Grid-Scale Battery Market Growth Forecast: Investments in Renewables Rise

The global grid-scale battery market is anticipated to grow significantly, driven by increasing investments in renewable energy and declining costs of grid-scale batteries during the forecast period.

According to TechSci Research report, “Grid Scale Battery Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”, the global grid scale battery market is expected to register robust growth during the forecast period, 2024-2028 owing to the rapid growth in the production of renewable energy and government initiatives to combat global warming, the addition of numerous large-scale solar and wind projects, the ongoing transition to low-carbon electricity, and the increase in demand for electric vehicles and consumer electronics worldwide are expected to drive the demand of global grid scale battery market.

Moreover, the widespread expansion of renewable energy projects has been regarded as the major contributor to the growth of the global grid scale battery market. Countries all over the world are constructing a significant number of renewable energy projects, such as wind and solar power plants, in an effort to encourage the development of clean energy sources. Due to their intermittent nature, renewable energy plants' expanding capacity has led to a variable output of power and thus, the grid's functioning has suffered. The grid-scale batteries provide a solution to this issue by ensuring the storage of extra electricity during periods of overproduction. In the upcoming years, the market for grid-scale batteries is projected to grow as a result of the continued expansion of renewable energy projects.

Grid-scale batteries are used to reduce the cost of power generation, transmission, and distribution by enhancing the grid's resiliency and dependability of renewable energy-producing facilities. 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 make use of grid-scale batteries.

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The global grid scale battery market is segmented based on battery type, ownership, application, and region. Based on battery type, the market is bifurcated into lead-acid, sodium-based, redox flow, lithium-ion, and others. Based on ownership, the market is further bifurcated into third-party owned and utility owned. Based on application, the market is bifurcated into renewables, peak shifting, ancillary services, backup power, and others. Based on region, the market is further bifurcated into North America, Asia-Pacific, Europe, South America, and Middle East & Africa.

Based on battery type, the lithium-ion segment dominated the market in 2022 and is expected to do so during the forecast period. It is anticipated that recycling Li-ion batteries would lessen the need to harvest and refine components from mineral resources and secure the supply of raw materials like cobalt and lithium. Recycling lithium-ion batteries that are now used in electric vehicles (EVs) gives businesses the chance to use the refined constituent elements to create lithium-ion batteries for grid scale batteries. Due to its high energy density, quick recharge ability, and high discharge power, lithium-ion batteries are a practical alternative that are predicted to dominate the market and expand during the projected period.

Based on ownership, the utility owned segment dominates the market during 2022 due to rise in investments from both public and private utilities. The segment is propelled by the supportive political environment provided by regional groups like the U.S. Energy Storage Association (ESA). Utility companies can better locate and provision storage to fulfil demand since they have a greater understanding of the grid's requirements. Thus, it is expected to drive the growth of global grid scale battery market.

Key market players in the global grid scale battery market are:

Panasonic Corporation

LG Chem Ltd.

Contemporary Amperex Technology Co Ltd

Samsung SDI Co. Ltd.

BYD Co Ltd

East Penn Manufacturing Company

GS Yuasa Corporation

NGK Insulators, Ltd.

Toshiba Corporation

Redflow Limited

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"Over the course of the forecast period, Asia-Pacific is anticipated to maintain its leadership in the global grid-scale market. The region includes nations where the demand for electricity is rising because of rapid urbanization and increased population rate. As renewable еnеrgy is more affordable and accessible, it is increasingly being incorporated into the expanding electrical grids of developing countries to mееt their growing еnеrgy needs.

During the projection period, the use of renewable energy sources is probably going to create a demand opportunity for grid-scale batteries. The need for grid-scale batteries in the area is anticipated to rise as a result of favorable policies like the energy efficiency standards and rising peak demand charges.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Grid Scale Battery Market– Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Battery Type (Lead-acid, Sodium-based, Redox Flow, Lithium-ion, and Others), By Ownership (Third-party Owned, Utility Owned), By Application (Renewables, Peak Shifting, Ancillary Services, Backup Power, and Others), By Region and Competition” has evaluated the future growth potential of global grid scale battery market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global grid scale battery market.

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