Grid Scale Battery Market to Reach $31.0 Billion, Globally, by 2032 at 18.2% CAGR: Allied Market Research
The global grid scale battery market is experiencing growth due to several factors, including renewable energy integration and energy transition goals, technological advancements and cost benefits, energy market boosted by government policies, incentives, and regulatory support and electric vehicle and demand for energy flexibility.
PORTLAND, Ore., Sept. 21, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Grid Scale Battery Market by Battery Type, (Lithium-Ion Batteries, Flow Batteries, Zinc-Hybrid Batteries, and Sodium-Based Batteries), by Deployment Network (Transmission Network, Distribution Network, and Renewable Energy Generators), and by Application, (Renewable Load Sharing, Peak Shaving, Load Shifting, Backup Power, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global grid scale battery industry generated $4.2 billion in 2022 and is estimated to reach $31.0 billion by 2032, exhibiting a CAGR of 18.2% from 2023 to 2032.
Grid scale batteries, also referred to as utility scale batteries or energy storage systems, are large-scale batteries connected to the grid. Grid-scale batteries are used to store excess energy produced during low demand periods and to deliver it back into the grid during peak demand periods or when there is insufficient power generation from renewable energy sources.
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Prime Determinants of Growth:
The global grid scale battery market is experiencing growth due to several factors, including renewable energy integration and energy transition goals, technological advancements, and cost benefits, the energy market is boosted by government policies, incentives, and regulatory support, and electric vehicle and demand for energy flexibility. However, the high initial cost and relatively lower life span due to degradation, dependency and environmental concerns, and technical challenges coupled with uncertainty in regulation and permits restrain the market growth. Moreover, renewable energy integration and electrification, microgrid decentralization and modernization offering flexibility, and energy transition and green hydrogen create remunerative opportunities for market growth.
Report Coverage & Details:
The lithium-ion batteries segment to maintain its leadership status throughout the forecast period-
Based on battery type, the lithium-ion batteries segment held the major market share, accounting for around two-fifths of the global grid scale battery market revenue, and is expected to maintain its leadership status throughout the forecast period. The same segment would also showcase the fastest CAGR of 18.5% from 2023 to 2032. The growth is attributed to its high energy-to-weight ratio and ability to store a significant amount of energy in a small space, lithium-ion batteries are crucial for grid scale applications. They have relatively high charge and discharge efficiency, which means less energy is lost during the storage and release process thus leading to the growth of the grid scale battery market.
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The transmission network segment to maintain its dominance throughout the forecast period-
Based on deployment network, the transmission network segment held the largest market share in 2022, contributing to more than two-fifths of the global grid scale battery market revenue, and is projected to maintain its dominance throughout the forecast period. The transmission network is a fundamental component in the integration of grid scale battery systems into the electrical grid. In order to preserve grid stability, encourage the integration of renewable energy sources, and enhance energy distribution, it serves as a conduit for the efficient flow of power. However, the distribution network segment would display the fastest CAGR of 18.4% from 2023 to 2032. Grid scale batteries connected to the distribution network offer backup power during outages, ensuring continuous operation of essential services and critical facilities. They enhance the resilience of local energy systems by providing power during emergencies and grid disruptions. Such factors offer lucrative growth opportunities for the distribution network in the grid scale battery market.
The load shifting segment to maintain its lead position during the forecast period-
Based on application, the load shifting segment held the highest market share in 2022, accounting for nearly one-third of the global grid scale battery market revenue, and is expected to maintain its lead position during the forecast period. Load shifting refers to the practice of shifting energy consumption from periods of high demand to periods of lower demand. Grid-scale battery systems can enable load shifting by storing excess energy during off-peak hours and releasing it during peak demand times. On the other hand, the renewable load sharing segment would cite the fastest CAGR of 18.9% from 2023 to 2032. By lowering the peak energy demand, load sharing lowers both consumer and commercial energy expenses. Battery-enabled load sharing enhances grid stability and reduces strain on the grid during periods of high demand or variable generation. Furthermore, load sharing increases the potential for higher penetration of renewable energy sources into the grid, promoting cleaner energy generation. These elements are anticipated to support the expansion of the grid-scale battery business.
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North America garnered the major share in 2032-
Based on region, North America to held the major share in 2022, garnering two-fifths of the global grid scale battery market revenue, and is likely to maintain its dominance by 2032. Due to its initiatives to update its energy infrastructure and lessen its dependency on fossil fuels, the United States has been a pioneer in the use of grid-scale batteries. Several states, including California, New York, and Texas, have implemented ambitious energy storage targets and incentives to promote grid scale battery deployment. These batteries are utilized for various purposes, including peak shaving, frequency regulation, and renewable energy integration. However, the Asia-Pacific region is expected to portray the fastest CAGR of 18.5% from 2023 to 2032. Because the Asia-Pacific region places a high priority on energy security, sustainability, and grid modernization, the market for grid-scale batteries is growing. China is a global leader in grid-scale battery deployment, driven by its ambitious renewable energy goals and efforts to address air pollution. Whereas Japan is actively adopting grid-scale battery systems to enhance grid resilience, manage renewable energy variability, and address energy security concerns.
Leading Market Players: -
The report provides a detailed analysis of these key players in the global grid scale battery market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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