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Grid Scale Battery Storage Trends and Forecast
The future of the global grid scale battery storage market looks promising with opportunities in the renewable integration and ancillary service applications. The global grid scale battery storage market is expected to reach an estimated $11.0 billion by 2030 with a CAGR of 19.8% from 2024 to 2030. The major drivers for this market are rising need for renewable energy integration, growing demand for lithium-ion batteries, and increasing need for grid reliability.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Grid Scale Battery Storage by Segment
The study includes a forecast for the global grid scale battery storage by product type, application, and region.
Grid Scale Battery Storage Market by Product Type [Shipment Analysis by Value from 2018 to 2030]:
• Lithium-Ion
• Lead Acid
• Others
Grid Scale Battery Storage Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Renewable Integration
• Ancillary Services
• Others
Grid Scale Battery Storage Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Grid Scale Battery Storage Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies grid scale battery storage companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the grid scale battery storage companies profiled in this report include-
• LG Chem
• Samsung
• Panasonic
• Fluence
• Tesla
• BYD
• ABB
• GE
• GS Yuasa
• Toshiba
Grid Scale Battery Storage Market Insights
Lucintel forecasts that lithium-ion will remain the larger segment due to its various features, such as superior performance, energy density, require less space, lightweight, fast-charging, and highly durable.
Within this market, ancillary service is expected to witness higher growth over the forecast period.
North America is expected to witness highest growth over the forecast period due to availability of affordable batteries and expansion of grid scale battery production in the region.
Features of the Global Grid Scale Battery Storage Market
Market Size Estimates: Grid scale battery storage market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Grid scale battery storage market size by product type, application, and region in terms of value ($B).
Regional Analysis: Grid scale battery storage market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different product types, applications, and regions for the grid scale battery storage market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the grid scale battery storage market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q.1 What is the grid scale battery storage market size?
Answer: The global grid scale battery storage market is expected to reach an estimated $11.0 billion by 2030.
Q.2 What is the growth forecast for grid scale battery storage market?
Answer: The global grid scale battery storage market is expected to grow with a CAGR of 19.8% from 2024 to 2030.
Q.3 What are the major drivers influencing the growth of the grid scale battery storage market?
Answer: The major drivers for this market are rising need for renewable energy integration, growing demand for lithium-ion batteries and increasing need for grid reliability.
Q4. What are the major segments for grid scale battery storage market?
Answer: The future of the grid scale battery storage market looks promising with opportunities in the renewable integration and ancillary service applications.
Q5. Who are the key grid scale battery storage market companies?
Answer: Some of the key grid scale battery storage companies are as follows:
• LG Chem
• Samsung
• Panasonic
• Fluence
• Tesla
• BYD
• ABB
• GE
• GS Yuasa
• Toshiba
Q6. Which grid scale battery storage market segment will be the largest in future?
Answer: Lucintel forecasts that lithium-ion will remain the larger segment due to its various features, such as superior performance, energy density, require less space, lightweight, fast-charging, and highly durable.
Q7. In grid scale battery storage market, which region is expected to be the largest in next 5 years?
Answer: North America is expected to witness highest growth over the forecast period due to availability of affordable batteries and expansion of grid scale battery production in the region.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the grid scale battery storage market by product type (lithium-ion, lead acid, and others), application (renewable integration, ancillary services, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Grid Scale Battery Storage Market, Grid Scale Battery Storage Market Size, Grid Scale Battery Storage Market Growth, Grid Scale Battery Storage Market Analysis, Grid Scale Battery Storage Market Report, Grid Scale Battery Storage Market Share, Grid Scale Battery Storage Market Trends, Grid Scale Battery Storage Market Forecast, Grid Scale Battery Storage Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.
Table of Contents
1. Executive Summary
2. Global Grid Scale Battery Storage Market : Market Dynamics
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges
3. Market Trends and Forecast Analysis from 2018 to 2030
3.1. Macroeconomic Trends (2018-2023) and Forecast (2024-2030)
3.2. Global Grid Scale Battery Storage Market Trends (2018-2023) and Forecast (2024-2030)
3.3: Global Grid Scale Battery Storage Market by Product Type
3.3.1: Lithium-Ion
3.3.2: Lead Acid
3.3.3: Others
3.4: Global Grid Scale Battery Storage Market by Application
3.4.1: Renewable Integration
3.4.2: Ancillary Services
3.4.3: Others
4. Market Trends and Forecast Analysis by Region from 2018 to 2030
4.1: Global Grid Scale Battery Storage Market by Region
4.2: North American Grid Scale Battery Storage Market
4.2.2: North American Grid Scale Battery Storage Market by Application: Renewable Integration, Ancillary Services, and Others
4.3: European Grid Scale Battery Storage Market
4.3.1: European Grid Scale Battery Storage Market by Product Type: Lithium-Ion, Lead Acid, and Others
4.3.2: European Grid Scale Battery Storage Market by Application: Renewable Integration, Ancillary Services, and Others
4.4: APAC Grid Scale Battery Storage Market
4.4.1: APAC Grid Scale Battery Storage Market by Product Type: Lithium-Ion, Lead Acid, and Others
4.4.2: APAC Grid Scale Battery Storage Market by Application: Renewable Integration, Ancillary Services, and Others
4.5: ROW Grid Scale Battery Storage Market
4.5.1: ROW Grid Scale Battery Storage Market by Product Type: Lithium-Ion, Lead Acid, and Others
4.5.2: ROW Grid Scale Battery Storage Market by Application: Renewable Integration, Ancillary Services, and Others
5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Operational Integration
5.3: Porter’s Five Forces Analysis
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Grid Scale Battery Storage Market by Product Type
6.1.2: Growth Opportunities for the Global Grid Scale Battery Storage Market by Application
6.1.3: Growth Opportunities for the Global Grid Scale Battery Storage Market by Region
6.2: Emerging Trends in the Global Grid Scale Battery Storage Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion of the Global Grid Scale Battery Storage Market
6.3.3: Mergers, Acquisitions, and Joint Ventures in the Global Grid Scale Battery Storage Market
6.3.4: Certification and Licensing
7. Company Profiles of Leading Players
7.1: LG Chem
7.2: Samsung
7.3: Panasonic
7.4: Fluence
7.5: Tesla
7.6: BYD
7.7: ABB
7.8: GE
7.9: GS Yuasa
7.10: Toshiba
.
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Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
In-depth interviews of the major players in this market
Detailed secondary research from competitors’ financial statements and published data
Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process.
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