Grid-Scale Battery Storage Technologies Market to Surge, Reaching USD 10.51 Billi

The global Grid-Scale Battery Storage Technologies Market ?is anticipated to witness remarkable growth, reaching a substantial valuation of USD 10.51 billion by the year 2030, with a CAGR of 15.7%.This along with the integration of T&D networks is expected to contribute to the growth of the market. Further, the increased demand of electric vehicles is also among the key factors accountable for the growth of the market. However , high cost of grid scale battery storage installation and development is anticipated to restrict market growth.

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North America holds the lion's share in grid-scale battery storage technologies market in terms of revenue, followed by Asia-Pacific, due to improvements in the supply side of the market, higher confidence on the demand side due to the availability of operating data from the first round of pilot projects and development of a market space for grid-scale batteries following new federal and state-level regulations on ancillary services and storage requirements. Japan grid-scale battery market will be driven by new confidence in locally based Na S products, rising renewable energy additions year-on-year, and smart grid investments.

The growth in China will be largely driven by the large investments in renewable energy and T&D transmission network integration activities. A high growth is anticipated in the Rest of the World grid-scale battery market due to significant investments in renewables and T&D modernization in Central America and Africa.

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Lucrative growth opportunities make the grid scale battery storage technologies industry extremely competitive. Some of the major players in the market are NGK INSULATORS , Tesla , ABB OPTICAL GROUP , Sumitomo Electric Industries Carbide Australia (SEI) , LG Chem , Electrovaya , Samsung SDI , 松下 , 比亚迪 , GS Yuasa , Hitachi , 通用电气 , Mitsubishi Electric , and Fluence . Strategic alliances, acquisitions and innovations along with R&D are key strategies used by market players to maintain market dominance.

?Source: WhaTech