Pune,India, April 11, 2023 (GLOBE NEWSWIRE) -- The global grid-scale battery market size was assessed at USD 5.77 billion in 2021. The market is projected to grow from USD 7.72 billion in 2022 to USD 30.95 billion by 2029, showcasing a CAGR of 21.9% during the 2022-2029 period. Benefits offered by grid-scale batteries, growing integration of renewable energy with battery storage, and rising adoption of molten salt batteries are driving market growth. This information is provided by Fortune Business Insights, in its report titled, “Grid-Scale Battery Market, 2022-2029.”
Request a Free Sample of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf-pop/grid-scale-battery-market-101304
Grid-Scale Battery Market Scope:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 21.9% |
| 2029 Value Projection | USD 30.95 |
| Base Year | 2021 |
| Market Size in 2021 | USD 5.77 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 181 |
| Segments covered | By Battery Chemistry, Ownership, Application, and Region |
| Growth Drivers | Advantages of Grid-Scale Battery to Propel Market Growth |
| Increased Integration of Renewable Energy with Battery Storage to Boost the Adoption of Batteries |
Drivers & Restraints:
Advantages of Grid-Scale Battery Adoption to Propel Market Growth
Benefits of energy storage include growing resilience and reliability and integration of diverse resources. Grid-scale batteries also provide arbitrage facility. For the record, arbitrage refers to charging the battery when prices are low and discharging it when they are high. It helps Battery Energy Storage System (BESS) operators to make higher revenue. Moreover, BESS operators can use load balancing to enlarge profit margins. These advantages of adopting grid-scale batteries will boost market proliferation.
On the other hand, fragility of lithium-ion and quick aging and degradation of lithium-ion batteries will hinder the grid-scale battery market growth in the coming years.
COVID-19 Impact:
Global Market Expanded Significantly Despite Supply Chain Disruptions Amid the Pandemic
The COVID-19 pandemic resulted in the implementation of stringent lockdowns and closure of manufacturing facilities in several economies across the world. This, in turn, restricted battery supply due to unavailability of battery components. Battery components are mainly available in China as the country is a leading producer of lithium and cobalt. Despite these challenges, the global market is projected to grow significantly.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/grid-scale-battery-market-101304
Regional Insights
North America to Dominate Backed by Favorable Government Regulations
North America held majority of the global market share in 2021 owing to rising investments in research & development by public and private companies and announcement of favorable government regulations. Announcement of tax incentives to promote renewable energy deployment will further propel market growth in this region.
Asia Pacific is anticipated to record highest CAGR over the forecast timeframe owing to investments to boost grid-scale battery adoption.
Europe market is projected to register substantial growth due to government efforts to promote local battery manufacturing and develop energy storage facilities in fossil fuel-dependent regions.
Quick Buy - Grid-Scale Battery Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101304
Competitive Landscape:
Investments in Advanced Technology by Leading Players to Aid Market Proliferation
Industry leaders often make strategic decisions to gather massive revenues, enhance reach, and enlarge profit margins. One such move is improving productivity by adopting advanced technology. For instance, in May 2021, 24M announced that it secured USD 56.8 million in Series E funding to commercialize its simple, capital-efficient, and low-cost semisolid manufacturing process and enhance its technology development programs for electric vehicle and grid storage applications. As a part of the funding round, Hiroaki Murase, the General Manager of ITOCHU's sustainable energy business division will be joining the 24M board.
Key Industry Development:
September 2022: Redflow announced its plans of collaborating with the University of Queensland within the Australian Research Council (ARC) Research Hub for Safe and Reliable Energy Storage. The research project known as "Extending Flow Battery Operation" aims to develop a deeper understanding of electrode materials and electrolyte chemistry to expand Zinc Bromine Module (ZBM) operational characteristics.
List of Key Players Mentioned in the Report:
- Samsung SDI CO., LTD. (South Korea)
- NGK Insulators, LTD. (Japan)
- BYD Company Ltd (China)
- General Electric (U.S.)
- Redflow Limited (Australia)
- Ambri Incorporated (U.S.)
- VRB Energy (Canada)
- 24M Technologies, Inc. (U.S.)
- Lockheed Martin Corporation (U.S.)
- FZSONICK SA (Switzerland)
- KORE Power, Inc. (U.S.)
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/grid-scale-battery-market-101304
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends
4.2. Latest Technological Advancement
4.3. Insight on Regulatory Landscape
4.4. Porters Five Forces Analysis
4.5. Impact of COVID-19 on the Grid-Scale Battery Market
5. Global Grid-Scale Battery Market Analysis (USD Billion), Insights and Forecast, 2018-2029
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Battery Chemistry
5.2.1.Lead-acid
5.2.2.Sodium-based
5.2.3.Redox Flow
5.2.4.Lithium-ion
5.2.5.Others
5.3. Market Analysis, Insights and Forecast – By Ownership
5.3.1.Third-Party Owned
5.3.2.Utility Owned
5.4. Market Analysis, Insights and Forecast – By Application
5.4.1.Renewables
5.4.2.Peak Shifting
5.4.3.Ancillary Services
5.4.4.Backup Power
5.4.5.Others
5.5. Market Analysis, Insights and Forecast – By Region
5.5.1.North America
5.5.2.Europe
5.5.3.Asia Pacific
5.5.4.Rest of the World
6. North America Grid-Scale Battery Market Analysis (USD Billion), Insights and Forecast, 2018-2029
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Battery Chemistry
6.2.1.Lead-acid
6.2.2.Sodium-based
6.2.3.Redox Flow
6.2.4.Lithium-ion
6.2.5.Others
6.3. Market Analysis, Insights and Forecast – By Ownership
6.3.1.Third-Party Owned
6.3.2.Utility Owned
6.4. Market Analysis, Insights and Forecast – By Application
6.4.1.Renewables
6.4.2.Peak Shifting
6.4.3.Ancillary Services
6.4.4.Backup Power
6.4.5.Others
6.5. Market Analysis, Insights and Forecast – By Country
6.5.1.U.S.
7. Competitive Analysis
7.1. Company Market Share Analysis, 2021
7.2. Company Profile
7.2.1. Samsung SDI CO.,LTD.
7.2.1.1. Business Overview
7.2.1.2. Product & Service Offering
7.2.1.3. Overall Revenue
7.2.1.4. Recent Development
Continued…
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/grid-scale-battery-market-101304
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
