Global Large Scale Battery Storage Market Overview:
Large-scale stationary storage systems ("front-of-the-meter storage") can be used as short-term storage systems to quickly connect large amounts of renewable energy to the power grid. They can also be used to increase power grid transmission capacities, reducing the need for grid expansion. Large-scale storage systems equipped with grid-forming converters will play an important role in the future dynamic stabilization and control of power grids. To take over the grid-forming tasks (voltage and frequency control) currently performed by conventional must-run power plants, large-scale storage systems will be required. These storage systems can also temporarily store large amounts of surplus renewable electricity, which can then be fed back into the grid at a profit when demand is high.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Growth Drivers
- The Technological Advancement and Rising Adoption of EV and Solar Energy have Been Driving the Market Growth.
Roadblocks
- Lack of Rules and Regulations to Clarify the Role of BESS
Opportunities
- Growing Technological Advancement in Battery Storage Technology Will Bring More Opportunities in the Market.
Challenges
Competitive Landscape:
To entice more end users, market players are focusing on providing large-scale battery storage of higher quality while adhering to all regulatory standards. In the global large-scale battery storage market, there are numerous large and small-scale manufacturers. They are also concentrating on the implementation of numerous advanced technologies. Furthermore, the numerous industry profits have led to the entry of new players, raising the level of rivalry in an already competitive market. The large-scale battery storage market is currently expanding due to the increasing number of technological advancement in EV and Renewable energy storage. Some of the key players in this market follow strategies, which include new product offerings, product approvals, partnerships and alliances, mergers and acquisitions, and business expansions.
Some of the key players profiled in the report are LG Chem (South Korea), Samsung (South Korea), Panasonic (Japan), Fluence (United States), Tesla (United States), BYD Company (China), ABB (Switzerland), GE (United States), GS Yuasa (Japan) and Toshiba (Japan). Additionally, following companies can also be profiled that are part of our coverage like Saft (France), S&C Electric (United States), NGK Insulators (Japan), Sumitomo Electric Industries, Ltd. (Japan), Mitsubishi Electric Corp. (Japan) and Hitachi Ltd. (Japan). Analyst at AMA Research see Fragmented Manufacturers to retain maximum share of Global Large Scale Battery Storage market by 2027. Considering Market by Ownership, the sub-segment i.e. Third-Party Owned will boost the Large Scale Battery Storage market.
Latest Market Insights:
In July 2022, Panasonic Energy Co., Ltd., a Panasonic Group company, and Kansas Gov. Laura Kelly jointly announced that the state of Kansas has approved an Attracting Powerful Economic Expansion (APEX) state incentive application submitted by Panasonic Energy Co., Ltd. The agreement would make the state the location for a proposed US-based lithium-ion battery manufacturing facility, pending approval by Panasonic Holdings Corporation Board of Directors.
In May 2022, Danish-owned Danfoss India recently opened India’s first privately owned and operated grid-scale battery-based Energy Storage System (ESS) at its Oragadam campus in Chennai to store the excess energy generated by renewables (solar power plant) installed inside the campus. The ESS has been engineered using Danfoss’ sustainable Drives technology.
Although storage may be technically capable of providing essential grid services, utilities and market operators may be unwilling to procure services from BESS if no regulations or guidelines explicitly state that storage can provide these services. Furthermore, storage developers and financing institutions may be unwilling to make the necessary capital investments if there is no guarantee that the services provided by a BESS project will be compensated. Order 841 of the Federal Energy Regulatory Commission (FERC) addressed this issue in wholesale markets in the United States and directed market operators to develop rules governing storage's participation in energy, capacity, and ancillary service markets. Among other things, the rules must ensure open and equal market access for storage systems, taking into account their unique operating and technical characteristics.
What Can be Explored with the Large Scale Battery Storage Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Large Scale Battery Storage Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Large Scale Battery Storage
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Large Scale Battery Storage market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Large Scale Battery Storage market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Battery Manufacturers, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.