SMART GRID MARKET IN NORTH AND SOUTH AMERICA KEY ISSUES, REGULATIONS, CURRENT MARKET OUTLOOK AND KEY EQUIPMENT MARKET SIZE TO 2020

Transcription

1 REFERENCE CODE GDSG0031M AR PUBLICAT ION DATE JANUARY 2014 SMART GRID MARKET IN NORTH AND SOUTH AMERICA KEY ISSUES, REGULATIONS, CURRENT MARKET OUTLOOK AND KEY EQUIPMENT MARKET SIZE TO 2020

2 Executive Summary US Leads Way in Key Smart Grid Equipment in North America The US accounts for the largest grid in the North American region, and it accounts for the largest renewable and distributed energy generation. It is a leading market globally for investments in smart grid and the funding of smart grid projects. The US houses many of the Electric Vehicle (EV), microgrid, smart meters, and microgrid-related and other-smart-grid-related equipment manufacturers. In 2013, the US accounted for XX% of the synchrophasor market and the market is expected to continue until Among the US and Canadian markets, which hold the majority share of microgrid revenue throughout the world, the US accounted for a share of XX% of the market. The US is responsible for the uptake of smart grid initiatives in North America and has provided funds to Mexico to study and initiate the incorporation of smart grids in its systems. In terms of renewable energy, the US is expected to account for XX% of the renewable capacity addition between 2014 and 2020 in the North American region. It also leads the way in terms of EV manufacturers, EV sales and other smart grid initiatives, in the region. North and South America Smart Grid, Share of Key Smart Grid Equipment (%), 2013 and Synchrophasors market size, 2013 Renewable capacity additions, Canada and Mexico Canada and Mexico US US Source: GlobalData, Smart Grid Equipment Database [Accessed on October 21, 2013], Capacity and Generation Database [Accessed on October 21, 2013] 2

3 KEY ISSUES, REGULATIONS, CURRENT MARKET OUTLOOK AND KEY Table of Contents 1 Table of Contents 1 Table of Contents List of Tables List of Figures Introduction GlobalData Report Guidance South and North America Smart Grid Market North and South America Smart Grid Market, Drivers and Restraints North America Smart Grid Market Drivers North America Smart Grid Market Restraints South America Smart Grid Market Drivers South America Smart Grid Market Restraints North America Funding Scenario US, Funding Scenario Canada, Funding Scenario Mexico South America, Funding Scenario North and South America Smart Grid, Key Markets North and South America Smart Grid, Key Markets, Synchrophasor Overview North America Smart Grid, Key Markets, Synchrophasor Market South America Smart Grid, Key Markets, Synchrophasor Market, Overview North and South America Smart Grid, Key Markets, SCADA

4 KEY ISSUES, REGULATIONS, CURRENT MARKET OUTLOOK AND KEY Table of Contents North and South America Smart Grid, Key Markets, Overview North America Smart Grid, Key Markets, SCADA, Overview South America Smart Grid, Key Markets, SCADA, Overview North and South America Smart Grid, Key Markets, Renewable Energy Generation North America Smart Grid Market, Key Markets, Renewable Energy Market, Overview South America Smart Grid, Key Markets, Renewable Energy, Overview North and South America Smart Grid Market, Key Markets, Microgrid North and South America Smart Grid Market, Key Markets, Microgrid, Overview North America Smart Grid Market, Key Markets, Microgrid, Overview South America Smart Grid Market, Key Markets, Microgrid, Overview North and South America Smart Grid Market, Key Markets, Smart Meters North America Smart Grid Market, Key Markets, Smart Meters South America Smart Grid Market, Key Markets, Smart Meters, Overview North and South America Smart Grid Market, Key Markets, Electric Vehicles North America Smart Grid Market, Key Markets, Electric Vehicles South America Smart Grid Market, Key Markets, Electric Vehicles, Overview North and South America Smart Grid Market, Upcoming Technologies and Current Outlook North and South America Smart Grid Market, Upcoming Technology, IT Systems North and South America Smart Grid Market, Upcoming Technology, OMS North and South America Smart Grid Market, Upcoming Technology, Distribution Automation North and South America Smart Grid Market, Upcoming Technology, Cloud Computing

5 KEY ISSUES, REGULATIONS, CURRENT MARKET OUTLOOK AND KEY Table of Contents 5.3 North and South America Smart Grid Market, Upcoming Technology, Virtual Power Plant Smart Grid Market, North America, Virtual Power Plant Smart Grid Market, South America, Virtual Power Plant North and South America Smart Grid Market, Upcoming Technology, Smart Cities North America South America North and South America, Smart Grid, Policy North America Smart Grid, Policies US Massachusetts Canada South America Policy Brazil Appendix Definitions Smart Meters Demand Response Electric Vehicle Distributed Energy Generation Systems Microgrid Smart Cities Wide Area Monitoring Systems

6 KEY ISSUES, REGULATIONS, CURRENT MARKET OUTLOOK AND KEY Table of Contents Supervisory Control and Data Acquisition Intelligent Electronic Devices Smart Grid Substation Automation Cloud Computing Virtual Power Plant Abbreviations Bibliography Methodology Coverage Secondary Research Primary Research Disclaimer

7 KEY ISSUES, REGULATIONS, CURRENT MARKET OUTLOOK AND KEY Table of Contents 1.1 List of Tables Table 1: North and South America Smart Grid, South America, T&D Losses (%), Table 2: North and South America Smart Grid, South America, GDP Growth (%), Table 3: North and South America Smart Grid, US, ARRA Funding, as of September 3, 2013 ($bn) Table 4: North and South America Smart Grid, US, Funds Allocated to Smart Grid, September Table 5: North and South America Smart Grid, US, US DOE Awarded Projects for Synchrophasors ($), Table 6: Table 7: Table 8: Table 9: North and South America Smart Grid, US, Synchrophasors Volume (Units) and Market Size ($m), North and South America Smart Grid, Canada, Synchrophasors Volume (Unit) and Market Size ($m), North and South America Smart Grid, Mexico, Synchrophasors Volume (Unit) and Market Size ($m), North and South America Smart Grid, Colombia, Synchrophasors Volume (Unit) and Market Size ($m), Table 10: North and South America Smart Grid, US, SCADA Market Size ($bn), Table 11: North and South America Smart Grid, US, Breakdown of Total SCADA Revenue by Component, Table 12: North and South America Smart Grid, Brazil, SCADA Market Size ($m), Table 13: North and South America Smart Grid, Brazil, Breakdown of Total SCADA Revenue by Components, Table 14: Power Market, Mexico, Installed Renewable Capacity by Source Type (MW), Table 15: Power Market, US, Installed Renewable Capacity by Source Type (GW), Table 16: Power Market, Canada, Installed Renewable Capacity by Source Type (GW), Table 17: Power Market, Brazil, Installed Renewable Capacity by Source Type (GW), Table 18: Power Market, Chile, Installed Renewable Capacity by Source Type (GW),

8 KEY ISSUES, REGULATIONS, CURRENT MARKET OUTLOOK AND KEY Table of Contents Table 19: Power Market, Peru, Installed Renewable Capacity by Source Type (MW), Table 20: Power Market, Colombia, Installed Renewable Capacity by Source Type (MW), Table 21: North and South America Smart Grid, US, Microgrid Market Size ($bn), Table 22: North and South America Smart Grid, Canada, Microgrid Market Size ($m), Table 23: North and South America Smart Grid, US, Smart Meter Market Size ($bn), Table 24: North and South America Smart Grid, Canada, Smart Meter Market Size ($m) and Volume, Table 25: Smart Grid in North and South America, Smart Meter, Brazil, Market Size and Volume, Table 26: North and South America Smart Grid, US, Battery Electric Vehicle Market (Units Sold), Table 27: North and South America Smart Grid, US, Distribution Automation Equipment Installed, 2013* Table 28: North and South America Smart Grid, South America, Renewable Energy Target, Table 29: North and South America Smart Grid, US, Total Investment by Smart Grid Investment Grant Program ($bn), as of March 31, Table 30: North and South America Smart Grid, California, Self-Generation Incentive Program ($/W), Table 31: North and South America Smart Grid, Massachusetts, Net Metering Class Definition, Table 32: North and South America Smart Grid, Ontario, Feed-In Tariff ($/kwh), Table 33: Abbreviations,

9 KEY ISSUES, REGULATIONS, CURRENT MARKET OUTLOOK AND KEY Table of Contents 1.2 List of Figures Figure 1: Figure 2: North and South America Smart Grid, North America, Drivers and Restraints, Impact Analysis, North and South America Smart Grid, South America, T&D Losses in Comparison to Leading Economies (%), Figure 3: North and South America Smart Grid, Brazil, GDP Growth (%), 2013 and Figure 4: Figure 5: Figure 6: Figure 7: Figure 8: North and South America Smart Grid, South America, Drivers and Restraints Impact Analysis, North and South America Smart Grid, US, Synchrophasors Volume (Units) and Market Size ($m), North and South America Smart Grid, Canada, Synchrophasors Volume (Units) and Market Size ($m), North and South America Smart Grid, Mexico, Synchrophasors Volume (Unit) and Market Size ($m), North and South America Smart Grid, Colombia, Synchrophasors Volume (Unit) and Market Size ($m), Figure 9: North and South America Smart Grid, US, SCADA Market Size ($bn), Figure 10: North and South America Smart Grid, US, Breakdown of Total SCADA Revenue by Component (%), Figure 11: North and South America Smart Grid, Brazil, SCADA Market Size ($m), Figure 12: North and South America Smart Grid, Brazil, Breakdown of Total SCADA Revenue by Components (%), Figure 13: Power Market, Mexico, Installed Renewable Capacity by Source Type (MW), Figure 14: Power Market, US, Installed Renewable Capacity by Source Type (GW), Figure 15: Power Market, Canada, Installed Renewable Capacity by Source Type (GW), Figure 16: Power Market, Brazil, Installed Renewable Capacity by Source Type (GW), Figure 17: Power Market, Chile, Installed Renewable Capacity by Source Type (GW),

10 KEY ISSUES, REGULATIONS, CURRENT MARKET OUTLOOK AND KEY Table of Contents Figure 18: Power Market, Peru, Installed Renewable Capacity by Source Type (MW), Figure 19: Power Market, Colombia, Installed Renewable Capacity by Source Type (MW), Figure 20: North and South America Smart Grid, US, Microgrid Market Size ($bn), Figure 21: North and South America Smart Grid, Canada, Microgrid Market Size ($m), Figure 22: North and South America Smart Grid, US, Smart Meter Market Size ($bn), Figure 23: North and South America Smart Grid, Canada, Smart Meter Market Size ($bn) and Volume, Figure 24: North and South America Smart Grid, Brazil, Smart Meter Market Size ($m) and Volume, Figure 25: North and South America Smart Grid, US, Battery Electric Vehicle Market (Units Sold),

11 Introduction 2 Introduction Smart grid refers to technological advancement, whereby computer-based remote control and automation technology is used in the electricity delivery system for information collection and management. This can include two-way communication technology and communication processes, which help to increase system efficiency, facilitate faster data transfer, better process control and better energy management. The system enables the transfer of data from power generation (supply point) to the electricity used by the end-user application, using Information Technology (IT). A key benefit of modernizing the electricity network through the adoption of smart grids is the ability to reduce power consumption at the consumer end during peak hours, via demand management. In addition, smart grids enable the connection of power to the grid from distributed generation sources such as Photovoltaic (PV) arrays, wind turbines, micro hydro and combined heat power generators. A smart grid also allows grid energy storage for distributed generation load balancing, and contains or eliminates failures such as widespread power grid cascading failures. Furthermore, smart grids drive the adoption of energy efficient appliances by modifying consumer behavior through in-home displays and variable electricity rates. The electricity grids in North America and South America are undergoing a significant number of changes to become efficient and reliable. In North America, the present grid infrastructure in the region is being upgraded because it is old and incapable of meeting the growing demand for electricity, minimizing its environmental impact and reducing its dependency on conventional energy sources. The economic growth of North American countries is largely dependent on their energy infrastructures. To achieve the required progress, the North American power sector will have to convert from the conventional one-way energy flow network to an advanced grid system that enables a two-way flow of power and information. The deployment of smart grid technologies will help in grid transformation and address issues such as Greenhouse Gas (GHG) emissions, growing demand for power, peak load demand, Transmission and Distribution (T&D) losses and integration of renewable energy sources. The South American countries are also looking at smart grid to fight against their non-technical power losses, increasing per-capita energy consumption, and creating an efficient power grid. 13

12 Introduction 2.1 GlobalData Report Guidance Chapter two contains the introduction to the report. Chapter three contains an overview of the smart grid market in North and South America, along with the drivers, restraints and funding scenario in each region. Chapter four gives an overview of the South and North America market for key smart grid equipments such as Synchrophasors, Supervisory Control and Data Acquisition (SCADA), renewable energy generation, microgrid, smart meter and Electric Vehicles (EV). The markets of key countries in the region, with forecasts up to 2020, are also covered. In the case of synchrophasors, the annual unit sales and market size of the US, Canada, Mexico and Colombia, up to 2020, are covered. Forecasts up to 2020 of the SCADA market size of the two major markets, namely, the US and Brazil, are also covered. In the case of renewable energy generation, the cumulative capacity additions in Mexico, the US, Canada, Brazil, Chile, Colombia and Peru, between 2006 and 2020, are covered. The smart meter unit installation and market for the US, Canada and Brazil is covered. The EV market in the US along with the current scenario of Brazil has also been covered. Since the US is the biggest market for microgrid, the US microgrid market size until 2020 has also been provided. Chapter five covers the current outlook of certain upcoming technologies in North America and South America. The upcoming technologies covered are IT systems (Outage Management System (OMS), Distribution Automation (DA)), Virtual Power Plants (VPP), cloud computing and smart cities. The sixth chapter covers policies for EV in key countries, namely, the US, Canada, Mexico and Brazil. The seventh chapter is the appendix. 14

13 South and North America Smart Grid Market South America Smart Grid Market Drivers High Non-Technical Loss Rates Some of the leading Latin American economies, such as Brazil and Chile, have an extremely poor T&D infrastructure, with lack of investment often cited as one of the main reasons. This has resulted in huge T&D losses. Power theft is a problem in most Latin American countries, further contributing to the high distribution losses. In the case of Brazil, the country has suffered from frequent outages over the last three years. However, the government has not yet taken necessary action to address the situation. It is more focused on creating a robust regulatory framework to promote investment in the power generation sector than in the transmission sector (Biller et al., 2012). Power theft is also widely prevalent in the country s power sector. As a result, the country suffers from high T&D losses, amounting to more than XX% in However, the country is endeavoring to lower distribution losses by deploying more smart meters. Chile is also characterized by poor a T&D network. Natural disasters such as the droughts in 2008 and the earthquake in 2010 resulted in severe damage to the power transmission system of the country. To reduce power theft, Chile is also deploying smart meters. As a region, Latin America is said to have had electricity losses of about XX% in 2010, or XX%, if including the Latin American countries not listed in the table below. 20

14 South and North America Smart Grid Market Figure 2: North and South America Smart Grid, South America, T&D Losses in Comparison to Leading Economies (%), 2012 T&D losses (%) Argentina Brazil Chile Colombia Peru Venezuela US UK Canada Germany China South American countries Other major economies Source: GlobalData, Capacity and Generation Database [Accessed on: October 4, 2013] Table 1: North and South America Smart Grid, South America, T&D Losses (%), 2012 Country Argentina Brazil Chile Colombia Peru Venezuela Source: GlobalData, Capacity and Generation Database [Accessed on: October 4, 2013] T&D losses 21

15 North and South America Smart Grid, Key Markets Canada, Smart Grid Synchrophasor Market The Canadian market is also a major market for synchrophasors. Its volume and size is much smaller than the US, because its grid size is comparatively small. Canada is collaborating with the US to understand the various benefits and requirements to install synchrophasors. In 2003, a huge blackout that affected about XX million people in both Canada and the US occurred. The blackout affected the functioning of XX power plants. Following this incident, Canada and the US along with the NERC have been developing synchrophasors. There have been many blackouts that have been prevented due to this technology (Galvin, 2013). In 2010, XX units of synchrophasors were sold in Canada. With new projects and interest in synchrophasors and their usage the annual units sold has increased to XX in The revenue generated by the market in 2013 was $XXm. Units sold and revenue are expected to continuously increase to XX units and $XXm by 2017 respectively. Following this, a review of smart grid applications is expected around Due to this, we estimate that there will be a slowdown in the pace of synchrophasor installation. However, this could change with the results of the smart grid application review by NERC. Figure 6: North and South America Smart Grid, Canada, Synchrophasors Volume (Units) and Market Size ($m), Market size ($m) Volume (units) Market size Volume Source: GlobalData, Smart Grid Equipment Database [Accessed on October 21, 2013] 40

16 North and South America Smart Grid, Key Markets Table 7: North and South America Smart Grid, Canada, Synchrophasors Volume (Unit) and Market Size ($m), Year Market size Volume Source: GlobalData, Smart Grid Equipment Database [Accessed on October 21, 2013] 41

17 Appendix 7 Appendix 7.1 Definitions Smart Meters Smart meters are electric meters, which record electricity consumption every 15 minutes and communicate this data to utilities for billing purposes. The meters facilitate two-way communication between consumers and utilities Demand Response Demand response is a dynamic demand mechanism, which monitors and manages customer electricity consumption according to supply situations. The mechanism can be implemented in residential, commercial and industrial establishments Electric Vehicle The category EV represents all vehicles in which electricity is used to propel the vehicle. The EV includes PHEV, HEV and BEV Distributed Energy Generation Systems Distributed energy generating systems include technologies such as PV systems, wind turbines, small-scale hydropower generating systems, fuel cells and others, which help to generate power on a small scale, at consumer premises Microgrid A microgrid is an integrated power delivery system that is comprised of distributed energy resources, multiple interconnected loads and intermediate storage units Smart Cities A smart city is a collection of smart computing technologies applied to various critical infrastructure components and services such as city administration, education, healthcare, public safety, real estate, transportation and utilities, in order to improve operational efficiency. 130

18 Appendix Wide Area Monitoring Systems Wide-area monitoring systems help monitor the condition of the grid on a real-time basis with the assistance of phasor measurement units installed across the grid Supervisory Control and Data Acquisition A SCADA system refers to an industrial computer, which is used to control and monitor the flow of grid data. The system gathers data from monitoring and control devices that are attached to power grid Intelligent Electronic Devices intelligent electronic devices are used for the protection and control of power grid assets. The IEDs can communicate directly with the SCADA system and have the ability to control devices locally in order to perform protection functions Smart Grid A smart grid is an efficient power grid that delivers electricity to consumers using digital technology with reduced costs and increased reliability. It will incorporate advanced technologies such as automated metering infrastructure, sophisticated communication technologies and advanced storage systems. This makes it highly responsive, with minimal power losses Substation Automation Substation automation refers to the use if data from IEDs, control and automation capabilities within the substation, and control commands from remote users to control power system devices Cloud Computing Cloud computing is a model for enabling ubiquitous, convenient, on-demand network access to a shared pool of configurable computing resources (such as networks, servers, storage, applications, and services) that can be rapidly provisioned and released with minimal management effort or service provider interaction (NIST, 2011) Virtual Power Plant A VPP is a concept that involves aggregation of distributed energy generation resources so that the electricity generated through them can be used as a stable source of electricity 131

19 Appendix 7.2 Abbreviations Table 33: Abbreviations, 2013 Abbreviation AMI ANEEL ARRA ATV BCIT BEV BNDES CAGR CFE CHP CIS CPUC CRE DA DEEP DER DMS DOE DPU EISA EMS EPAct ESM EV GDP GE GHG GIS GW HAN HARP HEV ICE ICT INL Full form Advanced Metering Infrastructure Brazil National Electric Energy Agency American Recovery and Reinvestment Act Advanced Technology Vehicle British Columbia Institute of Technology Battery Electric Vehicle Brazilian Development Bank Compound Annual Growth Rate Federal Electricity Commission (Comisión Federal de Electricidad) Combined Heat and Power Customer Information Systems California Public Utilities Commission Energy Regulatory Commission (Comisión Reguladora de Energía) Distribution Automation Department of Energy and Environmental Protection Distributed Energy Resources Demand Management System Department of Energy Department of Public Utilities Energy Independence and Security Act Energy Management Systems Energy Policy Act Energy Surety Microgrid Electric Vehicle Gross Domestic Product General Electric Greenhouse Gas Geographic Information Systems Gigawatts Home Area Network Hydrogen Assisted Renewable Power System Hybrid Electric Vehicle Innovative Clean Energy Information Communication Technologies Idaho National Laboratory 132

20 Appendix IOUs IP IPI ISO IT IVR kw kwh MEM MoU MW NASPI NERC OMS PG&E PHEV PIER PLC PNNL PPB PUC PV R&D RPS SCADA SCE SDG&E SME So Cal Gas SPIDERS T&D tcf ToU USTDA VPP W Source: GlobalData. Investor-Owned Utilities Internet Protocol Industrialized Products Independent System Operator Information Technology Interactive Voice Response kilowatt kilowatt hour Microgrid Energy Management Memorandum of Understanding Megawatt North America Synchrophasor Initiative North America Electricity Regulatory Commission Outage Management System Pacific Gas & Electric Plug-in Hybrid Electric Vehicle Public Interest Energy Research Program Power Line Communications Pacific Northwest National Laboratory Basic Production Process Public Utilities Code Photovoltaic Research and Development Renewable Portfolio Standards Supervisory Control and Data Acquisition Southern California Edison San Diego Gas & Electric Smart Metering Entity Southern California Gas Company Smart Power Infrastructure Demonstration for Energy Reliability and Security Transmission and Distribution trillion cubic feet Time of Use US Trade and Development Agency Virtual Power Plant Watt 133

21 Appendix 7.3 Bibliography Academy of Finland (2013). Chile. Academy of Finland. Available from GB/A/Funding-and-guidance/Funding/International-coopearion/South-America/Chile/ [Accessed on November 15, 2013] Argonne National Laboratory (2013). Light Duty Electric Drive Vehicles Monthly Sales Updates. Argonne National Laboratory. Available from: [Accessed on April 12, 2013] ARRA (2013). Track the Money. Recovery.gov. Available from: [Accessed on October 28, 2013]. Arrubarrena, M. et al (2012). Potential Development Zones for Geothermal Direct Uses in Mexico with a Specific Site Recommendation. Geo-Heat Center, Oregon Institute of Technology, August, Available from: Bayar (2013). Chile Ups Renewable Energy Target. Renewable Energy World.Com. Available from [Accessed on November 20, 2013] Biller, D. et al. (2012). Brazil Suffers Fifth Power Outage Since Crackdown on Utilities. Bloomberg. Available from [Accessed on March 4, 2013]. BP Statistics (2013). Statistical Review of World Energy British Petroleum. Available from: html. [Accessed on November 4, 2013]. Berst J (2013). The US Government will pay you to Develop Synchrophasor Applications. SmartGridNews.com. Available from: [Accessed on October 28, 2013]. 134

22 Appendix 7.4 Methodology GlobalData s dedicated research and analysis teams consist of experienced professionals with a pedigree in marketing and market research, consulting backgrounds in the energy industry, and advanced levels of statistical expertise. GlobalData adheres to the codes of practice of the Market Research Society ( and the Strategic and Competitive Intelligence Professionals ( All GlobalData s databases are continuously updated and revised. The following methodology has been followed for the collection and analysis of the data presented in this report Coverage The report comprises: An overview of the smart grid market in North and South America, along with the drivers and restraints and funding scenario in each region An overview of the market for key smart grid equipment such as synchrophasors, SCADA, renewable energy generation, microgrid, smart meter and EV Coverage of key countries in the region for each market with forecasts up to 2020 In the case of synchrophasors, annual unit sales and market size, up to 2020, of the US, Canada, Mexico and Colombia In the case of SCADA, market size and forecasts of the two major markets until 2020: the US and Brazil In the case of renewable energy generation, the cumulative capacity additions of Mexico, the US, Canada, Brazil, Chile, Colombia and Peru, from 2006 to 2020 In the case of smart meter unit installations, the market for the US, Canada and Brazil In the case of the EV market, the current scenario in the US and Brazil In the case of the microgrid market, US forecasts until 2020 The current outlook of upcoming technologies such as IT systems (OMS, DA), VPPs, cloud computing and smart cities 141

23 Appendix Policies for smart grid in key countries, namely, the US, Canada, Mexico and Brazil Secondary Research The research process begins with exhaustive secondary research within GlobalData s own databases and external sources. Market value and volume estimates and market growth rates are arrived at by taking the following into consideration: Statistics and historical trends provided by government bodies, industry associations and equipment vendors for smart grid markets and equipments Electric utility plans for deploying or upgrading smart grid systems or the transmission and distribution network Government and private sector investments Other insights built through secondary research and analysis of company websites, annual reports, investor presentations, industry and trade journals, and association data Primary Research A number of primary interviews are conducted with personnel across the value chain to verify and fine-tune the market numbers obtained from secondary research and get first-hand information on industry trends. Participants are drawn from a diverse set of backgrounds including battery manufacturers, electric vehicle manufacturers, battery component manufacturers, national laboratories, industry associations and government bodies. Participants include, but are not limited to, business development and sales managers, C-level executives, industry consultants and purchasing managers. 142

24 Appendix 7.5 Disclaimer All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, GlobalData. This report is a licensed product and should not be reproduced without prior permission. 143