The global grid-scale battery storage market size is expected to reach USD 15.04 billion by 2027 registering a CAGR of 24.4%, according to a new report by Grand View Research, Inc. An increase in the number of grid infrastructure, government initiatives, and investments to develop battery technologies and its storage capacity will propel the overall demand.
Increasing awareness among consumers, expanded deployment, utility sectors, technological advancements, and a push from various governments to adopt clean power energy generated by renewable sources are few factors that drive the demand for grid-scale battery storage across the globe. The market in North America accounted for around 21.09% of the global share in 2019.
Asia Pacific is anticipated to register the fastest CAGR from 2020 to 2027 owing to rapid urbanization, transmission & distribution system, increasing industrialization, and subsidies provided by the government for grid-scale battery storage capacity, mainly in the developing countries of India, China, and Singapore.
Considerable developments and investments in renewable energy projects are driving down the cost of lithium-ion batteries, thus increasing the demand for grid-scale storage batteries. The expansions in the grid-scale battery storage are being determined by upgradation of infrastructures, with favorable regulation, and improving system costs. However, exploring of new geographical markets and help in opening of the need for energy storage systems will spur the market development.
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The Lithium-ion battery type segment accounted for 84.09% of the global revenue share in 2019
Other battery types include Sodium sulphur batteries, flow batteries. These batteries are expected to gain market share during the forecast period
Asia Pacific region is projected to expand at the highest CAGR during the forecast period. China is expected to account for the maximum share in the regional market, in terms of revenue
North America is likely to display a moderate growth rate during the projected period
Grand View Research has segmented the global grid-scale battery storage market on the basis of type, application, and region:
Grid-scale Battery Storage Type Outlook (Volume, MW; Revenue, USD Million, 2016 - 2027)
Lithium-Ion
Lead Acid
Others
Grid-scale Battery Storage Application Outlook (Volume, MW; Revenue, USD Million, 2016 - 2027)
Renewable Integration
Ancillary Services
Others
Grid-scale Battery Storage Regional Outlook (Volume, MW; Revenue, USD Million, 2016 - 2027)
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Spain
Italy
Asia Pacific
China
India
Japan
South Korea
Central & South America
Brazil
Chile
Middle East & Africa
South Africa
Morocco
List of Key Players of Grid-scale Battery Storage Market
NGK Insulators Ltd.
BYD Co. Ltd.
Sumitomo Electric Industries, Ltd.
Samsung SDI Co. Ltd.
General Electric
GS Yuasa Corp.
LG Chem Ltd.
Mitsubishi Electric Corp.
Panasonic Corp.
ABB Group
Hitachi Ltd.
Fluence Energy
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