935,9
AMI ultrasonic 3.659,8 4.043,6 5.080,5 6.753,3 9.148,9 22.264,3 10.872,8
AMR mechanical 1.839,1 211,4 253,7 3.060,9 3.793,4 4.187,9 3.983,3
AMR ultrasonic 2,5 1,9 1,2 0,6 0,2 0,2 0,2
Non-smart mechanical 20.536,3 20.104,5 19.736,3 19.287,9 18.846,0 18.621,5 18.581,5
Non-smart ultrasonic 283,3 141,6 14,2 14,0 14,0 14,0 14,0
0
10.000
20.000
30.000
40.000
50.000
60.000
12%
20%
14%
-34%
-2%
-39%
CAGR
Smart Gas Meter Market: Unit Shipment by Technology, ‘000s, Global, 2016–2022
Source: Frost & SullivanAMR = Automatic Meter Reading
DEPLOYMENT OF SMART METERS
ELECTRICITY
Reducing non-technical losses and integrating renewable energy sources are key factors
behind the roll-out of smart electricity meters (1/2)
17Source: Frost & Sullivan
Total Smart Electricity Meter Market: Key Market Drivers, Global, 2016–2025
Drivers 1–2Years 3–4Years 5–10Years
1. Supportive government legislation drives rollouts in key geographicmarkets H H M/H
Without government pressure, utilities and distribution network operators are generally inclined towards a slow pace of implementation, as the
business case is not always strong enough. The EU Energy Efficiency Directive mandates that 80% of consumers in the member states need to
be equipped with smart meters by 2020, assuming a positive cost-benefit analysis. Whilst this has been negative in some key states, Germany
being the most important, it has led a number of states to plan and implement rollout programmes. It is forecast that Norway, Denmark, Estonia,
Spain, Ireland, and the Netherlands will have achieved 80% by 2020, with significant progress in Austria, France and the UK
2. High levels of non-technical losses provide a business case for electricity utilities to invest in
smartmeteringM M M
Smart meters have a strong role to play in reducing electricity theft, and the fact that they protect utility revenues acts as a powerful business
case. In markets where there is no smart meter rollout or supportive legislation, utilities are still prepared to install smart meters in areas of their
distribution networks where losses are high. An example is Bulgaria. The country has no plans for a smart meter rollout and low electricity prices
make it unattractive for major utilities; yet to prevent pure theft, it is installing meters at one Million households that are assessed as having the
highest rates of electricity loss
Impact Ratings: H = High M = Medium L = Low
Reducing non-technical losses and integrating renewable energy sources are key factors
behind the roll-out of smart electricity meters (2/2)
18Source: Frost & Sullivan
Total Smart Electricity Meter Market: Key Market Drivers, Global, 2016–2025
Drivers 1–2Years 3–4Years 5–10Years
3. Smart meters are the bedrock of a future smart grid L/M M M/H
Smart meters provide a base for the utilities and grid operators involved in smart meter development to establish the future smart grid. These
establish a link between the customers’ electricity consumption and the grid through real-time data. Smart meters, backed by the supporting
infrastructure, enable consumers to reduce their overall consumption. Backed by demand response technologies, they also encourage
consumers to shift consumption away from peak demand and peak pricing hours. This benefits the entire energy system, particularly by
eliminating the need for expensive peak plant capacity
4. Effective integration of renewable energy is only possible with smartmeters L/M M M
Smart metering enables the integration of renewable decentralised energy production, storage and usage by tracking the detailed inflow and
outflow of electricity in the system. It accounts for the surplus and unconsumed energy generated from solar and wind power that gets fed back to
the grid, enabling consumers to take advantage of feed-in tariffs. Smart meters result in continuous communications so that grid operators and
consumers can monitor them in real time during peak and off-peak intervals and enable the power grid to handle the uneven electricity
generation from solar and wind turbines
Impact Ratings: H = High M = Medium L = Low
In many countries, end-users prefer basic meters and are unable to appreciate the business
case for switching without an external mandate
19Source: Frost & Sullivan
Total Smart Electricity Meter Market: Key Market Restraints, Global, 2016–2025
Restraints 1–2Years 3–4Years 5–10Years
1. Lack of a supportive business case if there is no mandate for smartmetering M/H M M/L
With no mandate, the business case for smart metering can be difficult, unless there are high levels of electricity theft. Smart meters and the
supporting communications and data analytics infrastructure cost considerably more than conventional metering, and consumers are reluctant to
pay. Usually, distribution system operators (DSOs) bear the cost, which is passed on to consumers as additional network charges
2. Preference for basic metering M M M/L
The cost of a basic electricity meter can be as low as $12-15 in some markets. In countries where metering of electricity occurs only partially,
installing basic meters is the quickest and easiest solution available
3. Uncertainty over choice of technology and the approval process M M/L L
There have been major technological changes in the past five years related to the communication and data analytics software that supports
smart metering. Moreover, as only a few countries have rolled out smart metering, the number of best-in-class examples is limited. This has
made many utilities hesitant to invest, as they are sceptical of making the wrong decision and selecting a technology that is soon superseded
Impact Ratings: H = High M = Medium L = Low
Globally, the Russia and CIS market is growing very rapidly from a low base
20
Total Smart Electricity Meter Market: Revenue Forecast by Region, Global, 2015–2025
Note: All figures are rounded.
The base year is 2015. Source: Frost & Sullivan*Asia-Pacific includes India.
YearAfrica
($ Million)
Asia-Pacific
($ Million)
China
($ Million)
Europe
($ Million)
Middle East
($ Million)
North America
($ Million)
Russia & CIS
($ Million)
South America
($ Million)
2015 4.2 1,987.3 3,775.0 895.1 42.4 1,350.5 56.9 84.3
2016 9.0 2,192.7 2,774.6 853.8 38.1 1,097.2 70.1 76.4
2017 15.7 2,186.9 2,265.9 1,254.7 57.3 847.9 128.1 87.4
2018 20.9 2,383.1 1,776.5 1,785.0 68.3 807.1 212.8 101.9
2019 21.5 2,203.3 1,305.7 2,026.7 92.5 812.2 292.4 139.0
2020 42.4 2,069.8 1,279.6 2,374.2 98.6 879.0 380.8 182.0
2021 57.1 1,795.7 1,266.8 2,644.4 129.3 979.6 397.0 229.2
2022 79.8 1,870.9 1,254.1 2,378.5 189.6 1,025.7 422.1 285.1
2023 114.6 1,753.6 1,241.6 1,999.4 179.8 1,140.1 398.0 322.0
2024 143.9 1,490.3 1,229.2 2,110.3 171.5 1,240.6 415.9 331.6
2025 142.4 1,324.4 1,216.9 1,845.9 157.0 1,282.4 359.0 330.4
CAGR
(2015–2025)42.1% (4.0%) (10.7%) 7.5% 14.0% (0.5%) 20.2% 14.6%
Within Europe, Spain currently dominates the market, with the focus shifting to the UK,
France, Germany and, in the longer term, Italy
21Note: All figures are rounded.
The base year is 2015. Source: Frost & Sullivan
Key Takeaway: The Spanish rollout has now peaked; France will outpace Spain next year as the largest market in
Europe. Germany will roll out meters to several key customer groups and then gradually to the rest of the country.
Smart Electricity Meters Market: Unit Shipment Forecast by Region, Europe, 2015–2025
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025UK 0.8 0.5 1.2 2.8 3.0 3.5 4.0 3.8 3.0 3.0 1.5Spain 5.0 4.0 3.5 2.5 1.5 1.0 0.7 0.4 0.1 0.1 0.1Italy 0.2 0.2 0.2 0.3 0.5 1.0 1.5 2.0 2.5 4.0 4.0Germany 0.6 0.1 0.5 1.5 2.0 3.0 4.0 3.5 3.0 3.0 3.0France 0.1 2.3 4.5 6.0 7.0 7.0 7.5 4.0 2.0 1.5 0.8
Un
its
(M
illi
on
)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
Year
Sagemcom with a 35% share outpaces Landis+Gyr to lead the EU market
22Note: All figures are rounded.
The base year is 2015. Source: Frost & Sullivan
Key Takeaway: Sagemcom and ZIV are both major suppliers to the Spanish rollout, which currently
dominates the European numbers.
Smart Electricity Meter Market: Per Cent of Smart Meter Units, Europe, 2015 Total Units: 9.3 Million
*Others include Secure, ZPA, EMH, Apator, Janz, AEM, Iskraemeco,
Elektromed, Makel. Viko, and Elgama
Sagemcom
35.0%
Aidon 2.0%
Orbis
2.0%
12.0%
Kamstrup 3.0%
Shenzhen Kaifa
3.0%
Sogemcom 3.0%
ADD 3.0%
ZIV 16.0%Landis+Gyr 21.0%
23
From technology perspective, demand for Automatic Meter Reading (AMR) systems is
declining very rapidly to the benefit of AMI solutions
2016 2017 2018 2019 2020 2021 2022
AMI 99.220,4 98.110,5 99.490,3 93.157,3 100.192,8 106.734,0 105.439,5
Static non-AMI 57.119,1 57.194,3 58.821,2 60.049,3 59.457,8 59.094,6 59.163,8
Electromechanic 3.746,1 3.077,4 1.999,7 1.389,4 1.006,9 734,5 368,3
Prepayment 10.797,9 10.365,2 10.001,3 9.754,8 9.452,4 9.159,6 8.834,3
ICG 11.054,9 11.029,5 11.227,7 11.095,2 10.672,6 11.206,8 11.423,0
AMR 13.994,8 9.544,5 2.601,3 2.304,3 1.874,3 1.221,0 1.146,0
0
50.000
100.000
150.000
200.000
250.000
1%
1%
-32%
-3%
1%
-34%
CAGR
Smart Electricity Meter Market: Unit Shipment by Technology, ‘000s, Global, 2016–2022
Source: Frost & SullivanAMI = Advanced Meter Infrastructure
ADVANCES IN ENERGY STORAGE
Battery Energy Storage (BES) has the highest growth potential, whilst Thermal Energy
Storage (TES), part of the broader Alternative Energy Storage (AES) segment, is currently
experiencing the largest capacity additions
25
Note: All figures are rounded.
The base year is 2015.
Source: DOE Global Energy Database; Frost & Sullivan
Energy Storage Industry: Total Installed Capacity by Technology, Global, 2016
*Note: Excludes India and China
0.0
0.5
1.0
1.5
2.0
2.5
North America
SouthAmerica
China India Asia-Pacific*
Europe RoW2016
6.53 GW
0.750.57
24.5%
0.58
51.8%
Ins
tall
ed
Ca
pa
cit
y(G
W)
0.14
0.5
17.3%
6.4%
2014
51.4%
32.7%
1.57
4.28 GW
2.42
13.0%11.2%
4.7%
Battery Energy Storage
Thermal Energy Storage
Supercapacitor
Flywheel + Compressed Air
The AES space is being shaped by a range of technology trends
26
Image Source:
scalesairlines.com
Image Source: maxwell.com
Image Source: utexas.edu
Image Source: hpac.com Thermal Energy Storage
TES technology is in its mature stage with more than 30 years of R&D. Approximately, 650 MW will be added across 9
projects globally in 2016. Solar power projects implementing molten salt TES are the most prominent among these
projects. New trends/applications for TES include smart thermal grid and solar thermal plants in microgrids. The US, India,
and Spain will be hotspots for TES in 2016.
Flywheel Energy Storage
Low-speed FES is a mature technology. Flywheels are used to smoothen power output, regulate frequency, and gain faster
response in wind turbines. Few research projects will be testing the feasibility of flywheel applications in microgrids in 2016.
Five projects are expected to be completed in 2016, adding 5MW of installed capacity to the grid. There is a push to develop
low-cost flywheels with high power density.
Supercapacitor Storage
Supercapacitors are known for their high efficiency and high power density. Two latest applications of supercapacitors
are in metro rail projects for energy storage during braking and in solar PV plants for power output smoothening.
Supercapacitors will be installed in South Korean metro stations in 2016. In California, a solar PV firming demonstration
project using supercapacitors is under construction and is expected to be completed 2016. The results of these projects
will open a new arena of application for supercapacitors in the next 5 years.
Compressed Air Energy Storage
CAES projects are in the demonstration phase. Modular CAES and isothermal CAES technologies are gaining
significance. Few projects are under construction in Germany, Canada, and Switzerland. Feasibility of the technology in
microgrids is being tested in a facility in the US. The impact of the CAES in the total energy storage market
is not expected to be significant in 2016.
Source: Frost & Sullivan
TES solutions are notably finding greater traction in solar plants
27
Total Installed Capacity
Grows at 17.4%
Alternative energy storage technologies’
installed capacity will reach 5.4GW in 2016.
Thermal storage constitutes 56% of this
capacity, followed by flywheel at 37%.
TES and Supercapacitors are
Increasingly Being Used in Solar Plants
Need for a stable power supply from CSP plants will
drive the molten salt thermal storage systems.
Supercapacitors will increasingly be used with solar
PV plants for power output smoothening.
CAES Finds New Applications
in Telecom Towers
New applications for CAES are
being explored; this includes
microgrids and remote telecom
towers.
Grid Integration of Wind
Energy Drives the FES Market
Continued strong growth in the wind energy market
will boost the potential for FES. 2016 will see several
microgrid- connected wind energy hybrid systems
using FES for power stabilisation.
Transportation Sector Uses
Supercapacitors for Energy Storage
2016 will witness the completion of
supercapacitor braking energy
recuperation systems in metro rail
projects in South Korea.
Government Policies Drive
ESS Market
Most technologies are in the testing/developmental
stage. In 2016, the market will primarily be driven by
supporting government incentives, along with
continued piloting of utility scale projects.
Source: Frost & Sullivan
Micro grids in Europe and North America are fast adopting Flywheel Energy Storage (FES)
solutions for wind turbine power output stabilisation
28
Energy Storage Industry: Energy Storage Growth Potential by Application and Region, Global, 2016
Application North America European Union Asia-Pacific Rest of World Key Takeaway
TES and FES are key
technologies adopted
globally.
FES is popularly used;
supercapacitor technology is
gathering significance.
TES is fast gaining
momentum in C&I
applications for power quality,
reliability, and energy
management.
CSP plants with TES and
wind power plants with FES
are gaining significance
globally.
Impact: Low HIghFES TES CAES Supercapacitors
Gri
d E
ne
rgy
Sto
rag
eT
ran
sp
ort
atio
nC
om
me
rcia
l &
Ind
ustr
ial (C
&I)
Mic
rog
rid
Image Sources: Bloomberg; Forbes;
NGK Insulators; treehugger.com Source: Frost & Sullivan
Smart Ice thermal storage systems capable of communicating with consumers through mobile apps to charge
and store ice in HVAC units remotely are becoming popular, which helps in peak load shifting and reduces the
carbon footprint. Molten silicon-based TES is being tested in Spain and will likely start replacing the molten salt
TES technology by 2018/2019.
TES
Amber Kinetics Inc has developed a multi-hour flywheel system with steel blades as its latest innovation which
can charge and discharge multiple cycles a day. This system is being tested on a Hawaiian island against grid
storage batteries. R&D on high-speed flywheels and flywheels with superconducting magnetic bearings is
being conducted to enhance the company’s application portfolio.
Flywheel Energy
Storage
The first non-carbon double layer supercapacitor has been designed and developed at MIT. This material
increases the power density of supercapacitors, which could make it feasible for grid storage and electric
vehicle (EV) applications. While carbon-based supercapacitors are inexpensive, the manufacturing process is
expensive. The material used in a non-carbon prototype is costly but the manufacturing process is simple.
Supercapacitor
The underwater compressed air storage method is being tested by Canadian start-up Hydrostor in Toronto. Air
balloons are filled with pressurised air and located on the ocean floor. When electricity is revoked, the system
operates reversely, and the water weight pushes air back to land to convert back to energy. This technique
can be used for peak demand shifting.
Compressed Air
Energy Storage
The next generation of molten silicon-based TES, high-speed flywheels and underwater
Compressed Air Energy Storage are being tested
Source: Frost & Sullivan 29
• ARES is a grid-scale energy storage methodology developed by ARES North America.
• The pilot test bed was initiated in 2016, and the mode of storage is gravitational potential energy.
Excessive energy in the grid is stored by ARES shuttle trains. An automated steel rail network
connects storage yards at different locations.
• Using grid power, motors drive the trains uphill against the force of gravity, stored as gravitational
potential energy. During peak hours in the grid, these trains are driven down the hill to the lower
storage yard, and the motors now operate as generators, reversing the process.
• Project scalability: 10 MW/20 MWh to 2 to 3 GW/16/24 GWh
• Key applications of this technique: ancillary services and renewables integration
• US patents: 8593012 and 8674541
• Storage method: gravitational potential energy
• Promised efficiency: 86%
• Advantages:
o Lower CAPEX: about 60% of that of pumped hydro storage
o Low operating expenditure (OPEX): lowest of the existing storage technologies
In the longer run, Advanced Rail Energy Storage (ARES) Energy storage solutions have
potential, promising scalability and 86% efficiency
Source: Frost & Sullivan 30
From a geographical perspective, the markets for TES in Spain and France received a
combined 112MW of additional capacity in 2016
31
Markets Technology
Application Policies
• Transmission system services: Flywheel+battery technology system is to be
tested to support the stabilisation of transmission lines in Ireland.
• FES is popular in the region for grid stabilisation at wind energy integration
sites and in microgrids.
• Molten salt TES is being used for smoothening power output of CSP plants.
• In Germany, a €25-million scheme was announced for promoting self-
consumption of stored energy.
• German Development Bank subsidy for residential storage systems.
• Research Council UK (RCUK)-funded projects will evaluate and promote
grid scale storage.
112 MW of TES installed capacity will be added with CSP plant
projects in Spain and France in 2016.
CAES: Approximately, a 200 MW-capacity project is under
construction in Germany and is expected to be completed in 2016.
High-growth Segment (>20% YOY Growth)
Germany
France
Spain
Low-growth Segment (<10% YOY Growth)
Ireland
Switzerland
• TES
• CAES
• FES
• CAES
Source: Frost & Sullivan
The BES space is being shaped by a range of technology trends
32
Image Source:
energystoragereport.info
Image Source:
electronicsnews.com.au
Image Source: greentechmedia.com
Image Source: wired.com
Lithium-ion to Dominate
Li-ion technology showed robust growth from 2009 to 2015. Due to the significant uptake in piloting of the technology,
most leading suppliers adopting the technology expected growth in behind-the-metre markets (key markets for Li-ion).
Manufacturing capacity being supported by growth in associated markets (such as EVs, hybrid electric vehicles (HEVs),
and wearables), the technology will represent the most significant percentage of growth in 2016.
Sodium-based to Grow Strongly in the Utility Sector
While healthy growth has been shown in Sulphur-based batteries for the 2009–2015 period, it has not reached the growth
rates of Li-ion batteries. With significant growth shown in 2014–2015, the technology can be expected to continue to represent
as a contender to Li-ion within its core energy-based functionalities (such as renewable energy time-shift/firming and reserve
capacity) in the utility sector.
Lead-acid to Lose Market Share
Lead-acid battery technology will find it increasingly difficult to compete, as it contends with strong technology growth in the above-mentioned battery technologies within its current core functions of renewable capacity firming, ramping, and frequency regulation. The advantage afforded to lead-acid batteries by their price differential is expected to be eroded by cost reductions in competing technologies. However, as the market becomes more commercialised, the environmental benefits of these systems will become more of a defining factor in technology selection, representing a key advantage for lead-acid batteries due to their high levels of recyclability.
Flow Batteries to Claim Niche Growth
Flow battery technology’s (VRFB and ZnBr) ability to achieve significantly longer discharge times will allow the technology
to achieve a niche market acceptance in the near term and flow over into other associative markets in the medium- to
long-term. The technology is expected to achieve a foothold in renewable energy time-shift, along with electric-energy
time shift. Due to its extended discharge duration and calendar life, the technology further represents an attractive
solution for the support of remotely distributed power, particularly in hard-to-reach areas
(such as developing countries).
*VRFB—Vanadium Redox Flow Battery; ZnBr—Zinc Bromide Source: Frost & Sullivan
Renewable power integration is notably driving up BES revenues
33
Renewable power integration,
from utility scale to residential
scale, will be the primary driver
for battery storage growth in
2016.
Innovation and growth in the EV
market will drive growth,
technological innovation, and
scaled production for high power
density battery systems, driving
the Li-ion market.
In 2016, the market will still
primarily be driven by supporting
government incentives, along
with continued piloting of utility
scale projects.
Residential and commercial
storage will be driven largely by
government subsidies in 2016,
primarily in Germany, Japan, and
the United States.
The total annual market size for
battery storage will amount to
$3.64 billion by 2016, largely
attributed to the large commercial
and industrial sectors.
Global BES Market Will Grow
at 38.4% CAGR During
2014–2016
Utility scale battery storage will
represent the primary growth
driver of revenues for battery
storage systems in the short term.
Utility Scale Grid Storage
Remains the Primary Driver
Renewable Power Integration
Drives BES Revenues
Residential and Commercial
Storage Will Witness Strong
Growth
Li-ion Will Remain the
Dominant Technology
Government Incentives Will
Drive Market Growth
Consumer Applications
Remain the Largest Revenue
Generator
Li-ion Batteries for EVs Will
Grow at 38.7%
Demand for for Li-ion batteries
from consumer electronics will
continue to remain strong due to
the growing penetration of
smartphones and tablets.
Li-ion battery technologies are
expected to represent the
predominant battery storage
technology in the market,
primarily in the residential space.
Image source: microgridmedia.com
Image Source: theregister.co.ukImage Source: Frost & Sullivan
Source: Frost & Sullivan
The BES market demonstrated growth of 65.5% between 2015 and 2016 in MW terms, with
most of this stemming from the lithium-ion solutions
34
Grid Scale BES Market: Operational Market Size, Global, 2015 Grid Scale BES Market: Operational Market Size, Global, 2016
Grid Scale BES Market: Technology Share of
Operational Capacity, Global, 2015
Grid Scale BES Market: Technology Share of
Operational Capacity, Global, 2016
0 500 1000 1500 2000 2500
Installed Capacity (MW, MWh)MW MWh
1256
744
Annual Growth:65.5%
Annual Growth:97.0%
0 500 30001000 1500 2000 2500
Installed Capacity (MW, MWh)
MW MWh
1231
2474
Lithium-Ion
66.0%
Lead-acid
12.8%
Sodium- based
12.6%
Flow-based
8.1%
Nickle-based
0.5%
Lithium-ion
71.9%Lead-acid
7.6%
Sodium Based
13.0%
Flow
7.2%Nickle Based
0.3%
Source: Frost & Sullivan
900
300250 180600
250200 1300
500
1.000
1.500
2010 2012 2017 2018 2020
Electric Vehicle Market: Lithium Ion Battery Pack Cost Ranges by Industry Player, 2015-16
Electric Vehicle Market: Lithium Ion Battery Pack Pricing Trend & Forecast, 2010-2020
Historical Forecasthigh
lowUS
D
Price ($/kWh)LG Chem BYD NEC Tesla
225-450 250-400 300-500 200-250
The price of lithium-ion batteries has decreased by ~50% in the last two years to an average of
$250-300/kwh for EVs and is expected to decrease further
Source: Frost & Sullivan 35
• The chemistry of this flexible battery, called Softbattery, comprises zinc and manganese dioxide as electrodes and
zinc chloride as an electrolyte. All materials employed in the battery are compliant with the Restriction of
Hazardous Substance (RoHS) directive. Application areas are transdermal delivery patches to wireless (Bluetooth
low energy) sensor tags and low-power applications such as displays and light-emitting diodes (LEDs).
Zinc Manganese
Dioxide Flexible
Battery
• The Li-ion EV battery has twice the storage capacity at 30% of the cost, compared to EV batteries. Potential is in
the consumer electronics, energy-efficient cargo ships, locomotives, aerospace, and power grid markets. The
company aims to improve the size, weight, and runtime of everyday portable electronics and aims to ensure
minimal volume changes during battery operation.
SILA Energy
Storage
• Solid electrolytes comprise complex lithium salts combined with Li-ion-conducting polymers, such as polyethylene
oxide or ceramic electrolytes. Advantages include non-flammable, non-volatile, and stable cycling of lithium at high
temperatures Safer electrolytes help produce thinner Li-ion batteries and could be used for smartphones, drones,
EVs, and wearable devices.
Solid Electrolyte
for Anode-less
Batteries
• Prototype of an iron flow battery will provide cleaner and inexpensive power when generation from renewable
energy dwindles. The prototype can be customized to produce or store any range of power by increasing or
decreasing cells in stack and by varying the size of reactant tanks.
Flow
Battery
Prototype
2018
1
5
3
2
4
2018
1
5
3
2
4
20
17
1
5
3
2
4
2020
1
5
3
2
4
Enfucell Oy
Sila Nanotechnologies Inc
SolidEnergy Systems Inc
School of Engineering at Case Western Reserve University
New and emerging Battery Energy Storage technologies are being developed at a range of
European and North American universities and institutions
Source: Frost & Sullivan 36
From a geographic perspective, the USA and Japan are the most mature markets for BES in
terms of developed capacity and supporting policies
37
BES Market: Attractiveness of Geographic Markets for BES, Global, 2016
CanadaThe Ontario government includes storage
technologies in its energy procurement processes by
the end of 2014. Initial 50 MW of storage technologies
will be installed to assist with renewable energy
integration and promote innovation. New feed-in-tariff
procurement process incorporate storage.
2014
2020 China
China provides financial support for pilot projects to assess
viability for large-scale roll-outs. There are no set BES targets,
but 200GW of wind is planned by 2020, along with 100GW of
solar, indicating significant opportunity for BES adoption. In
addition, there is a maximum emission reduction target of
45% in 2020 and 65% in 2030.
2014
2020
USA1.3GW storage has been mandated in
California. Compensation for frequency
regulation is based on response speed.
There are storage incentive subsidies in
California and New York, with significant
procurement through the American Recovery
and Reinvestment Act (ARRA) stimulus.
2014
2020
Japan
The government provides subsidisation for small-
scale PV-coupled storage for residential- and
commercial-scale storage. Public funding is also
provided for renewable-targeted storage systems.
2020
South KoreaThere is public funding of large-scale Li-ion
projects and ambitious targets for 2020.
The Korea Electric Power Corporation
(KEPCO) has targeted a development of
500MW of utility scale battery storage by 2017.2014
2020
Impact:Low HIgh
PolicySupport Market Maturity SupportingInfrastructure Demand Future Market Potential
European UnionThe EU Framework Research Programme (FP7) and
the co-funding of the stoRE project support storage for
high renewable energy integration. Germany offers
direct subsidisation incentive for small-scale PV-
coupled storage. Key countries include Germany,
Spain, Ireland, Austria, and Denmark.
2014
2020
2014
Source: Frost & Sullivan
ROLL OUT OF MICROGRIDS
A microgrid is a discrete energy system consisting of distributed energy sources (including
generation, demand management and storage components) with loads capable of operating
in parallel with, or independently from, the main power grid
39
Energy Storage
Enables independent operation of
microgrids upon disconnecting from
the main grid or faults in microgrid
generation units, and self correcting
and managing features of the grid.
Comes into play during a sudden
shortage in power generation.
Distributed
Generation
Enables a particular
unit to operate by itself,
independent of the utility grid
for any given reason, such as
outages due to faults.
Sensors
Monitoring grid parameters
and collecting data from the
load and generation points,
reducing human
intervention to a great
extent and enabling
machine-to-machine
communication.
Power Electronics
Employed in the inversion
and the rectification points
of connection in the grid,
especially in storage
devices and distributed PV.
Data Management
Energy and load forecasting and scheduling of
loads. Predictive analysis is being developed to
make the grid more sophisticated and reliable.
Communication
Data security is an important focus area when it comes to communicating user data to the control centre and storing
the data. The Open Smart Grid Protocol of the European Telecommunication Standard Institute has been designed
specifically for efficient two-way communication in smart grids.
Image Source: CivicSolar Source: Frost & Sullivan
Microgrids can broadly be segmented into remote and grid-connected
Community/
Utility Grids
Rural & Islands
Military
Remote
Isolated Microgrids
Located far from the utility grid, such as on
islands or in rural communities.
No connection to the utility grid. Must have black
start capability, be located in remote areas, and
remain autonomous.
Usually operate connected to the grid with the
ability to island during fault and earn additional
value through trade of electricity and balancing
services.
Power supply, security, and reliability.
interruption causes high revenue loss or
compromises security. Industrial
Grids
Commercial/
Campus
Grid-Connected
Islandable Microgrids
Completely interconnected and can consume
and supply grid power while maintaining some
degree of service in times of utility outage.
Non-synchronous Microgrids
Not interconnected or synchronised to the grid,
but connected to utility power supplies. They
can consume power from the grid, but cannot
supply power.
Source: Frost & Sullivan 40
S&C Electric has defined 6 microgrids based on their functionality
Description Infrastructure Microgrid Type
1. Basic functionality: transfer switch with standalone
generator, typically for emergency/backup power
Stand-alone generator, single load source,
transfer switchUtility: stand-alone facilities
2. Higher level of control: multiple loads and generation
sources; selection between RE and fossil fuel generation
Multiple generators, higher level of control
through simple data analytics
Utility, campus, and industrial: remote
electrification and remote industrial
facilities
3. Microgrid controller: continuously manages generation
and demand for base-level generation with ability to meet
average load
Microgrid controller, thermal assets, RE,
storage
Utility, commercial/campus, industrial,
military
4. Distribution automation, reconfiguration, and self-
healing capabilities
L3 microgrid controller, thermal assets, RE,
storage, DSR (load management)
Utility, commercial/campus, industrial,
military
5. Integrated weather forecasting, day-ahead pricing, fuel
price forecasting, autonomous buy/sell decisions made
by controller
L4 microgrid controller, thermal assets, RE,
storage, DSR (load management), predictive
analytics and forecasting
Utility, commercial, industrial
6. Operation of multiple microgrids simultaneously,
sharing resources for supply and balancing, and
economic and environmental efficiencies
L4 microgrid controller, thermal assets, RE,
storage, DSR (load management), predictive
analytics and forecasting, coordination and
optimal control systems
Utility
Source: S&C Electric, Frost & Sullivan 41
• In the IEA’s 2011 Energy for All report, it was estimated that - due to financial and geographical constraints - the needs of
30% of the global population without access to electricity would be best met through the extension of centralised grid
infrastructure. Of the remaining 70%, 52.5% would be better served through microgrids, and 17.5% through stand-
alone systems.
• The attractiveness of a microgrid solution is dependent on
– the unsubsidised electricity tariff for a community, versus;
– the size of the community, the density of the population, the distance from the national grid, the complexity of the
terrain, and the economic strength of its populace
• Tariffs for stand-alone generation are typically uncompetitive with grid tariffs in urban environments, but they become
increasingly competitive the more rural the population, and are the most competitive in very rural areas with small
populations (e.g., remote illages, individual houses).
• Microgrids show potential in locations where the population is large enough for microgrid generation to achieve
economies of scale above that of stand-alone systems, but small and remote enough so that it does not compete directly
with grid supply. This results in the majority of microgrid systems sitting in the range of 1MW to 5MW in size.
It is estimated that the financial and geographic conditions are such that ~37% of the global
population could be better served by micro- rather than centralised-grids
42Source: Frost & Sullivan
The pace of growth for micro grid systems will be accelerated through technological
development, price reductions, and the piloting of smart grid technologies in the pursuit of
reliable, efficient, and self-healing grids
43
Meter Data Management and Utility Software
Meter Data Analytics
Security, privacy, and reliability
issues appear at all levels
Grid Analytics
Analysis, Supervision
and Control
Predictive
Analytics
Descriptive
Analytics
What is
available?
What will
happen next?
What needs
to be done?
• Meter data management system
• Utility Software Application:
ADMS,SCADA, EMS
• Advanced grid management software for grid
optimization
• Feeder automation and substation
technology applications
• T&D asset management: analytics,
monitoring, and automation
o Software for integration of DERs
o Demand response software
platforms
2015
2020
Self-Healing
Grids
• Real-time data transfer and analytics
• Pattern recognition and prediction
• Customer profiling and accurate billing
• Demand response, feed-in tariffs
• Energy efficiency
• Strengthened customer relationship
• Innovation and transformation in business processes
Source: Frost & Sullivan
Increasing focus on integrating renewables into the energy mix and improving efficiency and
reliability is driving the roll-out of micro grids
44
Driver Explanation
Increasing focus on
renewables and
DER integration
Increased variable RE generation into the grid increases the need for grid flexibility for balancing purposes. Microgrids hold the potential to both
limit the impact of RE integration through ring-fencing its generation (in a community/campus or industrial block) and provide a high degree of
control over the displaceability of this generation that utilities can use for grid balancing (e.g., frequency regulation, DSR).
Unreliable power quality and
power shortages
Industrial and large commercial facilities require a 24/7 supply of high-quality power in order to maintain production margins. In regions with an
unsecure power supply, microgrids offer end users the ability to ensure reliable supply.
Efficiency improvements
Microgrids of level 3 and above consist of a microgrid controller and smart grid infrastructure (e.g., SCADA, EMS, HEMs/BEMs) that
significantly reduces electricity consumption as a whole and allows for increased RE consumption as a percentage of total consumption,
significantly decreasing overhead costs to end users. Furthermore, new revenue streams are opened by empowering end users to trade
excess electricity generation with the central grid.
Governmental
support and policies
Higher-level microgrids are typically not commercially competitive for centralised grid tariffs and require government support (e.g., subsidies,
funding) to achieve commercial viability. Clear regulations and standards are required for microgrid development in order to allow efficient
interconnection and operation with the central grid and provide clarity on future market development for investors.
Rural/island
electrification
Rural and island markets are the most addressable for microgrid systems due to the significant cost requirements of central grid extension that
make microgrid investment a very clear and simple business case.
Source: Frost & Sullivan
The lack of clear standards, government policies and available funding is acting as a
restraint on more widespread deployment
45
Restraint Explanation
Lack of
standardisation
Without a clear policy to ensure common protocols and specifications for microgrid operation, acceptance of microgrids by
governments and utilities are expected to be limited due to the potential risks they represent to grid security.
Availability of funding
The integration of distributed power, energy storage, control systems, and smart infrastructure as part of a microgid system carries
significant capital costs and typically results in end-user tariffs that are uncompetitive with central grid tariffs. In order to decrease
tariffs to competitive levels, utility involvement is often necessary to allow for cross-subsidisation, or government grants must be
awarded. Since pushback to microgrid development is still being experienced by many utilities in developed markets and utilities in
developing markets face funding shortfalls, it is largely up to the private sector or to communities themselves to drive microgrid
development supported by government grants, without which most developments would not be possible.
Policy restraintsLack of clear policies for the support and subsidisation of microgrid development, for both new builds and expansion
projects, represents a substantial restraint to investment in projects—particularly in developing markets.
Limited market
need/readiness
Some markets show a significant need for microgrid development, but where grid reliability is high, electricity tariffs are low, and
unplanned outages are not common, microgrid projects are in lower demand.
Source: Frost & Sullivan
Total Microgrid Market: Revenue Forecast by Region, Global, 2015–2022
CAGR = 17.1%
4,083.0 4,510.25,182.2 5,970.9
7,119.7
8,518.2
10,225.4
12,314.8
Re
ven
ue
($
Mill
ion
)
Overall, the global microgrid market is expected to grow at a GAGR of 17.1% in revenue
terms 2015-2022, with APAC and the ROW leading the way
46Source: Frost & Sullivan
34% of micro grids globally are in the 1–5MW capacity range with diesel and gas gensets
the most widely used generation technology
47
With the rapid growth in renewable power and the decline in cost per kW, wind and solar technology have grown to account for 45% of projects.
They are typically used alongside gensets to allow for flexibility and, more recently, battery storage systems.
Technologies and installation sizes are not discussed independently in this
study. Note: All figures are rounded. The base year is 2015.
Total Microgrid Market: Segmentation by
Technology Type, Global, 2015
Total Microgrid Market: Segmentation by
Installation Size, Global, 2015
Fuel Cells
8.0%
Gensets
33.0%
Micro- turbines
6.0%
Other Non-
Renewables 4.0%
Wind
30.0%
Solar
15.0%
Other Renewables
4.0%Very Small
(≤ 50kW)
17.0%
Small
(≤ 500kW)
15.0%
Medium
(≤ 1MW)
15.0%
Large (≤
5MW)
34.0%
Very Large
(> 5MW)
19.0%
Source: Frost & Sullivan
Italy is amongst the most attractive markets for micro grids in Europe
48Note: All figures are rounded. The base year is 2015.
Microgrid Market: Market Attractiveness, Europe, 2015
Smart meter penetration calculated only from countries that have a
percentage of smart meters installed.
Europe
25.7 0.7%0%
Utility-Scale Energy Storage MarketShare
Distributed Generation Market Share
Smart Meter Penetration
% of Population Unelectrified
GDP per Capita ($ thousand)
Economic Loss Due to Power Outage
Market Revenue
(2015): $0.53 B
Revenue CAGR
(2015–2022): 8.9%
Primary
Growth
Market
Secondary
Growth
Market
National
Growth
Markets
Primary
Growth
Market
Secondary
Growth
Market
National
Growth
Markets
Community Industrial
The European Union has a largely secure grid
infrastructure and generally ubiquitous electrification,
with key economies showing no economic loss due
to outage. The case for microgrid development is
limited. DSR solutions for balancing purposes are
expected to largely be through load or generation
aggregation into virtual power plants, with no
significant need for these to be islanded from the
central grid. The market, therefore, is primarily
expected to be driven by physical island markets, as
well as rural markets in eastern countries that still
suffer from grid reliability issues.
Rural Industrial
Eastern Europe and Central Asia face different
challenges than the European Union. The market
shows significant reliability issues, with an average of
1.2% of regional value lost due to electricity outage,
with Tajikistan showing as much as a 4.4% loss. Grid
independence of the industrial sector is, therefore, a
significant development driver. Russia’s size places
limits on electrification of its population via
centralised generation, with a significant proportion of
the population powered by distributed diesel and gas
gensets. Remote microgrids are expected to play a
significant role in the electrification of the country via
hybrid system (renewable + genset) development.
24%
37%
18%
Source: Frost & Sullivan
Here, growth is strongest in the remote (rural/island) grid segment
49
Microgrid Market: Market Drivers and Restraints, Europe, 2016–2022
Increasing focus on renewables and DER integration
Unreliable power quality and power shortages
Rural/island electrifi cation
Efficiency impro vements
Go vernmentsupport andpolicies
High Growth
Markets (2015 –2018)
High Growth
Markets (2018 –2022)
Lack of stand ardisation
Policy restraints
Availability offunding
Limited market ne ed/ readin ess
1 5
1 5
1 5
1
2 3 4
2 3 4
2 3 4
2 3 4 5
1 2 3 4 5
1 2 3 4 5
1 2 3 4 5
1 2 3 4 5
Dri vers Restr a ints2016 -2017
2018 -2019
2020 -2022
2020 -2022
2018 -2019
2016 -2017
Yea rs Yea rs
Impact: High L ow
Note: Driver and restraint impacts are region-specific and may not
correlate directly with country- specific ratings in subsequent slides.
Source: EUEI; Frost & Sullivan
There are four principal models for micro grid development
50
Key Micro Grid Models
• Private-sector development, ownership,
and maintenance.
• Private-sector investors’ role crucial due
to high investment capacity.
• Government incentives and support
through subsidies is important. Sound
economic benefit scheme is essential.
Community-
Based
Hybrid-Based
Private
Sector-
Based
Utility-
Based
• Typically, the ideal approach is a
hybrid business model.
• Community develops, owns, operates, and
maintains the grid.
• Suppliers form cooperatives, especially in
developing countries that are in charge of
electricity supply for the community.
• Medium-sized systems are
co-owned by municipalities.
• High potential in rural/remote areas.
• Financial resources, technical
competence, and government backing
crucial.
• Utilities are largely public companies in
developing nations with access to financing
mechanisms and cross- subsidies.
Microgrid
Models
Source: EUEI; Frost & Sullivan
Description
Pros
Cons
Model 2. Private/Utility/ Community 3. a. Private (unregulated) 3. b. Private (regulated)1. Utility 4. Community
Private players generate and utility
distributes electricity (or the
reverse), or private entity to
commercialise electricity generated
by and distributed through public
assets
Private company manages all
aspects in the absence of
government regulation
Private company manages all
aspects in a regulated environment
Government or parastatal utility
manages all aspects of microgrid
Community members organise to
manage generation and distribution
in a regulated environment, with
support and/or coordination from
an NGO or private company
• Different actors contribute their
strengths and technical and
management know-how
• Scalable, profitable
• Less conflict potential with
customers in case of distribution
by utility with cross-subsidised
tariffs
• Commercial sustainability for
long-term operation
• Ability to act fast without
government interference
• Profitability ideally allows for
scaling up of operations
• Scalability through private capital
• Technical know-how, high
reliability
• Profitability ideally allows scaling
up operations
• Legal security of regulated
market attracts private finance
• Can absorb funds easily
• Less regulation needed
• Connection of microgrid to
central grid can be easier
• Cross-subsidisation or tariffs,
thus affordability easier ensured
• Aim to fulfil national
electrification targets
• Self-managed public
infrastructure
• Less conflict potential with
customers and officials
• Creating assets and local
ownership
• Enabling self determination and
economic development
• Complex management,
feasibility of models depend on
regional /local context/structures
• Non-fulfilment of contracts due
to conflicts between business
partners
• Insolvency of one partner puts
full operator model at risk
• No financial support from public
obtainable
• Grid-interconnection
challenging/impossible
• Changes in regulation and fixed
tariffs can reduce profitability
• Conflicts with customers due to
monopoly
• Insufficient quality and safety
risks of service can occur if it is
not supervised, which can
contribute to a bad image of
microgrids
• Reliable regulation needed,
dependency on lengthy approval
procedures
• Debt financing needed for
scaling up
• Vulnerable to changes in
regulation, fixed tariffs, conflict
with customers,
• High transaction costs
• Potential risk: grid
interconnections
• Not the core business
• Unsuited company structure for
smaller projects
• Strain on limited budget
• Political interference
• Possibility of corruption in
procurement
• Insufficient local human capacity
(technical, managerial)
• Often unclear ownership
structure
• Usually high grants needed
• Tariffs not covering operation
and maintenance and
reinvestment costs
These differ depending on the natural environment, the local socioeconomic context, the
size of the micro grid, as well as the policy and regulatory environment
Source: EUEI; Frost & Sullivan 51
ABB, Siemens, Toshiba and GE/Alstom are among the largest suppliers
52
Company
Microgrid
Control &
Energy
Management
Modelling/
Feasibility
Analysis
BEMS/HEMS,
Automation
Switching
Protection,
Inverters, and
Grid Inter-
connectors
Energy
Storage
Storage
Management
Micro-
generation
Project
Development,
EPC,
Engineering
Services
ABB x x x
Siemens x x x x x x
Toshiba x x x x x
GE/Alstom x x x x x
S&C Electric x x x
Scheider Electric x x x
Honeywell x x x
Hitachi x x
Geli x x x
Blue Pillar x x
DNV-GL x x
etap x x
Greensmith x x
PowerAnalytics x x
SmarterGrid x x
Note: The above is not a complete list of suppliers but provides a breakdown of those with the most consolidated
service offering for microgrids.
Source: Frost & Sullivan
ADVENT OF BLOCKCHAIN USE CASES
Timeline of FundingEcosystem Development
• It took several years for viable businesses to emerge from Bitcoin’s initial arrival in 2008.
• The biggest development platform for blockchain applications, Ethereum, was only fully launched in 2016.
• Applications built on the platforms within the Hyperledger umbrella from IBM and Intel have only seen a few full deployments to date.
• Undeniably there will be many failures in the years to come due to the crowded infrastructure space, but between the many innovative teams funded, world-changing businesses are expected to emerge in time.
• Investment in 2016 reached an all-time high of over $500 million, bringing total investment in blockchain technology startups to $1.5 billion.
• Venture funds such as Union Square Ventures, Kleiner Perkins Caulfield & Byers, andAndreesen Horowitz are joined by corporate venture arms such as CME Ventures, Goldman Sachs, Citi Ventures, and Santander InnoVentures.
• Several blockchain-focused investment funds have emerged including Boost VC, Digital Currency Group, Pantera Capital, and Coinsilium.
• This does not capture the significant investments made into internal innovation efforts, training, and the significant progress made in open source work.
Blockchain Startup Ecosystem: Funding by Year,
Global, 2012–2016
Investment in blockchain reached an all time high of over $500m in 2016 bringing the total
number up to $1.5b on a cumulative basis globally
Source: Outlier Ventures, Frost & Sullivan 54
• The largest category, Information and Communication, represents a combination of public chain infrastructure, hardware, and non-financial enterprise infrastructure. There are 585 companies alone in this category with the majority founded since 2013.
• Initially, the entire landscape consisted only of financial services businesses focused around Bitcoin. Cryptocurrency infrastructure from exchanges and investment products to payment services, commerce and more recently, compliance are included in this second category. However, back-end financial services platforms for banks that enable possibilities such as trading, asset tokenisation and clearing also feature in this 429 strong cohort.
• The third category, professional services, refers to a new type of business known as a “blockchain consulting and application development” business. These 62 businesses are both consulting houses and pivoted application teams who offer a solution to the resource and skill gap between demand and supply in the blockchain space. Like a traditional digital agency, they provide services from training to full-stack developmentof concept applications for clients.
• There has also been some movement towards vertical-industry focused companies in areas such as energy, healthcare and manufacturing. While there are not even a 100 companies between these 3 areas, more applications are being developed in-house at corporates or in partnership with a blockchain consulting house.
Startups have historically been concentrated at the platform level but industry focused
businesses are emerging including in the Energy space
Concentration by Vertical Vertical Development
Source: Outlier Ventures, Frost & Sullivan 55
Blockchains have the potential to address key challenges in the energy sector
56
The energy sector has seen significant changes over the past few decades across
generation, distribution, storage, and consumption.
• The energy sector continues to move away from centralized generation from fossil
fuel-based plants to renewables and distributed generation.
• Also, a shift is occurring from centrally-owned and operated power generation to
small-scale commercial generation and “prosumers” whose generation additions
require bidirectional flows.
• Both of these forces combine to create significant challenges for the electricity grid’s
design, with legacy infrastructure struggling to keep
up with the required flexibility.
The arrival of the Internet of Things and Smart Grids provide both solutions and new
challenges to these systems. A two-way distributed grid based on interactions between
billions of devices will require secure data infrastructure.
Blockchains can provide technology solutions to these challenges: data
coordination between a myriad devices; a low-friction, automated trading platform;
and open access for innovative products and services.
Source: Frost & Sullivan
Use Case 1
Energy Trade Networks
57
Blockchains can create an open trade network for any type of asset that can be
digitized. In the case of a decentralized energy grid, this includes the ability to make
a peer-to-peer energy trade network. Blockchain technology creates the benefits of
a centrally organized market without the added cost or monopoly risk.
Energy
Trade
Networks
Generated units of energy could be logged on a blockchain as assets by each
producer and made available for trade by smart contracts. A combination of these
contracts from buyer and sellers would create an open market, completed at the
back-end by a smart delivery network tied into the blockchain.
Global energy decentralization has been progressing rapidly, but until now, a
technology solution to allow peer-to-peer trading was not available. Blockchains
could help support this decentralization and avoid the inefficiency and vulnerability
of legacy delivery or monopoly power.
Source: Frost & Sullivan
• GridSingularity is a Vienna-based startup building a blockchain-
based data exchange. The team includes Ethcore developers Gavin
Wood and Jutta Steiner and energy market professionals. They are
working on a platform for decentralized energy data management
and exchange including:
o Data collection and analysis
o Smart grid management
o Renewable certificates
o Investment decision-making
o Energy trade and validation
• GridSingularity's Blockchain platform is designed with interoperable
applications, which should create cost and efficiency savings for the
industry. Existing systems require individual integrations for each
energy market system.
• The grand vision is that the reduced cost and complexity of the
system will attract more market participants and increase
competition and openness in the energy market.
Use Case 1
GridSingularity
58Source: Frost & Sullivan
Use Case 2
Digital Renewable Energy Credits
59
Another nexus between renewable energy generation and blockchain technology is
blockchains’ ability to create tokenized digital assets. A research paper has
proposed that a cryptocurrency could be used to replace the existing data
infrastructure behind Renewable Energy Credits (RECs).
Solar
Credits
RECs are awarded to producers for the delivery of renewable energy. The existing
infrastructure has long-term issues with oversupply and transparency that can be
simply solved with using cryptocurrencies which explicitly address these challenges.
Blockchain RECs incentivise renewable generation through direct reward.
Renewable-backed cryptocurrencies could improve the support of diverse
generation projects while simplifying accounting, feed-in tariffs, and complex rebate
arrangements.
Source: Frost & Sullivan
• SolarCoin is a project building a cryptocurrency network backed by
the solar output of photovoltaic solar panels.
• SolarCoin is a rewards scheme for solar energy generation, being both publicly traded and given to solar energy producers in possession of Solar Renewable Energy Certificates (SRECs).
• The cryptocurrency is targeted at individual prosumers living in homes with solar energy panels and large solar electricity farm businesses.
• The non-profit project is hoping to offer support for and to incentivise renewable generation via a cheaper avenue than rebates and the opaque pricing offered by energy companies.
• ElectriCChain is a project supporting the development of open
standards and tools to publish and read public solar electricity
generation data on the SolarCoin blockchain and others.
• The initial focus is the verification and publishing of data from the
world’s 7 million solar energy generators.
Use Case 2
SolarCoin and ElectricChain
60Source: Frost & Sullivan
Use Case 3
IoT Data Infrastructure
61
A huge number of devices across the energy industry fall into the paradigm of the
Internet of Things (IoT), a vision for the future in which all objects are connected to
the Internet through embedded computer chips.
IoT Data
Infra-
structure
Existing data infrastructure is not equipped to handle the issues of privacy, security,
and decentralized business models. However, blockchains offer the necessary tools
for device identity, transparency, trade networks, and secure data permissions.
Several companies are building out blockchain data and coordination solutions
targeted at both industrial and consumer devices that make up the energy industry’s
IoT. These range from tracking and registry for industrial devices to energy trade
network infrastructure.
Source: Frost & Sullivan
• Filament has created an Internet of Things (IoT) technology stack,
including blockchain technology, designed to enable autonomy and
secure tracking in distributed hardware systems.
• Its network technology allows for a departure from an exclusive reliance on Wi-Fi, cellular, or satellite signal, with real-time communication.
• Devices are granted high autonomy, including the capability to hold and exchange value directly by using cryptocurrencies for new economic models.
• Security and resilience across devices in Industrial IoT applications are heightened given the blockchain cryptography tools and decentralized architecture.
• Current challenges for IoT hardware across industrial energy and
utility installations can be addressed while laying the foundations for
the artificially intelligent and autonomous hardware of the future.
Use Case 2
Filament
62Source: Frost & Sullivan
GROWTH IN CRITICAL POWER
63
Critical power is used in vertical applications such as data centers and medical, industrial and
oil & gas settings to guard against a failure in the main power supply
64DC—Direct Current; AC—Alternating Current Source: Siemens, Frost & Sullivan
Uninterruptible Power Supplies (UPS) Inverters
AC-DC/DC-DC power supplies Power converters
Harmonic filters Voltage regulators
Switching power supplies Static Transfer Switches (STS)
DC power systems Racks
Data centers, hospitals, airports, sensitive industries and other critical installations have one thing in common;
interruption of the mains power supply can have serious consequences and must be avoided in any event.
Critical power supplies, therefore, have to be safe, reliable and efficient. The critical power industry includes
products such as;
Overall, the critical power market will grow at 9% in 2017, with UPS accounting for the highest
share of revenues and LED drivers and PV inverters driving expansion
65DC—Direct Current; AC—Alternating Current
Note: All figures are rounded.
The base year is 2016. Source: Frost & Sullivan
Critical Power Market: Revenue Forecast, Global, 2016 and 2017
2016
$30.04 B
2017
$32.75 BUPS 32.6%
Programmable DC Power Supplies and Electronic Loads 2.0%
Programmable AC Power Supplies 0.3%
Harmonic Filters 2.3%DC Power
Systems 12.6%
Photovoltaic (PV)Inverters 22.2%
DIN Rail Power Supplies 1.1%
LED Drivers 19.6%
Non- renewable Inverters 7.3%
There are six key trends which are shaping the space
66MLPE—Module-level Power Electronics; UPS—Uninterruptible
Power Supply; IoT—Internet of Things Source: Frost & Sullivan
Non-traditional Cooling Technologies Connected UPS —IoT Platform
Data Centers—Key End User Modular Solutions Converged Power Solutions
Module Level Power Electronics
Strong growth
of 8.2% is
expected in
2017 as
awareness of the potential benefits
increase and newer additions take place
in Asia-Pacific (APAC) and North
America Image source: www.ev-power.eu
Traditional cooling
methods still
dominate market
revenues; however,
advanced cooling solutions are expected
to grow at a high rate of 15.7% in 2017.
Image source: www.grcooling.com
Image source: www.edgeconnex.com Image source: www.crystalasp.com
Image source: www.sanitytechnology.com.au
Image source: www.eltek.com
The global UPS market
is expected to continue
its slow growth in 2017.
IoT connectivity will
significantly improve opportunities for
manufacturers in the long term.
Data centers will
remain the key end
user for power
supply and power
quality equipment in 2017. Global
investment in the data center market will
be $202.9 billion in 2017, which is a 7.4%
growth over 2016.
The strong
momentum for
modular solutions
will continue in 2017,
driven by growth in modular data centers.
Modular UPS market revenue is expected
to reach $1,020.8 million in 2017.
2017 will be a
defining year for
converged power
solutions.
Key UPS participants will develop their
own converged power solution offerings.
Increasing global solar PV installations and the modernization of grid infrastructure capable of
accommodating Module-level Power Electronics will drive their uptake
67YoY—Year-over-year
Note: All figures are rounded.
The base year is 2016. Source: Frost & Sullivan
$701.6 M
$999.7 M
0
$648.7 M
600
2016
2017
2020
Revenue ($ Million)
Ye
ar
DC to AC conversion takes place at a PV
module level. Micro-inverters allow the output
of each module to remain unaffected by other
modules in the system. These inverters
have the advantage of easy and quick
installation, and monitoring can be
conducted at a module level; therefore, any
faults can be easily identified and rectified.
DC optimizers are DC-to-DC converters
connected to each solar PV module or embedded by
manufacturers into the solar module.
These optimizers increase the power yield of
the module before sending the optimized
DC voltage to the central inverter.
The DC optimizer conducts maximum
power point tracking (MPPT) at the module.
MLPE Market: Revenue Forecast, Global, 2016, 2017, and 2020 MLPE Market: Unit Shipment Forecast, Global, 2016, 2017, and 2020
10.1 11.0
17.9
0.0
4.0
8.0
12.0
16.0
20.0
2016 2020
Un
its
(Millio
n)
2017Year
YoY Growth Rate,
2017 =8.2%
CAGR, 2016–2020 =
11.4%
CAGR, 2016–2020 = 15.4%
YoY GrowthRate, 2017 = 9.1%
MLPEMicro-inverter DC Optimizer
600 600 600 600 600
Non-traditional cooling technologies are expected to grow 2.5 times faster than traditional
solutions as end-users increasingly appreciate their superior capabilities
Note: All figures are rounded.
The base year is 2016. Source: Frost & Sullivan
Revenue: 2017
Traditional
Cooling,
80.3%
High Density
Cooling,
13.7%
Other Non-
traditional
Cooling, 6.0%
Non-Traditional Cooling,
19.7%
Data Center Cooling Market: Revenue Forecast, Global,
2016, 2017, and 2020
Data Center Cooling Market: Percent Revenue Forecast by
Cooling Type, Global, 2017
Year
6,549.3
4,000.0
3,000.0
2,000.0
1,000.0
0.0
5,000.0
6,000.0
7,000.0
2016 2020
Reven
ue
($M
illio
n)
YoY Growth Rate,
2017 = 7.4%
CAGR (2016–2020) = 7.7%
5,218.44,858.8
2017
• Traditional cooling: $4,189.5 million
• Non-traditional cooling: $1,064.0 million
‒ High density cooling: $714.1 million
‒ Other non-traditional cooling: $314.7 million
68
Connected UPS systems gather information on UPS’ performance, allowing end-users to
better control energy infrastructure and leading to new IoT business models
69Source: Frost & Sullivan
Enhanced
Monitorin
g
Next-gen
Predictive
Maintenance
Wider
Applicat-
ions
Security
Concerns
Connected
UPS—IoT
Platform
• Connecting the UPS to IoT enables intelligent data
connections. Sensors embedded in the UPS gather
information on UPS functionality and the environment in
which it operates.
• This data can be used to analyze the current health of the
UPS and to analyse and extract trends in other power
anomalies over time.
• The inherent energy storage capacity of the UPS,
combined with the IoT platform, can benefit the site it
protects and benefit the wider power availability on the grid
itself.
• The energy stored within the batteries could be used as part
of the national grid demand response and energy storage
programmes.
• Connecting the UPS to an IoT platform increases the risk
of cyber security. If a UPS is hacked, it could potentially
compromise the safety of the entire infrastructure.
• Firewalls must be incorporated with integrated security
protocols.
• A connected UPS can interrogate itself and create actionsto mitigate the risk of failure. By analyzing the data obtained from the UPS, the end user can optimize the environment the UPS is protecting.
• Based on the results of data analysis, end users can deploy suitable solutions such as transformers, voltage stabilization, harmonic filtration, line filtration, and frequency attenuation to enhance the overall infrastructure.
Investment in data centers will grow by 7.4% globally, reaching $202.9 billion in 2017 and
making the segment a key end-user group for critical power applications
70Note: All figures are rounded.
The base year is 2016. Source: Frost & Sullivan
Data Center Market: Investment Forecast,
Global, 2015–2017
Data Center Market: Investment Forecast by Type,
Global, 2016 and 2017
174.7
188.9
202.9
0.0 40.0 200.0 240.0
2015
2016
2017
80.0 120.0 160.0
Ye
ar
YoY Growth
Rate = 7.4%
YoY Growth
Rate = 8.1%
Investment ($ Billion)
Inve
stm
en
t ($
Bil
lio
n)
Facility Infrastructure IT Optimization Outsourcing
0.0
40.0
80.0
120.0
160.0
200.0
240.0
YoY Growth Rate =
3.0%
YoY Growth Rate
= 2.2%
YoY Growth Rate =
20.3%
$188.9 B $202.9 B
83.2
57.2
62.5
2017
81.4
55.5
51.9
2016
Demand for modular UPS solutions from end-users seeking greater energy efficiency will be
strong, notably across the 50-100 kVA and 100-300 kVA power ranges
71KVA—Kilovolt Ampere
Note: All figures are rounded.
The base year is 2016. Source: Frost & Sullivan
Modular UPS Market: Revenue Forecast,
Global, 2016 and 2017
Modular UPS Market: Product Life
Cycle Analysis, Global, 2017
YoY Growth Rate,
2016 = 9.5%
932.2
1,020.8
850 900 950
Revenue ($ Million)
1,000 1,050
2016
2017
Ye
ar
Introduction Growth Maturity Decline
Modular UPS is expected to grow rapidly over the next few years and is expected to be one of the most sought after UPS solutions in the medium and long terms.
• The global modular UPS market, which is in a growth stage, has the
potential to replace traditional UPS. High penetration is expected in
APAC, especially in China.
• The market has high penetration potential beyond 2017 because of
increasing end-user awareness levels and high demand for energy-
efficient UPS systems.
Leading manufacturers are introducing new products into their converged power solution
offerings making 2017 a make-or-break year for this business model
72VDC—Volts DC; VAC—Volts AC Source: Frost & Sullivan
Converged Power
Solution
The modular design allows
end users to swap out faulty
modules within a few minutes,
without disrupting the load.
The modular Lego®-style design
allows users to shape the power
system to fit into any available
space, including U- and L-shaped
layouts and a back-to-back layout.
The solution interfaces directly with
generators and main transformers,
avoiding a single point of failure and
providing an unmatched power
availability.
This solution converges all
the main elements of a data
center low voltage power
room into a single system.
The solution combines the
advantages of DC power while
meeting specific AC demands, thus
providing end users with the power
they need to grow their data center
business into the future.
Converged power packs more power in less space to cater to the increasing IT loads in existing facilities and provides significant space savings.
The scalable and modular
architecture allows end users to
achieve systematic growth and
enables vast scaling of IT services,
with zero downtime.
Converged power packs in power
conversion for all major VDC and
VAC voltages in the same unit will
optimize the input, distribution,
and output voltages to the mix of
customer applications in a given
location.
Converged Power
Solution
Company
Cannon, Excool and Eltek are three companies to watch
73Note: Logos are for illustrative purposes only. Source: company Web sites; Frost & Sullivan
Key Highlights/Achievements
Modular data center: Cannon Technologies Ltd launched its Stock Data Center
portfolio, with a vision to reduce client stress on design considerations, cut costs, and
fast track deployment time. Cannon Smart Space Cabinet, the integrated range of rack
door locks, and Cannon Free Form Infrastructure are some of the innovations aimed at
addressing customers’ unmet needs.
Data center cooling: Excool has pioneered the Indirect Adiabatic and Evaporative
technology and offers a technically superior product, complementing that product with
an added cost advantage. The product uses less water and is approximately 40%
smaller and about 45% lighter than similar offerings available in the market.
The company deploys non-ferrous materials in its products, enabling it to offer a
unique 20-year anti-corrosion warranty.
Data center power: Eltek has developed a highly innovative converged power
solution product that can converge all the main elements of a data center low
voltage power room into a single system. The product combines the advantages of
DC power while meeting specific AC demands, thus providing end users with the
power they need to grow their data center business into the future.
APPENDIX
Principal abbreviations
Abb Definition Abb Definition
AES Alternative Energy Storage IoT Internet of Things
AMI Advanced Meter Infrastructure LED Light-Emitting Diode
AMR Automatic Meter Reading MLPE Module-Level Power Electronics
APAC Asia Pacific MW Megawatt
ARES Advanced Rail Energy Storage MWh Megawatt Hour
BES Battery Energy Storage NGO Non-Governmental Organisation
CAES Compressed Air Energy Storage OPEX Operational Expenditure
CAGR Compound Average Growth Rate PV Potovoltaic
CAPEX Capital Expenditure R&D Research & Development
CSP Concentrated Solar Power RE Renewable Energy
EMEA Europe, Middle East & Africa REC Renewable Energy Credit
EU European Union RoHS Restriction of Hazardous Substances
EV Electric Vehicle TES Thermal Energy Storage
FES Flywheel Energy Storage UK United Kingdom
GW Gigawatt UPS Uninterruptible Power Supply
GWh Gigawatt Hour US United States
HEV Hybrid Electric Vehicle VRFB Vanadium Redox Flow Battery
HVAC Heating, Ventilation and Air Conditioning YOY Year On Year
75
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