Global Grid-Scale Battery Market to Witness 31.8% CAGR During 2018

1. Grid-Scale Battery Market

2. Grid-Scale Battery Market Industry Overview The global grid-scale battery market is predicted to grow at 31.8% CAGR during the forecast period with the market size reaching USD 7.8 billion by 2024 from USD 1.1 billion in 2017. The market is driven by the factors such as the declining grid-scale battery cost, increasing investment in renewable energy across the globe, increasing support for renewable energy, and government initiatives for energy efficiency. However, some of the environmental applications and durability concern of these batteries in extreme weather conditions are anticipated to hinder the growth of the maret to some extent.

3. Grid-Scale Battery Market Based on application, the grid-scale battery market is segmented into peak shift, ancillary services, renewable integration, back-up power, and others. Others include ramping, microgrids, black start, and transmission/distribution upgrade deferral. Renewable integration is the largest application area in the market and also anticipated to witness the highest growth during the forecast period. Some of the factors attributed to the market growth are security and resiliency from microgrid applications, increased reliability, energy efficiency, attainment of renewable targets, and others.

4. Grid-Scale Battery Market Geographic Overview: North America is the second largest grid-scale battery market primarily due to the technological advancements, and increasing focus on energy storage and renewable energy. U.S. is the largest market in North American grid-scale battery market, due to the presence of large number of players in the region and government initiatives for renewable enrgy.

5. Grid-Scale Battery Market Competitive Insight Some of the key players providing grid-scale battery across the globe are LG Chem, Ltd., Tesla Inc., BYD Company Limited, General Electric Company, Panasonic Corporation, ABB Group, Samsung SDI Co. Ltd., Seiko Epson Corporation, Toshiba Corporation, Fluence Energy, LLC, and GS Yuasa Corporation Explore Full Report Sample at: https://www.vynzresearch.com/energy-power/grid-scale-battery-market

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