22.8% Growth Predicted for Lithium-Ion Batteries in Grid-Scale Battery Market; ABB, Tesla, LG Chem Among Key Competitors

Home > Industry Analysis > Content

【Summary】The global grid-scale battery market is projected to reach $19.5 billion by 2030, with a CAGR of 22.3%. Lithium-Ion batteries are expected to record a CAGR of 22.8% and reach $17.1 billion. The United States, China, Japan, and Canada are among the noteworthy markets. Key competitors include ABB, Tesla, LG Chem, and more. The report also covers global events, market trends, and drivers.

FutureCar Staff Oct 09, 2023 11:24 PM PT

22.8% Growth Predicted for Lithium-Ion Batteries in Grid-Scale Battery Market; ABB, Tesla, LG Chem Among Key Competitors

The global grid-scale battery market is expected to experience significant growth in the coming years. According to a report by ResearchAndMarkets.com, the market is projected to reach a size of US$19.5 billion by 2030, reflecting a robust compound annual growth rate (CAGR) of 22.3% from 2022 to 2030.

One of the prominent segments in the report is the Lithium-Ion batteries, which are expected to record a CAGR of 22.8% and reach a valuation of US$17.1 billion by the end of the analysis period. The Lead Acid segment, on the other hand, is readjusted to a revised CAGR of 20.3% for the next eight years.

When looking at regional markets, the United States is estimated to have a grid-scale battery market worth US$1.1 billion in 2022. China, as the world's second-largest economy, is forecasted to achieve a market size of US$3.3 billion by 2030 with a CAGR of 21.3% from 2022 to 2030. Other noteworthy markets include Japan and Canada, which are expected to grow at rates of approximately 20.2% and 18.9% respectively during the same period. Germany in Europe is projected to experience a CAGR of approximately 15.1%.

Key competitors in the grid-scale battery market include ABB Group, BYD Co., Ltd., Fluence Energy, LLC, General Electric Company, GS Yuasa Corporation, LG Chem, NGK Insulators Ltd., Panasonic Corporation, Saft Groupe SA, Samsung SDI Co., Ltd, Tesla Motors, Inc., and Toshiba Corporation.

The report also offers special coverage on various significant global events such as the Russia-Ukraine war, global inflation, the easing of China's zero-Covid policy, supply chain disruptions, global trade tensions, and the risk of recession. It provides insights into global competitiveness, key competitor market shares, market presence across different geographies, and access to digital archives and a Research Platform.

In conclusion, the global grid-scale battery market is expected to witness substantial growth in the coming years, driven by factors such as increasing demand for renewable energy storage and the need for grid stability. The market presents significant opportunities for key players in the industry, and it will be interesting to see how it evolves over time.