Global Grid-Scale Battery Market Future Scope Demands and Projected Industry Growths to 2023


Posted July 5, 2018 by ankit93

Grid-Scale Battery Market by Type (Lithium-Ion, Lead Acid, Flow Battery, Sodium-Based), by Ownership-Model, by Application (Renewable Integration, Peak Shift, Ancillary Services, Back-Up Power), and Region - Global Forecast to 2023

 
The Global Grid-Scale Battery Market is expected to be valued at USD 1.37 Billion in 2018 and is likely to grow at a CAGR of 33.52% during the forecast period to reach USD 5.82 Billion by 2023. The growth of this market can be attributed to the increasing investments in renewable energy, reducing costs of grid-scale batteries owing to technological advancements and expanded deployment, and government subsidies and regulations for enhancing energy efficiency.
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In this report, the Grid-Scale Battery Market has been segmented on the basis of type into lithium-ion, lead acid, flow, sodium-based and other batteries. The other batteries include nickel-cadmium, nickel metal-hydride, and nickel-iron batteries. Lithium-ion batteries are expected to hold the largest share of the grid-scale battery market throughout the forecast period. These batteries have high energy and power density, which allows them to be lightweight with less standby losses and high life expectancy of 5–15 years with 98% efficiency. In addition, these batteries are lighter in weight than nickel-cadmium and nickel metal-hydride batteries.
Grid-scale battery market for peak shifting applications to grow at a high rate during the forecast period. Grid-scale batteries have application in peak shifting, renewable integration, ancillary services, back-up power, and other applications. The grid-scale battery market for peak shifting applications is expected to grow at the highest rate during the forecast period. Peak shifting is a highly cost-effective method of reducing electric utility expenses.
For an in-depth understanding of the competitive landscape, profiles of some of the top players in the grid-scale battery market have been included in the report. The major market players include LG Chem (South Korea), Samsung (South Korea), Panasonic (Japan), Fluence (US), Tesla (US), and BYD Company (China).
Based on application, the market has been segmented into renewable integration, peak shifting, ancillary services, back-up power, and others (including microgrids, ramping, black start, and transmission/distribution upgrade deferral). Factors such as attainment of renewable targets and energy efficiency; increased reliability, security and resiliency from microgrid applications are expected to drive the growth of the grid-scale battery market for renewable integration during the forecast period.
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The grid-scale battery market has been segmented on the basis of region into North America, Europe, Asia Pacific, and RoW. North America dominates the grid-scale battery market. The growth of the grid-scale battery market in North America can be attributed to the increasing demand for renewable energy storage in the residential, non-residential, and utility sectors.
The major factors restraining the growth of the grid-scale battery market include hazardous environmental effects and high capital investments. The grid-scale battery market is fragmented and offers opportunities for consolidation.
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Issued By Markets and markets
Country United States
Categories Energy
Tags gridscale battery market
Last Updated July 5, 2018