Global Battery Energy Storage Market

Battery Energy Storage Market Size, Share, Growth Analysis, By Type (Lithium-ion Battery, and Lead Acid Battery), By Connectivity (Off-Grid, On-Grid), By Application, By Ownership, By Capacity, By Region - Industry Forecast 2024-2031

Report ID: SQMIG25A2326 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 117 | Figures: 74

Battery Energy Storage Market Competitive Landscape

With Asia leading the global battery energy storage market, a majority of players in the region have a stronger hold in the Indian market. These include Usha Shriram Enterprises Pvt. Ltd., Luminous India, Exide Industries Ltd., Su-Kam, Okaya Power Pvt. Ltd., Eastman Auto & Power Ltd., Microtech, HBL Power Systems Ltd., Servotech Power Systems, Amara Raja Energy and Mobility Ltd., V-Guard Industries Ltd., Loom Solar Pvt. Ltd. To further increase their market share, these companies use various strategies, such as mergers and acquisitions, partnerships, joint ventures, licensing agreements and new type launches.

Top Player’s Company Profiles

  • GE (U.S.) 
  • ABB (Switzerland) 
  • Samsung SDI (South Korea) 
  • Siemens Energy (Germany) 
  • Total (France) 
  • LG Energy Solution (South Korea) 
  • Fluence (U.S.) 
  • Narada (China) 
  • VRB Energy (Canada) 
  • Kokam (South Korea) 
  • EVE Energy Co., Ltd. (China) 
  • Black & Veatch (U.S.) 
  • Hitachi Energy (Switzerland) 

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Global Battery Energy Storage Market size was valued at USD 16.9 billion in 2022 and is poised to grow from USD 18.2 billion in 2023 to USD 70.5 billion by 2031, growing at a CAGR of 18.5% during the forecast period (2024-2031). 

With Asia leading the global battery energy storage market, a majority of players in the region have a stronger hold in the Indian market. These include Usha Shriram Enterprises Pvt. Ltd., Luminous India, Exide Industries Ltd., Su-Kam, Okaya Power Pvt. Ltd., Eastman Auto & Power Ltd., Microtech, HBL Power Systems Ltd., Servotech Power Systems, Amara Raja Energy and Mobility Ltd., V-Guard Industries Ltd., Loom Solar Pvt. Ltd. To further increase their market share, these companies use various strategies, such as mergers and acquisitions, partnerships, joint ventures, licensing agreements and new type launches. 'GE (U.S.) ', 'ABB (Switzerland) ', 'Samsung SDI (South Korea) ', 'Siemens Energy (Germany) ', 'Total (France) ', 'LG Energy Solution (South Korea) ', 'Fluence (U.S.) ', 'Narada (China) ', 'VRB Energy (Canada) ', 'Kokam (South Korea) ', 'EVE Energy Co., Ltd. (China) ', 'Black & Veatch (U.S.) ', 'Hitachi Energy (Switzerland) '

Global shift towards renewable energy sources, such as solar and wind energy, is a major driver of the global battery energy storage market. Battery energy storage system (BESS) stores excess energy produced during periods of high renewable, peak demand. Releasing it during or when renewable resources are not available plays an important role in connecting renewable energy to the grid. As countries seek to meet emissions reduction targets and increase renewable energy generation, the demand for battery energy storage solutions continues to grow.

Integration of Energy Storage and Renewable Microgrids: A key trend in the battery energy storage market is the integration of energy storage systems with renewable microgrids. Renewable microgrids though solar, wind and other renewable energies combine with battery storage to form local energy systems. Gluten solutions for communities, communities, remote areas provide a reliable and sustainable energy supply, increase resilience, reduce reliance on centralized grid systems and combine battery energy storage with renewable microgrids to improve energy efficiency, demand response and grid island capabilities, driving market growth and innovation.

Asia-Pacific is emerging as the dominant region in the global battery energy storage market, driven by rapid urbanization, technological advancement and increasing energy demand. Countries such as China, Japan, South Korea and Australia are leading the way in implementing battery energy storage systems, with government policy, renewable energy targets and investment in grid infrastructure.

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Global Battery Energy Storage Market

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