Battery Energy Storage System Market Size was valued at USD 5.67 billion in 2023, and is expected to reach USD 34.5 billion by 2031 and grow at a CAGR of 25.3 % over the forecast period 2024-2031.
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.
Get more information on Battery Energy Storage System Market - Request Sample Report
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.
KEY DRIVERS:
Grid energy storage systems.
Adoption of battery energy storage system.
RESTRAINTS:
Huge capital expenditure.
Costly batteries.
OPPORTUNITIES:
Rural electrification projects.
Uninterrupted power supply.
CHALLENGES:
Installing battery systems in islands or in remote areas.
Temperature variation.
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 2030.
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 power 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.
BY STORAGE
Front-of-the-meter
Behind-the-meter
BY ELEMENT
Battery
Hardware
Others
BY BATTERY
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
Need any customization research on Battery Energy Storage System Market - Enquiry Now
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:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The 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
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 & Other Players.
AES Energy Storage-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 5.67 Billion |
| Market Size by 2031 | US$ 34.5 Billion |
| CAGR | CAGR of 25.3% From 2024 to 2031 |
| Base Year | 2022 |
| Forecast Period | 2024-2031 |
| 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. |
The Battery Energy Storage System Market size was valued at USD 5.67 billion in 2023 at a CAGR of 25.3%.
Installing battery systems in islands or in remote areas, and temperature variation are the challenges in 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.
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.
Ans: The Battery Energy Storage System Market is estimated to reach US$ 34.5 billion by 2031.
Table of Contents
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
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The Dielectric Resonator Antenna Market is expected to witness substantial growth, reaching significant value by 2031, with a projected Compound Annual Growth Rate (CAGR) of 5.1% from 2024 to 2031.
The Signal Generators Market size was valued at USD 1.37 billion in 2022 and is expected to grow to USD 2.20 billion by 2030 and grow at a CAGR of 6.1% over the forecast period of 2023-2030
The Retail Point-Of-Sale Terminals Market size was valued at USD 31.1 billion in 2023 and is expected to grow to USD 55.6 billion by 2031 and grow at a CAGR of 7.5% over the forecast period of 2024-2031.
The Parking Sensors Market size was valued at USD 3728.14 million in 2022. It is expected to hit USD 12426.16 million by 2030 and grow at a CAGR of 16.24% over the forecast period of 2023-2030.
The Super Capacitors Market Size was valued at USD 508.69 million in 2022, and it will grow at a CAGR of 11.8% over the forecast period 2023-2030 and is expected to reach USD 1.24 billion by 2030.
Quantum Cascade Laser Market size was valued at USD 428.6 million in 2022 and is expected to grow to USD 603.001 million by 2030 and grow at a CAGR of 4.36 % over the forecast period of 2023-2030.
Hi! Click one of our member below to chat on Phone
© 2024 All Rights Reserved by SNS Insider Pvt Ltd
