According to DataHorizzon Research, The battery energy storage system market size was valued at USD 9.9 Billion in 2022 and is expected to have a market size of USD 38.3 Billion by 2032 with a CAGR of 14.6%.
Fort Collins, Colorado, Sept. 24, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Battery Energy Storage System Market Size, Growth, Share, Statistics Report, By Battery Type (Lithium-Ion Batteries, Flow Batteries, Lead Acid Batteries, and Others), By Connectivity (Off-Grid Connectivity and On-Grid Connectivity), By Application, By Region Forecasts, 2023-2032."
According to DataHorizzon Research, The battery energy storage system market size was valued at USD 9.9 Billion in 2022 and is expected to have a market size of USD 38.3 Billion by 2032 with a CAGR of 14.6%. The global report on the bearings market comprehensively analyzes the latest trends and market conditions. It also covers the latest insights from the industry and discusses market opportunities at length.
The shift towards reducing greenhouse gas emissions by low-carbon energy generation creates growth opportunities in the battery energy storage system market. In addition, the rising population around the globe has also accelerated the need for electricity demand. Over time, several organizations have invested heavily to meet high energy demands and have adhered to low carbon emission policies. As a result, many organizations have initiated setting up new plants to create large-scale storage infrastructure with low carbon discharge. For instance, in March 2021, Pacific Green, a global clean energy technology company, announced the initiation of an exclusive agreement with an infrastructure developer, TUP Energy, to set up a battery energy storage system in the U.K. The system has a capacity of 1.1 GW (Gigawatts).
Battery energy storage systems require high capital investments owing to their high energy density and improved performance. Battery energy storage systems include various types, such as lithium-ion batteries, flow batteries, and lead-acid batteries. Lithium-ion batteries are costly as they offer high energy density, have low self-discharge rates, and even require low maintenance. These batteries are used in electric vehicles for their compact and lightweight features. However, due to the rapid innovation in battery technologies, it is expected to decline in the costs of lithium-ion batteries. The high initial costs for manufacturing and installing these systems are anticipated to restrain the battery energy storage system market growth.
Battery Energy Storage System Market
Market Size in 2022
USD 9.9 Billion
Market Size by 2032
USD 38.3 Billion
CAGR from 2023 to 2032
2023 to 2032
Report Scope & Coverage
Market Size, Market Estimations, Competitor Analysis, Trends and Growth Factors
By Battery Type
Lithium-Ion Batteries, Flow Batteries, Lead Acid Batteries, and Others
Off-Grid Connectivity and On-Grid Connectivity
Residential, Non-Residential, Utility, and Others
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, South Africa, among others
Major Market Players
ABB, GE, Tesla, BYD Company Limited, SAMSUNG SDI Co., Ltd., Siemens Energy, Black & Veatch, LG Energy Solutions Co., Ltd., Total, Energies, EVE Energy Co., Ltd., Fluence Corporation, Kokam, Narada, Nissan, Tata Power, and VRB Energy.
The global battery energy storage system market has been segmented as type, connectivity, application, and region. Based on type, the Lithium-ion battery is leading owing to the continuous technological improvements over the past years. On-grid connectivity accounts for a leading global share and is expected to remain dominant in the following years.
Asia Pacific is the leading region for the battery energy storage system market, mainly driven by the significant energy consumption and the need for SMART grids. The emergence of SMART cities drives the region's investment in renewable energy infrastructure. With the ongoing trend of working from home and increasing disposable incomes, energy storage systems are used as a power supply source during power outage hours. China is the leading player and accounts for a significant share owing to subsidies for solar installation and solar-related equipment.
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Battery Energy Storage System Market Report Highlights:
The global battery energy storage system market size is anticipated at USD 38.3 billion at a CAGR of 14.6% by 2032.
The increase in investments in renewable energy sources significantly drives the battery energy storage system market growth. In addition, the innovative energy projects the key players undertake enable growth opportunities for the market.
Lithium-ion battery sector accounted for a significant market share in 2022 and is projected to dominate in the following years.
Battery energy storage is widely used in the residential segments owing to the increase in electrification initiatives in remote locations.
Asia Pacific is the leading region for the battery energy storage system market due to increased energy consumption in urban areas.
Some of the prominent players in the global battery energy storage system market report include ABB, GE, Tesla, BYD Company Limited, SAMSUNG SDI Co., Ltd., Siemens Energy, Black & Veatch, Honeywell International, LG Energy Solutions Co., Ltd., Total, Energies, EVE Energy Co., Ltd., Fluence Corporation, Kokam, Narada, Nissan, Tata Power, and VRB Energy.
Key Developments in the Industry:
In 2023, China’s CATL and Power Electronics, U.S.-based, bagged billion-dollar contracts from the state government of Western Australia. Under the contract, the companies have agreed to offer BESS worth 2.8GWh with plans to decarbonize the environment.
Recently, Tesla has proposed to the Government of India to allow setting up a battery energy storage system factory on Indian soil. Tesla’s ‘Powerwall’ stores solar energy as a power backup and supplies it through the grid during a power outage. Tesla has been trying to create a breakthrough in the Indian energy sector, however, the Government of India has not officially agreed to the proposal yet.
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Battery Energy Storage System Market Report Segmentation:
Battery Energy Storage System Market, By Battery Type (2023-2032)
Lead Acid Batteries
Battery Energy Storage System Market, By Connectivity (2023-2032)
Battery Energy Storage System Market, By Application (2023-2032)
Battery Energy Storage System Market, By Region (2023-2032)
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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Battery Energy Storage System Market
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