Grid Scale Battery Market – Overview
PUNE, India, March 13, 2020 (GLOBE NEWSWIRE) -- The surging requirements for electricity spurred by the rising population and the increased number of devices that use electricity are raising the need for new and improved storage solutions. Reports that evaluate the energy and power industry have been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects. The market is predicted to achieve a CAGR of roughly 32% in the duration of the forecast period.
The requirement for large scale storage within an electrical power grid is anticipated to spur the demand for grid scale battery market. Improvements in battery storage and their efficiency are expected to motivate the expansion of grid scale batteries in the coming years. Furthermore, the broadening of applications for grid scale battery is expected to create new opportunities for expansion in the forecast period.
Segmental Analysis
The segmentation of the grid scale battery market is carried out on the basis of battery type, power generation, applications, and region. On the basis of battery type, the grid scale battery market is segmented into flow batteries, lithium-ion batteries, sodium-based battery, and zinc-hybrid batteries. Based on power generation, the grid scale battery market is segmented into power capacity or rating and energy capacity. Based on applications, the grid scale battery market is segmented into load shifting, peak shaving, renewable sources integration, and backup power. The Regions included in the grid scale battery market are Asia Pacific, Europe, North America and rest of world.
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Detailed Regional Analysis
The regional analysis of the grid scale battery market consists of regions such as Asia Pacific, Europe, North America and rest of world. The grid scale battery market globally is projected to flourish owing to the upsurge in investment in renewable energy, and the dropping prices of the grid-scale battery. Moreover, firms included in this sector are increasingly focusing on R & D to guarantee improved operational efficiency because of the rising fleet players in the market. The North American region is controlling this market owing to the surge of renewable energy in the residential sector, primarily due to the initiatives and measures that have been taken to pave the way for utility-scale policy and storage development. The solar development is adding to a new complementary technology area which eventually is helping the growth in the grid scale battery market.
Competitive Analysis
The companies functioning in the market are persistently taking on the hindrances to progress and are forming strategies that are projected to guide to a beneficial outcome on the market's advancement. The advancement of the market is upgraded chiefly due to the reduction in promotional and miscellaneous expenses. The absorbed expenses in the market are readily dispensed with, opening more room for the development in the market. Additionally, the deals being coined in the market are likely to additionally inspire the development of the market in the impending years. An intensified growth pace is observed due to the productive effect exerted by the market forces both externally and internally. The progress capability of the market is bolstered by the accretive nature of the assets available in the market. The market is projected to accomplish an absolute lead in the market place owing to improved strategies in specific areas.
The chief competitors in the grid scale battery market globally are Samsung (South Korea), Fluence (US), Tesla (US), GS Yuasa (Japan), Panasonic (Japan), LG Chem (South Korea), BYD Company (China), Saft (France), S&C Electric (US), ABB (Switzerland), GE (US), Toshiba (Japan), and NGK Insulators (Japan).
Industry Updates:
Feb 2019 India has obtained its first grid-scale battery energy storage system, the 10 MW system housed at Tata Power Delhi Distribution’s Rohini substation is supposed to be South Asia’s biggest. The 10 MW grid-connected system, held by AES and Mitsubishi Corporation, will lay the trail for a broader implementation of grid-scale energy storage technology throughout India. It uses the Advancion energy storage platform from Fluence, a joint undertaking formed by AES and Siemens.
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Grid Scale Battery Market Research Report: Information by battery type (Lithium-ion Batteries, Flow Batteries, Zinc-hybrid batteries, Sodium-Based Battery), Power Generation (Power Capacity or Rating, Energy Capacity), Applications (Peak Shaving, Load Shifting, Renewable Sources Integration, Backup Power), and by Region – Forecast till 2023
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