Grid Scale Battery Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Grid Scale Battery Manufacturers & Companies and it is Segmented by Battery Type (Lead-Acid Battery, Lithium-ion Battery, and Others), Application (Frequency Regulation, Bill Management, Load Shifting, and Others), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa)

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Grid Scale Battery Market Size

Grid Scale Battery Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
CAGR > 15.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Grid Scale Battery Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Grid Scale Battery Market Analysis

The electricity generation through renewables grew at a CAGR of more than 15% during the period 2011-2018 and is expected to continue the same trend over the forecast period. This factor, in turn, is expected to drive the grid scale battery market as batteries are used in renewable integration into the grid. Moreover, the concerns regarding the negative effect of climate change clubbed with the growing carbon emission in major cities have created a significant demand for renewable integration. Major factors fostering the growth of the market include the investments in renewable energy, and the cost reduction of grid-scale battery owing to technological advancements and expanded deployment. Furthermore, the government aids and standards for boosting energy efficiency are likely to drive the growth of the grid-scale battery market in upcoming years. However, the increasing demand-supply mismatch of the vital raw materials such as cobalt has the potential to restrain the growth of the market.

  • The technological advancement, which has led to a sharp increase in the energy density of the lithium-ion battery market even while decreasing the overall cost of lithium-ion batteries, has enabled the increase in the grid-scale battery deployment. Owing to the aforementioned factors, the lithium-ion battery segment is expected to witness the fastest growth rate during the forecast period.
  • The increasing focus on rural electrification using the grid-scale battery deployment is expected to create a significant amount of opportunity for the growth of the market during the forecast period.
  • Asia-Pacific is the fastest-growing market owing to the rapid rate of industrialization and urbanization, which has led to an increase in demand for electricity.

Grid Scale Battery Market Trends

This section covers the major market trends shaping the Grid Scale Battery Market according to our research experts:

Increasing Demand for Lithium-ion Battery

  • The renewable energy sources like wind and solar energy are heavily reliant on the prevailing weather conditions which has been responsible for holding back the growth of renewable deployment. Therefore, the renewable integration with the energy storage system can easily help in the removal of the shortcoming and can provide uninterrupted power supply. With lithium-ion batteries providing a viable option, the demand for these batteries is expected to grow at a significant rate over the forecast period.
  • Furthermore, due to technological innovations and improved manufacturing capacity, lithium-ion battery chemistry has experienced a steep price decline of over 80% from 2011-2018, and prices are projected to decline further. The lithium-ion battery is expected to dominate the market, and is expected to grow during the forecast period, due to its high energy density, fast recharge capability, and high discharge power.
  • Furthermore, the recycling of Li-ion batteries is expected to secure the supply of raw materials, such as cobalt and lithium, and reduce the dependence on extracting and refining materials from mineral resources. Recycling of lithium-ion battery that is currently being used in EVs offers an opportunity for companies to utilize the refined constituent materials, for manufacturing lithium-ion batteries that are to be used for Energy Storage Systems (ESS).
Grid Scale Battery Market : Electricity Generation through Renewables, in Terawatt-hours (TWh), Global, 2011-2018

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific is expected to continue its dominance in the grid-scale market over the forecast period. The region consists of countries with tremendously increasing electricity demand due to urbanization and population growth.
  • The expanding grid in developing countries to meet the electricity demand is likely to include large amounts of renewable energy, which is becoming increasingly cost-effective throughout the world. The deployment of renewable is likely to bestow the opportunity for the increase in demand for grid-scale batteries during the forecast period.
  • Furthermore, developing countries like India are aiming to create 275 GW of total wind and solar capacity by 2027. Renewable energy's share of installed capacity is forecast to rise to 43% by 2027. With the growing renewable sector, the demand for grid-scale batteries, to address the challenges related to intermittency in renewable power generation, is expected to grow.
  • Favorable policies, such as the energy efficiency standards and increasing peak demand charges, is expected to drive the demand for grid-scale batteries in the region.
Grid Scale Battery Market : Growth Rate by Region, 2020-2025

Grid Scale Battery Industry Overview

The grid scale battery market is moderately fragmented. Some of the key companies in market include Panasonic Corporation, LG Chem Ltd., Contemporary Amperex Technology Co Ltd, Samsung SDI Co. Ltd., and BYD Co Ltd..

Grid Scale Battery Market Leaders

  1. Panasonic Corporation

  2. LG Chem Ltd

  3. Contemporary Amperex Technology Co Ltd

  4. Samsung SDI Co. Ltd

  5. BYD Co. Ltd

*Disclaimer: Major Players sorted in no particular order

Grid Scale Battery Market Concentration
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Grid Scale Battery Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast, in USD billion, till 2025

    3. 4.3 Global Annual Energy Storage Deployments (in MW), till 2025

    4. 4.4 Recent Trends and Developments

    5. 4.5 Government Policies and Regulations

    6. 4.6 Investment Opportunities

    7. 4.7 Market Dynamics

      1. 4.7.1 Drivers

      2. 4.7.2 Restraints

    8. 4.8 Supply Chain Analysis

    9. 4.9 Porter's Five Forces Analysis

      1. 4.9.1 Bargaining Power of Suppliers

      2. 4.9.2 Bargaining Power of Consumers

      3. 4.9.3 Threat of New Entrants

      4. 4.9.4 Threat of Substitutes Products and Services

      5. 4.9.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Battery Type

      1. 5.1.1 Lead-Acid Battery

      2. 5.1.2 Lithium-ion Battery

      3. 5.1.3 Others

    2. 5.2 Application

      1. 5.2.1 Frequency Regulation

      2. 5.2.2 Bill Management

      3. 5.2.3 Load Shifting

      4. 5.2.4 Others (Renewable Integration, Transmission and Distribution Services, Black Start, etc.)

    3. 5.3 Geography

      1. 5.3.1 North America

      2. 5.3.2 Europe

      3. 5.3.3 Asia-Pacific

      4. 5.3.4 South America

      5. 5.3.5 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Tesla Inc.

      2. 6.4.2 Panasonic Corporation

      3. 6.4.3 LG Chem Ltd.

      4. 6.4.4 Contemporary Amperex Technology Co Ltd

      5. 6.4.5 Samsung SDI Co.Ltd.

      6. 6.4.6 BYD Co Ltd

      7. 6.4.7 East Penn Manufacturing Company

      8. 6.4.8 GS Yuasa Corporation

      9. 6.4.9 Clarios

    5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Grid Scale Battery Industry Segmentation

The grid scale battery market report include:

Battery Type
Lead-Acid Battery
Lithium-ion Battery
Others
Application
Frequency Regulation
Bill Management
Load Shifting
Others (Renewable Integration, Transmission and Distribution Services, Black Start, etc.)
Geography
North America
Europe
Asia-Pacific
South America
Middle-East and Africa
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Grid Scale Battery Market Research FAQs

The Grid Scale Battery Market is projected to register a CAGR of greater than 15% during the forecast period (2024-2029)

Panasonic Corporation, LG Chem Ltd, Contemporary Amperex Technology Co Ltd, Samsung SDI Co. Ltd and BYD Co. Ltd are the major companies operating in the Grid Scale Battery Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Grid Scale Battery Market.

The report covers the Grid Scale Battery Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Grid Scale Battery Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

The Target Audience for Grid-Scale Battery Market Insights includes a) Transmission and distribution utilities b) Power generation utilities and consulting firms c) Research organizations and battery manufacturers d) Engineering and construction companies in the distribution sector

The lithium-ion battery segment is anticipated to grow in Grid-Scale Battery Market rapidly due to its high energy density, fast recharge capability, declining costs, and advancements in battery chemistry.

Grid Scale Battery Industry Report

The global grid-scale battery market is witnessing significant growth, propelled by the increasing integration of renewable energy sources and the demand for efficient energy storage solutions. Segmented by type, ownership-model, application, and region, the market features lithium-ion, lead acid, flow, and sodium-based batteries. Ownership models span third-party and utility-owned systems, serving applications like renewable integration, peak shift, ancillary services, and back-up power. This expansion is driven by technological advancements, cost reductions, and rising investments in renewable energy. Key regions include North America, Europe, and Asia-Pacific, with Asia-Pacific poised for rapid growth due to industrialization and urbanization. Market drivers encompass the need for renewable energy integration, enhanced grid stability, and the adoption of molten salt batteries. The market's moderate fragmentation highlights a focus on innovation and strategic partnerships to fulfill the increasing demand for efficient and reliable energy storage solutions. Statistics from Mordor Intelligence™ Industry Reports reveal insights into market share, size, revenue growth rate, and a forecast outlook, offering a comprehensive historical overview. For detailed industry analysis, a free report PDF download is available, providing a sample of this in-depth market analysis.

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Grid Scale Battery Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)