USD 3.44 billion
Report ID:
SQMIG55C2005 |
Region:
Global |
Published Date: November, 2024
Pages:
157
|Tables:
67
|Figures:
75
Global Battery Energy Storage System Market size was valued at USD 3.2 billion in 2022 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.
Global Market Size
USD 3.44 billion
Largest Segment
Lithium-ion Battery
Fastest Growth
Lithium-ion Battery
Growth Rate
27.9% CAGR
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Global Battery Energy Storage System Market is segmented by Battery Type, by Ownership, by Connectivity, by Energy Capacity, by Application, and by Region. Based on Battery Type, the market is segmented into Flywheel battery, Lead acid battery, Lithium-ion Battery, Others. Based on Owership, the market is segmented into Customer Owned, Third-Party Owned, Utility Owned. Based on Connectivity, the market is segmented into Off-Grid, On-Grid. Based on Energy Capacity, the market is segmented into Below 100 MWH, Between 100 and 500 MWH, and Above 500 MWH. Based on Application, the market is segmented into Telecommunication, Data Center, Medical, Industrial, Marine, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
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.
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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.
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Battery Energy Storage System Market Drivers
Rising Demand for Grid Energy Storage System to Bring Lucrative Opportunities
Battery Energy Storage System Market Restraints
High Capital Expenditure to Hinder Market Growth
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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
Battery Energy Storage System Market Recent Developments
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 2022 | USD 3.2 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 |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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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Report ID: SQMIG55C2005
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