Grid-Scale Battery Market worth $5.82 Billion by 2023 at a CAGR of 33.52% from 2018 to 2023.
The report "Grid-Scale Battery Market by Type (Lithium-Ion, Lead Acid, Flow Battery, Sodium-Based), by Ownership-Model (Third-Party, Utility), by Application (Renewable Integration, Peak Shift, Ancillary Services, Back-Up Power), and Region - Global Forecast to 2023", the grid-scale battery market is expected to grow from USD 1.37 Billion in 2018 to USD 2.01 Billion by 2023, at a CAGR of 33.52% during the forecast period. The growth of this market can be attributed to the increasing investments in renewable energy, reducing costs of grid-scale battery owing to technological advancements and expanded deployment, and government subsidies and regulations for enhancing energy efficiency.
Lithium-ion batteries to hold the largest share of the grid-scale battery market throughout the forecast periodLithium-ion batteries have high energy and power density, which allows these batteries to be lightweight with less standby losses and high life expectancy of 5–15 years with 98% efficiency. In addition, these batteries are lighter in weight than nickel-cadmium and nickel metal-hydride batteries. These features are expected to drive the growth of the grid-scale battery market for lithium-ion batteries.
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Grid-scale battery market for peak shifting applications to grow at a high rate during the forecast period
Grid-scale batteries have application in peak shifting, renewable integration, ancillary services, back-up power, and other applications. The grid-scale battery market for peak shifting applications is expected to grow at the highest rate during the forecast period. Peak shifting is a highly cost-effective method of reducing electric utility expenses.
Asia Pacific is expected to dominate the grid-scale battery market during the forecast period.
In this report, the grid-scale battery market has been segemented on the basis of region into North America, Europe, Asia Pacific, and RoW. High population in APAC has resulted in the increased demand for energy; this has, in turn, amplified the need for fossil fuels. Moreover, governments of various countries in this region are striving to minimize adverse effects of the energy sector on the environment. These factors are encouraging the deployment of grid-scale batteries in residential and utility applications.
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For an in-depth understanding of the competitive landscape, profiles of some of the top players in the grid-scale battery market have been included in the report. The major market players include LG Chem (South Korea), Samsung (South Korea), Panasonic (Japan), Fluence (US), Tesla (US), and BYD Company (China).
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