Press release
Grid-scale battery market is expected to grow at a CAGR of 26.1% from 2022 to 2031
Grid-scale energy storage systems are deployed in power generation, distribution, and transmission. Vendors in the industry are designing products based on specific power supply requirements and capacity, thereby creating specific modular designs.
Request a sample to get extensive insights into the Grid-scale Battery Market- https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=58749
Increase in Generation of Renewable Energy Augmenting Grid-scale Battery Market Development
Rise in the need for system flexibility and rapid decrease in battery technology costs have been enabling BESSs to play an important role in the energy sector for the last few years. Several policymakers, regulators, and utilities are adopting BESSs, which is contributing to grid-scale battery industry growth.
Depletion of fossil fuels and surge in the implementation of government regulations to promote renewable energy are also expected to propel the demand for grid-scale batteries in the next few years. Power generated by renewable sources is attached to microgrids through power devices. This energy is later provided to homes, businesses, and electrical grid environments.
According to the International Energy Agency (IEA), usage of renewable energy rose by 3% in 2020, while demand for all other fuels decreased. Solar PV and wind power are significant contributors to the increase in adoption of renewable energy. China alone accounted for nearly half of the global rise in renewable electricity, followed by the U.S., the EU, and India, in 2021. Thus, surge in the usage of renewable energy is leading to global grid-scale battery market growth.
Increase in global warming hinders adequate access to renewable energy and the advancement of renewable energy technologies. Developing countries must focus on shifting consumer attention to renewable energy for sustainable development. Renewable energy sources help reduce pollution, while improving energy security.
Ask for Customization-https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=58749
Surge in Adoption of Lithium-ion Grid-scale Batteries
According to the latest grid-scale battery market trends, the lithium-ion battery segment is expected to dominate the industry during the forecast period. The segment held 90.9% share in 2021. Lithium-ion battery is a viable large-scale commercial electrochemical energy storage system. These batteries have been used in diverse products, including EVs, personal gadgets, medical equipment, and large-scale storage of renewable energy for power grids.
Lithium-ion batteries offer good stability and higher energy density. Cost of these batteries has decreased by nearly 80% between 2010 and 2020 due to technological advancements and improved production capacity. The cost is predicted to decline further in the near future.
Regional Outlook
North America dominated the global industry, in terms of revenue, in 2021. The region is likely to maintain its dominance during 2022-2031, as per the latest grid-scale battery market forecast. Rise in adoption of renewable energy and the presence of some of the largest grid-scale battery storage systems are driving the market size in the region.
The industry in Asia Pacific is anticipated to grow at a significant rate in the next few years due to increase in the production of lithium-ion batteries and surge in the usage of utility-scale energy storage systems. China is a major growth engine of the region. It accounted for 13.8% share in terms of revenue and 18.0% share in terms of deployment.
Analysis of Key Players in Grid-scale Battery Market
Various companies and organizations are involved in the production and distribution of grid-scale batteries, including OEMs, companies that design and install battery systems, and utilities and other organizations that use grid-scale batteries to store electricity. Vendors are investing significantly in the R&D of new products to expand their grid-scale battery market share.
ABB, BYD Company Ltd., Fluence, General Electric, LG Energy Solution, NGK Insulators, Ltd., Panasonic Industry Co., Ltd., S&C Electric Company, Samsung SDI Co., Ltd., Tesla, Toshiba Corporation are key entities operating in the market. These players have been profiled in the grid-scale battery market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
About Us
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact Us
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Grid-scale battery market is expected to grow at a CAGR of 26.1% from 2022 to 2031 here
News-ID: 2857912 • Views: …
More Releases from TMR
Emerging Opportunities in Logistics Market with Current Trends Analysis
The global Logistics market is estimated to attain a valuation of US$ 15,273.21 Bn by the end of 2027, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 4.5% during the forecast period, 2019-2027.
The key objective of the TMR report is to offer a complete assessment of the global market including major leading stakeholders of the…
Energy Measurement IC Market is expected to reach US$ 8.39 Bn by the end of 2031
According to a Transparency Market Research (TMR) research report, the global energy measurement ic market is likely to expand at a CAGR of 7.4% during the forecast period, 2022 to 2031. This suggests that the market is expected to reach US$ 8.39 Bn by the end of 2031.
The study on the energy measurement ic market adopts rigorous and systematic research approaches to understand the growth dynamic of the market. The…
STATCOM UPS Market to Register Double Digit Growth Rate of 16% CAGR by 2024
Over the last decade, rising number of industries and utilities are opting for static synchronous compensator or STATCOM UPS instead of static VAR compensator or SVC UPS. Low harmonic emission coupled with high speed of response is accentuating the expansion of India STATCOM UPS market now and in times to come. Playing a crucial role in voltage control and compensation of reactive power, STATCOM UPS is likely to keep its…
Thin Wafer Processing and Dicing Equipment Market US$692.5 mn by 2024 - TMR
Transparency Market Research (TMR) estimates that the global thin wafer processing and dicing equipment market has a highly consolidative landscape. Disco Corp. accounted for largest share of 56.4% in 2015 and likely to be dominant in the coming years. This is creating monopoly in the thin wafer processing and dicing equipment market in terms of competitive presence. The other key players such as EV Group, Plasma-Therm LLC, Lam Research Corp,…
More Releases for Increase
Increase Rank Increase Sales Increase ROI With E-Commerce SEO Services
Setting up an eCommerce business is a big task and getting traffic towards your eCommerce store is yet another huge work. But you have to work upon getting more and more traffic towards your online store only then will you get orders for your business. For this you require quintessential SEO services that can be your partner and steer you in right direction through its on page scrutiny and removing…
Increase in Geriatric Population will Likely Increase the Demand for Combination …
Combination drug also referred to as fixed dose combination (FDC), is a formulation which includes two or more active pharmaceutical ingredients (APIs). The dosage is distributed in certain fixed doses. Initially, fixed dose combination products were produced for targeting single diseases for example antiretroviral combination drugs were manufactured for targeting AIDS. However, with the advancements, in research and development activities currently combination drugs are being manufactured for targeting multiple disease…
Accu Holding AG: Ordinary Capital increase and further capital measures to incre …
Ordinary Capital increase and further capital measures to increase shareholder's equity by more than CHF 10 million
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.
NOT FOR DISTRIBUTION IN THE UNITED STATES, UNITED KINGDOM OR THE EUROPEAN ECONOMIC AREA
• Exercise of subscription rights within the expected range
• Strengthening of the balance sheet through conversion of debt of CHF 5'379'953 into new…
Pigs‘ Toys Increase Animal Wellbeing
Less Injuries in Pig Houses
In cooperation with Kassel University, WEDA Dammann & Westerkamp, specialists for pig house equipment from Lutten, have developed a new kind of manipulable material for piglets and fattening pigs. By means of the rooting cones and pushing balls of bite-resistant and food-safe polyurethane, mounted to floor and brackets, the animals can act out their natural play instinct and can permanently busy themselves while standing up, sitting,…
Increase in the ‘Staycation’
The new ‘buzz’ word ‘staycation’ as it is known, has become increasingly popular, with the cost of family holidays abroad on the increase, and the value of the pound weaker, families are choosing to holiday in the UK. Camping and caravanning in the UK is at the top of the list for a brilliant ‘staycation’.
As the cut-backs start to take effect and everyone is feeling the pinch in their…
PROPOSAL CAPITAL INCREASE
The Board of Directors of EXMAR has decided to propose to the shareholders to proceed with a capital increase of EUR 100 million. Saverex NV, the reference shareholder of EXMAR, will participate in the capital increase with an amount of EUR 50 million. Sofina SA will also participate in the transaction in accordance with its current shareholding in the company (approx. 1.3%). Sofina SA has confirmed a further support to…
