Battery Energy Storage System MARKET EXPECTED TO FLOURISH AT A SIGNIFICANT CAGR OF 27.0% BY 2022-2030
No. of Pages- 110+
List of tables- 20+
List of Figures- 20+
According to the research report, the global battery energy storage system market was valued at USD 4.04 billion in 2021 and is expected to reach USD 28.67 billion by 2030, to grow at a CAGR of 27.0% during the forecast period.
Battery storage systems are devices that store electricity produced by power plants for later use. It is used to store energy from renewable power plants such as solar and wind and then supply to consumers during fluctuation of renewable power generation due to weather conditions. The advanced storage enhances the grid flexibility and reliability with regard to power generation, transmission, and distribution.
Battery energy storage systems will play a crucial role in green energy supplies as these systems are essential to replace fossil fuels with renewable energy. BESS is not limited to geographical locations, while other Storage technologies like Pumped hydro storage (PHS) and Compressed air energy storage (CAES) are restricted to several locations. The increasing demand for power system energy storage systems and the growing absorption of lithium-ion batteries in the renewable energy market are the key factors expected to drive the growth of the battery energy storage system market.
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Battery Energy Storage System Market: Growth Drivers
The surging demand for reliable and continuous power supply from sectors such as industrial, telecom, data centers, marine, and medical is anticipated to augment the market growth during the forecast period. The rising tendency to use a low-carbon and less fossil fuel-based economy coupled with the current renewable energy revolution is fueling the growth of the battery energy storage system.
Moreover, growing requirements for power supply in the various data centers and reduced price of lithium-ion are anticipated to create lucrative opportunities in the battery energy storage system market. The continuous growth in population, rapid industrialization, and infrastructure development fuel the demand for uninterrupted power, which is expected to propel the demand for uninterrupted power. Also, a surge in the number of battery energy storage system manufacturers across the U.S. is likely to accelerate the market growth.
Top Global Market Players:
- ABB
- AES Corporation
- BYD Company
- Contemporary Amperex Technology
- General Electric
- Hitachi
- Honeywell Corporation
- LG Energy Solutions CO.Ltd
- NEC Energy Solutions
- Panasonic Corporation
- Saft America
- Samsung SDI
- Siemens AG
- Sunverge Energy
- Tesla Inc.
- Toshiba Corporation
Battery Energy Storage System Market: Report Segmentation
Insight by Battery Type
On the basis of battery type, the lithium-ion segment is anticipated to witness the most significant revenue share in the global battery energy storage system market. The lithium-ion batteries are continuously becoming popular due to their high energy and power density, efficiency improvements, and long discharge cycle. Thus, low lithium-ion battery prices and technology developments are further expected to fuel the segment growth in the market. Also, rising infrastructural investments from residential, industrial, and commercial sectors are expected to accelerate the lithium-ion battery energy storage systems market growth in the coming years.
Insight by Connection Type
Based on connection type, the on-grid segment accounts the largest market share. The lowering upfront costs of on-grid connections due to the its storing capacity of surplus power is fueling the segment growth in the market. Also, the reduction in power bills for customers looking for utility grid for electricity is further expected to boost the segment’s growth.
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Geographic Overview: Battery Energy Storage System Market
Based on geography, North America accounted for the largest market share. Keeping the battery energy storage system safe is one of the highest priorities of the market players. In North America, various industries find lithium-ion battery storage systems the most advanced and widely available solutions. Thus, they are adopting the battery system for storing power from renewable channels.
Furthermore, Asia Pacific is projected to hold a high CAGR in the global battery energy storage system market owing to the growing spending in the emerging nations and a surge in the number of projects by government power projects. Also, rapid population growth and urbanization in countries in the Asia-Pacific region, such as China, Japan, India, South Korea, and Australia are the prominent factors enhancing the market growth.
Recent Developments
- In September 2021, Jakson Group, Noida-based energy, and infrastructure company launched a EnerPack, a new battery energy storage system to mitigate climate change and provide an uninterrupted supply of green power.
- In December 2021, TotalEnergies opened France’s biggest battery-based power storage system.
- In January 2022, Vistra announced plans to build its Moss Landing Energy Storage Facility.
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Battery Energy Storage System Market: By Battery Type Outlook
- Lithium-Ion Batteries
- Advanced Lead-Acid Batteries
- Flow Batteries
- Others
Battery Energy Storage System Market: By Connection Type Outlook
- On-grid
- Off-grid
Battery Energy Storage System Market: By Energy Capacity Outlook
- Below 100 MWh
- Between 100 to 500 MWh
- Above 500 MWh
Battery Energy Storage System Market: By Application Outlook
- Residential
- Commercial
- Utility
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