Grid-scale battery Market is projected to grow at a CAGR over 33.81% and the growth period of this market can be stated as from 2018-2025. According to the latest study report launched by the Researchstore.biz, the global grid-scale battery market is growing at a rapid pace and would gain eminence over the forecast period.
The global grid-scale battery market is projected to demonstrate a spectacular growth, reaching USD 6,164.48 Million by 2025 from USD 679.84 Million in 2017 with a prominent CAGR of 33.81% during the forecast period from 2018-2025.
Increasing investments in renewable energy, dropping costs payable to technological advancements and deployment, and government supports standards, and guidelines for raising energy efficiency are factor expected to fuel the growth of the global market over the forecast period.
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The research and development for batteries and most importantly the acquisition of batteries are the chief constituents behind the growing demand for grid-scale battery. Considering grid-scale battery’s rapid demand, worldwide research and development (R&D) ventures have made them a key focus of their study. These batteries are more reliable and flexible and fulfill industrial requirement such as the high efficiency, lightweight, high energy & power density batteries. The battery has the ability to work as a massive scale energy storage systems that deliver energy services. While working for 24 hours a day, the battery stores the backup of power when required. The service and third-party owners can develop their own electrical energy storage by installing grid-scale battery storage.
Growing investments in renewable energy and dropping costs owed to technological progress and deployment are the main driving factors for the grid-scale battery market, while government aids and standards for boosting energy efficiency will fuel the growth of grid-scale battery market in upcoming years.
Factors such as dangerous environmental effects and high capital investments play a major role they can risk the growth of the market. The aspects such as increasing focus on rural electrification and variation of molten-salt battery technology may enhance the grid-scale battery market growth over the forecast period. The global grid-scale battery market analysis by segments covers segments by type, ownership-model, application, and regions.
Segmentation by application: renewable integration, ancillary services, backup power, peak shift, and others. The peak shift segment is projected to register the highest CAGR of 36.11% over the forecast period. Cost-effective nature and capability of reducing electric utility expenses of peak shift have increased their popularity.
Segmentation by type: lithium-ion, flow battery, sodium-based, lead acid, and others. Lithium-ion segment accounted for around USD 193.55 Million in 2017. Lithium-ion majorly contributed to the formation of the business development, working as a stimulant for business alteration and disordering industry verticals. The important driving features for the growth of lithium-ion batteries segment includes the high efficiency, lighter weight, and high energy & power density.
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The regional segmentation analysis covers key regions namely North America, Europe, Asia Pacific, South America, and the Middle East and Africa, wherein 2017, the largest market share of approximately 29.64% was carried out by the Asia Pacific. Growing requirements for energy and governments encouraging possible energy adoption solutions played a key role in the growth of grid-scale battery market in this region.
The report covers a detailed competitive outlook including the market share and company profiles of the key participants operating in the global market. Key players profiled in the report include BYD Company, Panasonic, Fluence, Hydrostor, LG Chem, Samsung, Tesla, ABB, Beacon Power, S&C Electric, EnerVault, General Electric, SustainX, Fluence Energy, LLC, GS Yuasa Corporation, Saft Groupe S.A., NGK Insulators, and Toshiba.
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The competitive section has been served as a fundamental part of the grid-scale battery market which emphasis on current market trends and intended development associated with dominating market players. Growing requirements for energy and governments encouraging possible energy adoption solutions played a key role in the growth of global grid-scale battery market in this region.