Global Grid-Scale Battery Market to Witness 31.8% CAGR During 2018 – 2024, Attaining the Market Size of USD 7.8 billion by 2024

Published Date: Aug, 2018

The global grid-scale battery market is predicted to grow at 31.8% CAGR during the forecast period with the market size reaching USD 7.8 billion by 2024 from USD 1.1 billion in 2017. The market is driven by the factors such as the declining grid-scale battery cost, increasing investment in renewable energy across the globe, increasing support for renewable energy, and government initiatives for energy efficiency. However, some of the environmental applications and durability concern of these batteries in extreme weather conditions are anticipated to hinder the growth of the maret to some extent.

Different types of grid-scale batteries are lead acid battery, flow battery, lithium-ion battery, sodium-based battery, and others. Lithium-ion battery hold the largest share in the market due to its superior properties such as high power and energy density, lightweight as compared to other batteries such as nickel-cadmium and nickel metal-hydride batteries and high shelf life of these batteries.

Based on application, the grid-scale battery market is segmented into peak shift, ancillary services, renewable integration, back-up power, and others. Others include ramping, microgrids, black start, and transmission/distribution upgrade deferral. Renewable integration is the largest application area in the market and also anticipated to witness the highest growth during the forecast period. Some of the factors attributed to the market growth are security and resiliency from microgrid applications, increased reliability, energy efficiency, attainment of renewable targets, and others.

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Asia-Pacific accounted for the major share in the grid-scale battery industry in 2017, and it is expected to witness the fastest growth in demand for these drives due to its large population base which is creating a huge demand of electricity. Also, the increasing investment in power transmission and distribution is one of the major drivers of the region’s market growth.

In 2017, India launched first grid-scale battery storage system of the country to integrate 175 GW of renewable energy into the energy system by the year 2022. This plan is commissioned and operated by Tata Power Delhi Distribution, and it is a joint project by Mitsubishi and the U.S. energy storage company AES.

North America is the second largest grid-scale battery market primarily due to the technological advancements, and increasing focus on energy storage and renewable energy. U.S. is the largest market in North American grid-scale battery market, due to the presence of large number of players in the region and government initiatives for renewable enrgy.

Some of the key players providing grid-scale battery across the globe are LG Chem, Ltd., Tesla Inc., BYD Company Limited, General Electric Company, Panasonic Corporation, ABB Group, Samsung SDI Co. Ltd., Seiko Epson Corporation, Toshiba Corporation, Fluence Energy, LLC, and GS Yuasa Corporation

Global Grid-scale battery Market Coverage

Type Insight and Forecast 2014 - 2024

  • AC Drives
  • DC Drives
  • Servo Drives

Voltage Insight and Forecast 2014 - 2024

  • Low Voltage
  • Medium Voltage

Power Range Insight and Forecast 2014 - 2024

  • Micro Power Drives
  • Low Power Drives
  • Medium Power Drives
  • High Power Drives

Application Insight and Forecast 2014 - 2024

  • Fans
  • Pumps
  • Conveyors
  • Compressors
  • Others

End User Insight and Forecast 2014 - 2024

  • Industrial
  • Power Generation
  • Infrastructure
  • Oil & Gas

Geographical Segmentation

Grid-scale battery Market by Region

North America

  • U.S.
  • Canada
  • Mexico

Europe

  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe

Asia-Pacific

  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Indonesia
  • Rest of Asia-Pacific

Middle East & Africa (MEA)

  • Saudi Arabia
  • Qatar
  • Oman
  • Kuwait
  • Rest of MEA

Latin America

  • Brazil
  • Argentina
  • Chile
  • Rest of Latin America
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Global Grid-Scale Battery Market to Witness 31.8% CAGR During 2018 – 2024, Attaining the Market Size of USD 7.8 billion by 2024