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Global Grid-scale Battery Storage Market Data 2024, Forecast To 2033

12 Nov, 2024

The grid-scale battery storage market has experienced substantial growth, with expectations to increase from $5.73 billion in 2023 to $7.51 billion in 2024, at a CAGR of 31.0%. The rapid expansion is driven by growing energy consumption, the retirement of fossil fuel plants, a stronger focus on energy independence and resilience, corporate sustainability goals, and regulatory support for ancillary services. The grid-scale battery storage market is expected to experience exponential growth, reaching $22.22 billion by 2028 with a CAGR of 31.1%. The growth is driven by the development of hydrogen energy storage, advances in alternative battery technologies, electric vehicle integration, decarbonization policies, and increased renewable energy penetration. Major trends include a focus on sustainability, virtual power plants, AI usage, hybrid renewable energy systems, and long-duration energy storage growth.

Major Driver In The Grid-scale Battery Storage Market

The surge in renewable energy demand is expected to drive the growth of the grid-scale battery storage market. Renewable energy, derived from natural sources that are continuously replenished, such as sunlight, wind, and geothermal heat, is increasingly sought after to address climate change, lessen environmental impact, and enhance energy security and sustainability. Grid-scale battery storage is essential in renewable energy applications, storing excess energy from sources like solar and wind to guarantee a reliable power supply when production is low or demand is high. The European Environment Agency indicated that renewable sources accounted for 23% of energy consumed in the EU in 2022, an increase from 21.9% in 2021. Therefore, the surge in renewable energy demand is propelling the growth of the grid-scale battery storage market, with a market size of $3.6 billion in 2023, projected to grow to $4.3 billion by 2024, and reaching $6.2 billion by 2028.

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Grid-scale Battery Storage Market Competitive Landscape

E.ON SE, The General Electric Company, BYD Company Ltd., Mitsubishi Electric, ABB Ltd., Johnson Controls International PLC, Pacific Gas and Electric, NextEra Energy, Samsung SDI Co. Ltd., Xcel Energy Inc., Sungrow Power Supply Co. Ltd., EnerSys, AES Corporation, Fluence Energy Inc., RES Group, Northvolt AB, EDP Renewables, Saft Groupe S.A., Stem Inc., NEC Energy Solutions, Contemporary Amperex Technology Co. Limited, Eos Energy Enterprises, LG Energy Solution, Narada Power Source Co. Ltd., ESS Inc.

Key Grid-scale Battery Storage Market Trend

Companies in the grid-scale battery storage market are concentrating on developing advanced solutions, such as energy storage systems, to enhance energy density, efficiency, and eliminate degradation in power and capacity. Energy storage systems capture and store energy for later use, balancing supply and demand to improve efficiency. For instance, in April 2024, Contemporary Amperex Technology Co. (CATL), a China-based battery manufacturer, launched TENER, an energy storage product designed for large-scale applications. TENER offers high energy density, extended cycle life, and improved safety, utilizing advanced lithium-ion technology and providing scalability for varying grid demands. It also performs well in extreme temperatures, ensuring reliability in diverse environmental conditions.

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Global Grid-scale Battery Storage Market Segmentation

The grid-scale battery storage market covered in this report is segmented –
1) By Type: Lithium-Ion Batteries, Sodium-Based Batteries, Flow Batteries, Advanced Lead Acid Batteries, Solid State Batteries, Nickel-based Batteries, Fuel Cells, Other Types
2) By Capacity: Small, Medium, Large
3) By Ownership Model: Public, Private
4) By Application: Industrial, Residential, Commercial, Utility, Renewable Integration, Microgrids, Electric Vehicles
By Geography:The regions covered in the grid-scale battery storage market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. North America was the largest region in the grid-scale battery storage market in 2023.

The Grid-scale Battery Storage Global Market Report 2024 furnishes information about the global grid-scale battery storage market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.