However, these projects being intermittent in nature have resulted in development of battery storage solutions that can effectively coordinate with grid operations. Grid scale battery are the energy storage solutions meant for storing electricity on a large scale mainly in an electrical power grid. These batteries store the electricity when the electricity generated from intermittent power generation sources exceeds the consumption levels which is then returned back to the grid when production falls below the consumption levels.
The Grid Scale Battery Market is categorized into lithium-ion, lead acid, flow battery, sodium-based battery, and others. Lithium-ion batteries are expected to account for largest share in the grid-scale battery market during the forecast period. This is due to the fact that these batteries exhibit properties such as higher energy density, longer life expectancy, and higher efficiency compared to other types of batteries.
Obtain Full [email protected]
the grid scale battery market is bifurcated into third party owned and utility owned. It is estimated that third-party owned model is expected to witness higher growth rate during the forecast period as countries in North America and Europe are opting for the third-party owned model, as this mode is more efficient and are promoted by governments across these regions through various incentives schemes.
Based on application, the grid scale battery market is categorized into peak shifting, renewable integration, ancillary services, backup power, and others. Renewable energy integration is expected to account for significant market share in the market owing to growing capacity of renewable power projects, emphasis on achieving energy efficiency and ensuring grid stability.
The major restraint identified in the grid scale battery market are the additional capital investment required in installing these batteries. Various utilities, owing to budget constraints are reluctant to invest on the installation of these batteries. The reluctance offered by these utilities restrict the growth of the grid scale battery market.
Request For The Sample Pages Of The [email protected]
Major opportunities identified in the grid scale battery market is the rising demand for these batteries from fast growing renewable energy markets such as China, India, and other developing nations. With the ambitious renewable power capacity addition targets, these countries are witnessing large scale investment in the development of wind and solar power projects. With the addition of new renewable power capacity, the need for storing the excess power is expected to arise. Grid scale batteries addresses this concern by ensuring storage of excess power generated by new power sources.
Asia-Pacific is expected witness highest growth in the grid scale battery market owing to large scale capacity addition targets of renewable power projects in countries such as China, India, Japan, Indonesia, and South Korea. The rapidly advancing renewable power capacity is expected to positively influence the growth of grid scale battery market.
Some of the major players operating in the global grid scale battery market are LG Chem Ltd., Panasonic Corporation, Samsung SDI Co. Ltd. Fluence Energy LLC, Tesla Inc., BYD company limited, ABB Group, The General Electric Company, Toshiba Corporation, and SAFT Groupe.
About P&S Intelligence
P&S Intelligence, a brand of P&S Market Research, is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
Toll-free: +1-888-778-7886 (USA/Canada)
Email: [email protected]