The grid-scale battery market is growing significantly at a CAGR of 20% during the forecast period owing to the growing demand for renewable energy resources. Electricity consumption is on the rise globally and it is becoming a challenge for the power companies to maintain the consistent flow of electricity to their consumer. Grid-scale battery is one of the best solutions for this and various companies are adopting this technology rapidly. Major factors which are augmenting grid-scale battery market is its wide range application in various application such as peak shaving, load shifting, renewable resource integration and so on. further, the market is also growing at a fast pace owing to technological advancements due to which, battery cost is declining significantly.
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The grid-scale battery market is at their initial stage and is expected it will grow exponentially during the forecast period. Rising generation for renewable energy and favorable government regulation will certainly boost the grid-scale battery industry. As an instance, in 2010 the solar energy target set by the government of India for 2022 was 22 GW which has been increased to 100 GW in 2015. Grid-scale batteries are necessary for negating fluctuation in power grids when the electricity is getting generated by renewable resources. The grid-scale battery makes the electricity grid more reliable and flexible.
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A full Report of Grid-Scale Battery Market is Available at: https://www.omrglobal.com/industry-reports/grid-scale-battery-market
· Global Grid Scale Battery Market Segmentation
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By Type
Lithium-Ion Batteries
Zinc-Hybrid Batteries
Redox-Flow Batteries
Other
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By Application
Peak Shift
Ancillary Services
Back-Up Power
Renewable Integration
Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
