Newark, NJ, May 17, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global grid-scale battery market is expected to grow from USD 1.55 billion in 2019 to USD 15.677 billion by 2027, at a CAGR of 33.5% during the forecast period 2020-2027. North America dominates the global grid-scale market. The market growth in North America could be associated with the growing demand for renewable energy storage in the housing, non-housing and utility sectors. Asia-Pacific is anticipated to have the highest growth rate in the grid-scale battery market with broad-scale capacity addition targets of renewable power projects in nations such as India, Japan, China, South Korea & Indonesia. The rapidly enhancing renewable power capacity is expected to influence the CAGR of grid-scale battery market positively. Some of the European countries like Germany, France, Switzerland & Norway are the key producers of the grid-scale batteries. MEA & rest of the world are growing with stagnant pace as far as the grid-scale market is concerned.
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Some of the dominating key players are LG, Samsung, Panasonic, Fluence, Tesla, BYD, S & C, Toshiba, Saft, NGK insulators, ABB, GS Yuasa. These players are subjected to the technology, quality & innovation to expand & capture the market share.
Annette Verschuren (CEO of NRStor Inc) said this innovative technology would help us to align the supply of electricity more accurately with the client's demand for it. The large amount of energy currently wasted in the electricity system can be stored & utilized for further use.
The type segment includes lithium-ion, lead-acid, flow, sodium-based & others. The lithium-ion batteries are efficient for storage of battery from one to four hours. Due to its proficiency, the lithium-ion has the largest share in the grid-scale batteries. The zinc-based is at its introductory phase but has lower efficacy than the lithium-ion; however, the zinc-based are lower in the cost. Based on applications, the market is divided into renewable integration, peak shift, ancillary services back-up power & others. The grid-scale batteries are usually used in renewable integrations. The growth of the renewable energy market is likely to pick pace in the upcoming future. The new micro-grid technology will be implemented in renewable energy in the future. Power capacity has the largest share in power generation. As requirement of power capacity is demanded in the market.
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About the report:
The global grid-scale battery market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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