Grid Scale Battery Market is Expected to be Dominated by Lithium-ion Battery Type through 2028
Global grid scale battery market
is expected to grow due to the increasing investments in renewable energy and
reducing costs of grid-scale battery throughout the forecast period.
According to TechSci Research
report, “Grid Scale Battery - 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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