Richmond, Nov. 28, 2023 (GLOBE NEWSWIRE) -- According to a research report "Grid Scale Battery Market, by Battery Type (Lithium-ion Battery, Lead-acid Battery, Sodium-ion Battery, Flow Battery and Others), Deployment (Transmission Network, Distribution Network and Renewable Energy Generators), Integration (Stand-alone and Collocated), By Application (Peak Shaving, Load Shifting, Renewable Sources Integration, Backup Power and Others), By End-use Industry (Commercial and Government) and Region.
Global Grid Scale Battery Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 1.02 Billion |
| Market size value in 2030 | USD 5.57 Billion |
| CAGR (2023-2030) | 27.5% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Battery Type, Deployment, Integration, Application, End-use Industry and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Grid Scale Battery Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The market for grid-scale batteries is experiencing substantial growth in response to the increasing demand for renewable energy sources. With global electricity consumption on the upswing, power companies are grappling with the challenge of maintaining a consistent flow of electricity to consumers. Grid-scale batteries emerge as a key solution to this dilemma, and numerous companies are swiftly adopting this technology. The widespread application of grid-scale batteries in peak shaving, load shifting, and the integration of renewable resources is a major factor fueling market growth. Additionally, technological advancements are contributing to a significant decline in battery costs, further propelling the market forward. Although currently in its initial stages, the grid-scale battery market is poised for exponential growth throughout the forecast period. Factors such as the increasing generation of renewable energy and favorable government regulations are expected to significantly boost the grid-scale battery industry.
Major Vendors in the Global Grid Scale Battery Market:
- ABB
- BYD Co Ltd
- Contemporary Amperex Technology Co. Limited
- Fluence Corporation Ltd
- General Electric Company
- GS Yuasa Corporation
- LG Energy Solution, Ltd.
- NGK Insulators Ltd
- Panasonic Corporation
- S&C Electric Co
- Saft
- Samsung SDI Co Ltd
- Tesla Inc
- Toshiba Corporation
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Rising urbanization and electricity demand are notably driving market growth
The increase in population, elevated living standards, and enhanced availability of facilities and infrastructure are driving a rapid wave of urbanization. As of May 2020, over half of the global population resided in urban areas, and projections suggest that this figure will surpass two-thirds by 2050. The surge in urban population is particularly prominent in underdeveloped and developing nations. Urbanization is intricately linked to various macroeconomic factors, including national policymaking, governmental initiatives, and development efforts. Additionally, the escalating power consumption associated with urban growth necessitates grid-scale Energy Storage Systems (ESSs) for tasks such as frequency regulation and power backup. This increasing demand is anticipated to boost the sales of grid-scale batteries and storage systems, making them crucial for energy storage. Consequently, the concurrent rise in urbanization and electricity requirements is poised to significantly propel the global grid-scale battery market's growth throughout the forecast period.
Market Dynamics
Drivers:
- Increasing Renewable Energy Investments
- Reduction in Cost Owing to Technological Advancements and Expanded Deployment
- Government Subsidies and Regulations for Enhancing Energy Efficiency
Opportunities:
- Increasing Focus on Rural Electrification
- Development of Molten-Salt Battery Technology
Increased integration of renewable energy with battery storage
The Grid Scale Battery Market is witnessing a notable trend marked by the increased integration of renewable energy sources with battery storage systems. As the global emphasis on sustainable practices grows, there is a rising need to harness the intermittent nature of renewable energy. Battery storage serves as a crucial solution to address the variability of renewable sources by storing excess energy during periods of abundance and releasing it during high demand. This integration enhances the reliability and stability of the grid, facilitating a smoother transition to a more sustainable and resilient energy infrastructure. The synergy between renewable energy and battery storage not only contributes to a cleaner and more efficient energy landscape but also plays a pivotal role in mitigating the challenges associated with intermittent renewable sources, ultimately driving the growth and efficiency of the Grid Scale Battery Market.
The market for Grid Scale Battery is dominated by North America.
North America is poised to emerge as a key player in the market, with the United States expected to lead the region due to a substantial number of grid-scale battery projects. Europe is anticipated to hold a significant market share, driven by a strong emphasis on renewable energy initiatives. In February 2019, AES Corp. announced a noteworthy project—a 100 MW, 4-hour duration battery-based energy storage system—to enhance grid stability for Arizona Public Service (APS) in the United States, marking a pivotal 20-year commitment with operations set to commence in June 2021.
Countries in the Asia-Pacific region, including India and China, are projected to experience rapid market growth, fueled by their significant adoption of grid-scale battery energy storage systems. India, in particular, as one of the world's fastest-growing economies, inaugurated its first grid-scale battery-based energy storage system in February 2019. Owned by AES Corp. and Mitsubishi Corp., the 10 MW system in New Delhi, operated by Tata Power-DDL, serves the dual purpose of enhancing grid stabilization and efficiently managing peak loads in the city.
The > 500 kW - 2 MW Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
Based on the deployment network, the grid-scale battery market analysis is done for transmission network, distribution network, and renewable energy generators. In 2022, the transmission network segment dominated the market size with a substantial Compound Annual Growth Rate (CAGR). This dominance is attributed to the transmission network's capability to facilitate the integration of renewable energy sources. It achieves this by transporting electricity generated from distant wind farms or solar installations to areas with high demand. However, over the forecast period, the distribution network system is expected to experience the fastest growth. The distribution network provides the advantage of battery-supported demand response programs, encouraging consumers to reduce energy consumption during peak periods. Batteries play a crucial role in maintaining proper voltage levels, thereby enhancing the quality of power delivered to consumers. These factors present lucrative opportunities for the growth of the grid-scale battery market within the distribution network segment.
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