Grid Scale Stationary Battery Storage Market to hit $40 billion by 2030, Says Global Market Insights, Inc.
Grid scale stationary battery storage industry is set to register more than 15% CAGR between 2020 and 2030, owing to replacement of conventional grid service technologies with advanced and efficient systems.
Selbyville, Delaware, Aug. 10, 2020 (GLOBE NEWSWIRE) --Global grid scale stationary battery storage market is poised to surpass USD 40 Billion by 2030, as reported in the latest study by Global Market Insights, Inc. Growing utilization of renewable energy sources across the globe coupled with stringent government regulations to curb the carbon emission will boost the product adoption over forecast period.
Grid scale stationary battery storage industry will grow significantly from frequency regulation services on account of growing deployment of renewable energy sources for electricity generation. Frequency regulation includes synchronization of electricity generation resources for effective grid operation. Ongoing clean energy systems integration including wind and solar has necessitated the installation of cost-effective technologies for synchronizing different networks, which will drive the industry demand.
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*Some major findings of the grid scale stationary battery storage market report include:*
· Favourable regulatory framework for deployment of stationary battery storage systems will positively impact the market outlook.
· Growth in renewable energy sector will augment the requirement of efficient grid structures, which will boost the business demand over the forecast period.
· Advancement in technology will result in introduction of more efficient and reliable batteries over the forecast period, favouring the growth of the global market.
· Ongoing COVID-19 pandemic is anticipated to have significant short to medium term impact on industry trends.
· Key players operating in Grid scale stationary battery storage market include Uniper, Tesla, Hitachi Chemical Co., Ltd., Johnson Controls, LG Chem, Samsung SDI, GS Yuasa Corporation amongst others.
Browse key industry insights spread across 410 pages with 574 market data tables & 37 figures & charts from the report, “*Grid scale stationary battery storage Market Analysis By Grid Services (Frequency Regulation, Flexible Ramping, Black Start Services, Energy Shifting and Capacity Deferral, Transmission and Distribution Congestion Relief, Capacity Firming, Reduced RE Curtailment, Reduced Reliance on Diesel Gensets), Battery (Lithium Ion, Sodium Sulphur, Lead Acid, Flow Battery), Industry Analysis Report, Regional Outlook Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2030*” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/grid-scale-stationary-battery-storage-market
Low cost and optimum power & energy density are some of the key features which will drive the demand for sodium sulphur (NaS) batteries. In addition, high temperature stability, and safety features offered by these batteries make them suitable for grid scale applications. NaS batteries are predominantly being deployed for load levelling, distribution and transmission network management, renewable energy stabilization, and ancillary services. High shelf life, no self-discharge and quick response time are some of the paramount factors that will propel the adoption of sodium sulphur batteries over the other alternatives in the forecast period.
Growing investments toward expanding power generation capacities along with rising demand for electrification in rural areas will foster the grid scale stationary battery storage market across Asia Pacific region. Ongoing industrialization across major economies including India, China and ASEAN countries has led to a growing emphasis on reliable electricity and grid stability. As a result, energy storage systems are increasingly being deployed to provide frequency regulation and other ancillary services. Growing efforts to minimize the carbon footprint accompanied by enhancing renewable energy infrastructure will further propel the business growth.
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https://www.gminsights.com/industry-analysis/lithium-ion-battery-market
*About Global Market Insights*
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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