Visiongain has published a new report entitled the Grid Scale Battery Storage Technologies 2021-2031. It includes profiles of Grid Scale Battery Storage Technologies and Forecasts Market Segment by Application (Ancillary services, Peaking capacity, Energy shifting, Transmission-level, Distribution-level, Other Applications) Market Segment by Type (Lithium-ion Batteries, Lead–acid Batteries, Redox Flow Batteries (RFBs), Sodium-Based Batteries, Other Type) Market Segment by End-User (Utility, Commercial, Residential, Industrial, Institutions, Other End-User) PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.
The global grid scale battery storage technologies market was valued at US$6181 million in 2020 and is projected to grow at a CAGR of 15.6% during the forecast period 2021-2031. Energy storage systems (ESS) are employed at many phases spanning from power generation, utility-scale, grids, and behind-the-meter applications. Batteries are employed in commercial, residential, and utility-scale end-uses. Additionally, energy storage batteries are employed in electric cars, and electronics including cell phones, laptops, and handheld devices. ESS is utilized in every sector of life.
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The increasing demand for storage for energy losses, for portable batteries, is predicted to increase. At the end of March 2020, the total power capacity (Utility & non-Utility) grew from a meagre 1362 MW in 1947 to around 448.11 GW. The consumption per person of electricity, which was only 16.3 in 1947, rose to 1208 in 2019-20.
How has COVID-19 had a significant negative impact on the Grid Scale Battery Storage Technologies Market?
The world is changing between a past plastic acid battery and a future in which lithium-ion batteries will replace lead acid batteries and transport fuel with rising volumes. By the way, the lithium-battery sector has not remained unscathed by the pandemic. Although the main growth sector in the electric vehicles is lithium batteries in several vital medical devices, including the ventilators critical to this epidemic (EVs). In Q12020, monthly sales of EVs in China fell by 39 percent, but the IEA is more hopeful about numbers for the whole year. The pandemic of Covid-19 will cause a 15% decline in the passenger car market this year, but the company expects to continue to generally achieve sales in passenger and business lightweight EVs in 2019. They note that a second or slower than projected pandemic rehabilitation may result in a worse outcome.
How will this Reportbenefit you?
Visiongain’s 675+ page report provides 490 tables and 535 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global grid scale battery storage technologies market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Grid Scale Battery Storage Technologies. Get the financial analysis of the overall market and different segments including type, application, end-user and capture higher market share. We believe that high opportunity remains in this fast-growing grid scale battery storage technologies market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits soon. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximize the productivity of the company.
What are the current market drivers?
Renewable Energy Integration's Importance
The integration and distribution of renewable energy production in grid networks is one of the most promising applications for grid-sized batteries. Wind and solar energy, for example, are intermittent sources of energy that must be carefully controlled in terms of output during times of high generation and periods when no energy is generated. Higher penetration of renewables without the ability to store energy may result in confrontations between renewables and base-load production assets, as well as inefficiencies when one or the other must be turned down to maintain supply and demand balance. Simultaneously, the increased variability in power generation caused by renewables would necessitate a greater amount of flexible generation, primarily in the form of fossil fuel generation that would remain on standby and increase generation during periods of lower renewables output to avoid supply disruptions that would result in brownouts or blackouts. Such standby assets are not only polluting, but also inefficient and expensive, because generation assets are the most efficient at constant output.
Where are the market opportunities?
The Transportation Industry Is Being Electrified.
This pilot project is being utilized to assist assess business models for future storage technology commercialization. Energy storage will also play a key role in disaster preparedness and grid resilience. Energy storage will play a critical role in improving grid resilience and robustness in the face of weather outages and other potential disturbances, according to a White House report released in August 2013 in collaboration with the Office of Electricity Delivery & Energy Reliability.
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The Growing Number of Distributed Electricity And Micro Grids Will Also Be A Major Driver Of Battery Expenditure And Deployment.
Speed battery technologies can be utilized for storing overflow during low demand periods and release it again during peak demand periods, hence enhancing energy efficiency and maximizing asset cost per kWh. The application of battery-scale grid technology, in countries seeking to further decarbonize the energy industry, is therefore critical for the further penetration of renewables. The commonly accepted restriction on the absence of storage capacity in renewable energy sources is 30% in the whole energy mix. With renewable capacity likely to grow significantly in a lot of national markets and surpass the 30% threshold, the EST market is expected to be a key driver, benefiting grid-scale batteries.
Competitive Landscape
The major players operating in the grid scale battery storage technologies market are Panasonic Corporation, LG Chemicals, Samsung SDI Co., Ltd, BYD Company Limited, GS Yuasa International Ltd., SAFT, Hitachi Ltd., Electrovaya Inc., ABB Ltd, Tesla Energy Operations Inc. (SolarCity), General Electric (GE), Mitsubishi Electric Corporation, NGK Insulators, Ltd., Sumitomo Electric Industries, Ltd., SMA Solar Technology AG, Aggreko Plc, Nidec Industries, SOCOMEC Group S.A, AEG Power Solutions B.V, OutBack Power Technologies, Inc, These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
In this report tells you TODAY how the grid scale battery storage technologies market will develop in the next 10 years, and in-line with the variations in COVID-19 economic recession and bounce. This market is more critical now than at any point over the last 10 years.
Find quantitative and qualitative analyses with independent predictions. Receive information that only our report contains, staying informed with this invaluable business intelligence.
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Information found nowhere else
with our newly report title, you are less likely to fall behind in knowledge or miss out on opportunities. See how our work could benefit your research, analyses, and decisions. Visiongain’s study is for everybody needing commercial analyses for the Grid Scale Battery Storage Technologies Market and leading companies. You will find data, trends, and predictions.
Find more Visiongain's research reports of Energy Storage Technologies click on the following links:
- Lithium-Ion Battery Market
- High Voltage Battery Market
- Energy Harvesting Systems Market
- Flywheel Energy Storage Systems Market
- Energy Storage Technologies (EST) Market
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