"Revolutionizing Energy Generation and Utilization: Grid-Scale Electricity Storage Technologies Enhance Grid Reliability, Promote Energy Security, and Drive the Transition to Clean Energy with Advanced Battery Systems"
BOSTON, June 11, 2025 /PRNewswire/ -- According to the latest study from BCC Research, the "Grid-Scale Electricity Storage Technologies: Global Markets" is estimated to grow from $40.7 billion in 2024 to $151.2 billion by the end of 2029 at a compound annual growth rate (CAGR) of 30.0% from 2024 through 2029.
This report analyzes the global market for grid-scale electricity storage technologies, focusing on battery energy storage systems. It segments the market by technology, type, application, and region, offering insights into lithium-ion, lead-acid, flow, and sodium-ion batteries, among others. The study highlights the significant roles of utility-scale and behind-the-meter applications, emphasizing energy shifting, capacity provision, and ancillary services. It also covers commercial and industrial applications, such as retail stores, hospitals, data centers, and large-scale manufacturing plants.
The report excludes other storage technologies such as pumped hydro and compressed air energy storage, as well as transportation and residential sectors.
Market estimates are presented in U.S. dollars, with costs evaluated in $/KWh based on data from the U.S. Department of Energy and the National Renewable Energy Laboratory. The analysis includes forecasts of growth rates, feedback from executives at leading companies, and anticipated regulatory updates, focusing on technologies currently in commercial use. This detailed segmentation and market valuation provide a clear picture of the current and future landscape of grid-scale electricity storage technologies.
The factors driving the market's growth include:
Battery Storage in Renewable Energy: Battery storage helps balance the intermittent nature of renewable energy sources like solar and wind, ensuring a steady electricity supply.
Investment Shift to Energy Storage: Investments are increasingly directed towards energy storage technologies to support renewable energy adoption and enhance grid reliability.
Modernized Grids: Upgraded grids with advanced technologies integrate renewable energy and better manage storage systems, improving efficiency and reliability.
Virtual Power Plants (VPPs): VPPs aggregate distributed energy resources in order to operate as a single power plant, balancing supply and demand and enhancing grid flexibility and reliability.
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Report Synopsis
Report Metric | Details |
Base year considered | 2023 |
Forecast period considered | 2024-2029 |
Base year market size | $32.1 billion |
Market size forecast | $151.2 billion |
Growth rate | CAGR of 30.0% from 2024 to 2029 |
Segments covered | Type, Technology, Application, and Region |
Regions covered | North America, Europe, Asia-Pacific, and the Rest of the World (South America, Middle East and Africa) |
Market drivers | • Rapid integration of battery storage in renewable energy. • Shift in investments to energy storage technologies. • Modernized grids that promote grid-scale electricity storage technology. • Increase in virtual power plants (VPPs). |
Interesting facts:
- Virtual Power Plants: VPPs help businesses save money by offering discounts on solar panels and batteries, lower electricity rates, and payments for the energy they provide. This makes energy storage more affordable for companies.
- Hybrid Battery Systems: Combining different types of batteries, like flow and lithium-ion, improves their capacity, stability, and flexibility. These systems are ideal for managing high energy demands and storing solar power at a lower cost for longer periods.
- Smart Grids with AI: Using AI and machine learning, smart grids improve energy distribution and balance the load automatically. This reduces the risk of equipment failures and ensures a steady energy flow.
Emerging startups:
- Albion Technologies UK
- Green Li-ion Pte Ltd
- Renon India
- VoltStorage GmbH
The report addresses the following questions:
- What is the projected market size and growth rate?
- The global market for grid-scale electricity storage technologies is projected to grow from $32.1 billion in 2023 to $151.2 billion by the end of 2029 at a compound annual growth rate (CAGR) of 30.0% during the forecast period. - What are the key factors driving the growth of the market?
- The factors driving the use of grid-scale electricity storage technologies include:- Rapid integration of battery storage in renewable energy.
- Shift in global investment in energy storage technologies.
- Ongoing grid modernization promoting grid-scale electricity storage technologies.
- What segments are covered in the market?
- The global market for grid-scale electricity storage technologies is segmented by technology, type, application and region. Technologies include lithium-ion batteries, lead-acid batteries, flow batteries, sodium-ion batteries and others, which include nickel based solid-state, and zinc batteries. Types include utility scale and behind-the-meter. Applications include utility scale (energy shifting and capacity provision, ancillary services, and congestion management), behind-the-meter (commercial and industrial) and others. Commercial and industries include manufacturing and heavy industry, mining, data centers, agriculture. Others include life sciences, warehousing, remote manufacturing plants, military facilities, and food and beverage. Regions include North America, Europe, Asia-Pacific, and Rest of the World, which consists of South America and the Middle East and Africa. - Which application segment will be dominant through the forecast period?
- Energy shifting and capacity provision applications account for the largest share of the market for grid-scale electricity storage technologies. This segment covers strategies such as load shifting, energy arbitrage, peak demand management, uninterrupted power supply, and microgrid support. - Which region has the largest share of the global market?
- The Asia-Pacific region holds the largest market share.
Leading companies include:
- BEIJING HYPERSTRONG TECHNOLOGY CO. LTD.
- BYD CO. LTD.
- CALB
- CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD.
- CRRC
- ENVISION GROUP
- FLUENCE
- GOTION
- LG ENERGY SOLUTION
- NIDEC CORP.
- PANASONIC ENERGY CO. LTD.
- SAMSUNG SDI
- SUNGROW
- TESLA
- XYZ STORAGE TECHNOLOGY CORP. LTD.
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