The global grid-scale electricity storage market is expected to grow at a significant CAGR during the forecast period (2021-2027). The major factors contributing to the growth of the market include the increasing demand for integration and storage of electricity produced from renewable sources such as solar photovoltaic and wind energy. According to the International Renewable Energy Agency (IRENA), in 2020, 260 gigawatts (GW) of renewable energy capacity was added globally. Moreover, the market growth is driven by the need to enhance the resiliency, stability, and reliability of the electricity grids.
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Expansion of generating capacity by intermittent renewable energy sources, particularly wind and solar, in many regions of the world has led to a significant incentive offering to build large grid-scale electricity storage capacity. The combined installed capacities of those technologies in the future will propel, due to the (desired or imposed) growing annual share of electrical energy originating from renewable technologies subject to naturally fluctuating power flows (such as solar PV and wind), which are characterized by relatively low load factors. Grid-scale electrical energy storage has a lot of benefits, including capital investment deferral, energy arbitration, improved power quality, lower environmental effect, and higher efficiency and cost.
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The rising focus on investment in the electricity grids is accelerating market growth. For instance, in March 2021, the US Department of Energy (DOE) announced to launch of a $75 million worth Grid Storage Launchpad (GSL) located at Pacific Northwest National Laboratory in Richland. The facility is planned to modernize and add flexibility to the existing electricity grids and advance the storage technologies.
Global Grid-Scale Electricity Storage Market – Segmentation
By Technology
Grid-Scale Battery Storage
Compressed Air Energy Storage
Pumped Hydro Power
Flywheels Storage
Others
By Application
Electric Vehicle Charging
Renewable Energy Integration
Uninterruptible Power Supply (UPS)
Micro Grids
Global Grid-Scale Electricity Storage Market – Segmentation by Region
North America
United States
Canada
Europe
Germany
United Kingdom
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
Rest of the World
Company Profiles
Bosch Group
Duke Energy Corp.
LG Chem Ltd.
Panasonic Corp.
Samsung SDI Co. Ltd.
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