Global Grid Scale Battery Market - Growth, Trends, and Forecast (2018 - 2023)
The grid scale battery is growing at a robust rate on account of technological advancements and breakthroughs made in battery technology, which has led to significant reduction in the cost of batteries. With ongoing research and development work, the battery cost is likely to decline further, which is a big boost for its adoption. The 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 near future. The increase in demand for renewable energy, government regulations, and technological advancements are likely to increase the adoption of grid scale battery, globally. 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. Large scale energy storage systems can make the grid more reliable and more flexible because they decouple energy services from a particular fuel source.
Declining Cost is Driving the Market
The cost of lithium ion batteries, which are used for grid storage, has declined remarkable and its cost is likely to reduce from USD209/kWh in 2017 to USD100/kWh by 2025. The rapid decline in the cost of batteries would result in widespread adoption for grid storage purposes, and on account of economies of scale associated with the same, the market will grow rapidly.
Asia Pacific Region to Register Highest Market Growth
Asia Pacific region is likely to register highest market growth pertaining to grid scale battery deployment. The countries, such as China, Australia, South Korea, amongst others are building energy storage facilities to support the deployment of renewable energy infrastructure. The development of grid scale battery storage systems would reduce the intermittency associated with renewable power generation.
Key Developments in the Market
March 2018: Panasonic India, the subsidiary of Japanese firm Panasonic, announced introduction of energy storage solutions targeting the telecom market in India
March 2018: Samsung SDI has made a joint venture with Chinese inverter manufacturer Sungrow to supply both inverters and lithium batteries to a large-scale energy storage project in Japan
The Major Players include - Saft Groupe S.A., Aquion Energy, GE Energy Storage, Samsung SDI, Panasonic, Johnson Controls, Inc., Toshiba, LG Chem, Ltd., BYD Co. Ltd., EnerVault, amongst others.
Reasons to Purchase this Report
Current and future grid scale battery storage market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identifying the latest developments and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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