Grid Scale Battery Market: Current Analysis and Forecast (2021-2027)

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Global grid scale battery market is expected to grow at a CAGR of around 25% during the forecast period (2021-2027).  Battery storage is one of several technology options that can enhance power system flexibility and enable high levels of renewable energy integration. Grid scale battery is known as battery energy storage system (BEES) that charges (or collects energy) from the grid or a power plant and then discharges that energy later to provide electricity or other grid services when needed. Therefore, factors such as increasing needs for system flexibility, combined with rapid decreases in the costs of battery technology, have enabled BESS to play an increasing role in the power system in recent years.

Moreover, increasing awareness among consumers regarding effective energy consumption coupled with rising demand to save extra energy produced at the grid location with effective load supervision is expected to play a key role in driving the demand. Also, ascending demand from grids, on account of rising need for distributed energy integration with the grid, is likely to propel the market growth over the forecast period. 

Grid scale battery Type, 2020

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Some of the major players operating in the market are Panasonic Corporation, Contemporary Amperex Technology Co. Ltd., Samsung SDI Co. Ltd., BYD Co. Ltd., LG Chem Ltd., Hitachi Ltd., NGK Insulators Ltd., Sumitomo Electric Industries, Ltd., Fluence, and Tesla. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst battery type, lithium-ion battery grid scale battery segment holds the major share”

Based on battery type, the grid scale battery market is segmented into lithium-ion battery, lead acid battery, flow battery, sodium-based battery, and others. The lithium-ion battery segment catered significant demand in grid scale battery market. The technological advancement, which has led to a sharp increase in the energy density of the lithium-ion battery market coupled with decrease in the overall cost of lithium-ion batteries, has enabled the increase in the grid-scale battery deployment.

“Amongst application, ancillary service segment holds the major share”

Based on application, the grid scale battery market is segmented into renewable integration battery, peak shift battery, ancillary service battery, back-up power battery, and others. The ancillary service battery segment holds the considerable market share. As the future of grid-scale battery storage is expected to rely significantly on renewable sources of energy, such as solar and wind. The operator uses grid-scale battery storage systems to provide ancillary services to mitigate the uncertainty and variability of the solar and wind power projects on a grid-scale.

“Asia Pacific represents one of the extensive market shares in global grid scale battery Market”

For a better understanding of the market dynamics of the global Grid scale battery market, a detailed analysis was conducted for different regions including Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific holds the extensive market share owing to the increasing electricity demand due to urbanization, population growth, and deployment of renewable which expected to escalate the market size of grid scale battery. 

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global grid scale battery market were the three major steps undertaken to create and analyze the adoption of grid scale battery in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global grid scale battery market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of grid scale battery market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the grid scale battery market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as battery type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of grid scale battery market. Further, we conducted factor analysis using dependent and independent variables such as increasing investments in renewable energy. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the grid scale battery market sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global grid scale battery market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of grid scale battery market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global grid scale battery market in terms of category offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global grid scale battery market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of battery type and application in the global grid scale battery market.

The main objective of the Global Grid scale battery Market Study

The current & future market trends of global grid scale battery market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the grid-scale battery market in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of battery type and application
• Define and analysis of the regulatory framework for the grid-scale battery market industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the grid-scale battery market for the major region
• Major regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world
• Company profiles of the grid scale battery market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry