Grid-Scale Battery Market Size, Share, Industry Trends, Top Competitors and Forecast Report 2021-2031

Wilmington, United States, 2024-Mar-011 — /EPR Network/ — The Grid-Scale Battery Market has witnessed significant growth, evolving from a valuation of US$ 5.5 Bn in 2021 to an estimated US$ 55.3 Bn by the end of 2031. This robust expansion, projected at a Compound Annual Growth Rate (CAGR) of 26.1% from 2022 to 2031, is indicative of a transformative period in the energy storage sector.

Market Drivers

The surge in renewable energy generation acts as a driving force behind the grid-scale battery market. These batteries play a pivotal role in storing excess energy during low-demand periods, releasing it back into the grid when demand peaks. Modernization and expansion of electric power grids, coupled with the need for system flexibility and decreasing battery technology costs, contribute to the sector’s upward trajectory.

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Market Segmentation

The Battery Energy Storage System (BESS) landscape presents a variety of technologies, including Lithium-ion, redox flow, lead-acid, and molten salt. Each type comes with distinct technical characteristics, rendering them suitable for diverse grid system applications. Grid-scale batteries boast high energy capacity, long storage duration, robust state of charge, and excellent round-trip efficiency, making them integral components in power generation, distribution, and transmission.

Market Development Challenges

Despite the positive trends, challenges persist. Global warming impedes access to renewable energy, requiring focused efforts in developing countries to shift consumer attention towards sustainable energy sources. Moreover, rapid industrialization and urbanization contribute to a surge in energy demand, necessitating innovative solutions to meet growing needs sustainably.

Latest Market Trends

Lithium-ion batteries dominate the grid-scale battery market, holding a substantial 90.9% share in 2021. These batteries, known for stability and high energy density, have seen an 80% cost reduction between 2010 and 2020, further expected to decline. The industry also witnesses a growing focus on long-duration energy storage technologies, including mechanical and thermal energy storage.

Future Outlook

North America currently leads the global market, driven by increased adoption of renewable energy and the presence of significant grid-scale battery storage systems. Asia Pacific, with a substantial contribution from China, is anticipated to experience significant growth due to rising production of lithium-ion batteries and increased usage of utility-scale energy storage systems.

Regional Outlook

North America maintained its dominance in 2021, with Asia Pacific projected for significant growth in the coming years. China, a major growth engine in the region, accounted for a notable share in terms of revenue and deployment. The rise in adoption of renewable energy and the development of lithium-ion battery production facilities contribute to the region’s growth.

Key Market Players

Key players in the grid-scale battery market, such as ABB, BYD Company Ltd., Fluence, General Electric, LG Energy Solution, NGK Insulators, Ltd., Panasonic Industry Co., Ltd., S&C Electric Company, Samsung SDI Co., Ltd., Tesla, Toshiba Corporation, and Contemporary Amperex Technology Co., Limited, are investing significantly in research and development. These players are crucial contributors to the sector’s innovation and expansion.

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