Growing number of renewable
power projects to boost global grid scale energy storage systems market through
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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Global Grid Scale Energy
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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.
“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.
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