Global Grid Scale Battery Market is expected to foresee significant growth. Asia Pacific to lead the growth!
- Himanshu Patni
- March 30, 2022
- ENERGY & POWER, NEWS
- Grid Scale Battery Market, Grid Scale Battery Market growth, Grid Scale Battery Market share, Grid Scale Battery Market size, Grid Scale Battery Market trends
- 0 Comments
Global Grid Scale Battery Market is expected to grow at a CAGR of around 25 % during the forecast period (2021-2027). Battery storage is one of several technology options that can enhance power system flexibility and enable high levels of renewable energy integration. Grid scale battery is known as battery energy storage system (BEES) that charges (or collects energy) from the grid or a power plant and then discharges that energy later to provide electricity or other grid services when needed. Therefore, factors such as increasing needs for system flexibility, combined with rapid decreases in the costs of battery technology, have enabled BESS to play an increasing role in the power system in recent years.
Grid scale battery enables energy storage on a large scale within electrical power grids. Grid scale battery technology is divided into UPS, electricity transmission and distribution, grid support, and energy management. Grid scale battery storage enhance power system flexibility and enable high levels of renewable energy integration.
For a detailed analysis of the Global Grid scale battery Market browse through – https://univdatos.com/report/grid-scale-battery-market/
Major factors fostering the growth of the market include the investments in renewable energy, and the cost reduction of grid-scale battery owing to technological advancements and expanded deployment. Furthermore, the government aids and standards for boosting energy efficiency are likely to drive the growth of the grid-scale battery market in upcoming years.
Based on battery type, the grid scale battery market is segmented into lithium-ion battery, lead acid battery, flow battery, sodium-based battery, and others. The lithium-ion battery segment catered significant demand in grid scale battery market. The technological advancement, which has led to a sharp increase in the energy density of the lithium-ion battery market coupled with decrease in the overall cost of lithium-ion batteries, has enabled the increase in the grid-scale battery deployment.
Based on application, the grid scale battery market is segmented into renewable integration battery, peak shift battery, ancillary service battery, back-up power battery and others. The ancillary service battery segment holds the considerable market share. As the future of grid-scale battery storage is expected to rely significantly on renewable sources of energy, such as solar and wind. The operator uses grid-scale battery storage systems to provide ancillary services to mitigate the uncertainty and variability of the solar and wind power projects on a grid-scale.
Request for Sample of the report browse through – https://univdatos.com/get-a-free-sample-form-php/?product_id=18360
For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Spain, Italy, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. Asia Pacific holds the extensive market share owing to the increasing electricity demand due to urbanization, population growth and deployment of renewable which expected to escalate the market size of grid scale battery market.
Some of the major players operating in the market Panasonic Corporation, Contemporary Amperex Technology Co. Ltd., Samsung SDI Co. Ltd., BYD Co. Ltd., LG Chem Ltd., Hitachi Ltd., NGK Insulators Ltd., Sumitomo Electric Industries, Ltd., Fluence, Tesla. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Grid scale battery Market Segmentation
Market Insight, by Battery Type
- Lithium-ion Battery
- Lead Acid Battery
- Flow Battery
- Sodium Based Battery
Market Insight, by Application
- Renewable Integration Battery
- Peak Shift Battery
- Ancillary Service Battery
- Back-up Power Battery
Market Insight, by Region
- North America Grid Scale Battery Market
- United States
- Rest of North America
- Europe Grid Scale Battery Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Grid Scale Battery Market
- Rest of Asia-Pacific
- Rest of World Grid Scale Battery Market
Top Company Profiles
- Panasonic Corporation
- Contemporary Amperex Technology Co. Ltd.
- Samsung SDI Co. Ltd.
- BYD Co. Ltd.
- LG Chem Ltd.
- Hitachi Ltd.
- NGK Insulators Ltd.
- Sumitomo Electric Industries, Ltd.