Global Grid-Scale Battery Market Report and Forecast 2024-2032

Global Grid-Scale Battery Market Report and Forecast 2024-2032

Global Grid-Scale Battery Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global grid-scale battery market grew substantially in 2023. Aided by the accelerating global shift towards renewable energy sources and the imperative need for efficient energy storage solutions, the market is projected to further grow at a CAGR of 33.10% between 2024 and 2032.

Grid-scale batteries, or large-scale energy storage systems, are specifically designed to store electrical energy at a large scale within an electrical power grid. These batteries play a crucial role in ensuring energy reliability, balancing supply and demand, mitigating the intermittent nature of renewable sources like wind and solar, and enhancing grid stability.

The relentless drive towards greener energy solutions worldwide is a primary factor stimulating the grid-scale battery market growth. As countries actively move away from traditional fossil fuel-based energy systems to reduce their carbon footprint and meet international environmental obligations, the integration of renewables into the grid has become increasingly significant. However, the inherent intermittency associated with renewable energy sources demands efficient and reliable energy storage solutions, spotlighting the importance of grid-scale batteries.

As per the grid-scale battery market analysis, advancements in battery technologies, notably the evolution of lithium-ion batteries, have made grid-scale storage more efficient and cost-effective. Reduced costs, combined with enhanced battery lifespan and energy density, have made grid-scale battery solutions more appealing to energy providers and grid operators.

The rising adoption of electric vehicles (EVs) worldwide further augments the demand for grid-scale battery storage. As EVs become mainstream, the stress on electrical grids will substantially increase, necessitating efficient energy storage and distribution mechanisms. Grid-scale batteries can address peak load demands, ensuring seamless energy availability even during high-demand periods and further contribute to the grid-scale battery market size.

Industrial applications, too, are emphasising the adoption of grid-scale batteries. With industries becoming more energy-intensive and the demand for uninterrupted power becoming crucial for operational efficiency, the need for reliable energy storage solutions is at an all-time high.

Governments worldwide are recognising the importance of grid-scale batteries in the modern energy ecosystem. As a result, many regions are rolling out favourable policies, subsidies, and incentives to accelerate the adoption of these storage systems which propels the grid-scale battery market demand.

Market Segmentation

The market can be divided based on type, ownership, application, and region.

Market Breakup by Type

• Lithium-Ion Battery
• Lead Acid Battery
• Flow Battery
• Sodium-Ion Battery
• Zinc Hybrid
• Others

Market Breakup by Ownership

• Third-Party Owned
• Utility Owned

Market Breakup by Application

• Renewables
• Peak Shifting
• Ancillary Services
• Backup Power
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global grid-scale battery market. Some of the major players explored in the report by Expert Market Research are as follows:

• ABB Ltd.
• Hitachi Energy Ltd.
• Sumitomo Electric Industries, Ltd.
• LG Energy Solution
• Leclanche SA
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.