The global grid-scale battery storage market size is expected to reach USD 15.04 billion by 2027 registering a CAGR of 24.4%, according to a new report by Grand View Research, Inc. An increase in the number of grid infrastructure, government initiatives, and investments to develop battery technologies and its storage capacity will propel the overall demand.
Increasing awareness among consumers, expanded deployment, utility sectors, technological advancements, and a push from various governments to adopt clean power energy generated by renewable sources are few factors that drive the demand for grid-scale battery storage across the globe. The market in North America accounted for around 21.09% of the global share in 2019.
Asia Pacific is anticipated to register the fastest CAGR from 2020 to 2027 owing to rapid urbanization, transmission & distribution system, increasing industrialization, and subsidies provided by the government for grid-scale battery storage capacity, mainly in the developing countries of India, China, and Singapore.
Considerable developments and investments in renewable energy projects are driving down the cost of lithium-ion batteries, thus increasing the demand for grid-scale storage batteries. The expansions in the grid-scale battery storage are being determined by upgradation of infrastructures, with favorable regulation, and improving system costs. However, exploring of new geographical markets and help in opening of the need for energy storage systems will spur the market development.
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Grid-scale Battery Storage Market Report Highlights
• The Lithium-ion battery type segment accounted for 84.09% of the global revenue share in 2019
• Other battery types include Sodium sulphur batteries, flow batteries. These batteries are expected to gain market share during the forecast period
• Asia Pacific region is projected to expand at the highest CAGR during the forecast period. China is expected to account for the maximum share in the regional market, in terms of revenue.
• North America is likely to display a moderate growth rate during the projected period.
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Grid-scale Battery Storage Market Segmentation
Grand View Research has segmented the global grid-scale battery storage market on the basis of type, application, and region:
Grid-scale Battery Storage Type Outlook (Volume, MW; Revenue, USD Million, 2016 – 2027)
• Lithium-Ion
• Lead Acid
• Others
Grid-scale Battery Storage Application Outlook (Volume, MW; Revenue, USD Million, 2016 – 2027)
• Renewable Integration
• Ancillary Services
• Others
Grid-scale Battery Storage Regional Outlook (Volume, MW; Revenue, USD Million, 2016 – 2027)
• North America
• The U.S.
• Canada
• Mexico
• Europe
• Germany
• The U.K.
• Spain
• Italy
• France
• Asia Pacific
• China
• India
• Japan
• South Korea
• Central and South America
• Brazil
• Chile
• Middle East & Africa
• Morocco
• South Africa
List of Key Players of Grid-scale Battery Storage Market
• NGK Insulators Ltd.
• BYD Co. Ltd.
• Sumitomo Electric Industries, Ltd.
• Samsung SDI Co. Ltd.
• General Electric
• GS Yuasa Corp.
• LG Chem Ltd.
• Mitsubishi Electric Corp.
• Panasonic Corp.
• ABB Group
• Hitachi Ltd.
• Fluence Energy
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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