Grid Scale Battery Market – Overview
The surging requirements for electricity spurred by the rising population and the increased number of devices that use electricity are raising the need for new and improved storage solutions . Reports that evaluate the energy and power industry have been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects . The market is predicted to achieve a CAGR of roughly 32 % in the duration of the forecast period .
The requirement for large scale storage within an electrical power grid is anticipated to spur the demand for grid scale battery market . Improvements in battery storage and their efficiency are expected to motivate the expansion of grid scale batteries in the coming years . Furthermore , the broadening of applications for grid scale battery is expected to create new opportunities for expansion in the forecast period .
Segmental Analysis
On the basis of battery type , the grid scale battery market is segmented into flow batteries , lithium-ion batteries , sodium-based battery , and zinc-hybrid batteries .
Based on power generation , the grid scale battery market is segmented into power capacity or rating and energy capacity .
Based on applications , the grid scale battery market is segmented into load shifting , peak shaving , renewable sources integration , and backup power .
The Regions included in the grid scale battery market are Asia Pacific , Europe , North America and rest of world .
Regional Analysis
The regional analysis of the grid scale battery market consists of regions such as Asia Pacific , Europe , North America and rest of world .
The grid scale battery market globally is projected to flourish owing to the upsurge in investment in renewable energy , and the dropping prices of the grid-scale battery . Moreover , firms included in this sector are increasingly focusing on R & D to guarantee improved operational efficiency because of the rising fleet players in the market . The North American region is controlling this market owing to the surge of renewable energy in the residential sector , primarily due to the initiatives and measures that have been taken to pave the way for utility-scale policy and storage development . The solar development is adding to a new complementary technology area which eventually is helping the growth in the grid scale battery market .
Competitive Analysis