Grid-Scale Battery Market to Reach USD 30.95 Billion by 2029 at 21.9% CAGR; Advantages of Grid-scale Battery Adoption to Propel Market Growth: Fortune Business Insights

Grid-Scale Battery Market to Record 21.9% CAGR During 2022-2029; Redflow Announces Collaboration with University of Queensland for Extending Flow Battery Operation: Fortune Business Insights

Pune,India, April 11, 2023 (GLOBE NEWSWIRE) — The global grid-scale battery market size was assessed at USD 5.77 billion in 2021. The market is projected to grow from USD 7.72 billion in 2022 to USD 30.95 billion by 2029, showcasing a CAGR of 21.9% during the 2022-2029 period. Benefits offered by grid-scale batteries, growing integration of renewable energy with battery storage, and rising adoption of molten salt batteries are driving market growth. This information is provided by Fortune Business Insights, in its report titled, “Grid-Scale Battery Market, 2022-2029.”

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Grid-Scale Battery Market Scope:

Drivers & Restraints:

Advantages of Grid-Scale Battery Adoption to Propel Market Growth

Benefits of energy storage include growing resilience and reliability and integration of diverse resources. Grid-scale batteries also provide arbitrage facility. For the record, arbitrage refers to charging the battery when prices are low and discharging it when they are high. It helps Battery Energy Storage System (BESS) operators to make higher revenue. Moreover, BESS operators can use load balancing to enlarge profit margins. These advantages of adopting grid-scale batteries will boost market proliferation.
On the other hand, fragility of lithium-ion and quick aging and degradation of lithium-ion batteries will hinder the grid-scale battery market growth in the coming years.

COVID-19 Impact:

Global Market Expanded Significantly Despite Supply Chain Disruptions Amid the Pandemic

The COVID-19 pandemic resulted in the implementation of stringent lockdowns and closure of manufacturing facilities in several economies across the world. This, in turn, restricted battery supply due to unavailability of battery components. Battery components are mainly available in China as the country is a leading producer of lithium and cobalt. Despite these challenges, the global market is projected to grow significantly.

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Regional Insights

North America to Dominate Backed by Favorable Government Regulations

North America held majority of the global market share in 2021 owing to rising investments in research & development by public and private companies and announcement of favorable government regulations. Announcement of tax incentives to promote renewable energy deployment will further propel market growth in this region.

Asia Pacific is anticipated to record highest CAGR over the forecast timeframe owing to investments to boost grid-scale battery adoption.

Europe market is projected to register substantial growth due to government efforts to promote local battery manufacturing and develop energy storage facilities in fossil fuel-dependent regions.

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Competitive Landscape:

Investments in Advanced Technology by Leading Players to Aid Market Proliferation

Industry leaders often make strategic decisions to gather massive revenues, enhance reach, and enlarge profit margins. One such move is improving productivity by adopting advanced technology. For instance, in May 2021, 24M announced that it secured USD 56.8 million in Series E funding to commercialize its simple, capital-efficient, and low-cost semisolid manufacturing process and enhance its technology development programs for electric vehicle and grid storage applications. As a part of the funding round, Hiroaki Murase, the General Manager of ITOCHU’s sustainable energy business division will be joining the 24M board.

Key Industry Development:

September 2022: Redflow announced its plans of collaborating with the University of Queensland within the Australian Research Council (ARC) Research Hub for Safe and Reliable Energy Storage. The research project known as “Extending Flow Battery Operation” aims to develop a deeper understanding of electrode materials and electrolyte chemistry to expand Zinc Bromine Module (ZBM) operational characteristics.

List of Key Players Mentioned in the Report:

• Samsung SDI CO., LTD. (South Korea)
• NGK Insulators, LTD. (Japan)
• BYD Company Ltd (China)
• General Electric (U.S.)
• Redflow Limited (Australia)
• Ambri Incorporated (U.S.)
• VRB Energy (Canada)
• 24M Technologies, Inc. (U.S.)
• Lockheed Martin Corporation (U.S.)
• FZSONICK SA (Switzerland)
• KORE Power, Inc. (U.S.)

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Table of Content:

1.       Introduction

1.1.   Research Scope

1.2.   Market Segmentation

1.3.   Research Methodology

1.4.   Definitions and Assumptions

2.       Executive Summary

3.       Market Dynamics

3.1.   Market Drivers

3.2.   Market Restraints

3.3.   Market Opportunities

4.       Key Insights

4.1.   Key Emerging Trends

4.2.   Latest Technological Advancement

4.3.   Insight on Regulatory Landscape

4.4.   Porters Five Forces Analysis

4.5.   Impact of COVID-19 on the Grid-Scale Battery Market

5.       Global Grid-Scale Battery Market Analysis (USD Billion), Insights and Forecast, 2018-2029

5.1.   Key Findings / Summary

5.2.   Market Analysis, Insights and Forecast – By Battery Chemistry

5.2.1.Lead-acid

5.2.2.Sodium-based

5.2.3.Redox Flow

5.2.4.Lithium-ion

5.2.5.Others

5.3.   Market Analysis, Insights and Forecast – By Ownership

5.3.1.Third-Party Owned

5.3.2.Utility Owned

5.4.   Market Analysis, Insights and Forecast – By Application

5.4.1.Renewables

5.4.2.Peak Shifting

5.4.3.Ancillary Services

5.4.4.Backup Power

5.4.5.Others

5.5.   Market Analysis, Insights and Forecast – By Region

5.5.1.North America

5.5.2.Europe

5.5.3.Asia Pacific

5.5.4.Rest of the World

6.       North America Grid-Scale Battery Market Analysis (USD Billion), Insights and Forecast, 2018-2029

6.1.   Key Findings / Summary

6.2.   Market Analysis, Insights and Forecast – By Battery Chemistry

6.2.1.Lead-acid

6.2.2.Sodium-based

6.2.3.Redox Flow

6.2.4.Lithium-ion

6.2.5.Others

6.3.   Market Analysis, Insights and Forecast – By Ownership

6.3.1.Third-Party Owned

6.3.2.Utility Owned

6.4.   Market Analysis, Insights and Forecast – By Application

6.4.1.Renewables

6.4.2.Peak Shifting

6.4.3.Ancillary Services

6.4.4.Backup Power

6.4.5.Others

6.5.   Market Analysis, Insights and Forecast – By Country

6.5.1.U.S.

7.       Competitive Analysis

7.1.   Company Market Share Analysis, 2021

7.2.   Company Profile

7.2.1.      Samsung SDI CO.,LTD.

7.2.1.1.              Business Overview

7.2.1.2.              Product & Service Offering

7.2.1.3.              Overall Revenue

7.2.1.4.              Recent Development

Continued…

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