The global grid-scale battery market is driven by factors such as the declining grid-scale battery cost, increasing investment in renewable energy across the globe, increasing support for renewable energy, and government initiatives for energy efficiency. However, some of the environmental applications and durability concern of these batteries in extreme weather conditions are anticipated to hinder the growth of the market to some extent.

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Based on application, the grid-scale battery market is segmented into peak shift, ancillary services, renewable integration, back-up power, and others. Others include ramping, microgrids, black start, and transmission/distribution upgrade deferral.

Asia-Pacific accounted for the major share in the grid-scale battery industry in 2017, and it is expected to witness the fastest growth in demand for these drives due to its large population base which is creating a huge demand of electricity.

North America is the second largest grid-scale battery market primarily due to the technological advancements, and increasing focus on energy storage and renewable energy. U.S. is the largest market in North American grid-scale battery market, due to the presence of large number of players in the region and government initiatives for renewable enrgy.

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Some of the key players providing grid-scale battery across the globe are 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.

Source: VynZ Research