Wilmington, Delaware, United States, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Increase in deployment of power distribution & transmission networks is likely to fuel grid-scale battery market growth. Grid-scale battery systems have gained traction in the storage of renewable energy, particularly solar and wind energy in power grids, which are used to power homes and businesses. The market is projected to grow at a CAGR of 26.1% from 2022 to 2031.
Regulatory agencies in several economies are promoting renewable energy, which has spurred the deployment of battery energy storage systems. Governments have ramped up efforts to scale up energy storage for integrating variable renewable energy (VRE) into the current energy system. This is likely to incentivize investments in battery energy storage technologies. Recent grid-scale battery market trends underscore that economies have increased the capacities of renewable energy sources significantly over the past few years.
Request free sample report at (choose the corporate mail ID to receive top attention) - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=58749
Key Findings of Study
- Increase in Adoption of Grid-scale Batteries among Power System Operators & Utilities: The power sector is utilizing grid-scale batteries for electricity storage, transmission, and distribution. Power system operators and utilities find these an attractive technology to deal with the rapid rise in electricity consumption among end-users. Rise in adoption of renewable energy in developed and developing countries has spurred demand for utility-scale battery storage systems.
- Adoption of Lithium-Ion Grid-Scale Batteries to Generate Significant Growth Opportunities: The lithium-ion (Li-ion) battery segment accounted for a market share of 90.9% in 2021. Popularity of the Li-ion battery system can be ascribed to its stability and high energy density. Reduction in cost of these battery packs in recent years has favored their uptake in power grids.
- Advancement in Battery Energy Storage System (BESS) to Spur Integration of Renewable Energy into Power Systems: Battery energy storage technology has advanced significantly over the last few years, improving various technical characteristics of grid-scale battery storage. For instance, advanced Li-ion technologies are preferred in large-scale battery storage deployment in modern power grids. Battery energy storage systems have opened up attractive business opportunities for integrating renewable energy resources or clean electricity into the energy mix and meet peak electricity needs.
Buy this Premium Research Report | Immediate Delivery Available - https://www.transparencymarketresearch.com/checkout.php?rep_id=58749<ype=S
Key Drivers
- Need to integrate high levels of variable renewable energy into electric power systems is a key factor driving the market
- Modernization of electric power grids and increased focus on flexible energy systems are key trends likely to propel grid-scale battery market development
- Rise in research and development of utility-scale battery energy storage systems is likely to open up new revenue streams for grid-scale battery system companies
Grid-scale Battery Market: Regional Growth Dynamics
- North America held major revenue share in the global grid-scale battery market. The report indicates that the region is anticipated to retain its lead during the forecast period. Grid-scale battery storage system manufacturers are expected to tap into the demand from utility providers and power grid operators in the region. Focus on increasing share of variable renewable energy into electric power systems is likely to fuel growth opportunities for the regional market.
- The market in Asia Pacific is projected to expand at a promising growth rate from 2022 to 2031. Rise in usage of utility-scale BESS and increase in adoption of lithium-ion batteries are factors expected to drive revenues for companies in the Asia Pacific market. China is a lucrative market in the region, with the share of deployment of grid-scale battery estimated to be 18.0% in 2021.
Ask for References - https://www.transparencymarketresearch.com/sample/sample.php?flag=ARF&rep_id=58749
Grid-scale Battery Industry: Competition Landscape
Vendors are making sizable R&D investments in order to meet demand for advanced battery energy storage systems for modern grids and consequently gain market shares in the next few years.
Key market players include Toshiba Corporation, Tesla, S&C Electric Company, NGK Insulators, Ltd., General Electric, and ABB.
Segmentation
- By Battery Type
- Lithium-ion Battery
- Lead-acid Battery
- Sodium-ion Battery
- Flow Battery
- Others
- By Deployment
- Transmission Network
- Distribution Network
- Renewable Energy Generators
- By Integration
- Stand-alone
- Collocated
- By Application
- Renewable Integration
- Ancillary Services
- By End-use Industry
- Commercial
- Government
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Countries Covered
- U.S.
- Canada
- Germany
- U.K.
- France
- China
- Japan
- India
- GCC
- South Africa
- Brazil
Latest Electronics and Semiconductors Industry Reports : -
RF Plasma Generator Market Growth Report from 2022 – 2031
Key Developments in Biosensors Market from 2022 – 2031
Camera Module Market Growth Report from 2022 – 2031
Smart Parking Technologies Industry Growth from 2022 – 2031
Commercial Drones Market Growth Share from 2022 – 2031
About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact Us:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: 1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
