USD 3.44 billion
Battery Energy Storage System Market Size, Share, Growth Analysis, By Application(Telecommunication, Data Center, Medical, Industrial), By Battery Type(Flywheel battery, Lead acid battery, Lithium-ion Battery, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55C2005 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
67
|Figures:
75
Battery Energy Storage System Market Insights
Battery Energy Storage System Market size was valued at USD 3.44 billion in 2019 and is poised to grow from USD 4.4 billion in 2023 to USD 31.51 billion by 2031, growing at a CAGR of 27.9% in the forecast period (2024-2031).
The rapid grid modernization, developing low-carbon and less fossil fuel-based economies, and the ongoing renewable energy revolution are all considered to be the primary factors of the market's rapid expansion. Also, the rise in power generation projects across the globe and the declining cost of lithium-ion batteries are anticipated to open up considerable potential prospects for market participants.
Many governments have implemented crucial objectives to promote the green wave that was brought about by industrial processes expanding on the industrial landscape. Also, encouraging economic stimulus plans along with the persistent efforts of industry participants are predicted to boost interest in battery energy storage systems.
For instance, in August 2020, Hitachi ABB Power Grids Ltd. (Switzerland), a prominent manufacturer and operator of battery energy storage systems, teamed up with Zenob Energy Limited., (U.K.), to offer cutting-edge traction power solutions for the U.K. railroads. The company intends to create a 25 kilovolt (KV) rail traction power system framework to power trains continuously while also converting energy from batteries to generate yield.
US Battery Energy Storage System Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Lithium-ion Battery
Fastest Growth
Lithium-ion Battery
Growth Rate
27.9% CAGR
Global Battery Energy Storage System Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Battery Energy Storage System Market Segmental Analysis
Battery energy storage system market is segmented on the basis of application, battery type, and region. By application, the market is segmented into telecommunication, data center, medical, industrial, marine, others. By application, the market is segmented into flywheel battery, lead acid battery, lithium-ion battery, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Battery Energy Storage System Market Analysis by Application
In 2021, the data center application segment accounted for the highest revenue. The need for an uninterrupted power supply cannot be overstated in data centers. The losses brought on by such a power outage are enormous. An estimated USD 50.0 billion is lost yearly in the United States alone as a result of power outages and related issues.
Losses may occur from irregularities that negatively impact data center equipment, such as energy dips and spikes. A line-interactive UPS system can also serve as a filter, modifying the input power and changing the output to ensure that the internal systems have a steady and uninterrupted supply of power.
Battery Energy Storage System Market Analysis by Battery Type
The Lithium-ion batteries segment dominated the market in terms of revenue in 2021. Due to its lightweight, low cost, and restricted coverage area, lithium-ion batteries are expected to see an increase in demand for energy storage systems in the future. The market for lithium-ion battery energy storage systems will also rise in the future years due to rising infrastructure spending from the residential, industrial, and commercial sectors.
Global Battery Energy Storage System Market By Battery Type
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Battery Energy Storage System Market Regional Insights
In 2021, the Asia Pacific region dominated the battery energy storage system market accounting for the highest revenue. T In developing economies, rapid population development has raised the demand for electricity. Over the forecast period, grid operators will increase grid flexibility and reduce power disruptions by installing battery energy storage devices.
The demand for distributed power generation is predicted to increase across numerous economies in the Asia Pacific, which is expected to further accelerate regional market growth. The battery systems store excess renewable energy that is later used for local power generation and grid power delivery during periods of peak demand.
Global Battery Energy Storage System Market By Region
- Largest
- Fastest
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Battery Energy Storage System Market Dynamics
Battery Energy Storage System Market Drivers
Rising Demand for Grid Energy Storage System to Bring Lucrative Opportunities
- Grid energy storage, sometimes referred to as large-scale energy storage, refers to a group of techniques utilized for large-scale energy storage within an electrical power grid. When electricity is cheap and readily available, especially from intermittent power sources like renewable electricity from wind, tidal, and solar power, electrical energy is stored.
- The operating dynamics of the power system change dramatically as renewable energy sources become more prevalent, necessitating a modification to the system architecture. Energy storage will be a fundamental component of the new power system architecture since it reduces the need to send extra electricity back into the grid, allows users to absorb a large share of self-generated renewable energy, and helps balance out generation fluctuation.
Battery Energy Storage System Market Restraints
High Capital Expenditure to Hinder Market Growth
- Lithium-ion batteries offer high energy output, require less maintenance, and have a low rate of self-discharge owing to which the cost of the installation of these batteries are witnessed to be the highest. But due to the high cost of investment and manufacturing the demand for these batteries are anticipated to decline and cause a major hindrance to the growth of the market.
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Battery Energy Storage System Market Competitive Landscape
The global market is witnessing a sizable number of firms offering a broad range of goods & services to strengthen their positions. A number of small and medium-sized system integrators as well as important regional and worldwide players have consistently participated in the market. The Swedish company ABB is offering its comprehensive portfolio of BESS products and solutions to numerous energy generating facilities across the world. A smart modern park in Thailand, for instance, was announced by the company's joint venture association, Hitachi ABB Power Grids, in May 2021 due to its innovative BESS units and controls.
Battery Energy Storage System Market Top Player’s Company Profiles
- Tesla Inc.
- LG Chem Ltd.
- BYD Company Ltd.
- Samsung SDI Co., Ltd.
- ABB Ltd.
- General Electric Company
- Hitachi Ltd.
- Siemens AG
- Johnson Controls International plc
- Saft Groupe S.A.
- Panasonic Corporation
- Toshiba Corporation
- Fluence Energy LLC
- Enel X S.r.l.
- EnerSys
- Contemporary Amperex Technology Co. Ltd.
- RES Group
- Greensmith Energy Management Systems
- NEC Corporation
- VRB Energy Inc.
Battery Energy Storage System Market Recent Developments
- In December 2021, France based TotalEnergies has recently built a battery-based energy storage complex. The facility has a 61 MW capacity and a 61 MWh total storage capacity (MWh). As part of the long-term strategy unveiled by the French Electricity Transmission Network (RTE) in February 2020, the project was chosen. It is thought that the site's commissioning will significantly increase TotalEnergies' capacity for battery energy storage.
- In April 2021, ABB Power Grids and Atlas Renewable Energy launched a joint venture in order to build and develop utility-scale battery energy storage systems (BESS) for Atlas' renewable energy projects. Through the collaboration, ABB and Atlas will incorporate energy storage systems into the planning of projects in the early stages of development, with Hitachi ABB offering suggestions on the most suitable technological solutions and interconnections.
Battery Energy Storage System Key Market Trends
- The exponential demand for energy resources in both developing and developed nations, along with the expansion of policies to ensure energy security, are expected to drive market expansion.
- Numerous players are advanced and new BESS units to cope up with the growing energy system storage market. For instance, a technologically advanced product line, the TS-I HV 80 battery, was introduced by Tesvolt, a German storage system manufacturer, in March 2021. This battery was primarily developed to reduce load peaks and meet the demands of commercial and modern clientele.
Battery Energy Storage System Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global battery energy storage system market analysis, Peak energy demand has grown as a result of rising rural electrification projects and a growing global population. In addition, the rate of urbanization has increased, and infrastructure projects have increased the demand for power from utilities. The market for battery energy storage systems is expected to develop due to the rising demand for a low-carbon, less fossil fuel-based economic system and the ongoing renewable energy revolution. The most popular renewable energy sources that are stored in grids are solar and wind energy. The need for grid systems to maintain the power is growing as a result of various variables, including weather changes and wind fluctuations.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 3.44 billion |
| Market size value in 2031 | USD 31.51 billion |
| Growth Rate | 27.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Battery Energy Storage System Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Battery Energy Storage System Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Battery Energy Storage System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Battery Energy Storage System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Battery Energy Storage System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Battery Energy Storage System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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