Global Grid Scale Battery Market Outlook - Market Analysis by Geography, by Battery Chemistry, by Application , Competitive Landscape, Key Company Information - Growth Trends and Forecasts (2017 - 2022)
Category by- Energy and Power , No. of Pages - 127, Published By - Mordor Intelligence
Grid-scale, or utility-side, battery systems are engineered to augment or replace generation, transmission and distribution assets across the grid. Large scale energy storage systems can make the grid more reliable and more flexible because they decouple energy services from a particular fuel source.
Current applications of Grid Scale Batteries are peak shaving, load shifting, renewable sources integration etc. Although Grid Scale Battery market is not mature, it is expected to grow exponentially in next five to ten years owing to the following factors: increase in demand for renewable energy, government regulations and technological advancements. Environmental impact of conventional energy sources has led to demand pull for renewable sources. By 2060, solar energy is expected to produce sixty percent of electricity globally. This shift towards renewable sources will lead to an increase in demand for grid scale batteries as they are essential for negating fluctuating power in grids.
On flipside, high initial costs, safety concerns and low life cycle of batteries are strangling the market. Asia Pacific region Grid Scale Battery market will have highest growth rate because of rapid technological advancements taking place in Japan and South Korea. Backed by governments, companies in both nations are creating safe, efficient, sustainable, economical and high energy density batteries. Lithium ion based batteries have high demand compared to other chemical based batteries.
This report comprehensively analyzes the Grid Scale Battery market by segmenting it based on geography, battery chemistry and applications (peak shaving, load shifting, renewable sources integration and others). Key drivers and restraints that are effecting the growth of this market were discussed in detail. The study also elucidates on competitive landscape and key market players.