DUBLIN--(BUSINESS WIRE)--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 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.
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 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.
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).
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Grid-Scale Battery Market, By Battery Type
7 Grid-Scale Battery Market, By Ownership Model
8 Grid-Scale Battery Market, By Application
9 Grid-Scale Battery Market, By Region
10 Competitive Landscape
11 Company Profiles
- LG Chem, Ltd.
- Samsung SDI Co., Ltd.
- Panasonic Corporation
- Fluence Energy, LLC
- BYD Company Limited
- General Electric (GE)
- GS Yuasa Corporation
- Saft Groupe S.A.
- S&C Electric Company
- NGK Insulators
For more information about this report visit https://www.researchandmarkets.com/research/dfl783/5_8_billion?w=4