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Global Grid-Scale Battery Market Share, Analysis, Growth, Forecast: By Type: Lithium-Ion Battery, Lead Acid Battery, Flow Battery, Sodium-Ion Battery, Zinc Hybrid, Others; By Ownership: Third-Party Owned, Utility Owned; By Application: Renewables, Peak Shifting, Others; Regional Analysis; Market Dynamics; Competitive Landscape; 2023-2028

Global Grid-Scale Battery Market Outlook

The global grid-scale battery market size reached a value of more than USD 1.82 billion in 2022. The market is further estimated to grow at a CAGR of 33.10% in the forecast period of 2023-2028.

 

Rising Demand for Lithium-Ion Batteries to Propel the Grid-Scale Battery Market Growth

Based on type, the demand for lithium-ion batteries, owing to their multiple advantages, is growing rapidly. Lithium-ion batteries are widely utilised as supporting devices in the grid due to their energy density, superior energy efficiency, and long lifecycle. Moreover, lithium-ion batteries are available in various types such as coin, cylindrical, prismatic, and pouch, thereby contributing to the market expansion. 

 

The exceptional characteristics of prismatic and pouch cells like higher design freedom, reduced module-level dead volume, and ease of customisation are resulting in their increased utilisation in grid-scale batteries. The initiatives taken by the market players to improve the manufacturing capacity of lithium-ion batteries are contributing to the market development of grid-scale batteries. Advancements in the lithium-ion battery chemistry are improving the performance of lithium-ion batteries, which is likely to aid the grid-scale battery market development over the forecast period.

 

Market Segmentation

A grid-scale battery is an electrochemical device used in grid energy storage systems that collects and stores energy from the grid or a power plant. This battery storage technology enables the power system operators to discharge the stored energy at a later time to provide electricity when needed.

 

The market for grid-scale battery, by type, is divided into:

  • Lithium-Ion Battery
  • Lead Acid Battery
  • Flow Battery
  • Sodium-Ion Battery
  • Zinc Hybrid
  • Others

 

Based on ownership, the market is bifurcated into:

  • Third-Party Owned
  • Utility Owned

 

On the basis of application, the market is segmented into:

  • Renewables
  • Peak Shifting
  • Ancillary Services
  • Backup Power
  • Others

 

The regional markets for grid-scale battery can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Growing Use in Renewable Power Generation Plants to Drive the Market Growth of Grid-Scale Battery

The rapid urbanisation, industrial development, and economic advancements are resulting in the increasing demand for electricity and driving the shift towards renewable energy for power generation, which is surging the utilisation of grid-scale batteries. The rapid response, modularisation, short construction cycles, and flexible installation benefits of batteries are also leading to their wider applications in grid energy storage systems.

 

The growing environmental consciousness and the rising need to decarbonise the economies worldwide are increasing the dependency on grid energy storage systems. As grid-level electrical energy storage systems and their batteries store the excess electricity during peak power generation periods, they are used to provide the stored power during emergencies across end-use sectors.

 

The introduction of favourable government initiatives to strengthen the domestic supply chain for lithium-based batteries and develop innovative methods to recycle grid-scale batteries is proving to be a significant grid-scale battery market driver. Further, various initiatives taken by the market players for developing cheaper and long-lasting batteries and advancements in battery technologies are expected to augment the market over the forecast period.

 

Key Players in the Global Grid-Scale Battery Market

The report gives a detailed analysis of the following key players in the global grid-scale battery market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

 

  • ABB Ltd.
  • Hitachi Energy Ltd.
  • Sumitomo Electric Industries, Ltd.
  • LG Energy Solution
  • Leclanche SA
  • Others

 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Ownership
  • Application
  • Region
Breakup by Type
  • Lithium-Ion Battery
  • Lead Acid Battery
  • Flow Battery
  • Sodium-Ion Battery
  • Zinc Hybrid
  • Others
Breakup by Ownership
  • Third-Party Owned
  • Utility Owned
Breakup by Application
  • Renewables
  • Peak Shifting
  • Ancillary Services
  • Backup Power
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • ABB Ltd.
  • Hitachi Energy Ltd.
  • Sumitomo Electric Industries, Ltd.
  • LG Energy Solution
  • Leclanche SA
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface 
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions   
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments  
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Region
7    Industry Opportunities and Challenges  
8    Global Grid-Scale Battery Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Grid-Scale Battery Historical Market (2018-2022) 
    8.3    Global Grid-Scale Battery Market Forecast (2023-2028)
    8.4    Global Grid-Scale Battery Market by Type
        8.4.1    Lithium-Ion Battery 
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Lead Acid Battery 
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
        8.4.3    Flow Battery 
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2022)
            8.4.3.3    Forecast Trend (2023-2028)
        8.4.4    Sodium-Ion Battery 
            8.4.4.1    Market Share
            8.4.4.2    Historical Trend (2018-2022)
            8.4.4.3    Forecast Trend (2023-2028)
        8.4.5    Zinc Hybrid 
            8.4.5.1    Market Share
            8.4.5.2    Historical Trend (2018-2022)
            8.4.5.3    Forecast Trend (2023-2028)
        8.4.6    Others
    8.5    Global Grid-Scale Battery Market by Ownership
        8.5.1    Third-Party Owned 
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Utility Owned
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
    8.6    Global Grid-Scale Battery Market by Application
        8.6.1    Renewables
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Peak Shifting
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022)
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Ancillary Services
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022)
            8.6.3.3    Forecast Trend (2023-2028)
        8.6.4    Backup Power 
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2018-2022)
            8.6.4.3    Forecast Trend (2023-2028)
        8.6.5    Others
    8.7    Global Grid-Scale Battery Market by Region
        8.7.1    Market Share
            8.7.1.1    North America
            8.7.1.2    Europe
            8.7.1.3    Asia Pacific
            8.7.1.4    Latin America
            8.7.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2018-2022)
        9.1.2    Forecast Trend (2023-2028)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2018-2022)
        9.2.2    Forecast Trend (2023-2028)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2018-2022)
        9.3.2    Forecast Trend (2023-2028)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2018-2022)
        9.4.2    Forecast Trend (2023-2028)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2018-2022)
        9.5.2    Forecast Trend (2023-2028)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Competitive Landscape
    11.1    Market Structure
    11.2    Company Profiles
        11.2.1    ABB Ltd.
            11.2.1.1    Company Overview
            11.2.1.2    Product Portfolio
            11.2.1.3    Demographic Reach and Achievements
            11.2.1.4    Certifications
        11.2.2    Hitachi Energy Ltd.
            11.2.2.1    Company Overview
            11.2.2.2    Product Portfolio
            11.2.2.3    Demographic Reach and Achievements
            11.2.2.4    Certifications
        11.2.3    Sumitomo Electric Industries, Ltd.
            11.2.3.1    Company Overview
            11.2.3.2    Product Portfolio
            11.2.3.3    Demographic Reach and Achievements
            11.2.3.4    Certifications
        11.2.4    LG Energy Solution
            11.2.4.1    Company Overview
            11.2.4.2    Product Portfolio
            11.2.4.3    Demographic Reach and Achievements
            11.2.4.4    Certifications
        11.2.5    Leclanche SA
            11.2.5.1    Company Overview
            11.2.5.2    Product Portfolio
            11.2.5.3    Demographic Reach and Achievements
            11.2.5.4    Certifications
        11.2.6    Others
12    Industry Events and Developments

 

List of Key Figures and Tables

1.    Global Grid-Scale Battery Market: Key Industry Highlights, 2018 and 2028
2.    Global Grid-Scale Battery Historical Market: Breakup by Type (USD Billion), 2018-2022
3.    Global Grid-Scale Battery Market Forecast: Breakup by Type (USD Billion), 2023-2028
4.    Global Grid-Scale Battery Historical Market: Breakup by Ownership (USD Billion), 2018-2022
5.    Global Grid-Scale Battery Market Forecast: Breakup by Ownership (USD Billion), 2023-2028
6.    Global Grid-Scale Battery Historical Market: Breakup by Application (USD Billion), 2018-2022
7.    Global Grid-Scale Battery Market Forecast: Breakup by Application (USD Billion), 2023-2028
8.    Global Grid-Scale Battery Historical Market: Breakup by Region (USD Billion), 2018-2022
9.    Global Grid-Scale Battery Market Forecast: Breakup by Region (USD Billion), 2023-2028
10.    North America Grid-Scale Battery Historical Market: Breakup by Country (USD Billion), 2018-2022
11.    North America Grid-Scale Battery Market Forecast: Breakup by Country (USD Billion), 2023-2028
12.    Europe Grid-Scale Battery Historical Market: Breakup by Country (USD Billion), 2018-2022
13.    Europe Grid-Scale Battery Market Forecast: Breakup by Country (USD Billion), 2023-2028
14.    Asia Pacific Grid-Scale Battery Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    Asia Pacific Grid-Scale Battery Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Latin America Grid-Scale Battery Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Latin America Grid-Scale Battery Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Middle East and Africa Grid-Scale Battery Historical Market: Breakup by Country (USD Billion), 2018-2022
19.    Middle East and Africa Grid-Scale Battery Market Forecast: Breakup by Country (USD Billion), 2023-2028
20.    Global Grid-Scale Battery Market Structure.

Key Questions Answered in the Report

In 2022, the market attained a value of over USD 1.82 billion.

The market is assessed to grow at a CAGR of 33.10% between 2023 and 2028.

The major market drivers include the cost-effectiveness of lithium-ion batteries, various initiatives taken by the market players to improve the manufacturing capacity of lithium-ion batteries, exceptional characteristics of lithium-ion batteries, and rising environmental consciousness.

The key market trends guiding the growth of the market include the rising dependency on renewable energy sources, the development of affordable batteries, and advancements in battery technologies.

The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

With the development of durable and cost-effective grid-scale batteries, the increasing investments in renewable energy, and technological advancements and innovations, the demand for grid-scale batteries is expected to surge.

The significant types of grid-scale battery include lithium-ion battery, lead acid battery, flow battery, sodium-ion battery, and zinc hybrid, among others.

The major market segments, based on ownership, include third-party owned and utility owned.

The different applications of grid-scale battery include renewables, peak shifting, ancillary services, and backup power, among others.

The major players in the market are ABB Ltd., Hitachi Energy Ltd., Sumitomo Electric Industries, Ltd., LG Energy Solution, and Leclanche SA, among others.

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