Press release
Grid-Scale Battery Market Is Expected to Grow with a CAGR of 33.52% During the Forecast Period, 2018-2023
According to the new market research report "Grid-Scale Battery Market by Type (Lithium-Ion, Lead Acid, Flow Battery, Sodium-Based), by Ownership-Model (Third-Party, Utility), by Application (Renewable Integration, Peak Shift, Ancillary Services, Back-Up Power), and Region - Global Forecast to 2023", the grid-scale battery market is expected to grow from USD 1.37 Billion in 2018 to USD 5.82 Billion by 2023, at a CAGR of 33.52% during the forecast period.The growth of this market can be attributed to the increasing investments in renewable energy, reducing costs of grid-scale battery owing to technological advancements and expanded deployment, and government subsidies and regulations for enhancing energy efficiency.
Browse 73 market data Tables and 39 Figures spread through 139 Pages and in-depth TOC on "Grid-Scale Battery Market - Global Forecast to 2023"
https://www.marketsandmarkets.com/Market-Reports/grid-scale-battery-market-93054442.html
Lithium-ion batteries to hold the largest share of the grid-scale battery market throughout the forecast period
Lithium-ion batteries have high energy and power density, which allows these batteries to be lightweight with less standby losses and high life expectancy of 5-15 years with 98% efficiency. In addition, these batteries are lighter in weight than nickel-cadmium and nickel metal-hydride batteries. These features are expected to drive the growth of the grid-scale battery market for lithium-ion batteries.
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Grid-scale battery market for peak shifting applications to grow at a high rate during the forecast period
Grid-scale batteries have application in peak shifting, renewable integration, ancillary services, back-up power, and other applications. The grid-scale battery market for peak shifting applications is expected to grow at the highest rate during the forecast period. Peak shifting is a highly cost-effective method of reducing electric utility expenses.
Asia Pacific is expected to dominate the grid-scale battery market during the forecast period.
In this report, the grid-scale battery market has been segemented on the basis of region into North America, Europe, Asia Pacific, and RoW. High population in APAC has resulted in the increased demand for energy; this has, in turn, amplified the need for fossil fuels. Moreover, governments of various countries in this region are striving to minimize adverse effects of the energy sector on the environment. These factors are encouraging the deployment of grid-scale batteries in residential and utility applications.
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For an in-depth understanding of the competitive landscape, profiles of some of the top players in the grid-scale battery market have been included in the report. The major market players include LG Chem (South Korea), Samsung (South Korea), Panasonic (Japan), Fluence (US), Tesla (US), and BYD Company (China).
Objectives of the Study
To define, describe, and forecast the grid-scale battery market by type, ownership-model, application, and region
To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
To strategically analyze the grid-scales battery market with respect to individual growth trends, future projections, and contribution of each segment to the market
To track and analyze competitive developments such as contracts and agreements, product launches, expansions and investments, and partnerships and collaborations in the market
To profile key players and comprehensively analyze their market ranking and core competencies
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Email: sales@marketsandmarkets.com
About MarketsandMarkets(TM):
MarketsandMarkets(TM) provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets(TM) for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets(TM) are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets(TM) now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets(TM) is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
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