Latest research study from ResearchStore.biz with title “Global Grid-Scale Battery Market By Type (Lithium-Ion, Flow Battery, Sodium-Based, Lead Acid, Others), Ownership-Model (Third-Party Owned, Utility Owned), Application (Renewable Integration, Ancillary Services, Back-Up Power, Peak Shift, Others), Region (North America, Europe, Asia Pacific, South America and Middle East and Africa)” and Global Forecast 2018-2025, presents a complete assessment of the Global Grid-Scale Battery Market.
The global grid-scale battery market is anticipated to jump USD 6,164.48 Million by 2025 from USD 679.84 Million in 2017 with a CAGR of 33.81% during the forecast period from 2018-2025. Several leading factors driving the grid-scale battery market growth include:
Increasing investments in renewable energy
Dropping costs payable to technological advancements and deployment
Government supports, standards, and guidelines for raising energy efficiency
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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.
The grid-scale battery market is expected to be driven by escalating investments in renewable energy and falling costs owed to technological advancements and deployment.
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. The growth limiting factors for the market would be dangerous environmental effects and high capital investments. 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.
Peak shift segment is expected to grow with the highest CAGR of 36.11% over the forecast period
Application Segment Covers: Renewable integration, ancillary services, backup power, peak shift, and others. Peak shift eliminates electric utility expenses and they are highly cost-effective.
In 2017, lithium-ion segment valued at around USD 193.55 Million
Type Segment Covers: lithium-ion, flow battery, sodium-based, lead acid, and others. Lithium-ion has a major contribution in forming 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 grid-scale battery market analysis by region:
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 grid-scale battery market analysis features Competitive
Structure: The section covers major players including 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
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