Grid energy storage is a collection of methods used to store electrical energy on a large scale within an electrical power grid. Electrical energy is stored during times when production exceeds consumption, and returned to the grid when production falls below consumption. Battery systems connected to large solid-state converters have been used to stabilize power distribution networks.
Market Analysis and Insights: Global Grid-Scale Battery Market
Due to the COVID-19 pandemic, the global Grid-Scale Battery market size is estimated to be worth US$ 1591.4 million in 2022 and is forecast to a readjusted size of US$ 6740.5 million by 2028 with a CAGR of 27.2% during the forecast period 2022-2028. Fully considering the economic change by this health crisis, Lithium-Ion accounting for % of the Grid-Scale Battery global market in 2021, is projected to value US$ million by 2028, growing at a revised % CAGR from 2022 to 2028. While Renewable Integration segment is altered to an % CAGR throughout this forecast period.
North America dominates the grid-scale battery market. The growth of the grid-scale battery market in North America can be attributed to the increasing demand for renewable energy storage in the residential, non-residential, and utility sectors.
Global Grid-Scale Battery Market: Drivers and Restrains
The research report has incorporated the analysis of different factors that augment the market’s growth. It constitutes trends, restraints, and drivers that transform the market in either a positive or negative manner. This section also provides the scope of different segments and applications that can potentially influence the market in the future. The detailed information is based on current trends and historic milestones. This section also provides an analysis of the volume of production about the global market and about each type from 2017 to 2028. This section mentions the volume of production by region from 2017 to 2028. Pricing analysis is included in the report according to each type from the year 2017 to 2028, manufacturer from 2017 to 2022, region from 2017 to 2022, and global price from 2017 to 2028.
A thorough evaluation of the restrains included in the report portrays the contrast to drivers and gives room for strategic planning. Factors that overshadow the market growth are pivotal as they can be understood to devise different bends for getting hold of the lucrative opportunities that are present in the ever-growing market. Additionally, insights into market expert’s opinions have been taken to understand the market better.
Global Grid-Scale Battery Market: Segment Analysis
The research report includes specific segments by region (country), by manufacturers, by Type and by Application. Each type provides information about the production during the forecast period of 2017 to 2028. by Application segment also provides consumption during the forecast period of 2017 to 2028. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Segment by Type
Lithium-Ion
Lead Acid
Flow
Sodium Based
Others
Segment by Application
Renewable Integration
Peak Shift
Ancillary Services
Back-up Power
Others
By Company
LG Chem
Samsung Sdi
Panasonic
Fluence Energy
Tesla
BYD
ABB
GE
GS Yuasa
Toshiba
Saft Groupe
S&C Electric
NGK Insulators
Production by Region
North America
Europe
China
Japan
Consumption by Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Indonesia
Thailand
Malaysia
Philippines
Vietnam
Latin America
Mexico
Brazil
Argentina