Grid-Scale Battery Market Size, Share, And Growth Report 2032

Grid-Scale Battery Market: Size

The global Grid-Scale Battery Market size was worth around USD 6.82 billion in 2023 and is predicted to grow to around USD 84.07 billion by 2032 with a compound annual growth rate (CAGR) of roughly 32.2% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the Grid-Scale Battery Market on a global and regional level.

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Grid-Scale Battery Market: Overview

Grid-scale battery is a large-scale energy storage device. This grid-scale battery stores electrical energy on a huge scale inside of an electrical power grid. These batteries are used in a wide range of applications, such as peak shift, renewable integration, back-up power, and ancillary services.

The global grid-scale battery market is likely to experience significant growth over the upcoming years, owing to the rising implementation of automation across various end-user industries. The growing investments for renewable resources are also expected to fuel the global grid-scale battery market over the forecast time period. The decreasing costs of grid-scale batteries due to expanded deployment and technological advancements are projected to further propel the global grid-scale battery market growth in the years to come. However, huge capital investments and harmful environmental effects of grid-scale batteries may restrict the global grid-scale battery market development in the future. Alternatively, the increasing focus on rural electrification by leading market players, particularly in developing countries will create new growth opportunities.

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Grid-Scale Battery Market: Segmentation

The study provides a crucial view of the grid-scale battery market by segmenting the market based on type, application, ownership-model, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

By type, the global grid-scale battery market includes lithium-ion, lead acid, flow, sodium based, and others. Lithium-ion batteries were the fastest growing market segment and accounted for a significant share in 2023.

On the basis of application, the global grid-scale battery market includes integration, peak shift, ancillary services, back-up power, and others. The renewable integration segment held a major share of the global grid-scale battery in 2023.

By ownership-model, the global grid-scale battery market includes third-party owned and utility owned. In 2023, the third-party owned segment dominated the global grid-scale battery market.

Grid-Scale Battery Market: Report Scope

Grid-Scale Battery Market: Regional Analysis

The regional classification includes Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. 

In 2023, North America was the largest region in the global grid-scale battery market. This growth is mainly attributed to the rising investments for renewable energy sources across the region. In the U.S, the increasing number of government policies and guidelines for utilities and rising focus on reducing cost and increasing energy efficiency are anticipated to further propel the grid-scale battery market in the upcoming years. The Asia Pacific grid-scale battery market is anticipated to register the fastest CAGR over the next few years, owing to the rising urbanization and growing industrialization in the region, particularly in the emerging economies of China and India.

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Grid-Scale Battery Market: Competitive Players

The major players of the global grid-scale battery market are:

• Tesla
• BYD
• Panasonic
• Fluence
• NGK Insulators
• Samsung
• Mitsubishi Electric
• General Electric
• Electrovaya
• Hitachi
• GS Yuasa
• ABB Group
• Saft
• Sumitomo Electric
• S&C Electric
• Toshiba
• Johnson Controls
• LG Chem
• EnerVault

The Global Grid-Scale Battery Market is segmented as follows:

Global Grid-Scale Battery Market: Type Analysis

• Lithium-Ion
• Lead Acid
• Flow
• Sodium-Based
• Others

Global Grid-Scale Battery Market: Application Analysis

• Renewable Integration
• Peak Shift
• Ancillary Services
• Back-Up Power
• Others

Global Grid-Scale Battery Market: Ownership-Model Analysis

• Third-Party Owned
• Utility Owned

Global Grid-Scale Battery Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa