Battery Energy Storage System Market
Battery Energy Storage System Market, By Storage System (Behind-the-meter, Front-of-the-meter), By Element Type (Battery, Others), By Battery Type (Advanced Lead-Acid Batteries, Flow Batteries, Lithium-Ion Batteries), By Connection Battery Type (On-grid, Off-grid), By Ownership (Customer-Owned, Third-Party Owned, Utility-Owned), By Energy Capacity (Below 100 MWh, Between 100 to 500 MWh), By Application (Commercial, Residential Utility) - Forecast Year 2024 – 2031
Semiconductor & Electronics // Battery and Wireless Charging
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)
Element Type Outlook:
On the basis of
Element Type, the market is segmented into Battery, Others. Further, Others is
segmented into Hardware, Others.
Battery Type Outlook:
On the basis of
Battery Type, the market is segmented into Advanced Lead-Acid Batteries, Flow
Batteries, Lithium-Ion Batteries, Others.
Connection Type Outlook:
On the basis of
Connection Type, the market is segmented into On-grid, Off-grid.
Ownership Outlook:
On the basis of
Ownership, the market is segmented into Customer-Owned, Third-Party Owned,
Utility-Owned, Hospitals, Laboratories, Other End Users.
Energy Capacity Outlook:
On the basis of
Energy Capacity, the market is segmented into Below 100 MWh, Between 100 to 500
MWh, Above 500 MWh.
Application Outlook:
On the basis of
Application, the market is segmented into Commercial, Residential, Utility.
Figure 3 - Battery Energy Storage System
Market, By Application (Market Size and Forecast by Value - USD Million, 2021
& 2029)
Regional Outlook (Revenue, USD million; 2021
& 2029)
|
Regional Outlook
(Revenue, USD million; 2018-2029) |
|
|
North America |
U.S. |
|
Canada |
|
|
Europe |
Germany |
|
U.K. |
|
|
France |
|
|
Spain |
|
|
Italy |
|
|
Rest of the Europe |
|
|
Asia Pacific |
India |
|
Japan |
|
|
China |
|
|
South Korea |
|
|
Australia |
|
|
Rest of Asia-Pacific |
|
|
Middle East & Africa |
UAE |
|
Saudi Arabia |
|
|
South Africa |
|
|
Rest of Middle East & Africa |
|
|
Latin America |
Brazil |
|
Mexico |
|
|
Argentina |
|
|
Rest of Latin America |
|
Figure 4 - Battery Energy Storage System Market:
Regional dynamics
Companies Considered And Profiled In This
Market Study
The players
operating in the market have undertaken several strategies related to the
market in the period 2019-2021. Some of the prominent players in the Battery
Energy Storage System market include:
· ABB
· AEG POWER SOLUTIONS
· Alevo Group
· Autobat SACI
· Beacon Power LLC
· Black & Veatch
· BYD Company Limited
· Convergent Energy +
Power
· Corvus Energy
· DELTA ELECTRONICS
INC.
· EAST PENN
MANUFACTURING COMPANY
· Eguana
· Enerbrax
Acumuladores Ltda
· ENERDEL, INC.
· Eos Energy Storage
· EVE Energy Co.,
Ltd.
· EXERGONIX
· Exide Industries
Ltd.
· GENERAL ELECTRIC
· Greensmith Energy
Management Systems
· HITACHI, LTD.
· HONEYWELL
INTERNATIONAL, INC.
· Imergy Power
Systems Inc.
· Ionotec Ltd
· JOHNSON CONTROLS
· KOKAM
· LG ENERGY SOLUTIONS
CO., LTD.
· Narada
· NEC CORPORATION
· NEXTERA ENERGY,
INC.
· NGK INSULATORS,
LTD.
· PANASONIC
CORPORATION
· PARKER HANNIFIN
CORP
· PRIMUS POWER
· SAMSUNG SDI CO.,
LTD.
· Scheider Electric
· Seeo Inc. (Robert Bosch GmbH)
· SIEMENS AG
· SK Holdings Co.
Ltd.
· SMA Solar
Technology AG
· TESLA, INC.
· THE AES CORPORATION
· TOSHIBA CORPORATION
· Total
· Trinabess (Trina Solar)
· VRB Energy
Global Battery Energy Storage System Market
Report Scope
|
Historical
data |
2018 - 2020 |
|
Base
year for estimation |
2021 |
|
Forecast
period |
2022 - 2029 |
|
Market
size value in 2022 |
USD XX Million |
|
Revenue
forecast in 2029 |
USD 56.1 Billion |
|
Growth
Rate |
CAGR of 28.6%
from 2022 to 2029 |
|
Quantitative
units |
Revenue in USD Million/Billion & CAGR
from 2022 to 2029 |
|
Report
coverage |
Revenue
forecast, company share, competitive landscape, growth factors, and trends |
|
Segments
covered |
Storage System, Element Type, Battery Type,
Connection Type, Connection Type, Ownership, Energy Capacity, Application, Region |
|
Key
companies profiled |
BYD Company
Limited, SAMSUNG SDI Co., Ltd., LG Energy Solutions Co., Ltd. |
|
Regional
Scope |
North America, Europe, Asia Pacific, Middle
East & Africa, Latin America |
|
Country
Scope |
U.S.,
Canada, Germany, U.K., France, Italy, Spain, India, Japan, China, Australia,
South Korea, Saudi Arabia, UAE, South Africa, Brazil, Mexico, Argentina |
|
Customization
scope |
Free report customization (equivalent to up
to 8 analysts’ working days) with purchase. Addition or alteration to country,
regional & segment scope. |
Storage System Outlook (Revenue, USD Million/Billion;
2018-2029)
· Behind-the-meter
· Front-of-the-meter
Element Type Outlook (Revenue, USD
Million/Billion; 2018-2029)
· Battery
· Others
o Hardware
o Others
Battery Type Outlook (Revenue, USD
Million/Billion; 2018-2029)
· Advanced Lead-Acid
Batteries
· Flow Batteries
· Lithium-Ion
Batteries
·
Others
Connection Type Outlook (Revenue, USD
Million/Billion; 2018-2029)
· On-grid
· Off-grid
Ownership Outlook (Revenue, USD
Million/Billion; 2018-2029)
· Customer-Owned
· Third-Party Owned
·
Utility-Owned
Energy Capacity Outlook (Revenue, USD
Million/Billion; 2018-2029)
· Below 100 MWh
· Between 100 to 500
MWh
· Above 500 MWh
Application Outlook (Revenue, USD
Million/Billion; 2018-2029)
· Commercial
· Residential
· Utility
Regional Outlook (Revenue, USD Million/Billion;
2018-2029)
· North America
o U.S.
o Canada
· Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of the Europe
· Asia Pacific
o India
o Japan
o China
o South Korea
o Australia
o Rest of
Asia-Pacific
· Middle East &
Africa
o UAE
o Saudi Arabia
o South Africa
o Rest of Middle East
& Africa
· Latin America
o Brazil
o Mexico
o Argentina
o Rest of Latin
America
Key Benefits of the Report:
· Global, regional,
country, Storage System, Element Type, Battery Type, Connection
Type, Ownership, Energy Capacity, Application, and market size and
their forecast from 2018-2029.
· Identification and
detailed analysis on key market dynamics, such as, drivers, restraints,
opportunities, and challenges influencing growth of the market
· Detailed analysis
on industry outlook with market specific PESTLE, and supply chain to better
understand the market and build expansion strategies
· Identification of
key market players and comprehensively analyze their market share and core
competencies, detailed financial positions, key products, and unique selling
points
· Analysis on key
players’ strategic initiatives and competitive developments, such as
Collaborations, mergers, and new product launches in the market
· Expert interviews
and their insights on market shift, current and future outlook, and factors
impacting vendors’ short term and long-term strategies
· Detailed insights on emerging regions, Storage System, Element Type, Battery Type, Connection Type, Ownership, Energy Capacity, Application, and options with qualitative and quantitative information and fact
TOC
1.
Research Sources
We at Zettabyte Analytics have a
detailed and related research methodology focussed on estimating the market
size and forecasted value for the given market. Comprehensive research
objectives and scope were obtained through secondary research of the parent and
peer markets. The next step was to validate our research by various market
models and primary research. Both top-down and bottom-up approaches were
employed to estimate the market. In addition to all the research reports, data
triangulation is one of the procedures used to evaluate the market size of
segments and sub-segments.
Research Methodology
1.1. Secondary Research
The secondary research study involves various sources and databases used
to analyze and collect information for the market-oriented survey of a specific
market. We use multiple databases for our exhaustive secondary research, such
as Factiva, Dun & Bradstreet, Bloomberg, Research article, Annual reports,
Press Release, and SEC filings of significant companies. Apart from this, a
dedicated set of teams continuously extracts data of key industry players and
makes an extensive and unique segmentation related to the latest market
development.
1.2. Primary Research
The primary research includes gathering data from specific domain
experts through a detailed questionnaire, emails, telephonic interviews, and
web-based surveys. The primary interviewees for this study include an expert
from the demand and supply side, such as CEOs, VPs, directors, sales heads, and
marketing managers of tire 1,2, and 3 companies across the globe.
1.3. Data Triangulation
The data triangulation is very important for any market study, thus we
at Zettabyte Analytics focus on at least three sources to ensure a high level
of accuracy. The data is triangulated by studying various factors and trends
from both supply and demand side. All the reports published and stored in our
repository follows a detailed process to obtain a reliable insight for our
clients.
1.4. In-House Verification
To validate the segmentation
and verify the data collected, our market expert ensures whether our research
analyst is considering fine distinction before analyzing the market.
1.5. Reporting
In the end,
presenting our research reports complied in a different format for straightforward
valuation such as ppt, pdf, and excel data pack is done.
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