Market Size of Grid Scale Battery Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 15.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Grid Scale Battery Market Analysis
The electricity generation through renewables grew at a CAGR of more than 15% during the period 2011-2018 and is expected to continue the same trend over the forecast period. This factor, in turn, is expected to drive the grid scale battery market as batteries are used in renewable integration into the grid. Moreover, the concerns regarding the negative effect of climate change clubbed with the growing carbon emission in major cities have created a significant demand for renewable integration. Major factors fostering the growth of the market include the investments in renewable energy, and the cost reduction of grid-scale battery owing to technological advancements and expanded deployment. Furthermore, the government aids and standards for boosting energy efficiency are likely to drive the growth of the grid-scale battery market in upcoming years. However, the increasing demand-supply mismatch of the vital raw materials such as cobalt has the potential to restrain the growth of the market.
- The technological advancement, which has led to a sharp increase in the energy density of the lithium-ion battery market even while decreasing the overall cost of lithium-ion batteries, has enabled the increase in the grid-scale battery deployment. Owing to the aforementioned factors, the lithium-ion battery segment is expected to witness the fastest growth rate during the forecast period.
- The increasing focus on rural electrification using the grid-scale battery deployment is expected to create a significant amount of opportunity for the growth of the market during the forecast period.
- Asia-Pacific is the fastest-growing market owing to the rapid rate of industrialization and urbanization, which has led to an increase in demand for electricity.
