The changing trends in the energy sector is propelling the global grid scale battery market share. Market Research Future (MRFR) projects that the global scale battery market is set to soar at 32% CAGR between 2018 and 2023. The market is benefiting from the reduced price of grid-scale battery and rapid growth of the renewable energy sector. Demand for energy storage solution has increased substantially over time. At the same time, significant advancement has been made in battery-based storage systems. Preference for grid scale battery storage is highly owing to its large-scale storage capacity. Grid scale battery system is a combination of T&D grid support, UPS and energy management. The attractive market prospect has led to an increased investment in research and development programs focusing on developing efficient battery technologies. Technological advances in battery systems is major factors influencing the global grid scale battery market. It is projected that the demand for grid scales battery will grow rapidly in the near future on account of the expansion of renewable energy industry in emerging markets. However, for grid scale battery systems are yet to reach their full application potentials. Limitations such as lower power density, safety concerns and poor lifecycle continues to undermine the market potential. Global Grid Scale Battery Market: Segmental Analysis MRFR’s report includes a comprehensive segmental analysis of the market based on application, power generation and battery type. On the basis of application, the market has been segmented into backup power, renewable sources integration, load shifting, and peak shaving. Of these, the backup power segment is expected to demonstrate the fastest growth during the forecast period. This is mainly owing to the growing reliance backup power for overcoming issue of power cut. Grid scale batteries are trusted backup power solution. On the basis of power generation, the market has been segmented into energy capacity and power capacity or rating. In terms of value, the power capacity or rating holds the pole position and the trend is likely to continue beyond 2019. On the basis of battery type, the market has been segmented into sodium-based battery, flow batteries, lithium-ion batteries and zinc-hybrid batteries. The lithium-ion battery segment holds the dominant market share in term of value. Lithium-ion batteries are highly efficient and thereby is witnessing a fast adoption in uninterrupted power supply systems. Global Grid Scale Battery Market: Regional Analysis The market has been covered across North America, Asia Pacific (APAC), Europe, South America and the Middle East & Africa (MEA). North America is observed as the largest grid scale battery market in terms of value. Presence of superior infrastructure in counties such the US and Canada is leading to a faster uptake of grid scale battery. In addition, the favourable government policies and rapid inclination towards renewable energy are factoring the market’s expansion in the region. Rise of renewable technologies has resulted in a greater requirement for efficient storage technologies in North America. Increased efforts towards expanding solar and wind energy is expected to attractive opportunities for market players in North America over the course of the forecast period. As per Energy storage news, the US is gearing up to develop 15MW / 30MWh of
energy storage capacity for 10MW of solar. The North America grid scale battery market is forecast to witness a strong growth over the next couple of years. Global Grid Scale Battery Market: Competition Analysis Some of the leading companies operating in the market include Samsung (South Korea), Fluence (US), GS Yuasa (Japan), S&C Electric (US), GE (US), Saft (France), NGK Insulators (Japan), LG Chem (South Korea), Toshiba (Japan), Tesla (US), Panasonic (Japan), ABB (Switzerland) and BYD Company (China). About Market Research Future: At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. Contact: Market Research Future +1 646 845 9312 Email: sales@marketresearchfuture.com