The global Battery
Energy Storage System market is foreseen to grow at 28.6%, from USD 9.1 Billion
in 2021 to USD 56.1 Billion in 2029. Growing penetration of lithium-ion
batteries in renewable energy sector, Increasing demand for grid energy storage
systems owing to ongoing grid modernization, Rising trend of adopting
low-carbon and less fossil fuel-based economy and ongoing renewable energy
revolution are the factors driving the growth of the global Battery Energy
Storage System market. However, High capital expenditure required for
installing battery energy storage systems is anticipated to restraint the
market growth for the estimated period.
Market Definition
What is Battery Energy
Storage System?
A battery
energy storage system (BESS) is an electrochemical device that charges (or
collects energy) from the grid or a power plant and then discharges that energy
at a later time to provide electricity or other grid services when needed.
Research Scope
The report
provides market value for base year 2021 and a yearly forecast from 2022 to
2029 in terms of revenue (USD Million). Market for each segment is present on
North America, Europe, Asia Pacific, Latin America and Middle East & Africa
as well as regional basis for the above-mentioned forecast period.
Key industry
dynamics, regulatory scenario, major material dynamics and Battery Energy
Storage System future markets are analyzed to understand their impact on demand
for the forecast period. Growth rates have been estimated using correlation,
regression and time-series analysis.
Market Overview
Battery Energy
Storage System market report also provide a thorough understanding of the
cutting-edge competitive analysis of the emerging market trends along with the
drivers, restraints, challenges, and opportunities in the Battery Energy
Storage System market to offer worthwhile insights and current scenario for
making right decision. The report covers the prominent players in the market
with detailed SWOT analysis, financial overview, and key developments of the
products/services from the past three years. Moreover, the report also offers a
360º outlook of the market through the competitive landscape of the global
industry player and helps the companies to garner Battery Energy Storage System
market revenue by understanding the strategic growth approaches.
Battery Energy
Storage System Market study by “Zettabyte Analytics” provides details about the
market dynamics affecting the market, Market scope, Market segmentation and
overlays shadow upon the leading market players highlighting the favorable
competitive landscape and trends prevailing over the years.
Market Segmentation
For the purpose
of this report, the global Battery Energy Storage System market is segmented on
the basis of Storage System, Element Type, Battery Type, Connection Type, Connection
Type, Ownership, Energy Capacity, Application and region:
|
Storage System
|
|
Behind-the-meter
|
|
Front-of-the-meter
|
|
|
|
Element Type
|
|
Battery
|
|
Others
|
|
|
|
Battery Type
|
|
Advanced Lead-Acid
Batteries
|
|
Flow Batteries
|
|
Lithium-Ion Batteries
|
|
Others
|
|
|
|
Connection Type
|
|
On-grid
|
|
Off-grid
|
|
|
|
Ownership
|
|
Customer-Owned
|
|
Third-Party Owned
|
|
Utility-Owned
|
|
|
|
Energy Capacity
|
|
Below 100 MWh
|
|
Between 100 to 500 MWh
|
|
Above 500 MWh
|
|
|
|
Application
|
|
Commercial
|
|
Residential
|
|
Utility
|
Storage System Outlook:
On the basis of
Storage System, the market is segmented into Behind-the-meter,
Front-of-the-meter.
Figure 1 - Battery Energy Storage System
Market, By Storage System (Market Size And Forecast By Value - USD Million,
2021 & 2029)