Global Battery Energy Storage System Overview
Introduction:
Battery storage technology is essential to accelerate the replacement of fossil fuels with renewable energy. Battery storage systems will play an increasingly important role in supplying green energy and responding to electricity demand. Battery storage, or battery energy storage systems (BESS), are devices that enable energy from renewable sources such as solar and wind to be stored and then released to customers when they need it most. Battery storage systems can be charged by electricity generated from renewable sources such as wind and solar energy. Intelligent battery software uses algorithms to coordinate energy production, and a computerized control system is used to decide when to reserve energy or release it to the grid. Lithium-ion batteries are the most popular battery storage option today and control more than 90 percent of the global grid battery storage market. Increasing need for stable and reliable power and energy storage systems in critical infrastructure, initiatives related to grid modernization, increasing use of lithium-ion battery-based energy storage systems due to their exceptional properties, and use of off-grid energy storage solutions. Profitability in the global battery energy storage system market. Battery Energy Storage System Market size 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 Dynamics
Increasing number of rural electrification project & rising expenditure on infrastructure
The growth of the market is attributed to increasing demand for grid energy storage systems due to ongoing grid modernization, increasing penetration of lithium-ion batteries in the renewable energy sector, and growing trend towards adoption of low-carbon and less fossil fuel-based economies. The ongoing renewable energy revolution. However, the high capital cost required to install battery energy storage systems is restraining the market growth. The increase in the number of rural electrification projects worldwide, the need for uninterrupted power supply due to the increase in the number of data centers, and the decline in the cost of lithium-ion batteries are expected to create huge opportunities for the adoption of battery energy storage systems years to come. These batteries are also used in electric vehicles (EVs) because they are light and compact, as well as having a large capacity. In addition, the high initial investment cost required for the production of flow batteries may also act as a major restraint for the growth of the market. Rising expenditure on infrastructure in commercial, industrial and residential sectors is expected to drive the demand for lithium-ion battery energy storage systems.
Technological advancement
Advanced energy storage systems include lithium-ion and lead acid battery technology for use in the automotive, defense, renewable energy, and electric utilities industries. A variety of technologies can be achieved for energy storage, among which the most commonly used technologies are solid-state batteries, flow batteries, thermal energy storage systems, and pumped hydro storage. Growing demand for grid-connected solutions, high demand for lithium-ion technology in renewables are the factors fueling the growth of the global battery energy storage system market. Lead-acid batteries account for the second largest revenue share in the market for battery energy storage systems. Lead-acid batteries are relatively inexpensive compared to other batteries and are easily manufactured with relatively low-tech equipment, allowing the system to expand in the near future. For instance, TES and Strides Mobility sign MoU on EV batteries, the agreement includes the exchange of information on numerous aspects of e-mobility with TES providing services such as battery life cycle assessment, safe handling and recycling of end-of-life EV batteries, and the use of TES' second life energy storage system technology, Mobility's growing charging station infrastructure.
Global Battery Energy Storage System Segmentation
Source: Prophecy Market Insights
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
The Global Battery Energy Storage System Market is segmented based on Battery type, connection type, application, and region.
On the basis of 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. On the basis of Connection type, the Global Battery Energy Storage System Market is segmented into On-Grid Connection and Off-Grid Connection. On the basis of application, the target market is classified into Residential, Non-residential, and Utilities. In the connection type, on-grid connection is used to supply electricity to consumers and is also used to reduce energy bills. Further, on-grid connected batteries installed with electrical grids led to market growth for energy storage systems.
Regional Insights:
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
On region the Global Battery Energy Storage System Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The region's Asia-Pacific growth is attributed to a substantial increase in energy storage investments as governments in emerging economies formulate new policies to improve the reliability and quality of power distribution facilities in residential areas. Governments of various countries in the region are focusing on reducing the environmental impact of the energy sector. These factors are expected to lead to high deployment of battery energy storage systems for residential and public utility applications in the APAC region.
Report Scope:
|
Attribute |
Details |
|
Base year for estimation |
2020 |
|
Forecast period |
2020 – 2030 |
|
Market representation |
Revenue in USD Billion & CAGR from 2020 to 2030 |
|
Market Segmentation |
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 |
|
Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
|
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the Global Battery Energy Storage System Market report based on battery type, connection type, application and region:
Global Battery Energy Storage System Market, By Battery Type:
- Lithium-Ion Batteries
- Sodium–Sulfur Batteries
- Flow Batteries
- Nickel Cadmium Batteries
- Others
Global Battery Energy Storage System Market, By Connection Type:
- On-Grid Connection
- Off-Grid Connection
Global Battery Energy Storage System Market, By Application:
- Residential
- Non-residential
- Utilities
Global Battery Energy Storage System Market, By Region:
-
-
- North America
-
- U.S.
- Canada
-
- Europe
-
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
-
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
-
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
-
- Middle East & Africa
-
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
-
- North America
-
Global Battery Energy Storage System Key Players
The key players operating 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. For instance, In September 2022, Power Ministry Amends Licence Rules to Distribute Electricity, Siemens Smart Infrastructure and Shell Global Solutions International B.V. signed a Memorandum of Understanding to collaborate on developing low-carbon and highly efficient energy solutions that support the energy transition.
In August 2022, Panasonic Announces New EverVolt AllGuard All System Warranty Covering Solar Panels and Battery Storage, Panasonic Corporation of North America today announced a new warranty for customers who purchase a complete solar system consisting of Panasonic solar panels and its EverVolt® 2.0 Energy Storage System (ESS), the newest addition to its total home energy solutions portfolio.
Global Battery Energy Storage System Company Profile
- ABB Limited*
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- LG Chem
- NEC Corporation
- Panasonic Corporation
- Samsung SDI Ltd.
- AEG Power Solutions B.V.
- General Electric co.
- Hitachi Chemical Co. Ltd.
- Siemens AG
- Tesla Inc.
“*” marked represents similar segmentation in other categories in the respective section
Global Battery Energy Storage System Table of Contents
Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- 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
Market Preview
- Executive Summary
- Key Findings—Global Outlook for medical carts Strategies
- Key Questions this Study will Answer
- Market Snippet, By Battery Type
- Market Snippet, By Connection Type
- Market Snippet, By Application
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restrains
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
Battery Energy Storage System Market, By Battery Type, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Segment Trends
- Lithium-Ion Batteries
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Sodium–Sulfur Batteries
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Flow Batteries
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Nickel Cadmium Batteries
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Others
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
Battery Energy Storage System Market, By Connection Type, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Segment Trends
- On-Grid Connection
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Off-Grid Connection
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
Battery Energy Storage System Market, By Application, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Segment Trends
- Residential
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Non-residential
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Utilities
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
Battery Energy Storage System Market, By Region, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Regional Trends
- North America
- Market Size and Forecast (US$ Bn), By Battery Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Connection Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Bn), By Battery Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Connection Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Bn), By Battery Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Connection Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Bn), By Battery Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Connection Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Bn), By Battery Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Connection Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- GCC
- Israel
- South Africa
- Rest of Middle East
Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
Company Profiles
- Royal Dutch Shell. *
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Air Liquide
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- General Electric
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Mitsubishi Heavy Industries
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- SEDIN Engineering Company Limited
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Siemens
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- CB&I
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- KBR
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Thyssenkrupp AG
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Synthesis Energy Systems Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies ABB Limited*
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- LG Chem
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- NEC Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Panasonic Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Samsung SDI Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- AEG Power Solutions B.V.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- General Electric co.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Hitachi Chemical Co. Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Siemens AG
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Tesla Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
The Last Word
- Future Impact
- About Us
- Contact
FAQs
The Global Battery Energy Storage System Market report segments the market on the basis into battery type, connective type, application and region.
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.
APAC is expected to lead the battery energy storage system market during the forecast period.
The leading players operating 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.