How has the grid-scale battery storage market evolved, and where is it heading next?
The grid-scale battery storage market size has grown exponentially in recent years. It will grow from $7.51 billion in 2024 to $9.87 billion in 2025 at a compound annual growth rate (CAGR) of 31.3%. The growth in the historic period can be attributed to growing energy consumption, fossil fuel plant retirement, increased focus on energy independence and resilience, corporate sustainability goals, regulatory support for ancillary services.
The grid-scale battery storage market size is expected to see exponential growth in the next few years. It will grow to $29.1 billion in 2029 at a compound annual growth rate (CAGR) of 31.0%. The growth in the forecast period can be attributed to development of hydrogen energy storage, advances in alternative battery technologies, electric vehicle integration, decarbonization policies, increased renewable energy penetration. Major trends in the forecast period include focus on sustainability and recycling, rising interest in virtual power plants, increased use of artificial intelligence, hybrid renewable energy systems, and growth in long-duration energy storage.
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What are the key drivers behind the rapid expansion of the grid-scale battery storage market?
The increase in renewable energy demand is expected to propel the growth of the grid-scale battery storage market going forward. Renewable energy refers to energy derived from natural sources that are continuously replenished, such as sunlight, wind, and geothermal heat. The increase in renewable energy demand is driven by the need to address climate change, reduce environmental impact, and enhance energy security and sustainability. The use of grid-scale battery storage in renewable energy involves storing excess energy generated from sources such as solar or wind to ensure a steady power supply when production is low or demand is high. For instance, in March 2024, according to the European Environment Agency, a Denmark-based government agency, in 2022, renewable sources accounted for 23% of the energy consumed in the EU, up from 21.9% in 2021. Therefore, the increase in renewable energy demand is driving the growth of the grid-scale battery storage market.
What is the segmentation for the grid-scale battery storage market?
The grid-scale battery storagemarket covered in this report is segmented –
1) By Type: Lithium-Ion Batteries, Sodium-Based Batteries, Flow Batteries, Advanced Lead Acid Batteries, Solid State Batteries, Nickel-based Batteries, Fuel Cells, Other Types
2) By Capacity: Small, Medium, Large
3) By Ownership Model: Public, Private
4) By Application: Industrial, Residential, Commercial, Utility, Renewable Integration, Microgrids, Electric Vehicles
Subsegments:
1) By Lithium-Ion Batteries: Lithium Iron Phosphate (LFP), Nickel Manganese Cobalt (NMC), Lithium Nickel Cobalt Aluminum Oxide (NCA)
2) By Sodium-Based Batteries: Sodium-Sulfur, Sodium-Ion Batteries, Sodium-Nickel Chloride Batteries
3) By Flow Batteries: Vanadium Redox Flow Batteries, Zinc-Bromine Flow Batteries, All-Vanadium Flow Batteries
4) By Advanced Lead Acid Batteries: Absorbent Glass Mat (AGM) Batteries, Gel Lead Acid Batteries
5) By Solid State Batteries: Polymer Electrolyte Batteries, Ceramic Electrolyte Batteries
6) By Nickel-Based Batteries: Nickel-Cadmium (NiCd) Batteries, Nickel-Metal Hydride (NiMH) Batteries
7) By Fuel Cells: Proton Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), Alkaline Fuel Cells (AFC)
8) By Other Types: Lithium Titanate Batteries, Supercapacitors, Organic Flow Batteries
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Who are the most influential companies in the grid-scale battery storage market?
Major companies operating in the grid-scale battery storage market are E.ON SE, The General Electric Company, BYD Company Ltd., Mitsubishi Electric, ABB Ltd., Johnson Controls International PLC, Pacific Gas and Electric, NextEra Energy, Samsung SDI Co. Ltd., Xcel Energy Inc., Sungrow Power Supply Co. Ltd., EnerSys, AES Corporation, Fluence Energy Inc., RES Group, Northvolt AB, EDP Renewables, Saft Groupe S.A., Stem Inc., NEC Energy Solutions, Contemporary Amperex Technology Co. Limited, Eos Energy Enterprises, LG Energy Solution, Narada Power Source Co. Ltd., ESS Inc.
What are the most influential trends expected to drive the grid-scale battery storage market forward?
Major companies operating in the grid-scale battery storage market are focusing on developing innovative solutions, such as energy storage systems, to enhance energy density and efficiency, as well as zero degradation for both power and capacity. Energy storage systems are technologies that capture and store energy for later use, balancing supply and demand to enhance efficiency and reliability. For instance, in April 2024, Contemporary Amperex Technology Co. (CATL), a China-based battery manufacturing company, launched the TENER energy storage product. TENER is designed for large-scale applications, boasting high energy density and an extended cycle life. Utilizing advanced lithium-ion technology, it ensures improved safety and efficiency, while its modular design provides flexible scalability to accommodate varying grid demands. Additionally, TENER delivers strong performance in extreme temperatures, ensuring reliable operation in diverse environmental conditions.
What are the major regional insights for the grid-scale battery storage market, and which region holds the top position?
North America was the largest region in the grid-scale battery storage market in 2024. The regions covered in the grid-scale battery storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Grid-scale Battery Storage Market Report 2025 Offer?
The grid-scale battery storage market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Grid-scale battery storage refers to large-scale energy storage systems that store electricity for utility and grid management purposes. These systems help balance supply and demand, provide backup power, and enhance the stability and reliability of the electricity grid. They are typically deployed by utilities or energy providers to support renewable energy integration, peak shaving, and grid services such as frequency regulation.
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