Grid Scale Battery Market Growth, Trends & Share | 2022-27

 

Market Overview:

Renewable energy-based electricity generation grew at a CAGR of more than 15% between 2011 and 2018, and it is anticipated that this trend will continue over the forecast period. As batteries are used in the integration of renewable energy into the grid, this factor is predicted to drive the grid scale battery market. Furthermore, there is a high demand for the integration of renewable energy due to worries about the adverse effects of climate change combined with the rising carbon emissions in major cities. Investments in renewable energy and the cost reduction of grid-scale batteries due to technological advancements and increased deployment are significant drivers of the market’s expansion.

In addition, the government’s standards and subsidies for increasing energy efficiency are probably what will spur the market for grid-scale batteries in the coming years. However, the growing gap between supply and demand for key raw materials like cobalt has the potential to slow the market’s expansion.

Scope of the report

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