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.
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.
Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
Segment Covered-
- By Technology
- By Application
- Competitive Landscape- Bosch Group, Duke Energy Corp., LG Chem Ltd., Panasonic Corp., and Samsung SDI Co. Ltd.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
Ø Recovery Timeline
Ø Deviation from pre-COVID forecast
Ø Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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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
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
