Global Grid-scale Battery Market 2020-2024 | Evolving Opportunities with ABB Ltd. and BYD Co. Ltd. | Technavio
LONDON--(BUSINESS WIRE)--Feb 27, 2020--
The global grid-scale battery market is poised to grow by USD 2.86 billion during 2020-2024, progressing at a CAGR of over 22% during the forecast period. Request free sample pages
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Technavio has announced its latest market research report titled Global Grid-scale Battery Market 2020-2024 (Graphic: Business Wire)
Read the 148-page report with TOC on "Grid-Scale Battery Market Analysis Report by Battery Type (Lithium-based and Others), Geographic Segmentation (APAC, EMEA and Americas), and the Segment Forecasts, 2020-2024".
The market is driven by the growing ESS demand from utilities. In addition, the increasing installation of microgrids is anticipated to boost the growth of the grid-scale battery market.
The growing emphasis on power generation from renewable sources coupled with the diversification of power generation portfolio are propelling the demand for energy storage systems (ESS) from utilities. ESS not only balances the electricity supply during on-peak and off-peak periods but also multiplies economic benefits to utilities. It ensures money saving by reducing pressure on the grid. Battery-based ESSs are the most popular ones among the several ESS technologies available in the market. They are widely used across the world as they are relatively less expensive. Thus, the growing ESS demand from utilities is expected to drive market growth during the forecast period.
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Major Five Grid-Scale Battery Market Companies:
ABB Ltd. is headquartered in Switzerland and operates the business under various segments such as Electrification Products, Industrial Automation, Robotics and Motion, and Corporate and Other. The company offers EssPro Grid and Energy Storage Modules.
BYD Co. Ltd.
BYD Co. Ltd. is headquartered in China and offers products through the following business units: Automobiles and related products, Mobile handset components and assembly service, and Rechargeable batteries and photovoltaic business. The company offers a range of large-scale ESSs, distributed ESSs, and micro-grid systems.
Contemporary Amperex Technology Co. Ltd.
Contemporary Amperex Technology Co. Ltd. is headquartered in China and offers matching lithium battery ESS. The matching lithium battery ESS can be used to smoothen output fluctuations of wind or PV power generation.
General Electric Co.
General Electric Co. is headquartered in the US and offers products through the following business segments: Power, Renewable Energy, Aviation, Oil & Gas, Healthcare, Transportation, Lighting, and Capital. The company offers Energy RSU-4000, Mid-Power, and High-Power energy storage units.
Kokam Co. Ltd.
Kokam Co. Ltd. is headquartered in South Korea (Republic of Korea) and offers Kokam Containerized Energy Storage System. This system can store 250 kWh-4 MWh of energy in transferable 20ft/ 40ft/ 53ft ISO container.
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Grid-scale Battery Market Battery Type Outlook (Revenue, USD Billion, 2020-2024)
Grid-scale Battery Market Geographic Outlook (Revenue, USD Billion, 2020-2024)
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PUB: 02/27/2020 05:30 AM/DISC: 02/27/2020 05:30 AM