The global grid-scale battery market is expected to be valued at USD 1.37 billion in 2018 and is likely to grow at a CAGR of 33.52% during the forecast period to reach USD 5.82 billion by 2023. Factors driving the growth of the market include the increasing investments in renewable energy, reducing costs of grid-scale battery owing to technological advancements and expanded deployment.
The grid-scale battery market is dominated by players that have established brand names, along with wide geographic presence. The leading players in the grid-scale battery market include LG Chem (South Korea), Samsung (South Korea), Panasonic (Japan), Fluence (US), Tesla (US), BYD Company (China), ABB (Switzerland), GE (US), GS Yuasa (Japan), Toshiba (Japan), Saft (France), S&C Electric (US), and NGK Insulators (Japan).
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Market Dynamics –
- Increasing Renewable Energy Investments
- Reduction in Cost Owing to Technological Advancements and Expanded Deployment
- Government Subsidies and Regulations for Enhancing Energy Efficiency
- Hazardous Environmental Effects
- High Capital Investments
- Increasing Focus on Rural Electrification
- Development of Molten-Salt Battery Technology
- Installation of Grid-Scale Battery in Remote Locations
The grid-scale battery market has been segmented on the basis of type into lithium-ion batteries, lead acid batteries, flow batteries, sodium-based batteries, and others (including nickel-cadmium, nickel metal hydride, and nickel-iron batteries). The market for lithium-ion batteries is expected to grow at the highest rate during the forecast period. Lithium-ion batteries have high energy and power density, which allows these batteries to be lightweight with less standby losses and high life expectancy of 5–15 years with 98% efficiency.
Based on ownership-model, the grid-scale battery market for the third-party owned segment is likely to grow at the highest rate between 2018 and 2023. North America, Europe, and RoW have widely adopted the third-party owned model as it boosts overall grid stability. In addition, third-party owned systems receive incentives from various governments.
Based on application, the grid-scale battery market for peak shifting is expected to grow at the highest rate between 2018 and 2023. Peak shifting is a highly cost-effective method of reducing electric utility expenses.
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Based on region, the grid-scale battery market in Asia Pacific is expected to grow at the highest rate, followed by North America and RoW, during the forecast period. South Korea accounted for the largest share of the grid-scale battery market in Asia Pacific, followed by Japan and China, in 2017. Increasing investments in transmission and distribution of power are among the major factors driving the growth of the market in Asia Pacific between 2018 and 2023.