Huge-Scale Addition of Renewable Power Projects to Boost Grid Scale Battery Market Growth
New York, US, Nov. 25, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Grid Scale Battery Market Research Report: By Battery Type, By Power Generation, By Applications; Forecast to 2030, the market is anticipated to acquire a valuation of approximately USD 6.5 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 32% during the assessment timeframe.
Grid Scale Battery Market Key Players
Eminent industry players profiled in the global grid scale battery market report include-
- LG Chem (South Korea)
- Samsung (South Korea)
- Panasonic (Japan)
- Fluence (US)
- Tesla (US)
- GS Yuasa (Japan)
- BYD Company (China)
- S&C Electric (US)
- ABB (Switzerland)
- GE (US)
- Toshiba (Japan)
- Saft (France)
- NGK Insulators (Japan)
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Due to the presence of numerous domestic and international industry players, the global grid scale battery market is both fragmented and competitive. These players have employed a variety of cutting-edge strategies, such as contracts, partnerships, collaborations, joint ventures, new product launches, geographic expansions, and more, to stay on the cutting edge while also meeting the escalating customer demand. They are also funding a lot of research and development projects.
|Growth Rate||CAGR of 32% from 2022 to 2030|
|Key Market Opportunities||Inventions on this battery has done on wide scale on commercial|
|Key Market Drivers||Growing demand for energy efficient machinery|
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Huge-Scale Addition of Renewable Power Projects to Boost Market Growth
Over the course of the forecast period, market growth will be aided by the massive addition of renewable energy projects. In an effort for promoting the creation of clean energy sources, nations all over the world are building a sizable number of renewable energy projects, such as wind and solar power plants. Renewable energy projects’ growing capacity has resulted in a variable output of power because of their sporadic nature. As a result, the grid’s operations have suffered. This problem is resolved by grid-scale batteries, which guarantee the storage of extra power during times of overproduction. Grid-scale battery sales are anticipated to rise in the upcoming years as a result of the ongoing development of renewable energy projects.
Host of Benefits to offer Robust Opportunities
The host of benefits offered by grid scale batteries will provide lucrative opportunities for this market in the assessment period. The grid scale battery offers advantages and services like power quality, load management, and uninterruptible power supply to improve efficiency and secure electricity provision, which aids in energy transition and sustainable energy systems.
Hazardous Environmental Effects to act as Market Restraint
The hazardous environmental effects of grid scale battery and high capital investments may act as Grid Scale Battery Market restraints over the forecast period.
Limited Durability during Adverse Weather Conditions to act as Market Challenge
The limited durability of grid scale batteries during adverse weather conditions may act as a Grid Scale Battery Market challenge in the forecast period.
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Grid Scale Battery Market Segmentation
The global grid scale battery market has been bifurcated based on applications, power generation, and battery type.
By battery type, lithium-ion batteries will lead the market over the forecast period.
By power generation, power capacity will dominate the market over the forecast period.
By applications, backup power will spearhead this market in the assessment period.
Grid Scale Battery Market COVID-19 Analysis
Because the COVID-19 pandemic outbreak had a negative effect on the supply chains for the battery industry, it has slowed market expansion. Maximum battery market participants are based in the Asia Pacific region, with China being the first nation to be impacted. China is the world’s largest manufacturer and a major supplier of components.
North America to Head Grid Scale Battery Market
The region of North America has taken a number of actions to encourage the production of electricity using renewable energy sources. Due to this, the market for renewable energy is anticipated to take off in the North American region and support the expansion of the grid-scale battery market over the course of the forecast period. Sales of grid-scale batteries in the area are probably driven by the expansion of the renewable energy sector. The grid-scale market is dominated by North America globally. The rising need for renewable energy storage in the housing, non-housing, and utility sectors may be a factor in North America’s market expansion. The market for grid-scale batteries is anticipated to experience positive CAGR growth as renewable energy capacity continues to grow quickly.
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APAC to Have Admirable Growth in Grid Scale Battery Market
The Asia-Pacific region will experience the highest growth in the grid scale battery market due to the ambitious capacity expansion goals of renewable energy projects in countries like China, India, Japan, Indonesia, and South Korea. The market for grid-scale batteries is anticipated to grow favorably as renewable energy capacity advances quickly. Additionally equally contributing to the market expansion is Asia-Pacific. Rapid population growth is the area that is responsible for the market expansion in ASPAC. The increasing investment in power transmission & distribution is another important factor driving market expansion in the area. The market for grid-scale batteries is expanding at the fastest rate in Asia Pacific as a result of the region’s rapid industrial and urbanization, which is raising electricity demand. As a result, the market for grid scale batteries in Asia Pacific has a lot of room to grow thanks to the growing emphasis on rural electrification using these batteries. Due to the constantly expanding population and their need for electricity, the market for grid-scale batteries is positively impacted by a growing renewable sector. Since lithium-ion batteries have a high energy density, quick recharge capability, and high discharge power, demand for these batteries is rising as a result of technological advancements and improved manufacturing capacity. This accelerates the growth of the Asia Pacific market for grid-scale batteries globally. The grid scale battery market is expanding due to the rising demand for system flexibility and increased use of grid scale batteries with renewable energy systems in the residential sector and in power systems.
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