Grid-Scale Electricity Storage Technologies: Global Markets

Report Highlights

The global market for grid-scale electricity storage technologies is estimated to grow from $40.7 billion in 2024 to reach $151.2 billion by the end of 2029, at a compound annual growth rate (CAGR) of 30.0% from 2024 through 2029.

Report Includes

• 57 data tables and 56 additional tables
• Analyses of trends in the global market for grid-scale electricity storage technologies, with revenue data for 2023, estimates for 2024, forecasts for 2028, and projected CAGRs through 2029
• Estimates of the size and growth forecasts of the global market, and a corresponding market share analysis by technology, application, service type, end-use vertical, and region
• Facts and figures pertaining to the global market dynamics, technological advances, regulations and standards, innovations, prospects, and the impact of macroeconomic factors
• Insights derived from the Porter’s Five Forces model, as well as global value/supply chain analysis
• Coverage of investments in research, development and demonstration projects, and smart grids and distributed power generation systems
• Patent analysis, emerging technologies/trends and new developments in the power generation industry
• Analysis of the industry structure, including companies’ market shares and global rankings, strategic alliances, M&A activity and a venture funding outlook
• Overview of sustainability trends and ESG developments, with emphasis on consumer attitudes, and the ESG scores and practices of leading companies
• Profiles of leading companies, including Tesla, SUNGROW, CRRC, Fluence Energy, and Beijing HyperStrong Technology Co. Ltd.

Report Scope

This report provides an analysis of the global market for grid-scale electricity storage technologies, reflecting the latest data, trends and market projections. The global market for grid-scale electricity storage technologies is segmented by technology (lithium-ion batteries, lead-acid batteries, flow batteries, sodium-ion batteries and others, which include nickel-based, solid state and zinc batteries); type (utility scale, behind-the-meter); application (utility scale, energy shifting and capacity provision, ancillary services and congestion management, behind-the-meter (commercial, industrial (manufacturing and heavy industry, mining, data centers, agriculture and others; and region (North America, Europe, Asia-Pacific and Rest of the World. The base year for the study is 2023 with estimates and forecasts for 2024 to 2029.

The report focuses on battery energy storage technologies; other storage technologies, such as pumped hydro, compressed air energy, flywheel and thermal energy are outside the scope of the report. When estimating the grid-scale electricity storage technologies market, transportation and residential sectors/deployments have also been excluded. The major focus segments are utility-scale and behind-the-meter. Energy shifting and capacity provision is a broader categorization that includes load shifting, energy arbitrage, peak demand management, uninterrupted supply of power and microgrid support. Commercial applications include retail stores, office buildings, schools, hospitals, data centers and hotels. Industrial applications include factories, warehouses, large-scale manufacturing plants and chemical plants. Manufacturing and heavy industry is a broader categorization of iron, steel, cement, chemical and petrochemical, auto, aluminum and non-ferrous metals. Where available, global capacities are presented to characterize the annual installation in the dominant locations.

Market estimates are valued in U.S. dollars (millions). Electricity storage system cost is in $/KWh, from sources such as the U.S. Department of Energy (DOE) and the National Renewable Energy Laboratory (NREL). Weighted average was used to balance the price variation in different regions. Forecast growth rates are based on expected capacity additions across the industry, feedback received from key industry players, revenue reported by major companies and anticipated regulatory updates. The report concentrates on grid-scale electricity storage technologies currently in commercial use; other promising technologies that are not likely to make it out of the laboratory are not covered. The values of the system in GWh were further converted into revenue in order to determine the market size. The grid-scale electricity storage technologies include batteries, energy management systems, power conversion systems, and safety mechanisms.

Analyst Credentials

BCC Research Team possesses expertise and experience in life and physical science domains. They specialize in offering valuable business insights, including industry analysis, competitor intelligence, strategic and financial analysis, and opportunity assessment. The team has in-depth knowledge of various sectors, including healthcare, biotechnology, pharmaceuticals, IT, automation, advanced materials, and energy. They are proficient in qualitative and quantitative market intelligence providing clients with actionable insights. With a vast understanding of the competitive landscape, the team can support clients in making data-driven decisions to help them achieve a competitive edge in their respective markets.