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Grid-scale Battery Storage Global Market Worth $22.22 Billion By 2028 Rapid Growth Predicted CAGR of 31.1% | BYD Company Ltd., Mitsubishi Electric, ABB Ltd., NextEra Energy, Xcel Energy Inc.
Grid-scale Battery Storage Global Market
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According to The Business Research Company's, The grid-scale battery storage market size has grown exponentially in recent years. It will grow from $5.73 billion in 2023 to $7.51 billion in 2024 at a compound annual growth rate (CAGR) of 31.0%. The growth in the historic period can be attributed to growing energy consumption, fossil fuel plant retirement, increased focus on energy independence and resilience, corporate sustainability goals, regulatory support for ancillary services.
The grid-scale battery storage market size is expected to see exponential growth in the next few years. It will grow to $22.22 billion in 2028 at a compound annual growth rate (CAGR) of 31.1%. The growth in the forecast period can be attributed to development of hydrogen energy storage, advances in alternative battery technologies, electric vehicle integration, decarbonization policies, increased renewable energy penetration. Major trends in the forecast period include focus on sustainability and recycling, rising interest in virtual power plants, increased use of artificial intelligence, hybrid renewable energy systems, and growth in long-duration energy storage.
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Market Drivers and Trends:
The increase in renewable energy demand is expected to propel the growth of the grid-scale battery storage market going forward. Renewable energy refers to energy derived from natural sources that are continuously replenished, such as sunlight, wind, and geothermal heat. The increase in renewable energy demand is driven by the need to address climate change, reduce environmental impact, and enhance energy security and sustainability. The use of grid-scale battery storage in renewable energy involves storing excess energy generated from sources such as solar or wind to ensure a steady power supply when production is low or demand is high. For instance, in March 2024, according to the European Environment Agency, a Denmark-based government agency, in 2022, renewable sources accounted for 23% of the energy consumed in the EU, up from 21.9% in 2021. Therefore, the increase in renewable energy demand is driving the growth of the grid-scale battery storage market.
Major companies operating in the grid-scale battery storage market are focusing on developing innovative solutions, such as energy storage systems, to enhance energy density and efficiency, as well as zero degradation for both power and capacity. Energy storage systems are technologies that capture and store energy for later use, balancing supply and demand to enhance efficiency and reliability. For instance, in April 2024, Contemporary Amper*ex Technology Co. (CATL), a China-based battery manufacturing company, launched the TENER energy storage product. TENER is designed for large-scale applications, boasting high energy density and an extended cycle life. Utilizing advanced lithium-ion technology, it ensures improved safety and efficiency, while its modular design provides flexible scalability to accommodate varying grid demands. Additionally, TENER delivers strong performance in extreme temperatures, ensuring reliable operation in diverse environmental conditions.
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Major Key Players of the Market:
E.ON SE, The General Electric Company, BYD Company Ltd., Mitsubishi Electric, ABB Ltd., Johnson Controls International PLC, Pacific Gas and Electric, NextEra Energy, Samsung SDI Co. Ltd., Xcel Energy Inc., Sungrow Power Supply Co. Ltd., EnerSys, AES Corporation, Fluence Energy Inc., RES Group, Northvolt AB, EDP Renewables, Saft Groupe S.A., Stem Inc., NEC Energy Solutions, Eos Energy Enterprises, LG Energy Solution, Narada Power Source Co. Ltd., ESS Inc.
Grid-scale Battery Storage Market 2024 Key Insights:
• The grid-scale battery storage market size is expected to see exponential growth in the next few years. It will grow to $22.22 billion in 2028 at a compound annual growth rate (CAGR) of 31.1%.
• Rising Renewable Energy Demand Fuels Growth In Grid-Scale Battery Storage Market
• Innovative Energy Storage Systems Enhance Efficiency And Reliability In Grid-Scale Applications
• North America was the largest region in the grid-scale battery storage market in 2023
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