Global Grid-Scale Battery Market – Analysis and Forecast (2018-2024)

Global Grid-Scale Battery Market Industry Overview The global grid-scale battery Market was valued at USD 1.1 billion in 2017 to reach USD 7.8 billion by 2024, at a CAGR of 31.8% during the forecast period. The high growth in the global market is due to the reducing costs of grid-scale batteries, increasing investment in renewable energy, government subsidiaries, and among others. Along with that, the government regulations to enhance energy efficiency is also contributing to the grid-scale battery industry growth.

Global Grid-Scale Battery Market Growth Drivers Increasing investment in renewable energy and government supportive regulations and subsidiaries to enhance energy efficiency are the major factors driving the grid-scale battery market growth. The investment in the renewable energy is increasing day by day, as it is reducing the threat of climate change and making the environment clearer. Various countries around the world such as China, India, and others are also investing in the solar and wind power to reduce the effect of climate change pollution and sustain economic growth.

Global Grid-Scale Battery Market Geographic Overview: During the forecast period, Asia-Pacific is expected to remain the fastest growing region for the gridscale battery market, majorly attributed to its ever-increasing population which is creating a huge demand of electricity. Also, the increasing investment in power transmission and distribution is one of the major drivers of the regionâ&#x20AC;&#x2122;s market growth. For instance, in 2017, India launched first grid-scale battery storage system of the country to integrate 175 GW of renewable energy into the energy system by the year 2022. This plan is commissioned and operated by Tata Power Delhi Distribution, and it is a joint project by Mitsubishi and the U.S. energy storage company AES.

Global Grid-Scale Battery Market Competitive Insight Various players operating in the grid-scale battery market are working on providing innovative products and solutions to the market and are investing heavily on the same. For example, General Electric released a containerized energy storage product that has a competitive storage for installation time. LG Chem, Ltd., Tesla Inc., BYD Company Limited, General Electric Company, Panasonic Corporation, ABB Group, Samsung SDI Co. Ltd., Seiko Epson Corporation, Toshiba Corporation, Fluence Energy, LLC, and GS Yuasa Corporation are some of the major players operating in grid-scale battery industry. Explore

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