Grid Scale Battery Market
Analysis:
According to Market Research Future (MRFR), the global
Grid
Scale Battery Market is expected to register a whopping, double-digit
CAGR over 32% throughout the forecast period (2018 – 2023). During this period,
the market is projected to demonstrate a voluminous growth by 2023. Increasing
investments in renewable energy and the reducing costs of grid-scale battery
are driving the market growth.
Grid-scale battery refers to the large-scale energy
storage for the electrical power grid. The grid-scale battery technology is
divided into UPS, T&D grid support, and energy management. UPS plays a
significant role in energy storage in terms of frequency & power quality.
Whereas the T&D grid support technology balances the energy generation and
load, using the Automatic grid control (AGC) technique.
Energy management techniques are generally used in
bulk power management applications. Grid-scale battery is widely used to store
energy during peak period and release when the consumption of power is less.
The global grid scale battery market has been increasing over the past few
years. Potentially aggressive policies support this growth, allowing further
evolvement of these batteries.
Grid Scale Battery Industry Segments
The report is segmented into four key market dynamics
to widen the scope of understanding,
By Battery Type :
Lithium-ion Batteries, Flow Batteries, Zinc-hybrid batteries, and Sodium-Based
Battery, among others.
By Power Generation :
Power Capacity or Rating and Energy Capacity
By Applications :
Peak Shaving, Load Shifting, Renewable Sources Integration, and Backup Power,
among others.
By Regions : Asia Pacific, North
America, Europe, and the Rest-of-the-World.
Global Grid Scale Battery Market -
Regional Analysis
North America is estimated to retain its lead over the
global grid scale battery market throughout the forecast period. Factors such
as the increase of renewable energy in the residential sector and the initial
measures that have been taken to lead the utility-scale policy and storage
development are supporting the growth of the market. Furthermore, the
development of new technologies related to solar energy is ultimately helping
in the growth of the grid scale battery market.
The grid scale battery market in the Asia Pacific
region accounts for another lucrative market, globally. Ever-increasing
population and rapid industrialization & urbanization is fuelling the
growth of the regional market, increasing a massive demand for energy.
Countries that account for key contributors to the growth of the grid scale
battery market in the APAC include Japan, China, and India.
Due to the increasing emphasis on the low-cost power
generation, the grid scale battery market in the APAC region is experiencing a
broad uptake across the commercial sector. Moreover, government support and
shift towards renewable energy in various industries are driving the regional
market growth.
Grid Scale Battery Market - Competitive
Landscape
Highly competitive, the grid scale battery market
appears to be fragmented characterized by the presence of a number of
well-established players. These players incorporate strategic initiatives such
as acquisition, collaboration, partnership, expansion, and technology launch to
gain a competitive advantage in the market.
Major Players:
Key players leading the global grid scale battery
market include Samsung (South Korea), LG Chem (South Korea), Panasonic (Japan),
GS Yuasa (Japan), Fluence (US), Tesla (US), BYD Company (China), ABB
(Switzerland), S&C Electric (US), GE (US), Saft (France), Toshiba (Japan),
and NGK Insulators (Japan), among others.
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