Increase in the generation of renewable energy is fueling the grid-scale battery market size. Grid-scale batteries are used to store electricity generated in power grids. These batteries store excess energy during periods of low demand and release it back into the grid when demand is high. Grid-scale battery storage systems are widely employed to store renewable energy. Modernization and expansion of electric power grids is expected to augment market statistics during the forecast period.
Grid-scale energy storage systems are deployed in power generation, distribution, and transmission. Vendors in the industry are designing products based on specific power supply requirements and capacity, thereby creating specific modular designs.
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Increase in Generation of Renewable Energy Augmenting Grid-scale Battery Market Development
Rise in the need for system flexibility and rapid decrease in battery technology costs have been enabling BESSs to play an important role in the energy sector for the last few years. Several policymakers, regulators, and utilities are adopting BESSs, which is contributing to grid-scale battery industry growth.
Depletion of fossil fuels and surge in the implementation of government regulations to promote renewable energy are also expected to propel the demand for grid-scale batteries in the next few years. Power generated by renewable sources is attached to microgrids through power devices. This energy is later provided to homes, businesses, and electrical grid environments.
According to the International Energy Agency (IEA), usage of renewable energy rose by 3% in 2020, while demand for all other fuels decreased. Solar PV and wind power are significant contributors to the increase in adoption of renewable energy. China alone accounted for nearly half of the global rise in renewable electricity, followed by the U.S., the EU, and India, in 2021. Thus, surge in the usage of renewable energy is leading to global grid-scale battery market growth.
Increase in global warming hinders adequate access to renewable energy and the advancement of renewable energy technologies. Developing countries must focus on shifting consumer attention to renewable energy for sustainable development. Renewable energy sources help reduce pollution, while improving energy security.
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Surge in Adoption of Lithium-ion Grid-scale Batteries
According to the latest grid-scale battery market trends, the lithium-ion battery segment is expected to dominate the industry during the forecast period. The segment held 90.9% share in 2021. Lithium-ion battery is a viable large-scale commercial electrochemical energy storage system. These batteries have been used in diverse products, including EVs, personal gadgets, medical equipment, and large-scale storage of renewable energy for power grids.
Lithium-ion batteries offer good stability and higher energy density. Cost of these batteries has decreased by nearly 80% between 2010 and 2020 due to technological advancements and improved production capacity. The cost is predicted to decline further in the near future.
North America dominated the global industry, in terms of revenue, in 2021. The region is likely to maintain its dominance during 2022-2031, as per the latest grid-scale battery market forecast. Rise in adoption of renewable energy and the presence of some of the largest grid-scale battery storage systems are driving the market size in the region.
The industry in Asia Pacific is anticipated to grow at a significant rate in the next few years due to increase in the production of lithium-ion batteries and surge in the usage of utility-scale energy storage systems. China is a major growth engine of the region. It accounted for 13.8% share in terms of revenue and 18.0% share in terms of deployment.
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Analysis of Key Players in Grid-scale Battery Market
Various companies and organizations are involved in the production and distribution of grid-scale batteries, including OEMs, companies that design and install battery systems, and utilities and other organizations that use grid-scale batteries to store electricity. Vendors are investing significantly in the R&D of new products to expand their grid-scale battery market share.
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 key entities operating in the market. These players have been profiled in the grid-scale battery market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
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