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
Market - 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.
Regional Analysis
North America is
estimated to retain its lead over the Grid
Scale Battery Market Share 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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