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
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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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
Grid-Scale Battery Market, by Service Offering
· Ancillary Services
· Capacity Firming
· Curtailment Reduction
· Investment Deferral
Grid-Scale Battery Market, by Ownership Model
· Utility Owned
· Independent Power Producers Owned
· Vendor Owned
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· South Korea
· Rest of Asia-Pacific
· The Netherlands
· Rest of Europe
Middle East and Africa
· Saudi Arabia
· Rest of Middle East & Africa
· Rest of South America
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