Grid-Scale Battery Market Segments Lithium-ion Battery, Sodium Sulphur BatteryPosted by Manik on March 11th, 2020 Grid-Scale Battery Market: SummaryThe Global Grid-Scale Battery Market is estimated to reach USD 9.8 Billion by 2025 at a CAGR of 32.2%, predicts forencis research (FSR). Grid-scale battery is defined as the electrochemical device that stores energy produced by the power plant or from the grid and delivers when required. This technology helps power operators to store energy for later usage. Grid-scale battery storage incorporation in the power sector helps in achieving flexibility in the internal processes and in the integration of renewable energy sources. Grid-scale battery can be installed in the transmission network, distribution network near load centers, or with renewable energy generators. The battery can provide various services in any of the locations it is being deployed, ancillary services, investment deferral, reducing renewable energy curtailment are some of the services. Grid-Scale Battery Market: Drivers & Challenges Market Drivers: Expanding Capabilities of the Renewable Energy Sector The renewable energy sector is expanding worldwide as the urgency of clean energy is increasing. As per Energy Information Administration (EIA), in the US electricity generation from renewable sources prominently wind and solar have doubled in the past ten years. These renewable sources being infrequent in nature requires storage facility incorporated in the system. Grid-scale battery is rapidly getting acquired in the renewable system as they provide the storage facility. As the number of renewable source-based power plants is expected to increase worldwide, it may increase the demand for grid-scale batteries. Thus, the expanding capabilities of the renewable energy sector may contribute to the growth of the grid-scale battery market, during the forecasted period. Robust Demand in Power Sector Implementation of grid-scale battery in the power sector helps the integration of renewable sources with the existing power system which results in cost saving for all the stakeholders. Also, islands and off-grid communities are further saving on fuel cost and reducing dependency on fossil fuels as energy stored in grid-scale batteries are benefitting them. It is estimated by a draft study commissioned by the State of New York that if around 11500 MW of energy storage is implemented in the states instead of conventional grid solutions, the State can save approximately USD 22 billion. All such factors are compelling aggressive demand for grid-scale batteries in the system by the power providers. Thus, the robust demand in the power sector may contribute to the overall growth of the grid-scale battery market, during the forecasted period. Market Challenges: High Initial Costs Grid-scale battery is a rising technology there are numerous factors challenging the growth of the market. One such factor is the high upfront costs of grid-scale battery storage. Regardless of reducing the cost of battery storage technologies, the initial installation cost of grid-scale battery storage is high. This may hinder the growth of the market worldwide. The governing authorities can encourage the demand by providing subsidies to the battery storage system owners which can reduce the burden of the initial cost. For instance, in the US under the American Recovery and Reinvestment Act of 2009 incentives are provided which become a source of finance for battery storage owners. Thus, high initial costs can be challenging for the growth of the grid-scale battery market, during the forecast period. Grid-Scale Battery Market: Key Segments
Key Companies Covered BYD Co Ltd (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
Other Key Companies Grid-Scale Battery Market: Report Segmentation For the scope of the report, In-depth segmentation is offered by Forencis Research Grid-Scale Battery Market, by Storage Technology
Grid-Scale Battery Market, by Service Offering
Grid-Scale Battery Market, by Ownership Model
By Region Asia-Pacific
North America
Europe
Middle East and Africa
South America
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