Lithium-ion Batteries to Dominate Grid Scale Energy Storage Systems Market through 2030
Growing number of renewable power projects
to boost global grid scale energy storage systems market through 2030
According to TechSci Research report, “Global Grid Scale Energy Storage Systems Market By Battery
Type, By Ownership Model, By Application, By Region, Competition, Forecast
& Opportunities, 2030’’, global grid scale
energy storage systems market is anticipated to witness a CAGR of over 30%
during forecast period. The growth of the market is majorly attributable to the
growing investments in renewable energy and rising renewable power projects
across the globe. Moreover, reduction in cost due to technological advancements
is further anticipated to augment demand for grid scale energy storage systems over
the next five years.
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Notably, the
market for grid scale energy storage systems has been segmented into battery
type, ownership model, application and region. Based on battery type, the
market has been categorized into lithium-ion, lead acid, flow battery,
sodium-based battery and others. Among these, lithium-ion batteries possess
high energy and power density, which enables these batteries to be lightweight
with fewer standby losses and high life expectancy. Moreover, these batteries
are lighter in weight than nickel metal-hydride and nickel-cadmium batteries,
thereby driving their growth in grid scale energy storage systems market.
“Regionally,
grid scale energy storage systems market has been segmented into North America,
South America, Europe, Asia-Pacific and Middle East & Africa. Among these
regions, Asia-Pacific region is the fastest growing market for grid scale
energy storage systems and is anticipated to continue witnessing growth during forecast
period as well. Governments of several countries in the region are determined
to reduce the adverse effects on the environment, thereby encouraging the
deployment of grid scale batteries in residential and utility applications.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
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“Global
Grid Scale Energy Storage Systems Market By Battery Type, By Ownership Model, By
Application, By Region, Competition, Forecast & Opportunities, 2030” has evaluated the future
growth potential of global grid scale energy storage systems market and
provides statistics and information on market size, structure and future market
growth. The report offers decision makers superior market intelligence, thereby
enabling them conduct thorough investment appraisal. Besides, the report
also analyzes the evolving market trends along with drivers,
challenges and opportunities in global grid scale energy storage systems
market.
About TechSci Research
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