Battery Energy Storage Market Size to Hit USD 31.20 Billion by 2029 | Exhibit a CAGR of 16.3%

Growing Electrification in Asia Pacific to Foster Battery Energy Storage Market Growth. Massive Carbon Reduction Targets by Countries to Spur Market Opportunities: Fortune Business Insights™

Pune, India, Dec. 06, 2022 (GLOBE NEWSWIRE) — The global battery energy storage market size was valued at USD 9.21 billion in 2021. The market is expected to grow from USD 10.88 billion in 2022 to USD 31.20 billion by 2029, exhibiting a CAGR of 16.3% during the forecast period. The rising penetration of lithium-ion batteries is likely to aid the industry growth. Fortune Business Insights™ presents this information in its report titled “Battery Energy Storage Market, 2022-2029.”

Well-established players and new entrants are likely to increase their funds into collaborations, product launches, technological advancements, and mergers & acquisitions. Key companies could further inject funds into research and development activities to gain a competitive edge.

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Report Highlights:

Drivers and Restraints:

According to the analyst, commercial, private, and industrial sectors will continue to exhibit the demand for Battery Energy Storage Systems (BESS). The rising penetration of lithium-ion batteries is likely to aid the industry growth. Expansion of infrastructure projects, along with the growth in the transportation sector, will encourage prominent companies to tap markets.

Stakeholders are poised to boost the battery energy storage market growth due to investments in solar power and wind energy. A notable transition toward low carbon energy generation solutions will augur well for the industry size expansion. To illustrate, in March 2021, Pacific Green announced to ink an agreement with TUPA Energy to establish a battery energy storage system with a capacity of 1.1 GW in the U.K. Moreover, escalating energy demand across the emerging and advanced economies on the back of rising infrastructure projects could bode well for prominent companies fostering their penetration across untapped areas.

However, the surge in CAPEX (capital expenditure) could challenge stakeholders striving to expand their portfolios.

Different governments have set significant goals to increase the use of sustainable energy technologies, which is expected to boost the market. To ensure peak power use supply, BESS devices may be easily incorporated into residential, commercial, and industrial-scale solar and wind energy generating techniques. Global renewable power generation was predicted at 2,805.5 Terawatt-hours (TWh) in 2019, up 13.7 percent from 2,468.0 TWh in 2018, according to the Statistical Review of World Energy 2020 published by BP in June 2020.

COVID-19 Impact:

Go-green Trend amidst Pandemic to Foster BESS Adoption

While the COVID-19 pandemic had a pressing influence across end-use industries, wherein leading companies have shown an increased inclination for sustainable energy sources. Besides, governments have introduced bullish policies to foster the adoption of battery energy storage solutions. Even though the impact of coronavirus will have an influence on the global outlook, stakeholders expect the market to exhibit resilience during the assessment period.

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Report Coverage:

The report has been prepared meticulously through quantitative and qualitative assessments to offer a comprehensive market view. Notably, many primary interviews have been conducted with major stakeholders and suppliers. Primary data has been collected through questionnaires, telephonic conversations and emails. Moreover, the report also includes secondary sources, such as government websites, SEC filings and press releases. The report also gives an in-depth view of market size, share, revenue, volume and delves into SWOT analysis.

Segmentation:

In terms of type, the market is segregated into lead acid battery, lithium-ion battery, flow battery, and others.

Based on connectivity, the market is fragmented into on-grid and off-grid.

With respect to application, the market is segmented into utility, residential, non-residential, and others.  

On the basis of ownership, the market is segmented into utility-owned, third-party owned, and customer-owned.

With regards to capacity, the market is bifurcated into large scale (greater than 1 MW) and small scale (Less than 1 MW).

In terms of geography, the global market includes North America, Asia Pacific, Europe, and the Rest of the World.

Regional Insights:

Stakeholders Seek to Bolster RoI in Asia Pacific with Expanding Electrification Targets

In 2020, the Asia Pacific market for battery energy storage was expected to be worth USD 3.29 billion, accounting for the lion’s share in terms of both value and volume. Rapidly expanding renewable energy generating capacity, continued urbanization and industrialization, increased electrification objectives, and the presence of diverse industry participants are some of the variables that are complementing the growth in the region. Furthermore, the huge carbon reduction targets set out by regional organizations such as the European Commission and national governments support the expansion of the European market. A wide range of encouraging renewable deployment goals and energy security regulations are also helping to boost demand for BESS devices in the region.

The U.S. and Canada have emerged as lucrative destinations on the back of bullish government policies and tax benefits. To illustrate, in September 2019, the Senate Energy and Natural Resources Committee presented an amended draft of the Better Energy Storage Technology (BEST) Act to boost research on long-duration BESS units. North America battery energy storage market share will observe a notable gain in the ensuing period, largely due to investment in renewable energy.

Europe industry outlook will be strong over the next few years, owing to rising installation of advanced power generation technologies. It is worth mentioning that the U.K., France, Germany, and Italy have exhibited an increased inclination for grid infrastructure projects and strict energy security policies.

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Key Industry Development- 

• March 2020 – French energy company Total unveiled its plans to establish a new BESS project in Dunkirk, France.
• January 2021: Siemens announced that it had signed a contract with Britishvolt to establish the first lithium-ion battery Gigafactory in the UK. Siemens will offer its automation, electrification, and digital twin solutions to Britishvolt to boost the lithium-ion output from the facility.

A List of Key Manufacturers Operating in the Global Market:

• GE
• ABB
• Samsung SDI
• Hitachi Chemical Co., Ltd.
• Siemens Energy
• Total
• LG Chem
• Fluence
• Narada
• VRB Energy
• Kokam
• EVE Energy Co., Ltd.
• Black & Veatch
• Hitachi ABB Power Grids

Battery Energy Storage Market Segmentation:

By Type:

• Lithium-ion Battery
• Lead Acid Battery
• Flow Battery
• Others

By Connectivity:

• Off-Grid
• On-Grid

By Application:

• Residential
• Non-Residential
• Utility
• Others

By Ownership:

• Customer Owned
• Third-Party Owned
• Utility Owned

By Capacity:

• Small Scale (Less than 1 MW)
• Large Scale (Greater than 1 MW)

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Table of Content:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Emerging Trends – For Major Countries
  • Latest Technological Advancement
  • Insights on Regulatory Scenario
  • Industry SWOT Analysis
  • Porters Five Forces Analysis
  • Value Chain Analysis
• Qualitative Analysis – Impact of COVID-19
  • Impact of COVID-19 on the Battery Energy Storage Market
  • Steps Taken by the Government to Overcome the Impact
  • Key Developments by the Industry Players in Response to COVID-19
  • Potential Opportunities and Challenges due to COVID-19 Outbreak
• Global Battery Energy Storage Market Analysis (MW, USD Billion), Insights and Forecast, 2018-2029 
  • Key Findings / Summary
  • Market Analysis, Insights and Forecast – By Type
    • Lithium-Ion Battery
    • Lead Acid Battery
    • Flow Battery
    • Others
  • Market Analysis, Insights and Forecast – By Connectivity
    • Off-Grid
    • On-Grid
  • Market Analysis, Insights and Forecast – By Application
    • Residential
    • Non-Residential
    • Utility
    • Others
  • Market Analysis, Insights and Forecast – By Ownership
    • Customer-Owned
    • Third-Party Owned
    • Utility-Owned
  • Market Analysis, Insights and Forecast – By Capacity
    • Small Scale (Less than 1 MW)
    • Large Scale (Greater Than 1 MW)
  • Market Analysis, Insights and Forecast – By Region
    • North America
    • Europe
    • Asia Pacific
    • Rest of the World
• North America Battery Energy Storage Market Analysis (MW, USD Billion), Insights and Forecast, 2018-2029
  • Key Findings / Summary
  • Market Analysis, Insights and Forecast – By Type
    • Lithium-Ion Battery
    • Lead Acid Battery
    • Flow Battery
    • Others
  • Market Analysis, Insights and Forecast – By Connectivity
    • Off-Grid
    • On-Grid
  • Market Analysis, Insights and Forecast – By Application
    • Residential
    • Non-Residential
    • Utility
    • Others
  • Market Analysis, Insights and Forecast – By Ownership
    • Customer-Owned
    • Third-Party Owned
    • Utility-Owned
  • Market Analysis, Insights and Forecast – By Capacity
    • Small Scale (Less than 1 MW)
    • Large Scale (Greater Than 1 MW)
  • Market Analysis, Insights and Forecast – By Country
    • United Market Analysis, Insights and Forecast – By Type
      • Lithium-Ion Battery
      • Lead Acid Battery
      • Flow Battery
      • Others
    • Canada Market Analysis, Insights and Forecast – By Type
      • Lithium-Ion Battery
      • Lead Acid Battery
      • Flow Battery
      • Others

Continued…

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