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Grid Scale Battery Market Scenario, Development History, Size, Growth Drivers, Emerging Technologies, Segments, Sales Revenue and Forecast to 2023

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Grid Scale Battery Market Scenario, Development History, Size, Growth Drivers, Emerging Technologies, Segments, Sales Revenue and Forecast to 2023

April 21
21:23 2020
Grid Scale Battery Market Scenario, Development History, Size, Growth Drivers, Emerging Technologies, Segments, Sales Revenue and Forecast to 2023

Grid Scale Battery Market
Grid Scale Battery Market Research Report 2019 published By Market Research Future, provides information on Global Grid Scale Battery Industry Size, Share, Trends, Growth, Regional Analysis and Segmentation 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

According to Market Research Future (MRFR), the global grid scale battery market is expected to register a whopping, double-digit CAGR over 32% throughout the forecast period (2018 – 2023). During this period, the market is projected to demonstrate a voluminous growth by 2023. Increasing investments in renewable energy and the reducing costs of grid-scale battery are driving the market growth.

Grid-scale battery refers to the large-scale energy storage for the electrical power grid. The grid-scale battery technology is divided into UPS, T&D grid support, and energy management. UPS plays a significant role in energy storage in terms of frequency & power quality. Whereas the T&D grid support technology balances the energy generation and load, using the Automatic grid control (AGC) technique.

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Energy management techniques are generally used in bulk power management applications. Grid-scale battery is widely used to store energy during peak period and release when the consumption of power is less. The global grid scale battery market has been increasing over the past few years. Potentially aggressive policies support this growth, allowing further evolvement of these batteries.

Huge technological advancements that are grid-scale battery technologies, increasing renewable penetration and the falling costs of lithium-ion batteries are some of the key driving forces behind the growth of the market. Grid-scale battery technology has more value capacity that can meet the demand for the reduced load. Its advantage of controlling the need for power at intractable times plays an important role in the growth of the market.

On the other hand, low energy and power density are the main challenges in grid scale battery market. Also, the cycle life of batteries and safety concerns are the primary restraints in the global grid scale battery market. Nevertheless, other benefits of the grid-scale battery market, such as lower capital investment and the high output efficiency as compared to other storage technologies would support the growth of the market.

Grid Scale Battery Market Segmentation:

The report is segmented into four key market dynamics to widen the scope of understanding,

By Battery Type: Lithium-ion Batteries, Flow Batteries, Zinc-hybrid batteries, and Sodium-Based Battery, among others.

By Power Generation: Power Capacity or Rating and Energy Capacity

By Applications: Peak Shaving, Load Shifting, Renewable Sources Integration, and Backup Power, among others.

By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.

Global Grid Scale Battery Regional Industry Analysis

North America is estimated to retain its lead over the global grid scale battery market throughout the forecast period. Factors such as the increase of renewable energy in the residential sector and the initial measures that have been taken to lead the utility-scale policy and storage development are supporting the growth of the market. Furthermore, the development of new technologies related to solar energy is ultimately helping in the growth of the grid scale battery market.

The grid scale battery market in the Asia Pacific region accounts for another lucrative market, globally. Ever-increasing population and rapid industrialization & urbanization is fuelling the growth of the regional market, increasing a massive demand for energy. Countries that account for key contributors to the growth of the grid scale battery market in the APAC include Japan, China, and India.

Due to the increasing emphasis on the low-cost power generation, the grid scale battery market in the APAC region is experiencing a broad uptake across the commercial sector. Moreover, government support and shift towards renewable energy in various industries are driving the regional market growth.

Competitive Landscape

Highly competitive, the grid scale battery market appears to be fragmented characterized by the presence of a number of well-established players. These players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and technology launch to gain a competitive advantage in the market.

Major Players:

Key players leading the global grid scale battery market include Samsung (South Korea), LG Chem (South Korea), Panasonic (Japan), GS Yuasa (Japan), Fluence (US), Tesla (US), BYD Company (China), ABB (Switzerland), S&C Electric (US), GE (US), Saft (France), Toshiba (Japan), and NGK Insulators (Japan), among others.

Industry/Innovation/Related News:

July 03, 2019 –– Highview Power (the UK), a company providing energy equipment and solutions, unveiled a giga-scale cryogenic battery – CRYOBattery, an energy storage system that could potentially replace, a fossil fuel power station. The new CRYOBattery is equivalent in performance to a grid-scale battery and scales up to multiple gigawatts of energy storage that can be installed anywhere. Highview Power has partnered with Citec (Finland) to modularize this gigawatt-scale cryogenic energy storage system.

Get Full Grid Scale Battery Market Research Report at: https://www.marketresearchfuture.com/reports/grid-scale-battery-market-6781

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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Website: https://www.marketresearchfuture.com/reports/grid-scale-battery-market-6781

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