Grid Scale Battery Market
– Overview
The surging requirements
for electricity spurred by the rising population and the increased number of
devices that use electricity are raising the need for new and improved storage
solutions. Reports that evaluate the energy and power industry have been made
available by Market Research Future which creates reports on several industry
verticals that review the market growth and prospects. The Grid
Scale Battery Market is predicted to achieve a CAGR of roughly 32% in
the duration of the forecast period.
The requirement for large
scale storage within an electrical power grid is anticipated to spur the demand
for grid scale battery market. Improvements in battery storage and their
efficiency are expected to motivate the expansion of grid scale batteries in
the coming years. Furthermore, the broadening of applications for grid scale
battery is expected to create new opportunities for expansion in the forecast
period.
Segmental Analysis
The segmentation of the
grid scale battery market is carried out on the basis of battery type, power
generation, applications, and region. On the basis of battery type, the grid
scale battery market is segmented into flow batteries, lithium-ion batteries,
sodium-based battery, and zinc-hybrid batteries. Based on power generation, the
grid scale battery market is segmented into power capacity or rating and energy
capacity. Based on applications, the grid scale battery market is segmented
into load shifting, peak shaving, renewable sources integration, and backup
power. The Regions included in the grid scale battery market are Asia Pacific,
Europe, North America and rest of world.
Regional Analysis
The regional analysis of
the grid scale battery market consists of regions such as Asia Pacific, Europe,
North America and rest of world. The grid scale battery market globally is
projected to flourish owing to the upsurge in investment in renewable energy,
and the dropping prices of the grid-scale battery. Moreover, firms included in
this sector are increasingly focusing on R & D to guarantee improved
operational efficiency because of the rising fleet players in the market. The
North American region is controlling this market owing to the surge of
renewable energy in the residential sector, primarily due to the initiatives
and measures that have been taken to pave the way for utility-scale policy and
storage development. The solar development is adding to a new complementary
technology area which eventually is helping the growth in the grid scale
battery market.
Competitive Analysis
The companies functioning
in the market are persistently taking on the hindrances to progress and are
forming strategies that are projected to guide to a beneficial outcome on the
market's advancement. The advancement of the market is upgraded chiefly due to
the reduction in promotional and miscellaneous expenses. The absorbed expenses
in the market are readily dispensed with, opening more room for the development
in the market. Additionally, the deals being coined in the market are likely to
additionally inspire the development of the market in the impending years. An
intensified growth pace is observed due to the productive effect exerted by the
market forces both externally and internally. The progress capability of the
market is bolstered by the accretive nature of the assets available in the
market. The market is projected to accomplish an absolute lead in the market
place owing to improved strategies in specific areas.
The chief competitors in
the grid scale battery market globally are Samsung (South Korea), Fluence (US),
Tesla (US), GS Yuasa (Japan), Panasonic (Japan), LG Chem (South Korea), BYD
Company (China), Saft (France), S&C Electric (US), ABB (Switzerland), GE
(US), Toshiba (Japan), and NGK Insulators (Japan).
Industry Updates:
Feb 2019 India has
obtained its first grid-scale battery energy storage system, the 10 MW system
housed at Tata Power Delhi Distribution’s Rohini substation is supposed to be
South Asia’s biggest. The 10 MW grid-connected system, held by AES and
Mitsubishi Corporation, will lay the trail for a broader implementation of
grid-scale energy storage technology throughout India. It uses the Advancion energy
storage platform from Fluence, a joint undertaking formed by AES and Siemens.
Access Full Report at: https://www.marketresearchfuture.com/reports/grid-scale-battery-market-6781
About Market Research Future:
At
Market Research Future (MRFR), we enable our customers to unravel the complexity
of various industries through our Cooked Research Report (CRR), Half-Cooked
Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research
(CFR), and Market Research & Consulting Services.
No comments:
Post a Comment