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According to a new report from Wiseguyreports.com, the global grid-scale battery market will be $8.17 billion by 2025.Growth is expected to exceed 31.73 percent in 2018-2025.
The main drivers of market growth are falling prices, thanks to greater deployment and technological development, increased investment in renewable energy, government assistance and subsidies, and rules to improve energy efficiency.Progress in molten salt battery technology is one of the possible opportunities for market growth, and excessive initial capital expenditure is one of the main constraints on the market.
The global grid scale battery market is broken down by type, ownership model and application.By 2025, lithium ion products in the type of market segment will dominate and occupy the largest market share.The peak shift in market segment is expected to maintain the highest market growth rate.
Regional analysis of the global grid-scale battery market is considered applicable to key regions such as asia-pacific, North America, Europe, Latin America and the rest of the world.North America is a world leader in market share because of rising demand for renewable energy storage in the non-residential, residential and utility sectors.The asia-pacific region is expected to dominate the market in 2018-2025, given rising demand for energy from the growing populations of countries and regions such as India, China and Japan.