New York, NY, June 27, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Grid-Scale Battery Market by Type (Lithium-Ion, Lead Acid, Flow, Sodium-Based, and Others), by Application (Renewable Integration, Peak Shift, Ancillary Services, Back-Up Power, and Others), and by Ownership-Model (Third-Party Owned and Utility Owned): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global grid-scale battery market was USD 1.16 billion in 2018 and is expected to reach around USD 8.78 billion by 2025, at a CAGR of 33.5% between 2019 and 2025.
Grid-scale battery is a large-scale energy storage device. This grid-scale battery stores electrical energy on a huge scale inside of an electrical power grid. These batteries are used in a wide range of applications, such as peak shift, renewable integration, back-up power, and ancillary services. Rapid technological developments, increase in investments in renewable resources, decreasing costs of grid-scale batteries due to expanded deployment and technological advancements are projected to propel the global grid-scale battery market growth in the years to come. The rise in adoption of third-party owned grid-scale batteries is also anticipated to fuel the global grid-scale battery over the forecast period.
Browse through 105 Tables & 30 Figures spread over 110 Pages and in-depth TOC on “Global Grid-Scale Battery Market Size & Share 2018: Industry Type, Applications, Segments, Trends, Analysis and Forecast to 2025”.
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Additionally, the government policies and subsidiaries for improving energy competence will further drive this global market in the upcoming years. However, huge capital investments and harmful environmental effects of grid-scale batteries may restrict the global grid-scale battery market development in the future. Alternatively, the increasing focus on rural electrification by leading market players, particularly in developing countries will create new growth opportunities.
The global grid-scale battery market is fragmented into type, application, and ownership-model. By type, the global grid-scale battery market includes lithium-ion, lead acid, flow, sodium based, and others. Lithium-ion batteries were the fastest growing market segment and accounted for a significant share in 2018. On the basis of application, the global grid-scale battery market includes integration, peak shift, ancillary services, back-up power, and others. The renewable integration segment held a major share of the global grid-scale battery in 2018. By ownership-model, the global grid-scale battery market includes third-party owned and utility owned. In 2018, the third-party owned segment dominated the global grid-scale battery market.
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In 2018, North America was the largest region in the global grid-scale battery market. This growth is mainly attributed to the rising investments for renewable energy sources across the region. The U.S. is a major country for grid-scale battery in North America, owing to the increasing number of government policies and guidelines for utilities along with a rising focus on reducing cost and energy efficiency.
The Asia Pacific grid-scale battery market is anticipated to register the fastest CAGR over the next few years, owing to the rising urbanization and growing industrialization in the region, particularly in the emerging economies of China and India. These countries dominate the regional market due to positive government regulations and subsidies for grid-scale batteries to enhance the energy efficiency, increasing investments in transmission and distribution of power across the region. China and India have high industrialization urbanization rates. In 2018, China was the region’s major market for grid-scale battery and is expected to continue its dominance in the future as well. Additionally, declining expenditures related to grid-scale batteries due to technological advancements and expanded deployment are also expected to boost the Asia Pacific grid-scale battery market in the years ahead.
Browse the full “Grid-Scale Battery Market by Type (Lithium-Ion, Lead Acid, Flow, Sodium-Based, and Others), by Application (Renewable Integration, Peak Shift, Ancillary Services, Back-Up Power, and Others), and by Ownership-Model (Third-Party Owned and Utility Owned): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/grid-scale-battery-market
Europe also contributes notably to the global grid-scale battery market, owing to the strict government regulations imposed for the installation of grid-scale batteries and positive government rules and regulations relating to energy efficiency. The rapidly advancing renewable power capacity of the region is also anticipated to propel the European grid-scale battery market over the forecast time period.
Latin America and the Middle East and Africa are projected to experience moderate growth in the global grid-scale battery over the forecast time period, owing to significant investments by leading companies in grid-scale battery projects in these regions. Governments of Brazil, Argentina, South Africa, and the UAE are promoting the use of technology in various industries, which is also supporting the grid-scale battery market.
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The major players of the global grid-scale battery market are Tesla, BYD, Panasonic, Fluence, NGK Insulators, Samsung, Mitsubishi Electric, General Electric, Electrovaya, Hitachi, GS Yuasa, ABB Group, Saft, Sumitomo Electric, S&C Electric, Toshiba, Johnson Controls, LG Chem, and EnerVault.
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This report segments the global grid-scale battery market into:
Global Grid-Scale Battery Market: Type Analysis
- Lithium-Ion
- Lead Acid
- Flow
- Sodium-Based
- Others
Global Grid-Scale Battery Market: Application Analysis
- Renewable Integration
- Peak Shift
- Ancillary Services
- Back-Up Power
- Others
Global Grid-Scale Battery Market: Ownership-Model Analysis
- Third-Party Owned
- Utility Owned
Global Grid-Scale Battery Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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