Grid Scale Battery Storage Technologies market is projected to grow at a CAGR of 15.6% by 2032: Visiongain Reports Ltd
Visiongain has published a new report entitled Grid Scale Battery Storage Technologies 2022-2032. It includes profiles of Grid Scale Battery Storage Technologies and Forecasts Market Segment by Application, (Ancillary services, Peaking capacity, Energy shifting, Transmission-level, Distribution-level, Other Application) Market Segment by Type, (Lithium-ion Batteries, Lead–acid Batteries, Redox Flow Batteries (RFBs), Sodium-Based Batteries, Other Type) Market Segment by End-User, (Utility, Commercial, Residential, Industrial, Institutions, Other End-Use) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
The grid scale battery storage technologies market was valued at US$7,058 million in 2021 and is projected to grow at a CAGR of 15.6% during the forecast period 2022-2032.
CAES Facilities Start to Look More and More Appealing When Examining Options for a Major Energy Storage Facility
To use energy storage at the generational level, bulk storage is necessary. Currently, only pumped hydro, CAES, and BES are technically and economically viable. Pumped hydro uses only large-scale energy storage options. It excels at load levelling, provides blackstart functionality, and acts as an operational reserve. Given the limited potential for new pumped hydro projects, there is undoubtedly room for larger energy storage systems. CAES facilities start to look more and more appealing when examining options for a major energy storage facility. However, geological constraints place restrictions on the expansion of new pumped hydro and CAES. This will be advantageous for BES systems since they don’t need much in the way of geology. BES systems are suitable for all applications that require energy storage. Although technically feasible, battery-based bulk energy storage options are less economical than pumped hydro and CAES. BES systems must compete in the small-scale range with more advanced technologies like SMES and supercapacitors. Numerous applications are financially feasible with battery storage technology.
How has COVID-19 had a significant negative impact on the Grid Scale Battery Storage Technologies Market?
The COVID-19 pandemic has had a negative and significant effect on a variety of businesses. The effect on the energy field has grown significantly. In comparison to the same month last year, the overall energy demand for electrical energy was found to be 10% lower in April 2020. As we all know, a country’s economic growth rate may be accurately predicted by looking at the changing ratio of energy demand. The COVID-19 pandemic’s effects on the demand for electric energy reached their peak in April 2020, and since then, demand has decreased globally and in Italy by around 20% and about 30%, respectively.
The COVID-19 pandemic has had one of the few beneficial consequences on the environment, with a 29 percent decrease in the rate of fossil fuels used to generate electricity as a result of lower energy demand. In 2020, the rate of electric energy production based on renewable sources increased by 46%, while the rate of carbon emissions reduced by around 20% as a result of this adjustment. Because the idea of sustainability is becoming increasingly important and well-known.
How will this Report Benefit you?
Visiongain’s 330-page report provides 137 tables and 138 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global grid scale battery storage technologies market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Grid Scale Battery Storage Technologies. Get financial analysis of the overall market and different segments including type, application, end-user , and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing grid scale battery storage technologies market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Creating a Disruption Proof Grid
A grid that can withstand disruptions is clearly necessary. Grid disruptors are being developed at an unequalled rate, and the growing value concentration and interconnectedness means that even a local disruption can have systemic effects that are costly in the millions of dollars and have an impact on millions of people. The continuous electrification of the economy is simply one element raising the frequency, cost, and risk of outages because the electric network is already prone to disruption. Until stakeholders take action, this will make the grid’s basic weakness worse. A grid that is impervious to disruptions is built on energy storage.
A Vision for Energy Storage In 2025
Energy Storage Association believes that by 2025, it will be possible to add 35 GW of energy storage to the American grid. Without energy storage, ESA predicts a less than ideal outcome for the grid’s dependability, resilience, and flexibility. The grid’s physical constraints and the economy’s ongoing electrification will increase the financial effect of increasingly frequent and severe outages. Utility companies and grid operators will invest billions of dollars in grid infrastructure over the coming years, collaborating with regulators to upgrade system capabilities and replace deteriorating assets.
Where are the Market Opportunities?
Grid Integration of Renewable Energy Sources
Reliance on fossil fuels and emissions from the production of electricity can be decreased through the growing integration of renewable energy into the American energy system. However, when connected to the electric grid on a commercial scale, alternative energy sources’ intermittent nature creates generation variability, which can pose operational and integration problems. These problems can be divided into two categories: short-duration (such as ramp-up and ramp-down) and long-duration (e.g., electricity energy time shift to better match renewable production with demand).
Forwarding Load for Energy Storage Technologies
Load following, or altering power output in response to a shifting equilibrium between energy supply and demand in a specific area, is necessary in response to fluctuations in power demand. The common resource for this service is a generation-based resource like a gas turbine, but load following necessitates partial-load operation, which consumes more fuel and emits more emissions than full output. Increased maintenance requirements are typically another consequence of variable output.
Energy storage solutions are perfect for load following because they can shield the rest of the grid from sudden and significant fluctuations in net supply relative to demand. Numerous storage technology types can function with incomplete output or input without affecting system performance. Furthermore, storage technologies can discharge or charge in a timely manner in response to an increase or decrease in load. In addition to load following, storage systems have the potential to be employed for additional purposes, such as electric energy time shift.
The major players operating in the grid scale battery storage technologies market are ABB Ltd, AEG Power Solutions B.V, Aggreko plc, BYD Company Limited, Electrovaya Inc., General Electric (GE), GS Yuasa International Ltd., Hitachi Ltd., LG Chemicals, Mitsubishi Electric Corporation, NGK Insulators, Ltd, Nidec Industries Solutions, OutBack Power Technologies, Inc., Panasonic Corporation, SAFT, Samsung SDI Co., Ltd, SMA Solar Technology AG, SOCOMEC Group S.A, Sumitomo Electric Industries, Ltd, Tesla Energy Operations Inc. (SolarCity). These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- On 31 March 2022, Panasonic Entertainment & Communication Corporation and Leica Camera AG signed an agreement for a new comprehensive and expanded business alliance. Both companies are committing to increase their collaboration of their core competencies and to develop new technologies and solutions resulting from this collaboration under the name of “L2 Technology” (L squared Technology).
- On 2 June 2022, LG Chem has announced that it entered a contract for the establishment of a joint venture with KEMCO at the head office of Korea Zinc in Nonhyeon-dong, Seoul.
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To find more Visiongain research reports on the Energy sector, click on the following links:
- Vehicle to Grid (V2G) Market Report
- Sodium Sulfur Battery Market Report
- EV On-Board Battery Charger Market Report
- Flexible Battery Storage Market Report
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Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.
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