Wilmington, Delaware, United States, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The global grid-scale battery market is projected to flourish at a CAGR of 26.1% from 2022 to 2031. As per the report published by Transparency Market Research, a valuation of US$ 55.3 billion is anticipated for the market in 2031. As of 2023, the market for grid-scale batteries is expected to close at US$ 8.7 billion.
Growing energy demand, particularly in urban areas and emerging markets, and modernization of aging infrastructure in developing economies drive the need for grid-scale energy storage to meet peak loads, driving the growth of the grid-scale battery market.
The surging adoption of lithium-ion batteries in diverse products, including EVs, personal gadgets, medical equipment, and large-scale storage of renewable energy for power grids, is expected to dominate the industry during the forecast period.
Increasing government incentives, subsidies, and supportive policies encourage the deployment of grid-scale batteries, and renewable energy projects are expected to provide opportunities for market expansion.
Increasing the use of renewable energy and reducing the reliance on fossil fuels, drive the market for grid-scale batteries as these batteries contribute to greenhouse gas emissions reduction and combat climate change.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 5.5 Bn | |
| Estimated Value | US$ 55.3 Bn | |
| Growth Rate - CAGR | 26.1% | |
| Forecast Period | 2022-2031 | |
| No. of Pages | 198 Pages | |
| Market Segmentation | By Battery Type, By Deployment, By Integration, By Application, By End-use Industry | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | ABB, BYD Company Ltd., Fluence, General Electric, LG Energy Solution, Ltd., NGK Insulators, Ltd., Panasonic Industry Co., Ltd., S&C Electric Company, Samsung SDI Co., Ltd., Tesla, Toshiba Corporation, Contemporary Amperex Technology Co., Limited | |
Key Takeaways from the Market Study
- As of 2022, the grid-scale battery market was valued at US$ 6.9 billion
- By battery type, the lithium-ion battery segment is expected to dominate the industry during the forecast period. The lithium-ion battery is a viable large-scale commercial electrochemical energy storage system.
- Based on deployment, the renewable energy generators segment is anticipated to dominate the industry during the forecast period
- Based on application, the renewable integration segment is expected to generate high revenue during the forecast period.
Grid-scale Battery Market: Key Trends and Opportunistic Frontiers
- Grid-scale battery storage systems are widely employed to store renewable energy. Modernization and expansion of electric power grids is expected to augment market statistics during the forecast period.
- The increasing technological advancement in battery technology and developments in battery chemistry, energy density, and cost reduction make grid-scale batteries more efficient and cost-effective.
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Grid-scale Battery Market – Regional Analysis
- Asia Pacific is anticipated to grow at a significant rate in the next few years due to an increase in the production of lithium-ion batteries and surge in the usage of utility-scale energy storage systems. The increasing renewable energy goals, rapid urbanization, and grid expansion efforts boost the market demand in the region.
- North America dominated the global industry, in terms of revenue, in 2021. The region is likely to maintain its dominance during 2022-2031, as per the latest grid-scale battery market forecast. The integration of renewable energy sources, grid stability concerns, and a growing demand for energy storage solutions drive the market demand in the region.
Competitive Landscape
The global grid-scale battery market is consolidated, with a few large-scale vendors controlling a majority of the share. Most firms are investing significantly in comprehensive research and development activities to increase the availability of e-waste solutions. Transparency Market Research has profiled the following players in its global grid-scale battery market report:
- ABB
- BYD Company Ltd.
- Fluence
- General Electric
- LG Energy Solution, Ltd.
- NGK Insulators, Ltd.
- Panasonic Industry Co., Ltd.
- S&C Electric Company
- Samsung SDI Co., Ltd.
- Tesla
- Toshiba Corporation
- Contemporary Amperex Technology Co., Limited
Key Developments in the Grid-scale Battery Market
- Tesla has been a major player in the grid-scale battery market with its Powerpack and Powerwall products. They continue to develop and install large-scale energy storage projects, such as the Hornsdale Power Reserve in South Australia, which has been expanded.
- Fluence, a joint venture between Siemens and AES, specializes in grid-scale energy storage systems. They have been deploying energy storage solutions worldwide and announced new projects in various regions.
- Samsung SDI focuses on lithium-ion batteries for various applications, including grid-scale energy storage. They have been working on enhancing the energy density and performance of their batteries.
- BYD is a Chinese company known for its electric vehicles and energy storage solutions. They have expanded their presence in the grid-scale battery market, both in China and internationally.
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Grid-scale Battery Market- Key Segments
By Battery Type
- Lithium-ion Battery
- Lead-acid Battery
- Sodium-ion Battery
- Flow Battery
- Others
By Deployment
- Transmission Network
- Distribution Network
- Renewable Energy Generators
By Integration
- Stand-alone
- Collocated
By Application
- Renewable Integration
- Ancillary Services
By End-use Industry
- Commercial
- Government
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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