ID: MRFR/E&P/5317-HCR | February 2021 | Region: Global | 100 pages
Grid scale battery market is projected to have significant growth by 2023 with a CAGR of more than 32% during the forecast period.
Grid scale battery is the energy stored electricity on large scale within electrical power grid. Grid scale battery technology is divided into UPS, T&D grid support and energy management. UPS as energy storage plays significant role in terms of frequency & power quality. T&D grid support uses the technique called as AGC (Automatic grid control) to balance generation and load. Energy management technique generally used in bulk power management. Inventions on this battery has done on wide scale on commercial basis to store energy during peak period and release when the consumption of power is less. According to energy storage news NEC to deliver 50MW of battery storage to UK, this will benefit the grid, the environment and ultimately the society. As per the application point of view energy storage supply for the projects will really help to wider renewable and clean energy Industries.
Global Grid Scale Battery Market is projected to have significant growth by 2023 with a CAGR of more than 32% during the forecast period. As the North America energy storage market is dominating the global Grid Scale Battery Market due to increase in renewable energy projects and government support.
The main drivers of this global Grid Scale Battery Market are advancement of technology, Growing demand for energy efficient machinery, energy storage can offer number of applications therefore opening up markets to energy storage. Low energy and power density are the main challenge in Grid Scale Battery Market. Cycle life of batteries and safety concern are the primary constrains in global Grid Scale Battery Market.
Global Grid Scale Battery Market
Global Grid Scale Battery is expected to grow significantly by 2023 with a CAGR of more than 32% in the forecast period due to increase investment in renewable energy, reducing costs of grid-scale battery. Additionally, companies involved in this taking R & D very seriously to ensure better operational efficiency throughout because of growing fleet competitors in market. North America region is dominating in this market due to the increase of renewable energy in the residential sector, however initiative measures have been taken to lead the way for utility-scale policy and storage development. Solar development diving into new complementary technology area which ultimately helped in growth in Grid Scale Battery Market.
The major key player in global Grid Scale Battery Market are LG Chem (South Korea), Samsung (South Korea), Panasonic (Japan), Fluence (US), Tesla (US), GS Yuasa (Japan), BYD Company (China), S&C Electric (US), ABB (Switzerland), GE (US), Toshiba (Japan), Saft (France), and NGK Insulators (Japan).
Global Grid Scale Battery Market is further segmented in three namely by battery type, by power Generation and by application. Battery type further Sub-segmented as Lithium-ion batteries, flow batteries, Zinc-hybrid batteries, Sodium-Based Battery, Lithium-ion batteries is leading as these batteries are highly use in UPS having good efficiency. Power Generation is sub segmented into Power capacity or rating, Energy capacity, Power capacity is leading in this segment. Applications are Sub-divided as peak shaving, load shifting, renewable sources Integration, Backup power is fastest growing segment as most of the companies mostly rely on battery durability and amount of power supplied when power cut-off. Region is segmented into Europe, North America, Asia Pacific, Rest of the world. North America region is dominating in Grid Scale Battery Market due to government support and industries shifting towards renewable energy.
|Market Size||2027: Significant Value|
|CAGR||32% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Battery Type, Power Generation, Applications|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||LG Chem (South Korea), Samsung (South Korea), Panasonic (Japan), Fluence (US), Tesla (US), GS Yuasa (Japan), BYD Company (China), S&C Electric (US), ABB (Switzerland), GE (US), Toshiba (Japan), Saft (France), and NGK Insulators (Japan)|
|Key Market Opportunities||Inventions on this battery has done on wide scale on commercial|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The market’s CAGR is recorded of more than ~32%.
The market will witness its significant growth by 2023.
Europe, North America, Asia Pacific, Rest of the world are the regions mentioned in the study.
Samsung (South Korea), Panasonic (Japan), LG Chem (South Korea), Tesla (US), GS Yuasa (Japan), Fluence (US), BYD Company (China) are the top leading companies of the market.