The latest market report published by Credence Research, Inc. “Grid-Scale Battery Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the grid-scale battery market was valued at US$ 2.22 Bn in 2018 and expected to grow at a CAGR of 22.0% during the forecast period from 2019 to 2027.
Large-scale addition of renewable energy into the grid worldwide will upgrade the market growth during the forecast period
In a prompt to encourage the development and utilization of renewable energy sources, countries across the world are setting up a large number of renewable power projects like solar, and wind power plants. The increasing capacity and rising number of renewable power projects have caused the expansion of the grid-scale battery market globally. In addition, the grid-scale batteries ensure the storage of superfluous power during the time of overproduction. The ongoing upsurge in the renewable power projects expected to boost the market for grid-scale battery in the upcoming years.
Increasing renewable investments and government subsidies for enhancing clean energy projects will ramp up the grid-scale battery Market
Substantial investments and developments in renewable projects is driving down the cost of lithium-ion batteries, thereby increasing the demand for grid-scale batteries. The developments in grid-scale battery system is being driven by upgradation of ageing infrastructures, favorable market and regulation, improving system costs, and increased access to finance by both local and government bodies. In addition, unlocking of new geographic markets and opening of market for energy storage will spur the market growth. For instance, according to World Storage Energy Forum in 2017, the battery storage holds a smaller market and expected to hold a total installed capacity of around 14 GW for grid-scale battery in the coming years.
• In January 2020, Capital Dynamics acquired the ongoing project named “Eland 400MW solar & storage complex” by 8minute Solar Energy, will boost up the demand for grid-scale battery in the city of Los Angeles, U.S.
• In January 2020, NEC and Kearsage collaborated with the municipal authority of Amesbury for a solar-plus-storage project under “SMART” program. This project will save a big power cost, thereby increasing the demand for market growth.
Key Market Movements:
• Globally, the grid-scale battery market is rising at a CAGR of 22.0% for the estimated period from 2019 to 2027.
• The grid-scale battery markets in North America accounted to have a market share of around 53% in 2018. In addition, high awareness levels among people, utility sectors, expanded deployment, and technological advancements and thrust of government to adopt clean power generated by renewable energy are few factors that drive the demand for grid-scale battery across the region.
• Asia Pacific region projected to have a prominent market for grid-scale battery, owing to the growing industrialization, rising of urbanization, increasing investment towards transmission & distribution system, and government subsidies for grid-scale battery enhancement, particularly in the emerging economies of India, China, and Singapore in the near future.
• The Middle East and Africa to create a moderate incremental opportunity with upgradation of grid infrastructures, encouraging socio-economic development, and developments in renewable power projects.
• An increasing number of government initiatives, grid infrastructures, increased investments for development in the emerging battery technologies and storage system will drive the overall demand.
List of Companies Covered:
• LG Chem Ltd
• Samsung SDI Co Ltd
• Panasonic Corporation
• Fluence Corporation Ltd
• Tesla Inc
• BYD Co Ltd
• ABB Ltd.
• General Electric Company
• GS Yuasa Corporation
• Toshiba Corp
• S&C Electric Co
• NGK Insulators Ltd
Browse the full report at https://www.credenceresearch.com/report/grid-scale-battery-market
The Global Grid-Scale Battery Market is Segmented into:
|Segmentation||By Battery Type (2017–2027; US$ Bn)|
|By Application (2017–2027; US$ Bn)|
|By Geography (2017–2027; US$ Bn)|
*Complete segmentation list is on report page