Grid-scale energy storage Market

Grid-scale energy storage Market Overview

Grid-scale energy storage combines the method used to store energy on a massive scale within an electrical power grid. They can provide services like power quality (like active power, variation in voltage, reactive power, and electrical behaviour in switching operation) and uninterruptible power supply to help businesses store energy at high production and use it at peak demand.

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Major Grid-scale energy storage Market Drivers

The demand for a more effective and efficient storage grid is one of the driving factors that is likely to push the market’s overall growth. For instance, according to the U.S. Energy Information Administration, the USA had produced 4,009 billion kilowatt-hours (KWH) with just 1650 MW stored in 2020 compared to 869 MW stored in 2018. A tesla subsidiary registered as Gambit Energy Storage LLC is building more than 100-megawatt energy storage in Angleton, Texas. Battery of that size could power about 20,000 houses on a summer day. In addition, due to growing concern about the environmental effect of fossil fuels and the flexibility of energy grids across the globe, lawmakers are turning attention to the energy storage solution. Moreover, an increase in the number of initiatives by the policymakers for clean energy solutions will further propel the market growth of the grid-scale energy storage market. For instance, Czech parliament approved law to slash the proportion of coal in its portfolio to 12.5% in 2030, from 36% in 2020, which will further contribute to the growth of the market.

Restraint in the Grid-Scale Energy Storage Market

However, high installation cost associated with grid-scale energy storage is likely to hamper the market’s overall growth over the forecast period.

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Type- Segment Analysis

Based on the type, li-ion batteries storage is expected to grow at the fastest rate in the global energy storage market during the forecast period. As stated by International Renewable Energy Agency (IRENA), installation cost of Li-ion battery could fall by 54-61% by 2030 which will likely to support the demand for li-ion batteries. Furthermore, according to EESI (Environmental and Energy Study Institute), li-ion batteries were the most efficient at 85-95% with respect to other storage form (like Pumped hydro, compressed air, lead acid battery and others) and hold more than 90% of the global battery storage market.

Application- Segment Analysis

Based on the application, the electric vehicles segment is witnessed to grow at a higher growth rate over the forecast period in the global grid-scale energy storage market. This is due to the importance of energy storage in electric vehicles around the globe. With the technological progress in the electrification of two/three vehicles, buses are expanding significantly. According to IEA (International Energy Agency), in 2020, the global electric car sales worldwide climbed to over 3 million from 2.1 million in 2019, which signifies the high potential and demand for battery storage, leading to the expansion of the market’s overall growth.

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Regional – Segment Analysis:

Based on the region, the Asia-Pacific region is expected to grow at higher CAGR in the global grid-scale energy storage market over the forecast period. Rising demand from the Asia-Pacific countries like China and India for energy storage capacity is a factor which is boosting the regional growth. For instance, according to NREL, India is targeted to reach 175 GW of wind and solar generation capacity by 2022 and scaling to achieve 450 GW in 2030, likely to support the Asia-Pacific energy storage market. In addition, due to the strong geographical presence of the key players in the market like SUNGROW and CLOU GLOBAL TECHNOLOGY CO LTD (A Subsidiary OF SHENZHEN CLOU ELECTRONICS), the region is likely to witness healthy growth.

Top Market Players

Various notable players operating in the market, include, NextEra Energy, Toshiba, Tesla, General Electric, Siemens, Panasonic Corporation, ABB, CLOU GLOBAL TECHNOLOGY CO LTD (A Subsidiary OF SHENZHEN CLOU ELECTRONICS), Fluence, LG Chem, among energy storage. 

Key Developments:

• • In 2021, Tesla officially launched its first charging station in China with energy storage function for electric vehicles. This strategic expansion will contribute to the energy storage market.
  • In 2021, Siemens and ZENOB has signed a letter for the turnkey construction of a 100MW battery storage facility in Wunsiedel, Germany.

Segments covered in the Report:

The global grid-scale energy storage market has been segmented based on type, applications, and region. Based on type, the market is segmented into pumped hydro, compressed air, molten salt, li-ion battery, hydrogen, and energy storage. Based on applications, the market is segmented into electric vehicles, consumer electronics and energy storage. 

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Report Coverage	Details
Market Base Year	2020
Market Forecast Period	2021-2028
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	SUNGROW, TOSHIBA CORPORATION, TESLA, GENERAL ELECTRIC, Siemens, Panasonic Corporation, ABB, CLOU GLOBAL TECHNOLOGY CO LTD (A Subsidiary OF SHENZHEN CLOU ELECTRONICS), Fluence, LG Chem, among energy storage; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Grid-Scale Energy Storage Market by Type

• • Pumped hydro
  • Compressed air
  • Molten salt
  • Li-ion battery
  • Hydrogen

Global Grid-Scale Energy Storage Market by Application

• • Electric vehicles
  • Consumer electronics
  • Ancillary services

Global Grid-Scale Energy Storage Market by Region

• • North America Grid-Scale Energy Storage Market (Option 1: As a part of the free 25% customization)

    • North America Grid-Scale Energy Storage Market by Type
    • North America Grid-Scale Energy Storage Market by Application
    • US Grid-Scale Energy Storage Market All-Up
    • Canada Grid-Scale Energy Storage Market All-Up

  • Europe Grid-Scale Energy Storage Market (Option 2: As a part of the free 25% customization)

    • Europe Grid-Scale Energy Storage Market by Type
    • Europe Grid-Scale Energy Storage Market by Application
    • UK Grid-Scale Energy Storage Market All-Up
    • Germany Grid-Scale Energy Storage Market All-Up
    • France Grid-Scale Energy Storage Market All-Up
    • Spain Grid-Scale Energy Storage Market All-Up
    • Rest of Europe Grid-Scale Energy Storage Market All-Up

  • Asia-Pacific Grid-Scale Energy Storage Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Grid-Scale Energy Storage Market by Type
    • Asia-Pacific Grid-Scale Energy Storage Market by Application
    • China Grid-Scale Energy Storage Market All-Up
    • India Grid-Scale Energy Storage Market All-Up
    • Japan Grid-Scale Energy Storage Market All-Up
    • Rest of APAC Grid-Scale Energy Storage Market All-Up

  • RoW Grid-Scale Energy Storage Market (Option 4: As a part of the free 25% customization)

    • RoW Grid-Scale Energy Storage Market by Type
    • RoW Grid-Scale Energy Storage Market by Application
    • Brazil Grid-Scale Energy Storage Market All-Up
    • South Africa Grid-Scale Energy Storage Market All-Up
    • Saudi Arabia Grid-Scale Energy Storage Market All-Up
    • UAE Grid-Scale Energy Storage Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Grid-Scale Energy Storage Market All-Up

Major Players Operating in the Grid-Scale Energy Storage (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • SUNGROW
  • TOSHIBA CORPORATION
  • TESLA
  • GENERAL ELECTRIC
  • Siemens
  • Panasonic Corporation
  • ABB
  • CLOU GLOBAL TECHNOLOGY CO LTD (A Subsidiary OF SHENZHEN CLOU ELECTRONICS)
  • Fluence
  • LG Chem