Grid Scale Battery Storage Technologies Market to Grow at 15.7% CAGR by 2030
Increasing demand of energy with growing global population and rising energy prices are the factors expected to drive the grid scale battery storage technologies market growth.
The Grid Scale Battery Storage Technologies market is expected to grow at a CAGR of 15.7% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Grid-Scale Battery Storage Technologies allow the storage of electricity in grids so that it can be used later for various purposes. The growth of the grid scale battery storage technology market is driven by the key factors such as rapid modernization in the energy infrastructure, technological advancements, coupled with the increase in demand for renewable energy around the world. Also, rising adoption of electric vehicles as well as increasing electricity prices are the factors responsible for the grid scale battery storage technologies market growth. However, high cost of development and installation of grid scale battery storages is expected to restrain market growth to some extent during the forecast period.
Based on battery type, the market is segmented into lead-acid batteries, lithium-ion batteries, sodium-based batteries, flow batteries and others. Based on application, the market is segmented into utility, commercial, and residential. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.
Geographically, North America holds the lion share in grid-scale battery storage technologies market in terms of revenue, followed by Asia-Pacific, due to improvements in the supply side of the market and higher confidence on the demand side due to the availability of operating data from the first round of pilot projects. However, the growth in China will be hugely driven by the large investments in renewable energy and T&D transmission network integration activities.
Browse key industry insights in the report, “Grid-Scale Battery Storage Technologies Market by Battery Type (Lead-Acid Batteries, Lithium-Ion Batteries, Sodium-Based Batteries, Flow Batteries, and Others), by Application (Utility, Commercial and Residential)- Global Opportunity Analysis and Industry Forecast, 2020 – 2030”
According to the report, some the key players in the market are NGK Insulators Ltd., Tesla, ABB Group, Sumitomo Electric Industries, Ltd., LG Chem Ltd., Electrovaya, Samsung SDI Co. Ltd., Panasonic Corporation, BYD Co. Ltd., GS Yuasa Corporation, Hitachi Ltd, General Electric, and Mitsubishi Electric Corporation among others.
Key Insights from the Grid Scale Battery Storage Technologies Market Report:
- Current emerging trends and opportunities are extensively analysed in grid scale battery storage technology market report.
- The forecast of the grid scale battery storage technology market comes along with additional information associated with opportunities, restrains and key drivers in the market.
The report grid scale battery storage Market – is segmented by battery type, application and geography.
About Next Move Strategy Consulting
Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining and data analytics.
We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicate as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solutions that ranges from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.
For more insights, please visit, https://www.nextmsc.com