Report Highlights
The global market for grid-scale electricity storage technologies is estimated to grow from $40.7 billion in 2024 to reach $151.2 billion by the end of 2029, at a compound annual growth rate (CAGR) of 30.0% from 2024 through 2029.
Report Includes
- 57 data tables and 56 additional tables
- Analyses of trends in the global market for grid-scale electricity storage technologies, with revenue data for 2023, estimates for 2024, forecasts for 2028, and projected CAGRs through 2029
- Estimates of the size and growth forecasts of the global market, and a corresponding market share analysis by technology, application, service type, end-use vertical, and region
- Facts and figures pertaining to the global market dynamics, technological advances, regulations and standards, innovations, prospects, and the impact of macroeconomic factors
- Insights derived from the Porter’s Five Forces model, as well as global value/supply chain analysis
- Coverage of investments in research, development and demonstration projects, and smart grids and distributed power generation systems
- Patent analysis, emerging technologies/trends and new developments in the power generation industry
- Analysis of the industry structure, including companies’ market shares and global rankings, strategic alliances, M&A activity and a venture funding outlook
- Overview of sustainability trends and ESG developments, with emphasis on consumer attitudes, and the ESG scores and practices of leading companies
- Profiles of leading companies, including Tesla, SUNGROW, CRRC, Fluence Energy, and Beijing HyperStrong Technology Co. Ltd.
Report Scope
This report provides an analysis of the global market for grid-scale electricity storage technologies, reflecting the latest data, trends and market projections. The global market for grid-scale electricity storage technologies is segmented by technology (lithium-ion batteries, lead-acid batteries, flow batteries, sodium-ion batteries and others, which include nickel-based, solid state and zinc batteries); type (utility scale, behind-the-meter); application (utility scale, energy shifting and capacity provision, ancillary services and congestion management, behind-the-meter (commercial, industrial (manufacturing and heavy industry, mining, data centers, agriculture and others; and region (North America, Europe, Asia-Pacific and Rest of the World. The base year for the study is 2023 with estimates and forecasts for 2024 to 2029.
The report focuses on battery energy storage technologies; other storage technologies, such as pumped hydro, compressed air energy, flywheel and thermal energy are outside the scope of the report. When estimating the grid-scale electricity storage technologies market, transportation and residential sectors/deployments have also been excluded. The major focus segments are utility-scale and behind-the-meter. Energy shifting and capacity provision is a broader categorization that includes load shifting, energy arbitrage, peak demand management, uninterrupted supply of power and microgrid support. Commercial applications include retail stores, office buildings, schools, hospitals, data centers and hotels. Industrial applications include factories, warehouses, large-scale manufacturing plants and chemical plants. Manufacturing and heavy industry is a broader categorization of iron, steel, cement, chemical and petrochemical, auto, aluminum and non-ferrous metals. Where available, global capacities are presented to characterize the annual installation in the dominant locations.
Market estimates are valued in U.S. dollars (millions). Electricity storage system cost is in $/KWh, from sources such as the U.S. Department of Energy (DOE) and the National Renewable Energy Laboratory (NREL). Weighted average was used to balance the price variation in different regions. Forecast growth rates are based on expected capacity additions across the industry, feedback received from key industry players, revenue reported by major companies and anticipated regulatory updates. The report concentrates on grid-scale electricity storage technologies currently in commercial use; other promising technologies that are not likely to make it out of the laboratory are not covered. The values of the system in GWh were further converted into revenue in order to determine the market size. The grid-scale electricity storage technologies include batteries, energy management systems, power conversion systems, and safety mechanisms.
Report Synopsis
Report Metrics | Details | ||||||||||||||||
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Base year considered | 2023 | ||||||||||||||||
Forecast period considered | 2024-2029 | ||||||||||||||||
Base year market size | $32.1 Billion | ||||||||||||||||
Market size forecast | $151.2 Billion | ||||||||||||||||
Growth rate | CAGR of 30.0% from 2024 to 2029 | ||||||||||||||||
Units considered | $ Millions | ||||||||||||||||
Segments covered | By Type, Technology, Application, and Region | ||||||||||||||||
Regions covered | North America, Europe, Asia-Pacific, and the Rest of the World (South America, Middle East and Africa) | ||||||||||||||||
Key Market Drivers |
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Companies studied |
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Frequently Asked Questions (FAQs)
- Rapid integration of battery storage in renewable energy.
- Shift in global investment in energy storage technologies.
- Ongoing grid modernization promoting grid-scale electricity storage technologies.
Analyst Credentials
BCC Research Team possesses expertise and experience in life and physical science domains. They specialize in offering valuable business insights, including industry analysis, competitor intelligence, strategic and financial analysis, and opportunity assessment. The team has in-depth knowledge of various sectors, including healthcare, biotechnology, pharmaceuticals, IT, automation, advanced materials, and energy. They are proficient in qualitative and quantitative market intelligence providing clients with actionable insights. With a vast understanding of the competitive landscape, the team can support clients in making data-driven decisions to help them achieve a competitive edge in their respective markets.
Report Highlights
The global market for grid-scale electricity storage technologies should grow from $1.6 billion in 2020 to $2.7 billion by 2025, at compound annual growth rate (CAGR) of 10.6% for the period of 2020-2025.
Report Includes
- 58 data tables and 13 additional tables
- An overview of global market for grid-scale electricity storage technologies
- Estimation of the market size and analyses of market trends, with data from 2019, estimates for 2020 to 2025, with projections of compound annual growth rates (CAGRs) through 2025
- Explanation of the market dynamics, trends, opportunities, and factors influencing the global grid-scale electricity storage technologies and assessment of latest trends within the industry
- Market share analysis of the grid-scale electricity storage technologies based on technology, end-user, service, application, and region
- Coverage of investments in research, development and demonstration projects and detailed description of smart grids and distributed power generation systems
- Assessment of regulatory trends and incentives, regional economic development rate, timetable for implementation, and environmental restrictions of the grid-scale electricity storage technologies
- Analysis of the competitive landscape, coverage of recent developments, and current and future demand of grid-scale electricity storage technologies in the global markets
- Market share analysis of the key companies of the industry and coverage of their proprietary technologies, strategic alliances, and other key market strategies
- Comprehensive company profiles of the leading players of the industry, including Bosch Group, Duke Energy Corp., LG CHEM Ltd., Panasonic Corp., and Samsung SDI Co. Ltd.
Report Highlights
The global market for grid-scale battery storage technologies reached $637 million in 2014. This market is projected to reach nearly $4.0 billion in 2025 from $716 million in 2015 at a compound annual growth rate of 18.7% for the period 2015-2025.
Report Includes
- An overview of the global markets for grid-scale electricity storage technologies.
- Analyses of global market trends, with data from 2014, 2015, estimnates for 2020 and projections of CAGRs through 2025.
- A look at factors influencing growth of the market including a growing share of power generation coming from intermittent renewable energy sources, rising commodity prices, and escalating energy peak demand and price in many economies.
- Applications for Grid Scale Battery Storage including:
- Power Generation Support - Load Levelling & Grid Stabilisation
- Renewable Energy Integration/ accommodation of Renewables
- Transmission & Distribution Support
- Distributed Power Generation and End-User Support
- Coverage of typical components including lead-acid batteries, Lithium-ion batteries, Sodium-based batteries, flow batteries, and others.
- Evaluation of overall benefits and challenges for using grid scale battery storage.
- Profiles of major players in the industry.
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