Battery Energy Storage System Market is estimated to be US$ 159.86 billion by 2030 with a CAGR of 16.2% during the forecast period

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Published Date: May 2023

Battery Energy Storage System market accounted for US$ 7.81 billion in 2020 and is estimated to be US$ 159.86 billion by 2030 and is anticipated to register a CAGR of 35.58%. Battery energy storage systems are used for frequency regulation, demand response, transmission and distribution infrastructure deferral, renewable energy integration, and microgrids, to name a few (BESS). Different battery technologies can enable various applications that benefit utility services, independent system operators (ISOs), regional transmission organisations (RTOs), and consumers in various ways. Lithium-ion and flow batteries are the two most commonly employed technologies in this article. While each technology has advantages and disadvantages, lithium-ion has seen the most rapid growth and cost reductions, especially to the widespread use of electric cars. In the future years, both lithium-ion and flow battery technologies will witness considerable cost reductions.

The report "Global Battery Energy Storage System Market, By Battery Type (Lithium-Ion Batteries, Sodium–Sulfur Batteries, Flow Batteries, Nickel Cadmium Batteries, and Others), By Connection Type (On-Grid Connection and Off-Grid Connection), By Application (Residential, Non-residential, and Utilities), and By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa) - Trends, Analysis, and Forecast till 2029’’

Key Highlights:

In July 2021, Honeywell announced its Battery Energy Storage System (BESS) Platform, which integrates Honeywell asset monitoring, distributed energy resource management, supervisory control and analytics functionality to enable organizations to accurately forecast and optimize their overall energy use.
In September 2021, Jakson Group, a Noida-based energy and infrastructure company, has launched EnerPack, a new battery energy storage system (BESS), to help mitigate climate change and facilitate unhindered supply of green power.

Analyst View:

Over the forecast period, the market is likely to benefit from rising demand for stable and continuous power supply from end-use sectors such as industrial, telecom, data centres, maritime, and medical. Electricity suppliers can employ battery energy storage systems to store excess power for later use, boosting grid flexibility and dependability in terms of power generation, transmission, and distribution. Furthermore, due to continued population increase, infrastructure development, and increasing industrialization, demand for uninterrupted power is likely to grow enormously in the future years.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Battery Energy Storage System Market, By Battery Type (Lithium-Ion Batteries, Sodium–Sulfur Batteries, Flow Batteries, Nickel Cadmium Batteries, and Others), By Connection Type (On-Grid Connection and Off-Grid Connection), By Application (Residential, Non-residential, and Utilities), and By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa) - Trends, Analysis, and Forecast till 2029”

Key Market Insights from the report:

Global Battery Energy Storage System market accounted for US$ 7.81 billion in 2020 and is estimated to be US$ 159.86 billion by 2030 and is anticipated to register a CAGR of 35.58%. Global Battery Energy Storage System market is segmented into battery type, connective type, application and region.

Based on Battery Type, the Global Battery Energy Storage System Market is segmented into Lithium-Ion Batteries, Sodium–Sulfur Batteries, Flow Batteries, Nickel Cadmium Batteries, and Others.
Based on Connective Type, the Global Battery Energy Storage System Market is segmented into On-Grid Connection and Off-Grid Connection.
Based on Application, the Global Battery Energy Storage System Market is segmented into Residential, Non-residential, and Utilities.
By Region, the Global Battery Energy Storage System Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Global Battery Energy Storage System Market:

The key players in the global Battery Energy Storage System market includes ABB Limited, LG Chem. NEC Corporation, Panasonic Corporation, Samsung SDI Ltd., AEG Power Solutions B.V., General Electric co., Hitachi Chemical Co. Ltd., Siemens AG, and Tesla Inc.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period

Market Purview

Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
  - Drivers
  - Restraints
  - Market Opportunities
  - Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Estimation
- Top-Down Approach
  - Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
  - Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions