DUBLIN, March 6, 2020 /PRNewswire/ -- The "Global Grid-Scale Battery Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2019 To 2027" report has been added to ResearchAndMarkets.com's offering.
The grid-scale battery market was valued at US$ 2.22 billion in 2018 and expected to grow at a CAGR of 22% during the forecast period from 2019 to 2027.
Large-scale addition of renewable energy into the grid worldwide will upgrade the market growth during the forecast period.
In a prompt to encourage the development and utilization of renewable energy sources, countries across the world are setting up a large number of renewable power projects like solar, and wind power plants. The increasing capacity and rising number of renewable power projects have caused the expansion of the grid-scale battery market globally. In addition, the grid-scale batteries ensure the storage of superfluous power during the time of overproduction. The ongoing upsurge in the renewable power projects expected to boost the market for grid-scale batteries in the upcoming years.
Increasing renewable investments and government subsidies for enhancing clean energy projects will ramp up the grid-scale battery market.
Substantial investments and developments in renewable projects are driving down the cost of lithium-ion batteries, thereby increasing the demand for grid-scale batteries. The developments in the grid-scale battery system are being driven by up-gradation of aging infrastructures, favorable market and regulation, improving system costs, and increased access to finance by both local and government bodies. In addition, unlocking of new geographic markets and opening of the market for energy storage will spur the market growth. For instance, according to World Storage Energy Forum in 2017, the battery storage holds a smaller market and expected to hold a total installed capacity of around 14 GW for grid-scale battery in the coming years.
- In January 2020, Capital Dynamics acquired the ongoing project named Eland 400MW solar & storage complex by 8minute Solar Energy, will boost up the demand for grid-scale battery in the city of Los Angeles, U.S.
- In January 2020, NEC and Kearsage collaborated with the municipal authority of Amesbury for a solar-plus-storage project under the SMART program. This project will save a big power cost, thereby increasing the demand for market growth.
Key Market Movements
- Globally, the grid-scale battery market is rising at a CAGR of 22% for the estimated period from 2019 to 2027.
- The grid-scale battery markets in North America accounted to have a market share of around 53% in 2018. In addition, high awareness levels among people, utility sectors, expanded deployment, and technological advancements and thrust of government to adopt clean power generated by renewable energy are few factors that drive the demand for grid-scale battery across the region.
- Asia Pacific region projected to have a prominent market for grid-scale battery, owing to the growing industrialization, rising of urbanization, increasing investment towards transmission & distribution system, and government subsidies for grid-scale battery enhancement, particularly in the emerging economies of India, China, and Singapore in the near future.
- The Middle East and Africa to create a moderate incremental opportunity with up-gradation of grid infrastructures, encouraging socio-economic development, and developments in renewable power projects.
- An increasing number of government initiatives, grid infrastructures, increased investments for development in the emerging battery technologies and storage system will drive the overall demand.
Key Topics Covered
2. Executive Summary
2.1. Market Snapshot: Global Grid-Scale Battery (GSB) Market
2.2. Global GSB Market, by Battery Type, 2018 (US$ Bn)
2.3. Global GSB Market, by Application, 2018 (US$ Bn)
2.4. Global GSB Market, by Geography, 2018 (US$ Bn)
3. Market Dynamics
3.1.1. Global GSB Market Value, 2017-2027, (US$ Bn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.3. Attractive Investment Proposition, by Geography, 2018
3.4. Market Positioning of Key Players, 2018
3.4.1. Major Strategies Adopted by Key Players
4. Global Grid-Scale Battery (GSB ) Market, by Battery Type, 2017-2027 (US$ Bn)
4.3. Lead Acid
4.4. Flow Battery
4.5. Sodium-Based Battery
4.6. Others (Ni-Cd, NiMH, NiI, etc.)
5. Global Grid-Scale Battery (GSB ) Market, by Application, 2017-2027 (US$ Bn)
5.2. Renewable Integration
5.3. Peak Shift
5.4. Ancillary Services
5.5. Back-Up Power
6. North America Grid-Scale Battery (GSB) Market Analysis, 2017-2027 (US$ Bn)
7. Europe Grid-Scale Battery (GSB) Market Analysis, 2017-2027 (US$ Bn)
8. Asia-Pacific Grid-Scale Battery (GSB) Market Analysis, 2017-2027 (US$ Bn)
9. Rest of the World Grid-Scale Battery (GSB) Market Analysis, 2017-2027 (US$ Bn)
10. Company Profiles
10.1. LG Chem Ltd.
10.2. Samsung SDI Co. Ltd.
10.3. Panasonic Corporation
10.4. Fluence Corporation Ltd.
10.5. Tesla Inc.
10.6. BYD Co. Ltd.
10.7. ABB Ltd.
10.8. General Electric Company
10.9. GS Yuasa Corporation
10.10. Toshiba Corp.
10.12. S&C Electric Co.
10.13. NGK Insulators Ltd.
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