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Northrook, IL -- (SBWIRE) -- 03/13/2020 -- According to the market report published by MarketsandMarkets™ "Grid-Scale Battery Market by Type (Lithium-Ion, Lead Acid, Flow Battery, Sodium-Based), Ownership-Model (Third-Party, Utility), Application (Renewable Integration, Peak Shift, Ancillary Services, Back-Up Power), and Region - Global Forecast to 2023", the global grid-scale battery market is expected to be valued at USD 1.37 billion in 2018 and is likely to grow at a CAGR of 33.52% during the forecast period to reach USD 5.82 billion by 2023. Factors driving the growth of the market include the increasing investments in renewable energy, reducing costs of grid-scale battery owing to technological advancements and expanded deployment.

According to the new research report "Grid-Scale Battery Market by Type (Lithium-Ion, Lead Acid, Flow Battery, Sodium-Based), by Ownership-Model (Third-Party, Utility), by Application (Renewable Integration, Peak Shift, Ancillary Services, Back-Up Power), and Region - Global Forecast to 2023", the grid-scale battery market is expected to grow from USD 1.37 Billion in 2018 to USD 5.82 Billion by 2023, at a CAGR of 33.52% during the forecast period. The growth of this market can be attributed to the increasing investments in renewable energy, reducing costs of grid-scale battery owing to technological advancements and expanded deployment, and government subsidies and regulations for enhancing energy efficiency.

The global grid-scale battery market is expected to be valued at USD 1.37 billion in 2018 and is likely to grow at a CAGR of 33.52% during the forecast period to reach USD 5.82 billion by 2023. Factors driving the growth of the market include the increasing investments in renewable energy, reducing costs of grid-scale battery owing to technological advancements and expanded deployment.

According to a new market research report "Grid-Scale Battery Market by Type (Lithium-Ion, Lead Acid, Flow Battery, Sodium-Based), by Ownership-Model (Third-Party, Utility), by Application (Renewable Integration, Peak Shift, Ancillary Services, Back-Up Power), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 1.37 Billion in 2018 to USD 2.01 Billion by 2023, at a CAGR of 33.52% during the forecast period. The growth of this market can be attributed to the increasing investments in renewable energy, reducing costs of grid-scale battery owing to technological advancements and expanded deployment, and government subsidies and regulations for enhancing energy efficiency.

the grid-scale battery market is expected to grow from USD 1.37 Billion in 2018 to USD 5.82 Billion by 2023, at a CAGR of 33.52% during the forecast period. The growth of this market can be attributed to the increasing investments in renewable energy, reducing costs of grid-scale battery owing to technological advancements and expanded deployment, and government subsidies and regulations for enhancing energy efficiency.

The grid-scale battery market is expected to grow from USD 1.37 Billion in 2018 to USD 5.82 Billion by 2023, at a CAGR of 33.52% during the forecast period. The growth of this market can be attributed to the increasing investments in renewable energy, reducing costs of grid-scale battery owing to technological advancements and expanded deployment, and government subsidies and regulations for enhancing energy efficiency.

The global synchronous generator market size is estimated to be USD 4.7 billion in 2023 and is projected to reach USD 5.9 billion by 2028, at a CAGR of 4.6% during the forecast period. Synchronous generators are essential in power plants for generating electricity on a large scale as they provide grid stability, high efficiency, voltage regulations and synchronization with the grid. The new technological advancements in synchronous generators is virtual synchronous generators (VSGs). Virtual synchronous generators (VSGs) are software-based models of synchronous generators that can be used in power systems to provide inertia and stabilize grid frequency. VSGs use advanced control algorithms to emulate the behavior of traditional synchronous generators, which have been used for decades to provide these grid-stabilizing services. However, VSGs are not physical machines and do not require physical components like rotors or stators. Instead, they can be implemented in power converters connected to renewable energy sources, such as wind turbines and solar panels, enabling these sources to contribute to grid stability in a way that was previously only possible with traditional synchronous generators.

the grid-scale battery market is expected to grow from USD 1.37 Billion in 2018 to USD 5.82 Billion by 2023, at a CAGR of 33.52% during the forecast period. The growth of this market can be attributed to the increasing investments in renewable energy, reducing costs of grid-scale battery owing to technological advancements and expanded deployment, and government subsidies and regulations for enhancing energy efficiency.

The global synchronous generator market size is estimated to be USD 4.7 billion in 2023 and is projected to reach USD 5.9 billion by 2028, at a CAGR of 4.6% during the forecast period. Synchronous generators are essential in power plants for generating electricity on a large scale as they provide grid stability, high efficiency, voltage regulations and synchronization with the grid.

The CHP market size will grow to USD 35.2 billion by 2026 (forecast year) from USD 26.6 billion in 2021 (estimated year), at a CAGR of 5.8% during the forecast period. Combined heat and power (CHP) is an energy-efficient technology that generates electricity and captures the heat that would otherwise be wasted to provide useful thermal energy, such as steam or hot water. This steam or hot water, in turn, can be used for heating, cooling, and other domestic and industrial processes. The conventional method of producing usable heat and power separately has a typical combined efficiency of 45%, where CHP systems can operate at levels as high as 80%. CHP can be implemented for different types of prime movers, such as gas turbines, steam turbines, reciprocating engines, fuel cells, and microturbines. CHP is also called cogeneration, and it can be used in an individual facility/building or a district energy/utility resource. The technology is typically employed at facilities where there is a need for electricity and thermal energy. It provides benefits such as a reduction in dependency on grid support due to on-site electricity generation, enhanced reliability, reduced costs of energy and initial setup, increased resiliency against power disruption, and reduction in harmful emissions. Critical electrical and thermal loads can be handled by CHP systems during grid power outages. Micro turbines are a type of combustion turbine that produces both heat and electricity on a relatively small scale.