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According to the latest research report of MarketsandMarkets, the global grid-scale battery market demand will reach $1.
37 billion in 2018 and is expected to increase to $5.
82 billion by 2023, with a compound annual growth rate of 33.
52%
during the period.
The rapid growth of this market is mainly due to technological advancements and expanding deployment, increasing investments in renewable energy, reduced cost of grid batteries, and increasing demand for government subsidies and improved energy efficiency
.
Based on battery classification, lithium-ion batteries are expected to account for the largest share
of the grid-scale battery market by 2023.
These batteries have a high energy and power density, which allows them to be lightweight, with less standby loss, an estimated service life of 5-15 years, and an efficiency of up to 98%.
In addition, the weight of these batteries is more advantageous
than nickel-cadmium and nickel-metal hydride batteries.
Based on the ownership model, the third-party model battery market is expected to grow
at the fastest rate by 2023.
The third-party owned model has been widely adopted in North America, Europe, etc.
, as it can improve the overall stability of
the grid.
In addition, third-party-owned systems are incentivized
by national governments.
Based on application, the market has been segmented into renewable energy integration, peak shift, ancillary services, backup power, and others including microgrids
, among others.
Factors such as reaching renewable energy targets and increasing demand for reliability, safety, and resiliency of microgrid applications are expected to drive the rapid growth of the grid-scale battery market during the
forecast period.
Based on regional conditions, North America dominates the grid-sized battery market
.
The growth of the North American grid battery market can be attributed to the increasing
demand for renewable energy storage in the residential, non-residential, and utility sectors.
On the other hand, the major factors restraining the growth of the grid-scale battery market include dangerous environmental impacts and high capital investment
.
In this market, most of the players are global multinationals
.
In the grid-scale battery market, its leading manufacturers mainly include LG Chem of South Korea, Samsung Electronics, Panasonic of Japan, Fluence of the United States, BYD of China, ABB of Switzerland, General Electric of the United States, Yuasa of Japan, Toshiba of Japan, etc
.
According to the latest research report of MarketsandMarkets, the global grid-scale battery market demand will reach $1.
37 billion in 2018 and is expected to increase to $5.
82 billion by 2023, with a compound annual growth rate of 33.
52%
during the period.
The rapid growth of this market is mainly due to technological advancements and expanding deployment, increasing investments in renewable energy, reduced cost of grid batteries, and increasing demand for government subsidies and improved energy efficiency
.
Based on battery classification, lithium-ion batteries are expected to account for the largest share
of the grid-scale battery market by 2023.
These batteries have a high energy and power density, which allows them to be lightweight, with less standby loss, an estimated service life of 5-15 years, and an efficiency of up to 98%.
In addition, the weight of these batteries is more advantageous
than nickel-cadmium and nickel-metal hydride batteries.
Based on the ownership model, the third-party model battery market is expected to grow
at the fastest rate by 2023.
The third-party owned model has been widely adopted in North America, Europe, etc.
, as it can improve the overall stability of
the grid.
In addition, third-party-owned systems are incentivized
by national governments.
Based on application, the market has been segmented into renewable energy integration, peak shift, ancillary services, backup power, and others including microgrids
, among others.
Factors such as reaching renewable energy targets and increasing demand for reliability, safety, and resiliency of microgrid applications are expected to drive the rapid growth of the grid-scale battery market during the
forecast period.
Based on regional conditions, North America dominates the grid-sized battery market
.
The growth of the North American grid battery market can be attributed to the increasing
demand for renewable energy storage in the residential, non-residential, and utility sectors.
On the other hand, the major factors restraining the growth of the grid-scale battery market include dangerous environmental impacts and high capital investment
.
In this market, most of the players are global multinationals
.
In the grid-scale battery market, its leading manufacturers mainly include LG Chem of South Korea, Samsung Electronics, Panasonic of Japan, Fluence of the United States, BYD of China, ABB of Switzerland, General Electric of the United States, Yuasa of Japan, Toshiba of Japan, etc
.
