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

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.