The grid-scale battery storage market size has witnessed exponential growth in recent years, projected to increase from $5.73 billion in 2023 to $7.51 billion in 2024, achieving a remarkable compound annual growth rate (CAGR) of 31.0%. This growth during the historical period can be attributed to growing energy consumption, the retirement of fossil fuel plants, an increased focus on energy independence and resilience, corporate sustainability goals, and regulatory support for ancillary services. In the upcoming years, the market is expected to grow significantly, reaching $22.22 billion by 2028 at a CAGR of 31.1%. The forecasted growth is driven by advancements in hydrogen energy storage, developments in alternative battery technologies, integration of electric vehicles, decarbonization policies, and increased penetration of renewable energy sources. Major trends anticipated in this period include a focus on sustainability and recycling, rising interest in virtual power plants, enhanced use of artificial intelligence, hybrid renewable energy systems, and growth in long-duration energy storage solutions.
Global Grid-scale Battery Storage Market Key Driver
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.
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Global Grid-scale Battery Storage Market Segments
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.
Major Grid-scale Battery Storage Industry Players
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.
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Grid-scale Battery Storage Market Overview
Grid-scale battery storage refers to large-scale energy storage systems that store electricity for utility and grid management purposes. These systems help balance supply and demand, provide backup power, and enhance the stability and reliability of the electricity grid. They are typically deployed by utilities or energy providers to support renewable energy integration, peak shaving, and grid services such as frequency regulation.
Grid-scale Battery Storage Global Market Report 2023 provides data on the global grid-scale battery storage market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The grid-scale battery storage market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
