Global Grid-Scale Battery Market to 2023: Reduction in Cost Owing to Technological Advancements and Expanded Deployment
DUBLIN, June 14, 2018 /PRNewswire/ --
The "Grid-Scale Battery Market by Type (Lithium-Ion, Lead Acid, Flow Battery, Sodium-Based), Ownership-Model (Third-Party, Utility), Application (Renewable Integration, Peak Shift, Ancillary Services, Back-Up Power) & Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global grid-scale battery market is expected to be valued at USD 1.37 Billion in 2018 and is likely to grow at a CAGR of 33.52% during the forecast period to reach USD 5.82 Billion by 2023.
The growth of this market can be attributed to the increasing investments in renewable energy, reducing costs of grid-scale batteries owing to technological advancements and expanded deployment, and government subsidies and regulations for enhancing energy efficiency.
In this report, the grid-scale battery market has been segmented on the basis of type into lithium-ion, lead acid, flow, sodium-based and other batteries. The other batteries include nickel-cadmium, nickel metal-hydride, and nickel-iron batteries. Lithium-ion batteries are expected to hold the largest share of the grid-scale battery market throughout the forecast period. These batteries have high energy and power density, which allows them to be lightweight with less standby losses and high life expectancy of 5-15 years with 98% efficiency. In addition, these batteries are lighter in weight than nickel-cadmium and nickel metal-hydride batteries.
The grid-scale battery market has also been segmented on the basis of ownership-model into utility owned and third-party owned segments. The grid-scale battery market for the third-party owned segment is likely to grow at the highest rate between 2018 and 2023. North America, Europe, and RoW have widely adopted the third-party owned model as it boosts overall grid stability. In addition, third-party owned systems receive incentives from various governments.
Based on application, the market has been segmented 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; increased reliability, security and resiliency from microgrid applications are expected to drive the growth of the grid-scale battery market for renewable integration during the forecast period.
The grid-scale battery market has been segmented on the basis of region into North America, Europe, Asia Pacific, and RoW. North America dominates the grid-scale battery market. The growth of the grid-scale battery market in North America can be attributed to the increasing demand for renewable energy storage in the residential, non-residential, and utility sectors.
The major factors restraining the growth of the grid-scale battery market include hazardous environmental effects and high capital investments. The grid-scale battery market is fragmented and offers opportunities for consolidation.
In this market, most players are global multinational companies. Some of the leading players in the grid-scale battery market are LG Chem (South Korea), Samsung (South Korea), Panasonic (Japan), Fluence (US), Tesla (US), BYD Company (China), ABB (Switzerland), GE (US), GS Yuasa (Japan), Toshiba (Japan), Saft (France), S&C Electric (US), and NGK Insulators (Japan). These players have adopted growth strategies such as product launches, contracts and agreements, and expansions to capture a larger share of the grid-scale battery market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Grid-Scale Battery Market During the Forecast Period
4.2 Industrial Control Transformer Market, By Country
4.3 Asia Pacific Grid-Scale Battery Market, By Type & Country
4.4 Grid-Scale Battery Market, By Type
4.5 Grid-Scale Battery Market, By Ownership Model
4.6 Grid-Scale Battery Market, By Application
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.3 Drivers
5.3.1 Increasing Renewable Energy Investments
5.3.2 Reduction in Cost Owing to Technological Advancements and Expanded Deployment
5.3.3 Government Subsidies and Regulations for Enhancing Energy Efficiency
5.4 Restraints
5.4.1 Hazardous Environmental Effects
5.4.2 High Capital Investments
5.5 Opportunities
5.5.1 Increasing Focus on Rural Electrification
5.5.2 Development of Molten-Salt Battery Technology
5.6 Challenges
5.6.1 Installation of Grid-Scale Battery in Remote Locations
6 Grid-Scale Battery Market, By Battery Type
6.1 Introduction
6.2 Lithium-Ion
6.3 Lead Acid
6.4 Flow Battery
6.5 Sodium-Based Battery
6.6 Others
6.6.1 Nickel-Cadmium Battery
6.6.2 Nickel Metal Hydride Battery
6.6.3 Nickel-Iron Battery
7 Grid-Scale Battery Market, By Ownership Model
7.1 Introduction
7.2 Third-Party-Owned
7.3 Utility-Owned
8 Grid-Scale Battery Market, By Application
8.1 Introduction
8.2 Peak Shifting
8.3 Renewable Integration
8.4 Ancillary Services
8.5 Backup Power
8.6 Others
9 Grid-Scale Battery Market, By Region
10 Competitive Landscape
10.1 Introduction
10.2 Ranking of Players & Industry Concentration, 2017
10.3 Competitive Scenario
10.3.1 Contract & Agreement
10.3.2 New Product Launch
10.3.3 Investment & Expansion
10.3.4 Joint Venture/Divestment/Merger & Acquisition/Partnership & Collaboration/ Strategic Alliance
11 Company Profiles
- LG Chem, Ltd.
- Samsung SDI Co., Ltd.
- Panasonic Corporation
- Fluence Energy, LLC
- Tesla
- BYD Company Limited
- ABB
- General Electric (GE)
- GS Yuasa Corporation
- Toshiba
- Saft Groupe S.A.
- S&C Electric Company
- NGK Insulators
For more information about this report visit https://www.researchandmarkets.com/research/bgs2k2/global_gridscale?w=5
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