Global Lithium-ion Battery Energy Storage System Market Size study & Forecast, by Connection Type (On-grid, Off-grid) by Application (Industrial, Residential, Commercial) and Regional Analysis, 2022-2029

Global Lithium-ion Battery Energy Storage System Market Size study & Forecast, by Connection Type (On-grid, Off-grid) by Application (Industrial, Residential, Commercial) and Regional Analysis, 2022-2029

Global Lithium-ion Battery Energy Storage System Market is valued at approximately USD 4.5 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 15% over the forecast period 2022-2029. Lithium-ion Energy Storage is a system that stores a certain amount of energy or charges from a grid or a power plant. This stored energy is later used for electricity generation or other grid services. It provides or enables a high level of renewable energy storage integration. Advanced lithium-ion battery energy storage system consists of a built-in inverter and computerized control systems that allows it to install easily without any additional user efforts. The rise in the demand and production for lithium-ion batteries, increase in the investment for grid energy storage systems, and increasing demand for grid energy storage are the factors driving the market growth.

According to the research department, the global demand for lithium-ion batteries is estimated to rise by 11 times in the forecast period. Increasing production of lithium-ion batteries is aiding its rising demand. It was estimated that global lithium-ion battery production would dramatically rise, rising from just under 300 gigawatt-hours in 2018 to more than two terawatt-hours in 2028. By 2050, it is anticipated that global power production will become 2 times along with the rising world's population. Additionally, Global investments in grid battery storage were projected to reach about 4.7 billion US dollars in 2021, an increase of 34% from the year before. Another important component driving market increase is the rising demand for grid energy storage. Furthermore, the rising electronic sector and increasing investment in the R&D of the energy storage system are the factors creating major market opportunities. However, the high cost of installing a Lithium-ion Battery Energy Storage System stifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Lithium-ion Battery Energy Storage System Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Europe dominated the market in terms of revenue, owing to the increasing advancements in the automotive industry that in turn increased the usage of microelectronics and increasing investments by key market players in the region. Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising investments by key market players and government, continuous product development, adoption of new and innovative technology, and the region’s well-established electronics industry.
Major market player included in this report are:
Siemens AG
Hitachi Ltd.
Honeywell International Inc.
LG Electronics Inc.
Samsung Electronics Co Ltd
Panasonic Healthcare Co., Ltd.
ABB Ltd.
Toshiba Corporation
Parker Hannifin Corporation
Jakson Group
Recent Developments in the Market:
In February 2022, LG Energy Solutions acquired NEC Energy Solutions (lithium-ion battery and system integration business) based in the US, to expand its energy storage systems.
In November 2021, The e-mesh portfolio of energy storage and digital automation solutions from Hitachi Energy has been updated to provide the most complete collection of digital energy solutions in the energy sector.
Global Lithium-ion Battery Energy Storage System Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Connection Type, Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Connection Type offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Connection Type:
On-grid
Off-grid

By Application:
Industrial
Residential
Commercial

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the WorldCompanies Mentioned
Siemens AG
Hitachi Ltd.
Honeywell International Inc.
LG Electronics Inc.
Samsung Electronics Co Ltd
Panasonic Healthcare Co., Ltd.
ABB Ltd.
Toshiba Corporation
Parker Hannifin Corporation
Jakson Group

Please note:The single user license is non-downloadable and non-printable. Global Site license allows these actions.