Grid Scale Battery Market Is Thriving Worldwide expected to Witness Significant

Posted by RASHMI on June 10th, 2019

Electricity has become a basic necessity for mankind today. Most devices we need in our routine work on electricity. The growing demand for electricity bestows promise for the global grid scale battery market. Statistics show that the global grid scale battery market has grown steadily in the past few years, and is expected to maintain its momentum in the future too. 

The rapid growth in the production of renewable energy fuels demand in the global grid scale battery market. Grid scale batteries are used to store surplus electricity which usually happens at intermittent power plants. Most countries are actively adopting alternative energy resources like solar, wind, and hydroelectricity.  In most locations across the world, none of these resources are perennial, that is, they are not available throughout the year. Thus, countries do not depend on these sources of energy completely. 

However, the push from many governments across the world to reduce global warming and carbon footprints, have enabled industries to extensively adopt renewable power. On many occasions, power from renewable sources is produced in surplus. In order to prevent wastage of this energy, grid scale batteries are used. 

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Earlier, high cost of the product was a concern for manufacturers. As renewable energy gained impetus, the demand for grid scale batteries shot up, thus invoking growth in the global grid scale battery market. At the same time, several manufacturers are working on improving the efficiency of the  so that they can store large amounts of power. This is another positive factor for the global grid scale battery market’s growth.