Published by Uma Rajagopal
Posted on February 15, 2022
The demand within the global electricity sector has been rising at a stupendous pace. However, the demand graph for electricity is characterized by anomalous cycles of spike and slump. Therefore, the use of grid scale battery storage to effectively collect (and store) energy in order to discharge it during times of higher demand has gained momentum. The energy sector has been growing at a humongous pace, leaving no opportunity unturned in leveraging the power of renewables and non-renewables. The aggressive plans of governments and state bodies to unlock the power of renewable energy has opened new pathways for market growth and expansion. In view of these factors, it is safe to state that the total grid-scale battery storage market would expand at a stellar pace in the years to follow.
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Grid Energy Storage is a Prerequisite to Achieving Holistic Reliance on Renewables
Wind and solar energy are viable sources of electricity production, but intermittent availability of these energy sources bars plenary reliance on them. In this scenario, the use of grid storage technologies has emerged as a viable pathway to store renewable energy and discharge it during times of surplus demand. The development of high-efficiency grids has transcended as a resilient trend across several parts of the world. A peculiar characteristic of sophisticated utilities and grid infrastructure is the presence of grid-scale battery storage systems. These systems are assuring central electricity management bodies of the availability of reliable energy reserves for electricity distribution during peak hours.
Quest to Develop Smart Cities Brings in Fresh Opportunities for Market Growth and Expansion
Development of smart grid infrastructure is a prerequisite to the success of today’s smart cities. Singapore, Helsinki, Zurich, Oslo, and London amongst the most prominent smart cities of the world. The development of smart cities has made it necessary to deploy high-end infrastructure that encapsulates modes of consistent energy production and distribution. Therefore, the global grid scale battery storage system is treading along a lucrative pathway in recent years. These systems serve commendable benefits through renewable sources integration, peak load management, and peak shaving. For this reason, government authorities are overlooking the high cost of installation for these systems to embrace them with greater aplomb into the city framework.
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Asia Pacific to Witness Commendable Rise in Demand for Grid Scale Battery Storage
The terrain and geographical location of several countries in Asia Pacific make them suitable for generation of renewable power. This factor is expected to power the development of smart projects across the region. Furthermore, Japan and North Korea are aggressively pursuing their energy development plans that include the use of renewable at a massive scale. This factor is creating new opportunities for growth and expansion within the Asia Pacific grid-scale battery storage market. Besides, the region has also shown immense grit in exploring the potential of high-energy density batteries such as lithium-ion batteries. The electric vehicle landscape has accelerated lithium-ion battery production which could in turn support market growth.
Some of the leading names in the global grid-scale battery storage market are Panasonic Corporation, BYD Company Ltd., LG Chem, Mitsubishi Electric Corporation, SAMSUNG SDI CO., LTD., and GS Yuasa Corporation.
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