Grid-Scale Battery Storage Technologies Market
The Global Grid-Scale Battery Storage Technologies Market size is estimated to be USD 2.11 billion in 2019 and is predicted to reach USD 4.40 billion by 2030 with a CAGR of 6.9% from 2020-2030.
Grid-Scale Battery Storage Technologies allows the storage of electricity in grids which can be used later for various purposes. The battery is an electrochemical device which consist of different chemicals which charges from the grid and discharges at the time of power supply. Mostly used chemicals in the batteries are lithium-ion and every chemicals and batteries have their unique advantages and disadvantages over the other and have different capacity for energy storage and supply.
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Top Companies: NGK Insulators Ltd., Tesla, ABB Group, Sumitomo Electric Industries, Ltd., LG Chem Ltd., Electrovaya, Samsung SDI Co. Ltd., Panasonic Corporation, BYD Co. Ltd., GS Yuasa Corporation, Hitachi Ltd, General Electric and others.
The global grid-scale battery storage technologies market share is analyzed on the basis of battery, application and geography. On the basis of battery, the market is segmented into lead-acid batteries, lithium-ion batteries, sodium-based batteries, flow batteries, and others. On the basis of application, the market is divided into power generation support - load levelling & grid stabilisation, renewable energy integration/ accommodation of renewables, transmission & distribution support, and distributed power generation and end-user support. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
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North America is expected to account for the major market share over the forecast period owing to the increased adoption of grid-scale battery storage technologies. Moreover, presence of developed infrastructure and technological advancement with increased adoption of renewable energy is further expected to drive the growth grid-scale battery storage technologies market. Asia Pacific is expected to show rapid growth with increase in market share owing to the increased adoption of electrical vehicle with increase in energy prices. Furthermore, increased demand of power supply with increased population is also expected to contribute the growth of grid-scale battery storage technologies market.
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