Press release
Grid-scale Battery Storage Market Set to Reach $29.1 Billion by 2029 with 31% Yearly Growth
Grid scale Battery Storage
The growth of the grid-scale battery storage market is anticipated to be driven by the rising demand for renewable energy. Renewable energy, derived from constantly replenishing natural sources like sunlight, wind, and geothermal heat, is seeing an increase in demand due to critical issues such as climate change, environmental impact, and the need for energy sustainability and security. Grid-scale battery storage plays a pivotal role in renewable energy by storing surplus energy created from solar or wind sources to provide a consistent power supply during periods of low production or high demand. For example, data from the European Environment Agency, a Denmark-based government entity, showed that in 2022, renewable sources made up 23% of the energy used in the EU, an increase from 21.9% in 2021. Thus, the rising demand for renewable energy is fuelling the expansion of the grid-scale battery storage market.
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What growth opportunities are expected to drive the grid-scale battery storage market's CAGR through 2034?
In recent years, the market size of grid-scale battery storage has expanded tremendously. Its value is projected to increase from $7.51 billion in 2024 to about $9.87 billion in 2025, experiencing a compound annual growth rate (CAGR) of 31.3%. The historic period's expansion can be traced back to factors such as increased energy intake, the phasing out of fossil fuel plants, a growing emphasis on energy autonomy and resilience, corporate sustainability targets, as well as regulatory reinforcements for ancillary services.
The market size for grid-scale battery storage is anticipated to witness a significant boom in the approaching years. By 2029, it's projected to inflate to a valuation of $29.1 billion with a Compound Annual Growth Rate (CAGR) of 31.0%. The stimulation in growth throughout this period is a result of the emergence of hydrogen energy storage, progress in alternate battery technologies, integration of electric vehicles, policies aimed at decarbonization, and a boost in the penetration of renewable energy. The key trends shaping this period encompass emphasis on sustainability and recycling, heightened attention towards virtual power plants, expanded utilization of artificial intelligence, hybrid renewable energy systems, and a boom in long-duration energy storage.
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What are the emerging trends shaping the future of the grid-scale battery storage market?
Key players in the grid-scale battery storage market are focusing on creating innovative solutions, such as energy storage systems, to boost energy density and efficiency, along with the elimination of degradation for both capacity and power. Energy storage technologies are methods that capture and hold energy for future use, which balances the demand and supply hence increasing efficiency and reliability. For example, in April 2024, Contemporary Amperex* Technology Co. (CATL), a battery manufacturer based in China, introduced the TENER energy storage product. TENER is made for large-scale uses, featuring high energy density and longer cycle life. With its usage of advanced lithium-ion technology, it makes sure of enhanced safety and efficiency, and its modular design adds flexible scalability to cater to different grid needs. Moreover, TENER offers robust performance in harsh temperatures, guaranteeing constant operation under various environmental conditions.
Which growth-oriented segments of the grid-scale battery storage market are leading the industry's development?
The grid-scale battery storagemarket covered in this report is segmented -
1) By Type: Lithium-Ion Batteries, Sodium-Based Batteries, Flow Batteries, Advanced Lead Acid Batteries, Solid State Batteries, Nickel-based Batteries, Fuel Cells, Other Types
2) By Capacity: Small, Medium, Large
3) By Ownership Model: Public, Private
4) By Application: Industrial, Residential, Commercial, Utility, Renewable Integration, Microgrids, Electric Vehicles
Subsegments:
1) By Lithium-Ion Batteries: Lithium Iron Phosphate (LFP), Nickel Manganese Cobalt (NMC), Lithium Nickel Cobalt Aluminum Oxide (NCA)
2) By Sodium-Based Batteries: Sodium-Sulfur, Sodium-Ion Batteries, Sodium-Nickel Chloride Batteries
3) By Flow Batteries: Vanadium Redox Flow Batteries, Zinc-Bromine Flow Batteries, All-Vanadium Flow Batteries
4) By Advanced Lead Acid Batteries: Absorbent Glass Mat (AGM) Batteries, Gel Lead Acid Batteries
5) By Solid State Batteries: Polymer Electrolyte Batteries, Ceramic Electrolyte Batteries
6) By Nickel-Based Batteries: Nickel-Cadmium (NiCd) Batteries, Nickel-Metal Hydride (NiMH) Batteries
7) By Fuel Cells: Proton Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), Alkaline Fuel Cells (AFC)
8) By Other Types: Lithium Titanate Batteries, Supercapacitors, Organic Flow Batteries
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What regions are leading the charge in the grid-scale battery storage market?
North America was the largest region in the grid-scale battery storage market in 2024. The regions covered in the grid-scale battery storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the grid-scale battery storage market?
Major companies operating in the grid-scale battery storage market are 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, Contemporary Amperex* Technology Co. Limited, Eos Energy Enterprises, LG Energy Solution, Narada Power Source Co. Ltd., ESS Inc.
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What Is Covered In The Grid-scale Battery Storage Global Market Report?
•Market Size Forecast: Examine the grid-scale battery storage market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the grid-scale battery storage market for a structured understanding.
•Key Players Overview: Analyze major players in the grid-scale battery storage market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the grid-scale battery storage market.
•Segment Contributions: Evaluate how different segments drive overall growth in the grid-scale battery storage market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the grid-scale battery storage market.
•Industry Challenges: Identify potential risks and obstacles affecting the grid-scale battery storage market.
•Competitive Landscape: Review strategic developments in the grid-scale battery storage market, including expansions, agreements, and new product launches.
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