Battery Energy Storage System Market Size, Share & Segmentation By Storage (Front-Of-The-Meter, Behind-The-Meter) By Element (Battery, Hardware, Others) By Battery (Lithium-Ion Batteries, Advanced Lead-Acid Batteries, Flow Batteries, Others) By Connection (On-Grid, Off-Grid) By Ownership (Customer-Owned, Third-Party Owned, Utility-Owned) By Energy Capacity (Below 100 Mwh, Between 100 To 500 Mwh, Above 500 Mwh) By Application (Residential, Commercial, Utility), By Regions And Global Forecast 2023-2030
Report Id: SNS/SEMI/2602 | July 2022 | Region: Global | 128 Pages
Report Scope & Overview:
The Battery Energy Storage System Market Size was valued at USD 7.14 billion in 2022, and expected to reach USD 48.04 billion by 2030, and grow at a CAGR of 26.9% over the forecast period 2023-2030.
Increasing demand for reliable and continuous power supply from end-to-end sectors such as industry, telecommunications, data centers, maritime, and medical is expected to strengthen the market in the forecast period.
Battery Energy Storage System help power suppliers save more energy for later use, thus improving grid flexibility and reliability in terms of power generation, transmission, and distribution. In addition, the demand for uninterrupted energy is expected to increase significantly due to continued population growth, infrastructure development, and rapid industrial development in the coming years.
MARKET DYNAMICS:
KEY DRIVERS:
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Grid energy storage systems.
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Adoption of battery energy storage system.
RESTRAINTS:
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Huge capital expenditure.
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Costly batteries.
OPPORTUNITIES:
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Rural electrification projects.
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Uninterrupted power supply.
CHALLENGES:
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Installing battery systems in islands or in remote areas.
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Temperature variation.
IMPACT OF COVID-19:
COVID-19 has had a severe impact on the global economy as well as all industries. To stop the plague from spreading, governments in several countries have established borders. The initial phase of the epidemic's global shutdown in many countries has had a significant influence on people's lives and quality of life. As a result, the global supply chain has been shattered. The global economy has shrunk as commodity demand has decreased considerably. Due to the outbreak, which has caused a lack of immature materials, production in all industries has been slowed. Productivity declines are caused by variables such as depreciation and supply chain disruption.
The sudden outbreak of the novel coronavirus negatively affected the growth of applications. The decline was reflected in the installation of a battery energy storage system for various projects. Besides, the closure of global manufacturing facilities in Q1 and Q2 of 2020 also contributes to the slowdown in market growth by 2020. However, the increase in the deployment of a battery energy storage system in active projects and the government's growing focus on modern energy is projected to increase battery consumption, as well as battery-saving systems. However, the market value may not reach the pre-COVID-19 value by 2028.
Based on Application, the market is divided into residential, commercial, utility, and so on. Specific guidelines for the integration of battery energy storage systems into all solar energy technologies associated with the rapid installation of solar energy in a residential setting are set to accommodate the size of the residential portion. Part of the resources are expected to respond to the industry's leading allocation due to the expansion of electrification plans for power distant and remote areas. In addition, the commercial sector is expected to grow steadily due to the development of new improved commercial and industrial infrastructure in line with the growing demand for energy security across all verticals.
Based on Connection, the market is divided into two off-grid and on-grid based connections. The continuous launch of BESS expansion projects by various large and small utility companies is planned to suit the BESS market size on the grid. The growing set of large power networks by public and private service companies as well as increasing investment to transform grid infrastructure is planned to harvest partial status.
COMPETITIVE LANDSCAPE:
The key players in the Global Battery Energy Storage System Market are ABB, Exide Technologies, AES Energy Storage, Contemporary Amperex Technology, Hoppecke Batteries Inc., Hitachi, LG Energy Solutions, Toshiba Corporation, BYD Company Limited, Enersys, Tesla, Nissan, General Electric, Honeywell Corporation, Panasonic Corporation and Other.
MARKET SEGMENT:
BY STORAGE
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Front-of-the-meter
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Behind-the-meter
BY ELEMENT
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Battery
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Hardware
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Others
BY BATTERY
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Lithium-Ion Batteries
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Advanced Lead-Acid Batteries
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Flow Batteries
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Others
BY CONNECTION
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On-grid
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Off-grid
BY OWNERSHIP
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Customer-Owned
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Third-Party Owned
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Utility-Owned
BY ENERGY CAPACITY
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Below 100 MWh
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Between 100 to 500 MWh
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Above 500 MWh
BY APPLICATION
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Residential
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Commercial
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Utility
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REGIONAL ANALYSIS:
The Asia Pacific market accounted for a significant share in terms of revenue in 2019. Rapid population growth has led to an increase in demand for energy in all developing economies. Grid operators use battery energy storage systems to prevent power outages and improve grid flexibility.
The growth in renewable energy inflows and the growing demand for electricity generation distributed throughout the Asia Pacific economy is expected to boost regional market growth. A lot of renewable energy is stored in battery systems and is used later in local power generation and grid power supply in times of greatest need.
North America occupies the second largest market share of battery energy storage systems, and the US is the largest contributor to regional growth. Due to the growing number of resources and companies, energy conservation has been the foundation of all U.S. energy planning, and the safety of these energy storage systems is one of the top priorities for industry leaders. The explosion of the Arizona Public Service Center perpetuated the need for state-of-the-art security regulations for the ultimate integration and monitoring of the energy storage system.
The New York Fire Department (NYFD), has issued regulations for the distribution of stagnant energy systems in New York City (NYC). It will be the first municipality in a densely populated urban area to explore, learn, and determine how energy reserves can be set up and used in the city. These regulations will ultimately impact the market on battery energy storage systems and provide insight into industry direction for years to come.
REGIONAL COVERAGE:
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North America
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USA
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Canada
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Mexico
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Europe
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Germany
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UK
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France
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Italy
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Spain
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The Netherlands
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Rest of Europe
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Asia-Pacific
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Japan
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south Korea
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China
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India
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Australia
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Rest of Asia-Pacific
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The Middle East & Africa
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Israel
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UAE
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South Africa
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Rest of Middle East & Africa
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Latin America
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Brazil
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Argentina
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Rest of Latin America
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| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 7.14 Billion |
| Market Size by 2030 | US$ 48.04 Billion |
| CAGR | CAGR of 29.9% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Storage (Front-Of-The-Meter, Behind-The-Meter) • By Element (Battery, Hardware, Others) • By Battery (Lithium-Ion Batteries, Advanced Lead-Acid Batteries, Flow Batteries, Others) • By Connection (On-Grid, Off-Grid) • By Ownership (Customer-Owned, Third-Party Owned, Utility-Owned) • By Energy Capacity (Below 100 Mwh, Between 100 To 500 Mwh, Above 500 Mwh) • By Application (Residential, Commercial, Utility) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | ABB, Exide Technologies, AES Energy Storage, Contemporary Amperex Technology, Hoppecke Batteries Inc., Hitachi, LG Energy Solutions, Toshiba Corporation, BYD Company Limited, Enersys, Tesla, Nissan, General Electric, Honeywell Corporation, Panasonic Corporation and Other. |
| Key Drivers | • Grid energy storage systems. • Adoption of battery energy storage system. |
| RESTRAINTS | • Huge capital expenditure. • Costly batteries. |
Frequently Asked Questions (FAQ) :
What was the worth of the Battery Energy Storage System Market?
The Battery Energy Storage System Market size was valued at 5.6 billion in 2021 at a CAGR of 26.9%.
What are the challenges in Battery Energy Storage System Market?
Installing battery systems in islands or in remote areas, and temperature variation are the challenges in Battery Energy Storage System Market.
Who are the major key players in the Battery Energy Storage System Market?
The key players in the Battery Energy Storage System Market are ABB, Exide Technologies, AES Energy Storage, Contemporary Amperex Technology, Hoppecke Batteries Inc., Hitachi, LG Energy Solutions, Toshiba Corporation, BYD Company Limited, Enersys, Tesla, Nissan, General Electric, Honeywell Corporation, Panasonic Corporation and Other.
Does this report cover key stakeholders?
Yes, and they are Raw material vendors, Distributors/traders/wholesalers/suppliers, Regulatory authorities, including government agencies and NGO, Commercial research & development (R&D) institutions, Importers and exporters, Government organizations, research organizations, and consulting firms, Trade/Industrial associations, End-use industries.
Who can buy this report?
Manufacturers, Consultants, Association, Research Institutes, private and university libraries, suppliers, and distributors of the product.
Table of Content:
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Battery Energy Storage System Market Segmentation, by storage
8.1Introduction
8.2 Front-of-the-meter
8.3 Behind-the-meter
8.4 Other
9. Global Battery Energy Storage System Market Segmentation, by element
9.1 Introduction
9.2 Battery
9.3 Hardware
9.4 Others
10. Global Battery Energy Storage System Market Segmentation, by battery
10.1 Introduction
10.2 Lithium-Ion Batteries
10.3 Advanced Lead-Acid Batteries
10.4 Flow Batteries
10.5 Others
11. Global Battery Energy Storage System Market Segmentation, By connection
11.1 Introduction
11.2 On-grid
11.3 Off-grid
11.4 Other
12. Global Battery Energy Storage System Market Segmentation, By ownership
12.1 Introduction
12.2 Customer-Owned
12.3 Third-Party Owned
12.4 Utility-Owned
12.5 Other
13. Global Battery Energy Storage System Market Segmentation, By energy capacity
13.1 Introduction
13.2Below 100 MWh
13.3 Between 100 to 500 MWh
13.4 Above 500 MWh
13.5 Other
16. Global Battery Energy Storage System Market Segmentation, By application
16.1 Introduction
16.2 Residential
16.3 Commercial
16.4 Utility
16.5 Other
17. Regional Analysis
17.1 Introduction
17.2 North America
17.2.1 USA
17.2.2 Canada
17.2.3 Mexico
17.3 Europe
17.3.1 Germany
17.3.2 UK
17.3.3 France
17.3.4 Italy
17.3.5 Spain
17.3.6 The Netherlands
17.3.7 Rest of Europe
17.4 Asia-Pacific
17.4.1 Japan
17.4.2 South Korea
17.4.3 China
17.4.4 India
17.4.5 Australia
17.4.6 Rest of Asia-Pacific
17.5 The Middle East & Africa
17.5.1 Israel
17.5.2 UAE
17.5.3 South Africa
17.5.4 Rest
17.6 Latin America
17.6.1 Brazil
17.6.2 Argentina
17.6.3 Rest of Latin America
16.Company Profiles
16.1 Panasonic Corporation
16.1.1 Financial
16.1.2 Products/ Services Offered
16.1.3 SWOT Analysis
16.1.4 The SNS view
16.2 ABB
16.3 Exide Technologies
16.4 AES Energy Storage
16.5 Contemporary Amperex Technology
16.6 Hoppecke Batteries Inc.
16.7 Hitachi
16.8 LG Energy Solutions
16.9 Toshiba Corporation
16.10 BYD Company Limited
16.11 Enersys
16.12 Tesla
16.13 Nissan
16.14 General Electric
16.15 Honeywell Corporation
16.16 Other
17.Competitive Landscape
17.1 Competitive Benchmark
17.2 Market Share analysis
17.3 Recent Developments
18.Conclusion
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