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Press Release

Grid-Scale Battery Market to Grow at a CAGR of 33.52% Annually Through 2023

Grid-Scale Battery Market by Type, Ownership-Model, Application, and Region - Global Forecast to 2023

This press release was orginally distributed by SBWire

Northrook, IL -- (SBWIRE) -- 03/13/2020 -- According to the market report published by MarketsandMarkets™ "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), and Region - Global Forecast to 2023", 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. Factors driving the growth of the market include the increasing investments in renewable energy, reducing costs of grid-scale battery owing to technological advancements and expanded deployment.

The grid-scale battery market is dominated by players that have established brand names, along with wide geographic presence. The leading players in the grid-scale battery market include 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).

Browse 73 market data Tables and 39 Figures spread through 139 Pages and in-depth TOC on "Grid-Scale Battery Market - Global Forecast to 2023"

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The grid-scale battery market has been segmented on the basis of type into lithium-ion batteries, lead acid batteries, flow batteries, sodium-based batteries, and others (including nickel-cadmium, nickel metal hydride, and nickel-iron batteries). The market for lithium-ion batteries is expected to grow at the highest rate during the forecast period. Lithium-ion batteries have high energy and power density, which allows these batteries to be lightweight with less standby losses and high life expectancy of 5–15 years with 98% efficiency.

Target Audience:

The report's target audience includes:

Transmission and distribution utilities
State and national regulatory authorities
Power generation utilities
Consulting companies and associations in the energy and power sector
Government and research organizations
Grid-scale battery manufacturers
Investment banks
Engineering, procurement, and construction companies in the distribution sector

Based on ownership-model, 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 grid-scale battery market for peak shifting is expected to grow at the highest rate between 2018 and 2023. Peak shifting is a highly cost-effective method of reducing electric utility expenses.

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Based on region, the grid-scale battery market in Asia Pacific is expected to grow at the highest rate, followed by North America and RoW, during the forecast period. South Korea accounted for the largest share of the grid-scale battery market in Asia Pacific, followed by Japan and China, in 2017. Increasing investments in transmission and distribution of power are among the major factors driving the growth of the market in Asia Pacific between 2018 and 2023.

Please Explore Relevant Report:

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About MarketsandMarkets™:
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Mr. Sanjay Gupta
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

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Mr. Sanjay Gupta
Telephone: 1-888-600-6441
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