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IN THE NEWSAugust 2021- China deployed world’s first grid scale energy storage system in Taiyuan, Shanxi Province. The system was majorly developed by the Institute of Physics, Chinese Academy of Sciences.
November 2020- BYD announced that it will partner with Canadian Solar Inc. for providing advanced battery technology for the 100 MWac Mustang solar plant in Kings County, California.
The global grid scale battery market is estimated to garner a hefty amount of revenue and grow at a CAGR of ~15% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing investments in renewable energy, and declining costs of grid-scale battery as a result of technological advancements in the energy industry. According to the Center for Climate and Energy Solutions, renewables accounted for 29 percent of the electricity generation in 2020. In addition, a record amount of over 256 GW of renewable power capacity was added globally during the same year. Along with these, concerns associated with the increasing carbon emissions in major cities is expected to create a surge in demand for renewable integration. This in turn is evaluated to drive market growth significantly in the forthcoming years. Furthermore, rising emphasis on rural electrification using grid-scale battery deployment, and government initiatives to boost energy efficiency, especially in developed and developing nations is projected to offer ample growth opportunities to the market in the near future.
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The market is segmented by application into frequency regulation, peak shaving, bill management, load shifting, renewable integration, and others, out of which, the renewable integration segment is anticipated to hold the largest share in the global grid scale battery market. Factors such as increased reliability, and attainment of renewable targets with high energy efficiency by grid scale batteries are assessed to drive growth of the market segment in the future. Additionally, on the basis of type, the lithium-ion segment is predicted to acquire the largest share during the forecast period, which can be credited to the improved manufacturing capacity and technological innovations in the lithium-ion battery industry. Apart from these, decline in price, coupled with recycling of Li-ion batteries used in electric vehicles are also predicted to boost the growth of the market segment.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global grid scale battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth and gather the largest share over the forecast period on the back of the growing electricity demand, and rapid urbanization in the region. As per the United Nations’ Department of Economic and Social Affairs, it is projected that India and China will have added 416 million and 255 million urban dwellers respectively. In addition, expanding grid capacity of developing nations, and increasing deployment of renewables for energy generation are also expected to accelerate the market growth in the region in the coming years. Moreover, the market in North America is projected to grab a notable share by the end of 2030 owing to the growing focus of government for utilizing renewable energy storage in residential, non-residential and utility sectors in the region.
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The global grid scale battery market is further classified on the basis of region as follows:
Our in-depth analysis of the global grid scale battery market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing investments in renewable energy worldwide, and declining costs of grid-scale battery.
The market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2022 – 2030.
High demand-supply mismatch of raw materials for the battery is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the growing electricity demand, and rapid urbanization in the region.
The major players in the market are Panasonic Corporation, LG Chem Ltd., Samsung SDI Co. Ltd, BYD Co. Ltd, Contemporary Amperex Technology Co Ltd, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The lithium-ion segment is anticipated to hold largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.
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