'Grid-Scale Battery Storage Technologies Market shows promising data' says lead analyst at Visiongain
The market is composed of both residential-state and utility technology variants and focuses on batteries used to store electricity on a large scale on an electrical network or grid. Grid-scale batteries are used for a range of purposes, including to store electricity during times when production is greater than consumption, for peak electricity demand shaving, to smooth grid frequency issues, and to take advantage of the opportunity for arbitrage.
The grid-scale battery market is still not very consolidated, with a few different technologies still striving to emerge as the most cost-effective marketable solution. Some of them will probably fail to achieve that stage due to high costs or uncertain long-term performance. In addition to the range of technologies which are commercially available, a number of chemistries are being tested as part of multi-year demonstration projects, typically made possible by government support through public funding. The global market is broken up into the four main technology submarkets including lithium-ion batteries, sodium-based batteries, flow batteries and advanced lead acid.
The grid-scale battery storage technologies market is expected to witness a high growth on account of due to smart grid investments, large investments in renewable energy and T&D transmission network integration. The development of market space for grid-scale batteries following new federal and state-level regulations on ancillary services and storage requirements will embellish the demand for grid-scale battery storage technologies market in the US.
The US is leading in grid-scale battery storage technologies market in terms of revenue, followed by Japan and China, due to improvements in the supply side of the market, higher confidence on the demand side due to the availability of operating data from the first round of pilot projects and development of a market space for grid-scale batteries following new federal and state-level regulations on ancillary services and storage requirements.
Japan grid-scale battery market will be driven by new confidence in locally based NaS products, high and rising renewable energy additions year-on-year and smart grid investments while that in China will be due to large investments in renewable energy and T&D transmission network integration. High growth is anticipated in the Rest of the World grid-scale battery market due to new investment in renewables and T&D modernisation in Central America, Africa and South East Asia. The regional market is segmented in terms of countries including, United States, Japan, China, Italy, Germany, South Korea, UK and Rest of the World.
The major growth driver identified in the grid scale battery market is the large-scale addition of renewable power projects. In a bid to promote the growth of clean energy sources, countries across the world are setting up large number of renewable power projects such as wind and solar power plants. The growing capacity of renewable power projects has resulted in variable output of power owing to its intermittent nature. This has negatively affected the grid operations. Grid scale batteries addresses this problem as it ensures the storage of the excess power during the time of over production. The ongoing rise in the renewable power projects is likely to boost the grid scale battery market over the coming years.
Grid Scale Battery Storage Technologies Market Companies
• Panasonic Corporation
• SAMSUNG SDI CO., LTD.
• LG Chem
• BYD COMPANY LIMITED
• GS Yuasa Corporation
• Hitachi, Ltd
• ABB Ltd
• Tesla Energy Operations (SolarCity)
• General Electric Company
• Mitsubishi Electric Corporation
• NGK Insulators
• Sumitomo Electric Industries
• SMA Solar Technology
• Nidec Industrial Solutions
• Aggreko Plc
• SOCOMEC Group S.A.
• AEG Power Solutions B.V.
• Saft Groupe SA
• OutBack Power Technologies
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London based, Visiongain has firmly established itself as the first port-of-call for the business professional, who needs independent, high quality, original business intelligence to depend upon. Business is moving rapidly so it is vitally important that you understand the opportunities that lie ahead with changes in technologies, materials, regulations and the evolving economic landscape. Visiongain produces insightful market reports across a wide range of industry verticals including pharma, energy, defence and aviation among many others, please browse through this Visiongain Report Store to explore further.
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