Global Grid Scale Battery Market Scenario
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.
Huge technological advancements that are grid-scale battery technologies, increasing renewable penetration and the falling costs of lithium-ion batteries are some of the key driving forces behind the growth of the market. Grid-scale battery technology has more value capacity that can meet the demand for the reduced load. Its advantage of controlling the need for power at intractable times plays an important role in the growth of the market.
According to Market Research Future (MRFR), the global Grid Scale Battery Market Size is expected to register a whopping, double-digit CAGR over 32% throughout the forecast period (2018 r 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.
Grid Scale Battery Market Segmentation:
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 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.
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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