Fort Collins, Colorado, Nov. 02, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Grid-scale Battery Market was valued at USD 7.5 Billion in 2022 and is anticipated to reach USD 42.8 Billion in 2032 at a CAGR of 19.1%.
The significant surge in the demand for electricity across various end-use sectors has emerged as a key driver of growth. The escalating cost of electricity generation, propelled by the increasing global prices of fossil fuels, has further accentuated this trend. Additionally, the expanding industrial and service sectors have contributed to the annual rise in power demand.
Global electricity demand grew by 2% in 2022 and is expected to grow at 3.2% annually until 2025. Grid storage batteries are becoming a popular alternative for energy storage due to their flexibility, quick response time, and short construction cycles. They provide stability to the grids during peak hours, which contributes to the growth of the grid-scale battery market.
Renewable energy's growing reliance has led to an increase in the market. Energy storage devices are crucial in eliminating energy supply intermittency and variability. They store electricity from various sources and release it to the grid during peak hours when the electricity demand is high and the grid lacks the power to meet it.
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Segmentation Overview:
The global grid-scale battery market has been segmented into battery type, ownership, application, and region. Lithium-ion batteries dominate the grid-scale battery market due to their high energy efficiency, density, and long cycle life. The renewable segment is also seeing significant growth due to the increasing adoption of renewable energy sources for electricity generation.
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Grid-scale Battery Market Report Highlights:
- The global grid-scale battery market growth is anticipated at a CAGR of 19.1% by 2032.
- Investments in renewable energy and cost-effective grid-scale batteries, along with government aid and energy efficiency standards, are driving the growth of the grid-scale battery market.
- Asia Pacific is the largest market for grid-scale batteries due to the high demand for electricity and the shift towards renewable energy in the region.
- Some prominent players in the grid-scale battery market report include Samsung SDI CO., LTD., NGK Insulators, LTD., BYD Company Ltd, General Electric, Redflow Limited, Ambri Incorporated, VRB Energy, 24M Technologies, Inc., Lockheed Martin Corporation, FZSONICK SA, and KORE Power, Inc. among others.
Industry Trends and Insights:
- Ambri, a leading developer of innovative energy storage solutions, has announced that its Liquid Metal battery cells have been awarded UL 1973 certification.
- Redflow has successfully commissioned a 30 kWh battery energy storage system at the Willawong Animal Rehoming Centre run by the Brisbane City Council.
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Grid-scale Battery Market Segmentation:
- By Battery Type: Lithium-ion, Lead Acid, Redox Flow, Sodium-based and Others
- By Ownership: Third-party and Utility
- By Application: Frequency Regulation, Peak Shifting, Backup Power, Renewable Integration, and Others
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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