Utility-scale Batteries Market 2024 – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2024-2030

By
Zaraki Kenpachi
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  • Utility-scale battery storage systems have storage capacity which ranges from few megawatt-hours to hundreds of megawatt-hours. Technologies such as lithium-ion, sodium sulfur, and lead acid batteries are used for grid applications. Among these technologies, the lithium-ion battery market has grown in the last few years.
  • Utility-scale batteries play an important role in facilitating the next stage of energy transition. The battery storage system provides grid services such as frequency response, regulation reserves, and ramp rate control.
  • Utility-scale batteries also enable larger penetration of variable renewable energy into the grid by storing excess generation and firming renewable energy output. Apart from that, it offers key services which include frequency regulation, flexible ramping, and black start services.
  • The battery storage system has extensive applications such as integrating renewables into the grid, peak shaving, frequency regulation, and providing backup power.

Increasing deployment of utility-scale battery storage systems

  • Utility-scale battery storage systems help to integrate greater share of variable renewable energy to power systems and reduces cost for stakeholders. These type of batteries can increase revenue as they save high fuel costs and reduce dependency on fossil fuel.
  • Developed countries such as the United States have seen increased deployment of utility-scale batteries, driving the demand for these batteries and propelling market growth.
  • Among types of utility-scale batteries, deployment of lithium ion batteries is increasing due to decreasing cost, enabled by rising production to meet the high demand in electric vehicles. This type of battery accounted for 90% of large scale battery storage.

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High upfront cost of utility-scale battery storage technology

  • High upfront cost is the barrier for the growth of large scale battery storage. However, governments can increase the demand by proving subsidies to battery storage owners, which will enable more deployment and reduce the upfront cost.
  • In most cases, monetizable and non-monetizable benefits do not reduce the high cost of deployment which makes projects infeasible for owners. Also, stringent government regulations are adding to the challenges in the market.

Maximum Growth of the Market to be observed in Asia Pacific

  • In terms of region, the global utility-scale batteries market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa
  • The utility-scale batteries market in Asia Pacific is anticipated to expand at the maximum CAGR during the forecast period.
  • This growth is attributed to a wide range of applications, increasing investment by developing countries, and increasing demand for renewable energy, which is expected to increase the demand for utility-scale batteries.
  • The utility-scale batteries market in North America and Europe is likely to show stagnant growth rate, whereas the market in Middle East & Africa is set to show slow growth due to high costs associated with deployment.

Key Players in the Global Market

The global utility-scale batteries market was highly fragmented. Prominent players operating in the global market are focusing on product launch and technological developments to meet the growing demand.

Key players operating in the global utility-scale batteries market include:

  •  FlexGen Power Systems Inc.
  • Fluence Corp Ltd.
  • LG Chem Ltd
  • NEC Energy Solutions Inc.
  • NextEra Energy Inc.
  • Renewable Energy Systems Ltd (RES America)
  • Tesla Inc.

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Global Utility-scale Batteries Market: Research Scope

Global Utility-scale Batteries Market, by Battery Type

  • Li-ion
  • Lead-acid
  • Zinc air
  • Sodium Sulfur Batteries
  • Others

Global Utility-scale Batteries Market, by Application

  • Residential
  • Non Residential

Global Utility-scale Batteries Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Mexico
    • Rest of South America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Read TMR Research Methodology at: https://www.transparencymarketresearch.com/methodology.html

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