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Utility-scale Batteries: Introduction

  • Utility-scale battery storage systems have storage capacity which ranges from few megawatt-hours to hundreds of megawatt-hours. Technologies such as lithium-ion, sodium sulfur, and lead acid batteries are used for grid applications. Among these technologies, the lithium-ion battery market has grown in the last few years.
  • Utility-scale batteries play an important role in facilitating the next stage of energy transition. The battery storage system provides grid services such as frequency response, regulation reserves, and ramp rate control.
  • Utility-scale batteries also enable larger penetration of variable renewable energy into the grid by storing excess generation and firming renewable energy output. Apart from that, it offers key services which include frequency regulation, flexible ramping, and black start services.
  • The battery storage system has extensive applications such as integrating renewables into the grid, peak shaving, frequency regulation, and providing backup power.

Increasing deployment of utility-scale battery storage systems

  • Utility-scale battery storage systems help to integrate greater share of variable renewable energy to power systems and reduces cost for stakeholders. These type of batteries can increase revenue as they save high fuel costs and reduce dependency on fossil fuel.
  • Developed countries such as the United States have seen increased deployment of utility-scale batteries, driving the demand for these batteries and propelling market growth.
  • Among types of utility-scale batteries, deployment of lithium ion batteries is increasing due to decreasing cost, enabled by rising production to meet the high demand in electric vehicles. This type of battery accounted for 90% of large scale battery storage.

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High upfront cost of utility-scale battery storage technology

  • High upfront cost is the barrier for the growth of large scale battery storage. However, governments can increase the demand by proving subsidies to battery storage owners, which will enable more deployment and reduce the upfront cost.
  • In most cases, monetizable and non-monetizable benefits do not reduce the high cost of deployment which makes projects infeasible for owners. Also, stringent government regulations are adding to the challenges in the market.

Maximum Growth of the Market to be observed in Asia Pacific

  • In terms of region, the global utility-scale batteries market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa
  • The utility-scale batteries market in Asia Pacific is anticipated to expand at the maximum CAGR during the forecast period.
  • This growth is attributed to a wide range of applications, increasing investment by developing countries, and increasing demand for renewable energy, which is expected to increase the demand for utility-scale batteries.
  • The utility-scale batteries market in North America and Europe is likely to show stagnant growth rate, whereas the market in Middle East & Africa is set to show slow growth due to high costs associated with deployment.

Key Players in the Global Market

The global utility-scale batteries market was highly fragmented. Prominent players operating in the global market are focusing on product launch and technological developments to meet the growing demand.

Key players operating in the global utility-scale batteries market include:

  •  FlexGen Power Systems Inc.
  • Fluence Corp Ltd.
  • LG Chem Ltd
  • NEC Energy Solutions Inc.
  • NextEra Energy Inc.
  • Renewable Energy Systems Ltd (RES America)
  • Tesla Inc.

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Global Utility-scale Batteries Market: Research Scope

Global Utility-scale Batteries Market, by Battery Type

  • Li-ion
  • Lead-acid
  • Zinc air
  • Sodium Sulfur Batteries
  • Others

Global Utility-scale Batteries Market, by Application

  • Residential
  • Non Residential

Global Utility-scale Batteries Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Mexico
    • Rest of South America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Utilityscale Batteries Market

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