The global Grid Scale Battery Market is projected to
have significant growth by 2023 with a CAGR of more than ~32% during the
forecast period. As the North America energy storage market is dominating the
global Grid Scale Battery Market due to increase in renewable energy projects
and government support.
Key Players:
The major key player in global Grid Scale Battery
Market are LG Chem (South Korea), Samsung (South Korea), Panasonic (Japan),
Fluence (US), Tesla (US), GS Yuasa (Japan), BYD Company (China), S&C
Electric (US), ABB (Switzerland), GE (US), Toshiba (Japan), Saft (France), and
NGK Insulators (Japan).
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The global grid scale battery is expected to grow
significantly by 2023 with a CAGR of more than ~32% in the forecast period due
to increase investment in renewable energy, reducing costs of grid-scale
battery. Additionally, companies involved in this taking R & D very
seriously to ensure better operational efficiency throughout because of growing
fleet competitors in market. North America region is dominating in this market
due to the increase of renewable energy in the residential sector, however
initiative measures have been taken to lead the way for utility-scale policy
and storage development. Solar development diving into new complementary
technology area which ultimately helped in growth in Grid Scale Battery Market.
The main drivers of this global Grid Scale Battery Market are advancement of
technology, Growing demand for energy efficient machinery, energy storage can
offer number of applications therefore opening up markets to energy storage.
Low energy and power density are the main challenge in Grid Scale Battery
Market. Cycle life of batteries and
safety concern are the primary constrains in global Grid Scale Battery Market.
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Segmentation
The global Grid Scale Battery Market is further
segmented in three namely by battery type, by power Generation and by
application. Battery type further Sub-segmented as Lithium-ion batteries, flow
batteries, Zinc-hybrid batteries, Sodium-Based Battery, Lithium-ion batteries
is leading as these batteries are highly use in UPS having good efficiency.
Power Generation is sub segmented into Power capacity or rating, Energy
capacity, Power capacity is leading in this segment. Applications are
Sub-divided as peak shaving, load shifting, renewable sources Integration,
Backup power is fastest growing segment as most of the companies mostly rely on
battery durability and amount of power supplied when power cut-off. Region is segmented
into Europe, North America, Asia Pacific, Rest of the world. North America
region is dominating in Grid Scale Battery Market due to government support and
industries shifting towards renewable energy.
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