Grid Scale Battery Market: Current Analysis and Forecast (2021-2027)

Grid Scale Battery Market: Current Analysis and Forecast (2021-2027)

Global grid scale battery market is expected to grow at a CAGR of around 25% during the forecast period (2021-2027). Battery storage is one of several technology options that can enhance power system flexibility and enable high levels of renewable energy integration. Grid scale battery is known as battery energy storage system (BEES) that charges (or collects energy) from the grid or a power plant and then discharges that energy later to provide electricity or other grid services when needed. Therefore, factors such as increasing needs for system flexibility, combined with rapid decreases in the costs of battery technology, have enabled BESS to play an increasing role in the power system in recent years.

Moreover, increasing awareness among consumers regarding effective energy consumption coupled with rising demand to save extra energy produced at the grid location with effective load supervision is expected to play a key role in driving the demand. Also, ascending demand from grids, on account of rising need for distributed energy integration with the grid, is likely to propel the market growth over the forecast period.

Some of the major players operating in the market are Panasonic Corporation, Contemporary Amperex Technology Co. Ltd., Samsung SDI Co. Ltd., BYD Co. Ltd., LG Chem Ltd., Hitachi Ltd., NGK Insulators Ltd., Sumitomo Electric Industries, Ltd., Fluence, and Tesla. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst battery type, lithium-ion battery grid scale battery segment holds the major share”

Based on battery type, the grid scale battery market is segmented into lithium-ion battery, lead acid battery, flow battery, sodium-based battery, and others. The lithium-ion battery segment catered significant demand in grid scale battery market. The technological advancement, which has led to a sharp increase in the energy density of the lithium-ion battery market coupled with decrease in the overall cost of lithium-ion batteries, has enabled the increase in the grid-scale battery deployment.

“Amongst application, ancillary service segment holds the major share”

Based on application, the grid scale battery market is segmented into renewable integration battery, peak shift battery, ancillary service battery, back-up power battery, and others. The ancillary service battery segment holds the considerable market share. As the future of grid-scale battery storage is expected to rely significantly on renewable sources of energy, such as solar and wind. The operator uses grid-scale battery storage systems to provide ancillary services to mitigate the uncertainty and variability of the solar and wind power projects on a grid-scale.

“Asia Pacific represents one of the extensive market shares in global grid scale battery Market”

For a better understanding of the market dynamics of the global Grid scale battery market, a detailed analysis was conducted for different regions including Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific holds the extensive market share owing to the increasing electricity demand due to urbanization, population growth, and deployment of renewable which expected to escalate the market size of grid scale battery.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.