Grid-scale battery storage incorporation in the power sector helps in achieving flexibility in the internal processes and in the integration of renewable energy sources

Grid-Scale Battery Market: Summary

The Global Grid-Scale Battery Market is estimated to reach USD 9.8 Billion by 2025 at a CAGR of 32.2%, predicts forencis research (FSR).

Grid-scale battery is defined as the electrochemical device that stores energy produced by the power plant or from the grid and delivers when required. This technology helps power operators to store energy for later usage. Grid-scale battery storage incorporation in the power sector helps in achieving flexibility in the internal processes and in the integration of renewable energy sources. Grid-scale battery can be installed in the transmission network, distribution network near load centers, or with renewable energy generators. The battery can provide various services in any of the locations it is being deployed, ancillary services, investment deferral, reducing renewable energy curtailment are some of the services.

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Grid-Scale Battery Market: Drivers & Challenges

Market Drivers:

Expanding Capabilities of the Renewable Energy Sector

The renewable energy sector is expanding worldwide as the urgency of clean energy is increasing. As per Energy Information Administration (EIA), in the US electricity generation from renewable sources prominently wind and solar have doubled in the past ten years. These renewable sources being infrequent in nature requires storage facility incorporated in the system. Grid-scale battery is rapidly getting acquired in the renewable system as they provide the storage facility. As the number of renewable source-based power plants is expected to increase worldwide, it may increase the demand for grid-scale batteries.

Thus, the expanding capabilities of the renewable energy sector may contribute to the growth of the grid-scale battery market, during the forecasted period.

Robust Demand in Power Sector

Implementation of grid-scale battery in the power sector helps the integration of renewable sources with the existing power system which results in cost saving for all the stakeholders. Also, islands and off-grid communities are further saving on fuel cost and reducing dependency on fossil fuels as energy stored in grid-scale batteries are benefitting them. It is estimated by a draft study commissioned by the State of New York that if around 11500 MW of energy storage is implemented in the states instead of conventional grid solutions, the State can save approximately USD 22 billion. All such factors are compelling aggressive demand for grid-scale batteries in the system by the power providers.

Thus, the robust demand in the power sector may contribute to the overall growth of the grid-scale battery market, during the forecasted period.

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Market Challenges:

High Initial Costs

Grid-scale battery is a rising technology there are numerous factors challenging the growth of the market. One such factor is the high upfront costs of grid-scale battery storage. Regardless of reducing the cost of battery storage technologies, the initial installation cost of grid-scale battery storage is high. This may hinder the growth of the market worldwide. The governing authorities can encourage the demand by providing subsidies to the battery storage system owners which can reduce the burden of the initial cost. For instance, in the US under the American Recovery and Reinvestment Act of 2009 incentives are provided which become a source of finance for battery storage owners.

Thus, high initial costs can be challenging for the growth of the grid-scale battery market, during the forecast period.

Grid-Scale Battery Market: Key Segments

· Storage technology segment comprises of: Lithium-ion Battery, Sodium Sulphur Battery, Lead Acid Battery, Flow Battery, and

· Service offering segment comprises of: Ancillary Services, Capacity Firming, Curtailment Reduction, Investment Deferral, and

· Ownership model segment comprises of: Utility Owned, Independent Power Producers Owned, and Vendor Owned.

· Regional segmentation comprises of: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis.

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Key Companies Covered

BYD Co Ltd (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)

· GS Yuasa Corporation

· Hitachi, Ltd.

· LG Chem Ltd.

· NEC Energy Solutions, Inc.

· NGK Insulators Ltd

· Panasonic Corporation

· Total SA

· Samsung SDI Co Ltd

· Toshiba Corp

Other Key Companies

Grid-Scale Battery Market: Report Segmentation

For the scope of the report, In-depth segmentation is offered by Forencis Research

Grid-Scale Battery Market, by Storage Technology

· Lithium-ion Battery

· Sodium Sulphur Battery

· Lead Acid Battery

· Flow Battery

· Others

Grid-Scale Battery Market, by Service Offering

· Ancillary Services

· Capacity Firming

· Curtailment Reduction

· Investment Deferral

· Others

Grid-Scale Battery Market, by Ownership Model

· Utility Owned

· Independent Power Producers Owned

· Vendor Owned

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By Region

Asia-Pacific

· China

· India

· Japan

· South Korea

· Australia

· Rest of Asia-Pacific

North America

· US

· Canada

· Mexico

Europe

· Germany

· France

· Italy

· UK

· The Netherlands

· Rest of Europe

Middle East and Africa

· Saudi Arabia

· UAE

· Rest of Middle East & Africa

South America

· Brazil

· Argentina

· Rest of South America

About Forencis Research

Forencis Research is a B2B market research, intelligence and advisory firm engaging in market research and consulting services across leading industries, globally. Our robust and meticulous research team provides high growth and niche syndicated reports, customized reports and consulting reports to the diverse global fortune clientele and intellectual institutions. Forencis Research database is a constantly evolving pool of reports and white paper studies which helps companies to foster accelerated revenue growth in global and regional markets. Forencis Research delivers market research and consulting reports on high growth markets to help companies dominate their competition and set themselves apart by attaining increased revenue growth. To enable exclusive insights around the target market, Forencis Research employs robust research Methodology & Design which includes data acquisition, data synthesis and data correlation, through Primary and Secondary Research. Through the obtained data, Top-down and bottom-up methods are exercised to attain and verify data sanity within the entire market. This market data is yet again correlated with Forencis Research’s internal database before presenting it in any of our final publications. These methods of data correlation and amalgamation benefit us to put forward accurate market estimates enabling our clients to transform their business, markets and most importantly their “REVENUES”.

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