The global grid scale battery market is estimated to occupy a sizeable amount of revenue by growing at a CAGR of ~15% during the forecast period, i.e., 2022 – 2030, owing to the rising investments in renewable energy, and reduction in costs of grid-scale battery resulting from technological advancements in the energy industry. Along with this, increasing focus on rural electrification using grid-scale battery deployment, and government initiatives to boost energy efficiency are also expected to accelerate the growth of the market in the upcoming years.
Research Nester published a report titled “Grid Scale Battery Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global grid scale battery market in terms of market segmentation by type, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The market is segmented by type and application. Based on type, the lithium-ion segment is anticipated to occupy the largest share during the forecast period on the back of enhanced manufacturing capacity and technological developments in the lithium-ion industry. Additionally, by application, the renewable integration segment is projected to grab the largest share over the forecast period attributing to the increased reliability, and attainment of renewable targets with optimum energy efficiency by these batteries.
Geographically, the global grid scale battery market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Asia Pacific is evaluated to witness noteworthy growth and grab the largest share in the market during the forecast period attributing to the rapidly growing urbanization, and rising electricity demand in the region. Moreover, the market in North America region is also assessed to gather a notable share in the future owing to the escalating focus of government to utilize renewable energy storage in commercial, residential and non-residential sectors the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Growing Investments in Renewable Energy Worldwide to Drive Market Growth
With the upsurge in carbon emissions across the globe, several governmental and non-governmental organizations globally are pouring heavy investments for the generation of clean energy. This is giving rise to the utilization of renewables for power creation, which in turn is predicted to significantly drive market growth in the near future.
However, high supply-demand mismatch of raw materials for the product is expected to operate as key restraint to the growth of the global grid scale battery market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global grid scale battery market which includes company profiling of Panasonic Corporation, LG Chem Ltd., Samsung SDI Co. Ltd, BYD Co. Ltd, Contemporary Amperex Technology Co Ltd, Tesla, Inc., ABB, Ltd., General Electric Company, Toshiba Corporation, NGK Insulators, Ltd., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global grid scale battery market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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