Grid-Scale Battery Market witness a CAGR of 32.8% Supported By the Expansion in Energy Storage Technologies Globally by 2029

Exactitude Consultancy Market Research analyses that the Grid-Scale Battery Market will witness a CAGR of 32.8% for the forecast period of 2023-2029 and is likely USD 1.58 billion at 2022 to reach at USD 20.30 billion by 2029.

Grid-scale batteries are used to increase the grid's dependability and resilience, which lowers the cost of power generation, transmission, and distribution. Grid-scale batteries can be used for a variety of purposes, including frequency regulation, peak power, VAR control, load balancing, and renewable energy integration. Large-scale energy storage is possible within electrical power systems thanks to grid-scale batteries. An energy transmission and distribution grid support system use the automatic grid control (AGC) technology to balance generation and load. Energy management strategies are frequently used in bulk power management for large renewable energy projects like wind farms. Electric batteries, flow batteries, flywheel energy storage, supercapacitors, and other applications all make use of grid-scale batteries.

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Market Dynamics

✦ Increase in Generation of Renewable Energy Augmenting Grid-scale Battery Market Development

Rise in the need for system flexibility and rapid decrease in battery technology costs have been enabling BESSs to play an important role in the energy sector for the last few years. Several policymakers, regulators, and utilities are adopting BESSs, which is contributing to grid-scale battery industry growth. Depletion of fossil fuels and surge in the implementation of government regulations to promote renewable energy are also expected to propel the demand for grid-scale batteries in the next few years. Power generated by renewable sources is attached to microgrids through power devices. This energy is later provided to homes, businesses, and electrical grid environments.

✦ Rise in Demand for Energy

Rapid industrialization and urbanization significantly contribute to a surge in the need for energy worldwide. Additionally, increase in infrastructure expenditure in Asia Pacific has led to high energy consumption. According to the IEA, demand for electricity in Asia Pacific increased by approximately 8% in 2021, up from 2% in 2022. This rise in demand for energy was primarily driven by China and India; the two countries recorded an increase of 10% in 2022.

According to the National Energy Administration (NEA), the total power consumed in China reached 8.31 Trn kilowatt-hours (kWh) in 2022. The number represented 14.7% growth from that in 2023, bringing the two-year average rise to 7.1%. Thus, surge in the consumption of energy is expected to augment market progress in the next few years.

✦ Energy Storage Technologies Fueling Grid-scale Battery Market Expansion

Manufacturers are developing advanced power devices to expand their market share. Long-duration energy storage technologies are gaining traction in the industry. Other types of storage technologies, such as mechanical energy storage and thermal energy storage, are also witnessing high demand in the industry.

Grid-scale battery storage companies are expected to invest in technological advancements in the next few years. These advancements primarily include simulation and computation tools, which are employed in the design stage to meet customer requirements and address various complexities in power systems. Use of automated manufacturing processes has grown to develop quality storage systems in less time. This, in turn, is anticipated to create lucrative growth opportunities for players in the industry.

✦ Surge in Adoption of Lithium-ion Grid-scale Batteries

According to the latest grid-scale battery market trends, the lithium-ion battery segment is expected to dominate the industry during the forecast period. The segment held 90.9% share in 2022. Lithium-ion battery is a viable large-scale commercial electrochemical energy storage system. These batteries have been used in diverse products, including EVs, personal gadgets, medical equipment, and large-scale storage of renewable energy for power grids.

Prominent Key players of the Grid-Scale Battery Market survey report:

Historical data available in the report elaborates on the development of the Grid-Scale Battery on national, regional and international levels. Market Research Report presents a detailed analysis based on the thorough research of the overall market, particularly on questions that border on the market size, growth scenario, potential opportunities, operation landscape, trend analysis, and competitive analysis. Some Key Competitors of the Market are - Samsung, LG Chem, Panasonic, Fluence, Tesla, BYD Company, ABB, GS Yuasa, Toshiba.

Recent Developments:

On April 2023, LG Chem is reinforced its battery materials supply chain by joined hands with China's Hua you Cobalt to build a precursor plant in Saemangeum National Industrial Complex, located 230 kilometers southwest of Seoul, Korea.

On February 2023, Samsung Electronics introduced a new air filter technology that simultaneously collected particulate matter (PM) and decomposed Volatile Organic Compounds (VOCs) and can be used for 20 years through simple water washing.

Grid-Scale Battery Market Segmentation:

Grid-Scale Battery Market by Type, 2023-2029, (USD Billion, Thousand Units)

» Lithium Ion

» Lead Acid

» Flow Battery

» Sodium Based

Grid-Scale Battery Market by Ownership Model, 2023-2029, (USD Billion, Thousand Units)

» Third Party

» Utility

Grid-Scale Battery Market by Application, 2023-2029, (USD Billion, Thousand Units)

» Renewable Integration

» Peak Shift

» Ancillary Services

» Backup Power

The regional outlook by revenue covers the countries namely:

✦ North America (United States, Canada and Mexico)

✦ Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)

✦ Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)

✦ South America (Brazil, Argentina, Colombia, and Rest of South America)

✦ Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

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Key Features of the Grid-Scale Battery Market Report: -

⇨  Analyse competitive developments such as expansions, deployments, new product launches, and market acquisitions.

⇨  Examine the market opportunities for stakeholders by identifying higher growth sections.

⇨  To study and analyse the global Grid-Scale Battery industry status and forecast including key regions.

⇨  An in-depth analysis of key product segments and application spectrum, providing strategic recommendations to incumbents and new entrants to give them a competitive advantage over others.

⇨  It provides a comprehensive analysis of key regions of the industry as well as a SWOT analysis and Porter's Five Forces analysis to provide a deeper understanding of the market.

⇨  It helps you make strategic business decisions and investment plans.

Competitive Landscape

Competition has been growing for the Grid-Scale Battery industry as the supply and demand has been on an increasing trend sine past decade. This report gives a detailed analysis of the presence of various small, medium and micro enterprises in the industry of numerous scales, their relative sizes, product offerings, and market positions in the pre and post pandemic situations. Additionally, the report provides an overview of the competitor strategy with regards to business and corporate office and functions have been provided. The report also mentions about the operations, technology infrastructure, marketing strategies and financial capabilities. Thus, the report gives a very good understanding of the market to the shareholders and stakeholders from an overall perspective.

Highlight the Following Key Factors:

► Business Description: a particular description of agency operations and enterprise departments.

► Company Strategy: The analyst's precis of the company's commercial enterprise strategy.

► SWOT Analysis: Detailed evaluation of the company's strengths, weaknesses, opportunities, and threats.

► Company History: The development of predominant occasions associated to the company.

► Main merchandise and services: A listing of the company's fundamental products, services, and brands.

► Main Competitors: A listing of the company's fundamental competitors.

► Important places and subsidiaries: The company's major places and subsidiaries' listing and contact information.

► Detailed economic ratios of the previous 5 years: The trendy monetary ratios come from the annual economic statements issued by means of agencies with a record of 5 years.

Table of Contents

Global Grid-Scale Battery Market Research Report 2023-2029

1 Grid-Scale Battery Market Overview

1.1 Product Overview and Scope of Grid-Scale Battery

1.2 Grid-Scale Battery Segment by Type (Product Category)

1.3 Global Grid-Scale Battery market Segment by Application

1.4 Global Grid-Scale Battery Market by Region (2023-2029)

1.4.1 Global Grid-Scale Battery Market Size (Value) and CAGR (%) Comparison by Region (2023-2029)

1.4.2 North America Status and Prospect (2023-2029

1.4.3 Europe Status and Prospect (2023-2029)

1.4.4 China Status and Prospect (2023-2029)

1.4.5 Japan Status and Prospect (2023-2029)

1.4.6 Southeast Asia Status and Prospect (2023-2029)

1.4.7 India Status and Prospect (2023-2029)

1.5 Global Market Size (Value) of Grid-Scale Battery (2023-2029)

1.5.1 Global Grid-Scale Battery Revenue Status and Outlook (2023-2029)

1.5.2 Global Grid-Scale Battery Capacity, Production Status and Outlook (2023-2029)

…

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