Global Grid-Scale Battery Market Size To Grow At A CAGR Of 33.10% In The Forecast Period Of 2023-2028
- March 31, 2023
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The ‘Grid-Scale Battery Global Market, Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global grid-scale battery market, assessing the market on the basis of its segments like type, ownership, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Grid-Scale Battery Market Size, Share, Trends, Industry, Key Player, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 1.82 billion
• Forecast CAGR (2023-2028): 33.10%
The market size for grid-scale batteries is being driven by the shifting preference towards renewable energy. Grid-scale batteries are being increasingly implemented to enable storage of energy generated by power networks. During times of low demand, these batteries enable the storage of extra energy and discharge it into the grid during times of high demand. Systems for grid-scale battery storage are frequently being used to store renewable energy. Electric power grid modernisation is likely to propel the grid-scale battery market growth further.
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Rising demand for improved energy supply networks and rapidly decreasing battery technology costs have encouraged market players to increase their investments in battery energy storage systems. Numerous governments around the world are focusing on the development and implementation of battery energy storage systems to meet the increasing energy demands.
Grid-Scale Battery Industry Definition and Major Segments
Grid-scale batteries are a form of an electrochemical device that are capable of accommodating high levels of renewable energy while aiding grid stability, which helps in improving power generation, transmission, and distribution. Grid-scale batteries are employed for various applications including load shifting, peak power, transmission, and VAR control, among others.
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By type, the market is divided into:
• Lithium-Ion Battery
• Lead Acid Battery
• Flow Battery
• Sodium-Ion Battery
• Zinc Hybrid
Based on ownership, the market is bifurcated into:
• Third-Party Owned
• Utility Owned
On the basis of application, the market is segmented into:
• Peak Shifting
• Ancillary Services
• Backup Power
Grid-Scale Battery Market Trends
The area of North America has taken several actions to encourage the production of electricity from renewable energy sources. Due to this, the market for renewable energy is anticipated to surge in the North American area and support the expansion of the grid-scale battery market during the projected period.
Prisma and pouch cells have excellent characteristics, such as more design freedom, a smaller module-level dead volume, and ease of customisation, which is why they are increasingly being utilised in grid-scale batteries. The market development of grid-scale batteries is being aided by market participants’ attempts to increase lithium-ion battery production capacity.
Improvements in lithium-ion battery chemistry have enhanced battery performance, which is anticipated to aid the growth of the grid-scale battery market throughout the forecast years. The demand for grid-scale batteries is anticipated to surge during the forecast period owing to the ongoing depletion of fossil fuel reserves and the rapid adoption of renewable energy aided by favourable policies by various governments.
Key Market Players
The major players in the grid-scale battery market report are:
• ABB Ltd.
• Hitachi Energy Ltd.
• Sumitomo Electric Industries, Ltd.
• LG Energy Solution
• Leclanche SA
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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