The global grid-scale battery storage market size was estimated at USD 2.6 billion in 2019 and is expected to register a compound annual growth rate (CAGR) of 24.4% from 2020 to 2027. Grid-scale batteries are utilized for applications, such as ancillary services, renewable integration, black start, firm capacity, and various other application at the site of renewable energy generation and at transmission and distribution facilities of the power sector.
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The product demand is driven by factors, such as need to integrate the energy produced from renewable sources including solar photovoltaic and wind power, and also to improve stability, reliability, and resiliency of the grid. The market is evolving as one of the potential solutions to intensify the system flexibility, owed to their exceptional abilities to hold, absorb quickly, and then re-inject electricity.
In the U.S., increasing demand for lithium-ion batteries as an essential battery storage product can be attributed to their highly improved efficiency, energy density, and deep discharge cycle. In addition, a rapid cost decrease owing to growing storage demand and increased deployment demand for a renewable source of energy integration is projected to drive the market over the forecast period.
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Key Companies & Market Share Insights
Market participants are emphasizing on R&D to develop advanced products to gain a competitive edge. The companies with strong market foot-hold have led to the advancements in the field of battery manufacturing and storage to develop innovative products. Also, there is integration by companies including ABB, GE, and Samsung SDI, which allows low-cost manufacturing with increased productivity. Broadening of product portfolio to increase base into new application markets is one of the leading approaches being implemented by the market players. Some of the prominent players in the grid-scale battery storage market include:
- NGK Insulators Ltd.
- BYD Co. Ltd.
- Sumitomo Electric Industries, Ltd.
- Samsung SDI Co. Ltd.
- General Electric
- GS Yuasa Corp.
- LG Chem Ltd.
- Mitsubishi Electric Corp.
- Panasonic Corp.
- ABB Group
- Hitachi Ltd.
- Fluence Energy
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