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The global grid-scale battery market is predicted to grow at 31.8% CAGR during the forecast period with the market size reaching USD 7.8 billion by 2024 from USD 1.1 billion in 2017. The market is driven by the factors such as the declining grid-scale battery cost, increasing investment in renewable energy across the globe, increasingt support for renewable energy, and government initiatives for energy efficiency.
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Grid-Scale Battery Market The global grid-scale battery market is predicted to grow at 31.8% CAGR during the forecast period with the market size reaching USD 7.8 billion by 2024 from USD 1.1 billion in 2017. The market is driven by the factors such as the declining grid-scale battery cost, increasing investment in renewable energy across the globe, increasing support for renewable energy, and government initiatives for energy efficiency.
Grid-Scale Battery Market Asia-Pacific accounted for the major share in the grid-scale battery industry in 2017, and it is expected to witness the fastest growth in demand for these drives due to its large population base which is creating a huge demand of electricity. Also, the increasing investment in power transmission and distribution is one of the major drivers of the region’s market growth.In 2017, India launched first grid-scale battery storage system of the country to integrate 175 GW of renewable energy into the energy system by the year 2022. This plan is commissioned and operated by Tata Power Delhi Distribution, and it is a joint project by Mitsubishi and the U.S. energy storage company AES.
Grid-Scale Battery Market Some of the key players providing grid-scale battery across the globe are LG Chem, Ltd., Tesla Inc., BYD Company Limited, General Electric Company, Panasonic Corporation, ABB Group, Samsung SDI Co. Ltd., Seiko Epson Corporation, Toshiba Corporation, Fluence Energy, LLC, and GS Yuasa Corporation
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