Lithium-ion Batteries to Dominate Grid Scale Energy Storage Systems Market through 2030

Growing number of renewable power projects to boost global grid scale energy storage systems market through 2030

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.

Browse market data Tables and Figures spread through 110 Pages and an in-depth TOC on “ Global Grid Scale Energy Storage Systems Market “

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Notably, the 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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