With rising concerns regarding depleting natural resources such as coal, natural gas, and petroleum, as well as growing concern for rising pollution caused by the use of nuclear powerplants for energy production are the key factors driving the demand for grid-scale energy storage market over the coming years. Moreover, the growing need for electrification and surging expansion in the electricity supply would positively influence market growth in the future.
According to 6Wresearch, Global Grid-Scale Energy Storage Market size is anticipated to register growth during 2019-25. Government regulations for mandatory adoption of grid-scale energy storage systems have led to an increase in the investor’s interest and user demand for the installation of energy storage systems. For instance, Order Instituting Rulemaking (OIR) is opened by the California Public Utilities (CPUC or Commission) for the establishment of energy storage procurement and storage framework leading to a surge in demand for the grid-scale energy storage market.
North America is the leading region in the global grid-scale energy storage market owing to supportive government initiatives to promote clean energy. However, the Asia Pacific region is anticipated to be one of the major revenue generators over the coming years. Pumped hydroelectric power storage segment acquired a major share of market revenue pie in 2018, and is projected to lead the demand during the forecast period as well owing to its large capacity for energy storage.
Key Highlights of the Report:
- Global Grid-Scale Energy Storage Market Overview
- Global Grid-Scale Energy Storage Market Price Trends
- Global Grid-Scale Energy Storage Market Trends and Industry Life Cycle
- Global Grid-Scale Energy Storage Market Overview on Competitive Benchmarking
- Company Profiles
- Global Grid-Scale Energy Storage Market Outlook
- Porter’s Five Force Analysis
- Market Opportunity Assessment
- Global Grid-Scale Energy Storage Market Share, By Players
- Global Grid-Scale Energy Storage Market Share, By Regions
- Global Grid-Scale Energy Storage Market Forecast
- Market Drivers and Restraints
- Key Strategic Recommendations
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