Grid-scale electricity storage technologies are changing how we handle and distribute energy. As we shift towards renewable energy sources, these technologies are becoming more and more essential.
According to BCC Research, the global market for grid-scale electricity storage technologies is experiencing rapid growth. It is estimated to grow from $40.7 billion in 2024 to $151.2 billion by the end of 2029 at a compound annual growth rate (CAGR) of 30.0% from 2024 through 2029.
Here are the top five grid-scale electricity storage technologies that are making a significant impact on global markets:
Lithium-ion batteries are the most widely used technology for grid-scale energy storage. Known for their high energy density, efficiency, and declining costs, they are popular for utilities and grid operators. These batteries can quickly store and release large amounts of energy, making them ideal for balancing supply and demand, integrating renewable energy sources, and providing backup power during outages. The global market for lithium-ion batteries is expected to grow significantly, driven by advancements in technology and increasing demand for renewable energy integration.