Grid-Scale Battery Market Is Estimated To Reach USD 9.8 Billion By 2025 | CAGR 32.2% - Forencis Research

Grid-Scale Battery Market Size, Share, Trends, Growth, Analysis, Research

Global Grid-Scale Battery Market: Key Highlights

  • According to the new market research report Grid-Scale Battery Market by Storage Technology (Lithium-ion Battery, Sodium Sulphur battery, Lead Acid Battery, Flow Battery, Others), by Service Offering (Ancillary Services, Capacity Firming, Curtailment Reduction, Investment Deferral, Others), by Ownership Model (Utility Owned, Independent Power Producers Owned, Vendor Owned), by Region (Asia Pacific, Europe, Middle East and Africa, South America, North America) – Global Forecast (2018 to 2025)”, the global grid-scale battery market is estimated to reach USD 9.8 Billion by 2025 at a CAGR of 32.2% during forecast period 2020-2025.
  • The growing demand for integrating renewable sources, increasing the need for reliable and cheaper energy, the necessity of producing decarbonized energy are some of the factors which are expected to drive the grid-scale battery market during the forecasted period.
  • However, the harmful effects of battery material on the environment are expected to restrain the market during the forecast period.

Grid Scale Battery Market

Global Grid-Scale Battery Market: Key Market Dynamics

  • The expanding capabilities of the renewable energy sector are expected to drive the market of grid-scale batteries as the renewable sources are not perennial in nature to store the energy produced by these sources grid-scale batteries are required.
  • The robust demand in the power sector is expected to drive the market as the incorporation of grid-scale battery in the grid instead of traditional grids can help in saving a huge amount of money which may benefit multiple stakeholders involved in the power sector.
  • The adverse effects on the environment may restraint the growth of the market as the batteries once used need to be recycled or disposed of depending on the possibility, such processes produce hazardous effects on the surrounding environment.
  • The adoption of molten salt technology may contribute to the growth of the market in the near future as molten salt are optimal for storing solar energy at high temperature.
  • The deployment of mini-grids may also contribute to the growth of the market in the near future as the mini-grids are being installed on islands and remote locations grid-scale batteries can be used as back up to manage the supply and demand cycle and reducing dependency on fossil fuel.
  • High initial costs can hinder the growth of the market as the installation cost of the grid-scale battery storage is high for the energy providers because of the absence of regulating authorities' support.

 

Global Grid-Scale Battery Market: Regional Overview

 

  • North America

Since 2003, grid-scale battery storage systems are operational in the US and was still operating as of 2017. The power capacity installed is doubling every two years since 2011. Most of this installed capacity is covered in the Pennsylvania New Jersey-Maryland interconnection (PJM). In 2016, 197 MW grid-scale battery storage was installed in the US which is considered an all-time high power capacity.

Thus, the remarkable adoption of grid-scale battery storage is expected to boost the market in the region. 

 

  • Asia Pacific

Renewable energy consumption share in the Asia Pacific region has reached 18.3 percent of the region’s total final energy consumption in 2014. Investment in the renewable sector in this region touched USD 114.8 billion in 2016. The renewable sources are growing rapidly and attaining robust traction, although they still have to compete with traditional sources. China has more than half of the share in the total investments in renewable energy in the region and is leading globally in the investment in renewables from the past decade.

Thus, increased investment in the renewable energy sector is expected to boost the market in the region.

 

Global Grid-Scale Battery Market: Key Players Overview

  • BYD Co Ltd:

BYD Co Ltd is a China-based manufacturing company that manufactures automobiles, battery-powered bicycles, buses, solar panels, rechargeable batteries, etc. The company provides a large scale energy storage system, distributed energy storage systems, and micro-grid systems. The battery produced by the company provides highly efficient output with safety. Also, there is an intelligent battery management system designed especially for BYD battery gives smart control and protection to the system

  • GS Yuasa Corporation:

GS Yuasa Corporation is a Japan-based which manufactures and supplies batteries, power supply system’s lighting equipment, and other specialties electrical equipment. GS Yuasa Corp. manufactures lithium-ion for the applications where high energy density and better power handling is required. These batteries have superior cycle life, low self-discharge, highly reliable, have integrated monitoring and balancing system.

 

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Rep Id : EP 027

Published : 2020-01-27