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.

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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.

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 2020 - 2027

AC Drives
DC Drives
Servo Drives
Voltage Insight and Forecast 2020 - 2027

Low Voltage
Medium Voltage
Power Range Insight and Forecast 2020 - 2027

Micro Power Drives
Low Power Drives
Medium Power Drives
High Power Drives
Application Insight and Forecast 202 - 2027

Fans
Pumps
Conveyors
Compressors
Others
End User Insight and Forecast 2020 - 2027

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

Source: VynZ Research