LG Chem (South Korea) and Samsung (South Korea) are the Key Players in the Grid-Scale Battery Market
The grid-scale battery market is expected to be valued at USD 5.82 Billion by 2023, growing at a CAGR of 33.52% between 2018 and 2023. The growth of this market can be attributed to the increasing investments in renewable energy, reducing costs of grid-scale battery owing to technological advancements and expanded deployments, and government subsidies and regulations for enhancing energy efficiency.
Asia Pacific is expected to be the largest market for grid-scale batteries, followed by North America throughout the forecast period. The global grid-scale battery market is dominated by players such as LG Chem (South Korea), Samsung (South Korea), Panasonic (Japan), Fluence (US), and Tesla (US).
The growth strategies adopted by key players in the grid-scale battery market include contracts and agreements, product launches, expansions and investments, mergers & acquisitions, joint ventures, and partnerships and collaborations. Contracts and agreements were the most widely adopted strategies by market players between January 2015 and May 2018. The players in the market have also adopted the strategy of product launches to increase their market shares.
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LG Chem is a leading manufacturer of advanced batteries in South Korea. The company operates in business areas such as basic materials & chemicals, energy solutions, IT & electronics materials and advanced materials, life sciences, and common and others. In the Energy Solutions segment, it offers grid-scale batteries. The company also offers lithium-ion cylindrical batteries, lithium-ion polymer batteries, lithium-ion prismatic batteries, and medium and large batteries for the mobile, automotive, and ESS battery markets. LG Chem has won the world’s highest number of second-round order contracts for its automotive battery business. It focuses continuously on expanding its customer base in the energy storage battery business by commissioning large energy grid projects in North America and Europe. In January 2017, LG Chem (South Korea), in partnership with Eguana Technologies Inc., (Canada) expanded its energy storage to develop, optimize, integrate, and deliver JH3 battery cell technology for stationary storage systems as part of Eguana’s AC battery portfolio. The company has a wide product portfolio that caters to the petrochemicals, battery, and information & electric materials segments. The company holds a strong position in APAC and intends to cater to other big potential markets, such as Europe and North America.
Samsung is a leading provider of material and energy solutions. The company operates in two segments-Energy Solutions and Electronic Material. In the Electronic Material segment, the company offers plasma display panels (PDPs) used in TVs; this segment also comprises the rental business. In the Energy Solutions segment, Samsung offers small-sized lithium-ion batteries, automotive batteries, and ESS. The company also manufactures and sells secondary cells and plasma display panels. Samsung is a leader in the secondary lithium-ion battery industry. It mainly focuses on catering to the global demand for energy by introducing sustainable technology. The company aims to expand its operations in the distributed energy storage systems segment through joint ventures and agreements. In Mach 2015, the company entered into a strategic alliance with ABB (Switzerland) to develop market modular microgrid solutions. The company aims to leverage ABB’s microgrid capabilities and gain a strong foothold in the energy storage segment for a competitive edge in the microgrid energy storage market.
Related Reports:
Grid-Scale Battery Market by Type (Lithium-Ion, Lead Acid, Flow Battery, Sodium-Based), by Ownership-Model (Third-Party, Utility), by Application (Renewable Integration, Peak Shift, Ancillary Services, Back-Up Power), and Region - Global Forecast to 2023
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