“The grid-scale battery market is expected to grow at a CAGR of 33.52% between 2017 and 2022.”
The grid-scale battery market is expected to grow from USD 1.37 billion in 2018 to USD 5.82 billion by 2023, at a CAGR of 33.52% between 2018 and 2023. Some of the major factors driving the growth of the market include the increasing investments in renewable energy and reducing costs of grid-scale batteries owing to technological advancements and expanded deployment.
“Renewable integration is expected to hold the largest share of the grid-scale battery market, by application, throughout the forecast period.”
The grid-scale battery market has been segmented on the basis of application into renewable integration, peak shifting, ancillary services, back-up power, and others (including microgrids, ramping, black start, and transmission/distribution upgrade deferral). Factors such as attainment of renewable targets and energy efficiency, and increased reliability, security and resiliency of microgrid applications are expected to drive the growth of the grid-scale battery market for renewable integration during the forecast period.
“Asia Pacific: Major market for grid-scale batteries”
Asia Pacific is expected to be the fastest-growing market for grid-scale batteries during the forecast period. It is the most populated region in the world, and consequently, is witnessing a high demand for electricity. Increasing investment in transmission and distribution of power is among the major factors driving the growth of the market in Asia Pacific.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1–55%, Tier 2–31%, Tier 3–14%
- By Designation: C-Level Executives–28%, Directors–36%, Others–36%
- By Region: North America–35%, Europe–28%, Asia Pacific–24%, RoW–13%
Note: The tiers of the companies have been defined on the basis of their total revenues; as of 2017: Tier 1 =>USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3
The report provides a picture of the grid-scale battery market for the power industry across various regions. It forecasts and studies the size and future growth potential of the market, by type, application, ownership-model, in various regions, respectively. Furthermore, the report includes an in-depth competitive analysis of the key players in the market, along with their profiles, recent developments, and key market strategies.
The grid-scale battery market, in this report, has been segmented on the basis of type, application, ownership-model, and region with a focus on industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together comprise the basic views on competitive landscape, emerging and high-growth segments of the grid-scale battery market, high-growth regions, and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in the grid-scale battery market
Market Development: Comprehensive information about lucrative emerging markets; the report analyzes the market for grid-scale battery across regions Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global grid-scale battery market
- The report identifies and addresses key application areas for the implementation of grid-scale batteries in the power industry; this would help manufacturers review the growth in demand for these batteries.
The report helps solution providers understand the pulse of the market and provide insights into market dynamics, such as drivers, restraints, opportunities, and challenges. The report will enable key players to better understand their competitors’ strategies and help them in decision-making.