"Actionable Insights to Fuel Your Growth"
Power generation, transmission, and distribution are the three pillars of the power generation industry. The growth in population has led to a significant rise in the demand for energy. To fulfill the increasing demand for energy, different countries are focused on installing renewable energy sources for power generation.
Grid-scale batteries come into the picture for improving the grid resilience and reliability of the renewable power generation plants which adds to the saving of power generation, transmission, and distribution costs. Grid-scale batteries are used for applications which include frequency regulation, peak power, VAR control, load shifting, and renewable integration among others.
To gain extensive insights into the market, Request for Customization
Based on type, the grid-scale batteries available in the market are the lithium-ion battery, lead-acid battery, flow battery, sodium-ion battery, zinc hybrid battery, and others. The lithium-ion batteries are the most efficient for the storage of energy for half-hour to three hours. Owing to its high efficiency, lithium-ion batteries are expected to dominate the grid-scale battery market by type during the forecast period.
The zinc hybrid batteries are at an early stage of introduction in the grid-scale battery market and have efficiencies lower than the lithium-ion batteries. The redox flow batteries have lower efficiency and energy densities as compared to lithium-ion batteries. By applications, the grid-scale battery market is bifurcated based on the use of grid-scale batteries in the renewable energy sector, peak shifting, ancillary services, backup power, and others.
Grid-scale batteries are generally used in renewable energy plants for storing energy. Different governments are planning to increase their renewable energy capacities in order to meet the increasing energy demands and to reduce carbon emissions.
Owing to this the growth of the renewable energy market is likely to drive the sales of the grid-scale batteries in the near future. Additionally, the growth of the renewables is expected to drive the growth of the microgrids in the coming years. The application of grid-scale batteries in the microgrids is thus likely to witness steady growth during the forecast period.
Different grids scale batteries available in the market are facing a battery recycling and disposal problem. The recycling rate of batteries is very less and is posing a threat to the environment. This is expected to hamper the growth of the grid-scale batteries negatively in the coming years.
Some of the major companies that are present in the global grid-scale battery market are Samsung SDI Co., Ltd, NextEra Energy, Inc., Vionx Energy, Lockheed Martin, NEC Energy Solutions, GE Renewable Energy, Redflow, Ambri, I-Pilse Inc., 24M Technologies, NantEnergy, LG Chem, Panasonic India, and Leclanche SA, among others.
SEGMENTATION | DETAILS |
By Type | · Lithium-ion Battery · Lead Acid Battery · Flow Battery · Sodium-ion Battery · Zinc Hybrid · Others |
By Ownership | · Third-Party Owned · Utility Owned |
By Applications | · Renewables · Peak Shifting · Ancillary Services · Backup Power · Others |
By Geography | · North America (the USA and Canada) · Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe) · Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific) · Latin America (Brazil, Mexico, and Rest of Latin America) · Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa) |
The global grid-scale battery market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America region has taken several steps in order to promote power generation using renewable energy sources. Owing to this the renewable energy market is expected to gain traction in the North America region and aid in the growth of the grid-scale battery market during the forecast period. Europe region has set a goal of fulfilling around 20% of the energy requirements using renewable energy by 2020 owing to which, the renewable energy market in Europe is expected to grow at significant rates in the coming years. The growth of the renewable energy market is likely to drive the sales of the grid-scale batteries in the region. Countries such as Mexico, Brazil, and Chile are highly focused on installing solar photovoltaics and concentrated solar power. Owing to this the grid-scale battery market is expected to witness a healthy growth in Latin America in the near future. The Middle East and Africa region possess a high potential for renewable energy growth owing to the climatic conditions in the region. The local governments in the region are also planning to increase the installed solar and wind energy capacities in the region. Owing to this, the grid-scale battery is expected to witness significant growth over the forecast period. China, India, and Japan are among the key markets for renewable energy in the Asia Pacific region. Owing to the increasing subsidies by local governments and plans to reduce carbon emissions, different countries in the region are focused on increasing the installed renewable energy capacities in the coming years. The growth of the renewable energy capacities in the Asia Pacific is expected to add in the growth of the grid-scale battery market in the region.