Grid Scale Battery Market and its Growth Prospect in the Near Future- P&S Intelligence
World over, the focus on adoption of cleaner energy has resulted in increased development of renewable power projects. However, these projects being intermittent in nature have resulted in development of battery storage solutions that can effectively coordinate with grid operations. Grid scale battery are the energy storage solutions meant for storing electricity on a large scale mainly in an electrical power grid. These batteries store the electricity when the electricity generated from intermittent power generation sources exceeds the consumption levels which is then returned back to the grid when production falls below the consumption levels.
The major growth driver identified in the grid scale battery market is the large-scale addition of renewable power projects. In a bid to promote the growth of clean energy sources, countries across the world are setting up large number of renewable power projects such as wind and solar power plants. The growing capacity of renewable power projects has resulted in variable output of power owing to its intermittent nature. This has negatively affected the grid operations. Grid scale batteries addresses this problem as it ensures the storage of the excess power during the time of over production. The ongoing rise in the renewable power projects is likely to boost the grid scale battery market over the coming years.
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Major opportunities identified in the grid scale battery market is the rising demand for these batteries from fast growing renewable energy markets such as China, India, and other developing nations. With the ambitious renewable power capacity addition targets, these countries are witnessing large scale investment in the development of wind and solar power projects. With the addition of new renewable power capacity, the need for storing the excess power is expected to arise. Grid scale batteries addresses this concern by ensuring storage of excess power generated by new power sources. As a result, developing countries offer ample growth opportunities for the growth of grid scale battery market over the coming years.
Some of the major players operating in the global grid scale battery market are LG Chem Ltd., Panasonic Corporation, Samsung SDI Co. Ltd. Fluence Energy LLC, Tesla Inc., BYD company limited, ABB Group, The General Electric Company, Toshiba Corporation, and SAFT Groupe.