Grid-Scale Battery Market: By Type (Lithium-Ion Battery, Lead Acid Battery, Flow Battery, Sodium-Ion Battery, Zinc Hybrid, Others), By Ownership (Third-Party Owned, Utility Owned), By Application (Renewable Integration, Peak Shift, Ancillary Services, Back-Up Power, Others) And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
Global Grid-Scale Battery Market to surpass USD 30.4 billion by 2031 from USD 3.2 billion in 2021 at a CAGR of 25.1% in the coming years, i.e., 2021-2031.
Battery storage is a technology that allows utilities and power system operators to store energy for later use. A battery energy storage system is an electrochemical device that charges or absorbs energy from the grid or a power plant and then discharges it when electricity or other grid services are required. Lithium-ion, redox flow, lead-acid, and molten salt are among the battery chemistries available or under development for grid-scale applications. Key technical properties of battery chemistries differ, and each battery has its own set of advantages and disadvantages.
The global Grid-Scale Battery Market is expected to reach a notable CAGR of 25.1% by 2031
Global Grid-Scale Battery Market to surpass USD 30.4 billion by 2031 from USD 3.2 billion in 2021 at a CAGR of 25.1% in the coming years, i.e., 2021-2031. The market's expansion can be ascribed to rising investments in renewable energy and falling grid-scale battery costs as a result of energy sector technological breakthroughs. In addition, during the same year, a record amount of over 256 GW of renewable electricity capacity was added globally, contributing to market development.
Lithium-Ion Battery segment to grow with the maximum CAGR during the forecast period 2021-31
On the basis of Type, the Grid-Scale Battery Market is divided into Lithium-Ion Battery, Lead Acid Battery, Flow Battery, Sodium-Ion Battery, Zinc Hybrid, and Others. Throughout the projected period, the lithium-ion battery sector is expected to have the greatest market share. These batteries have a high energy and power density, making them lightweight with lower standby losses and a long life expectancy of five to fifteen years at 98 percent efficiency. Furthermore, compared to nickel-cadmium and nickel metal-hydride batteries, these batteries are lighter in weight.
Renewable Integration segment is expected to witness higher growth during 2021-31
Based on Application, the Grid-Scale Battery Market is categorized into Renewable Integration, Peak Shift, Ancillary Services, Back-Up Power, and Others. Due to factors such as the achievement of renewable targets and energy efficiency; higher dependability, security, and resiliency from micro-grid applications, the Renewable Integration segment is expected to lead the market throughout the forecast period.
Growing technological advancements and demand for more efficient machines are propelling the Grid-Scale Battery Market
The grid-scale battery market is likely to benefit from technological advancements as well as rising demand for energy efficient machinery and energy storage. The necessity for energy production, mainly from renewable sources like wind power and solar photovoltaic to improve system stability and reliability is also driving the demand for grid size batteries. The Grid-Scale Battery Market is being boosted by all of these causes.
Increasing R&D in Grid-Scale Battery for better operational efficiency
Owing to the growing number of fleet competitors in the market, most businesses are investing in R&D to lower the cost of grid-scale batteries and improve operational efficiency. Solar development is branching out into new complementary technology areas, which will help the Grid Scale Battery Market flourish.
The need for significant capital investments is majorly hampering the Grid-Scale Battery Market
Significant harmful environmental consequences and significant capital requirements are the main obstacles impeding the expansion of the grid-scale battery business.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
By region, the Grid-Scale Battery Market is divided into North America, South America, Europe, Asia Pacific, and Middle East and Africa. Due to increased industrialization and urbanization, which increases electricity demand, Asia Pacific has the fastest expanding grid-scale battery market. As a result of the increased focus on rural electrification using grid-scale batteries, the grid-scale battery market in Asia Pacific has a lot of room to grow. Due to the constantly rising population and their electricity demand, a developing renewable sector has a favorable impact on the expansion of the grid-scale battery business. all of the investments
Although lithium batteries in various key medical devices, notably the ventilators critical to this epidemic, are the main growth sector in electric vehicles (EVs). The COVID-19 pandemic caused an almost 15% drop in the passenger car market, but manufacturers predict sales of passenger and business lightweight EVs to continue to rise in 2019. They warn that a second or slower pandemic recovery than expected could result in a worse outcome.
Market size value in 2021
USD 3.2 billion
Revenue forecast in 2031
USD 30.4 billion
CAGR of 25.1% from 2021 to 2031
Base year for estimation
Revenue in USD million and CAGR from 2021 to 2031
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Type, Ownership, Application, and Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled
Panasonic Corporation, Contemporary Amperex Technology Co. Ltd., Samsung SDI Co. Ltd., BYD Co. Ltd., LG Chem Ltd., Hitachi Ltd., NGK Insulators Ltd., and Sumitomo Electric Industries, Ltd. and Other Prominent Players
Grid-Scale Battery Market size was estimated at USD 3.2 billion in 2021 and is expected to reach USD 30.4 billion in 2031.
Grid energy storage, also known as large-scale energy storage, is a group of approaches for large-scale energy storage inside an electrical power grid.
The lithium-Ion battery segment accounted for the largest Grid-Scale Battery Market share.
Key players in the Grid-Scale Battery Market are Panasonic Corporation, Contemporary Amperex Technology Co. Ltd., Samsung SDI Co. Ltd., BYD Co. Ltd., LG Chem Ltd., Hitachi Ltd., NGK Insulators Ltd., and Sumitomo Electric Industries, Ltd.
Investments in renewable energy and the cost reduction of grid-scale batteries owing to technological advancements and expanding deployment are the major driving factors of the Grid-Scale Battery Market.
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