Battery Energy Storage Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Battery Energy Storage Market
The battery energy storage market size was valued at USD 9.21 billion in 2021, and the market is now projected to grow from USD 10.8 billion in 2022 to USD 31.20 billion by 2029, exhibiting a CAGR of 16.3% during the forecast period of 2022-2029.
The COVID-19 pandemic has disrupted international deliver chains, impacting numerous industries consisting of battery power storage systems. The crisis has brought about delays in manufacturing, transportation, and distribution, hindering market increase. Economic uncertainties in developing countries similarly complicate recuperation efforts, emphasizing the need for resilient and adaptable deliver chain strategies in the electricity storage area.
The global shift in the direction of low carbon strength technology is using extended demand for battery energy storage structures (BESS) across residential, non-residential, and application sectors. Nations are making an investment heavily in BESS technology to fulfill ambitious inexperienced electricity goals and reduce greenhouse fuel emissions. Key technology such as strong-state batteries, float batteries, thermal power storage, and pumped hydro storage are being utilized to save and switch electricity effectively from renewable resources like concentrated solar power and wind power. This paradigm shift underscores the vital position of BESS in enabling sustainable strength transitions worldwide.
Investments in designing and manufacturing battery power storage system (BESS) devices are reshaping enterprise dynamics globally. Companies are innovating with natural and inorganic expansions to beautify product recognition and market attain. Recent improvements like Tesvolt's TS-I HV 80 battery exhibit the enterprise's dedication to growing advanced BESS devices to satisfy numerous client demands, including load height control and business requirements, driving marketplace increase and competitiveness.
Comprehensive Analysis of Battery Energy Storage Market
The battery energy storage market growth is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the industry. These segmentations are methodically segregated by capacity, by connectivity, by ownership, by application and by type. By capacity include, small scale (less than 1 MW) and large scale (greater than 1 MW). By connectivity include, into off-grid and on-grid. By ownership include, customer-owned, third-party-owned, and utility-owned. By application include, residential, non-residential, utility, and others. By type include,lithium-ion battery, lead-acid battery, flow battery, and others.
The Asia Pacific region lead the battery energy storage market share by benefitting a market size of USD 4.16billion in 2021 due to industrialization and urbanization of the various industry players.
The top players in the market play a crucial role in the industry assuring market growth and setting market standards. These players include, GE, ABB, Samsung SDI, Hitachi Chemical Co., Siemens Energy, Total, LG Chem, Fluence, Narada, VRB Energy, Kokam, EVE Energy Co., Black & Veatch, Hitachi ABB Power Grids, these market players provide a level-playing competitive landscape.
In December 2021, TotalEnergies boasts the largest battery-based energy storage facility in Dunkirk.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2018-2029
Base Year 2021
Estimated Year2022
Forecast Period 2022-2029
Historical Period 2018-2020
Unit Volume (MW) and Value (USD Billion)
Segmentation By Type, By Connectivity, By Application, By Ownership, By Capacity, and By Region
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)
By Geography North America (By Type, By Connectivity, By Application, By Ownership, By Capacity, By Country)
U.S. (By Type)
Canada (By Type)
Europe (By Type, By Connectivity, By Application, By Ownership, By Capacity, By Country)
U.K. (By Type)
Germany (By Type)
Italy (By Type)
Rest of Europe (By Type)
Asia Pacific (By Type, By Connectivity, By Application, By Ownership, By Capacity, By Country)
China (By Type)
Japan (By Type)
Australia (By Type)
South Korea (By Type)
Rest of Asia Pacific (By Type)
Rest of the World (By Type, By Connectivity, By Application, By Ownership, By Capacity)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Insights on Regulatory Scenario
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
- 4.6. Value Chain Analysis
- 5. Qualitative Analysis – Impact of COVID-19
- 5.1. Impact of COVID-19 on the Battery Energy Storage Market
- 5.2. Steps Taken by the Government to Overcome the Impact
- 5.3. Key Developments by the Industry Players in Response to COVID-19
- 5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
- 6. Global Battery Energy Storage Market Analysis (MW, USD Billion), Insights and Forecast, 2018-2029
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Type
- 6.2.1. Lithium-Ion Battery
- 6.2.2. Lead Acid Battery
- 6.2.3. Flow Battery
- 6.2.4. Others
- 6.3. Market Analysis, Insights and Forecast – By Connectivity
- 6.3.1. Off-Grid
- 6.3.2. On-Grid
- 6.4. Market Analysis, Insights and Forecast – By Application
- 6.4.1. Residential
- 6.4.2. Non-Residential
- 6.4.3. Utility
- 6.4.4. Others
- 6.5. Market Analysis, Insights and Forecast – By Ownership
- 6.5.1. Customer-Owned
- 6.5.2. Third-Party Owned
- 6.5.3. Utility-Owned
- 6.6. Market Analysis, Insights and Forecast – By Capacity
- 6.6.1. Small Scale (Less than 1 MW)
- 6.6.2. Large Scale (Greater Than 1 MW)
- 6.7. Market Analysis, Insights and Forecast – By Region
- 6.7.1. North America
- 6.7.2. Europe
- 6.7.3. Asia Pacific
- 6.7.4. Rest of the World
- 7. North America Battery Energy Storage Market Analysis (MW, USD Billion), Insights and Forecast, 2018-2029
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Type
- 7.2.1. Lithium-Ion Battery
- 7.2.2. Lead Acid Battery
- 7.2.3. Flow Battery
- 7.2.4. Others
- 7.3. Market Analysis, Insights and Forecast – By Connectivity
- 7.3.1. Off-Grid
- 7.3.2. On-Grid
- 7.4. Market Analysis, Insights and Forecast – By Application
- 7.4.1. Residential
- 7.4.2. Non-Residential
- 7.4.3. Utility
- 7.4.4. Others
- 7.5. Market Analysis, Insights and Forecast – By Ownership
- 7.5.1. Customer-Owned
- 7.5.2. Third-Party Owned
- 7.5.3. Utility-Owned
- 7.6. Market Analysis, Insights and Forecast – By Capacity
- 7.6.1. Small Scale (Less than 1 MW)
- 7.6.2. Large Scale (Greater Than 1 MW)
- 7.7. Market Analysis, Insights and Forecast – By Country
- 7.7.1. United Market Analysis, Insights and Forecast – By Type
- 7.7.1.1. Lithium-Ion Battery
- 7.7.1.2. Lead Acid Battery
- 7.7.1.3. Flow Battery
- 7.7.1.4. Others
- 7.7.2. Canada Market Analysis, Insights and Forecast – By Type
- 7.7.2.1. Lithium-Ion Battery
- 7.7.2.2. Lead Acid Battery
- 7.7.2.3. Flow Battery
- 7.7.2.4. Others
- 8. Europe Battery Energy Storage Market Analysis (MW, USD Billion), Insights and Forecast, 2018-2029
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Type
- 8.2.1. Lithium-Ion Battery
- 8.2.2. Lead Acid Battery
- 8.2.3. Flow Battery
- 8.2.4. Others
- 8.3. Market Analysis, Insights and Forecast – By Connectivity
- 8.3.1. Off-Grid
- 8.3.2. On-Grid
- 8.4. Market Analysis, Insights and Forecast – By Application
- 8.4.1. Residential
- 8.4.2. Non-Residential
- 8.4.3. Utility
- 8.4.4. Others
- 8.5. Market Analysis, Insights and Forecast – By Ownership
- 8.5.1. Customer-Owned
- 8.5.2. Third-Party Owned
- 8.5.3. Utility-Owned
- 8.6. Market Analysis, Insights and Forecast – By Capacity
- 8.6.1. Small Scale (Less than 1 MW)
- 8.6.2. Large Scale (Greater Than 1 MW)
- 8.7. Market Analysis, Insights and Forecast – By Country
- 8.7.1. United Kingdom Market Analysis, Insights and Forecast – By Type
- 8.7.1.1. Lithium-Ion Battery
- 8.7.1.2. Lead Acid Battery
- 8.7.1.3. Flow Battery
- 8.7.1.4. Others
- 8.7.2. Germany Market Analysis, Insights and Forecast – By Type
- 8.7.2.1. Lithium-Ion Battery
- 8.7.2.2. Lead Acid Battery
- 8.7.2.3. Flow Battery
- 8.7.2.4. Others
- 8.7.3. Italy Market Analysis, Insights and Forecast – By Type
- 8.7.3.1. Lithium-Ion Battery
- 8.7.3.2. Lead Acid Battery
- 8.7.3.3. Flow Battery
- 8.7.3.4. Others
- 8.7.4. Rest of Europe Market Analysis, Insights and Forecast – By Type
- 8.7.4.1. Lithium-Ion Battery
- 8.7.4.2. Lead Acid Battery
- 8.7.4.3. Flow Battery
- 8.7.4.4. Others
- 9. Asia Pacific Battery Energy Storage Market Analysis (MW, USD Billion), Insights and Forecast, 2018-2029
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Type
- 9.2.1. Lithium-Ion Battery
- 9.2.2. Lead Acid Battery
- 9.2.3. Flow Battery
- 9.2.4. Others
- 9.3. Market Analysis, Insights and Forecast – By Connectivity
- 9.3.1. Off-Grid
- 9.3.2. On-Grid
- 9.4. Market Analysis, Insights and Forecast – By Application
- 9.4.1. Residential
- 9.4.2. Non-Residential
- 9.4.3. Utility
- 9.4.4. Others
- 9.5. Market Analysis, Insights and Forecast – By Ownership
- 9.5.1. Customer-Owned
- 9.5.2. Third-Party Owned
- 9.5.3. Utility-Owned
- 9.6. Market Analysis, Insights and Forecast – By Capacity
- 9.6.1. Small Scale (Less than 1 MW)
- 9.6.2. Large Scale (Greater Than 1 MW)
- 9.7. Market Analysis, Insights and Forecast – By Country
- 9.7.1. China Market Analysis, Insights and Forecast – By Type
- 9.7.1.1. Lithium-Ion Battery
- 9.7.1.2. Lead Acid Battery
- 9.7.1.3. Flow Battery
- 9.7.1.4. Others
- 9.7.2. Japan Market Analysis, Insights and Forecast – By Type
- 9.7.2.1. Lithium-Ion Battery
- 9.7.2.2. Lead Acid Battery
- 9.7.2.3. Flow Battery
- 9.7.2.4. Others
- 9.7.3. Australia Market Analysis, Insights and Forecast – By Type
- 9.7.3.1. Lithium-Ion Battery
- 9.7.3.2. Lead Acid Battery
- 9.7.3.3. Flow Battery
- 9.7.3.4. Others
- 9.7.4. South Korea Market Analysis, Insights and Forecast – By Type
- 9.7.4.1. Lithium-Ion Battery
- 9.7.4.2. Lead Acid Battery
- 9.7.4.3. Flow Battery
- 9.7.4.4. Others
- 9.7.5. Rest of Asia Pacific Market Analysis, Insights and Forecast – By Type
- 9.7.5.1. Lithium-Ion Battery
- 9.7.5.2. Lead Acid Battery
- 9.7.5.3. Flow Battery
- 9.7.5.4. Others
- 10. Rest of the World Battery Energy Storage Market Analysis (MW, USD Billion), Insights and Forecast, 2018-2029
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Type
- 10.2.1. Lithium-Ion Battery
- 10.2.2. Lead Acid Battery
- 10.2.3. Flow Battery
- 10.2.4. Others
- 10.3. Market Analysis, Insights and Forecast – By Connectivity
- 10.3.1. Off-Grid
- 10.3.2. On-Grid
- 10.4. Market Analysis, Insights and Forecast – By Application
- 10.4.1. Residential
- 10.4.2. Non-Residential
- 10.4.3. Utility
- 10.4.4. Others
- 10.5. Market Analysis, Insights and Forecast – By Ownership
- 10.5.1. Customer-Owned
- 10.5.2. Third-Party Owned
- 10.5.3. Utility-Owned
- 10.6. Market Analysis, Insights and Forecast – By Capacity
- 10.6.1. Small Scale (Less than 1 MW)
- 10.6.2. Large Scale (Greater Than 1 MW)
- 11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2021
- 11.2. Company Profile
- 11.2.1. General Electric Company
- 11.2.1.1. Business Overview
- 11.2.1.2. Product & Service Offering
- 11.2.1.3. Overall Revenue
- 11.2.1.4. Geographic Presence
- 11.2.1.5. Recent Development
- 11.2.2. ABB
- 11.2.2.1. Business Overview
- 11.2.2.2. Product & Service Offering
- 11.2.2.3. Overall Revenue
- 11.2.2.4. Geographic Presence
- 11.2.2.5. Recent Development
- 11.2.3. Samsung SDI
- 11.2.3.1. Business Overview
- 11.2.3.2. Product & Service Offering
- 11.2.3.3. Overall Revenue
- 11.2.3.4. Geographic Presence
- 11.2.3.5. Recent Development
- 11.2.4. Hitachi Chemical Co. Ltd.
- 11.2.4.1. Business Overview
- 11.2.4.2. Product & Service Offering
- 11.2.4.3. Overall Revenue
- 11.2.4.4. Geographic Presence
- 11.2.4.5. Recent Development
- 11.2.5. Siemens AG
- 11.2.5.1. Business Overview
- 11.2.5.2. Product & Service Offering
- 11.2.5.3. Overall Revenue
- 11.2.5.4. Geographic Presence
- 11.2.5.5. Recent Development
- 11.2.6. Total
- 11.2.6.1. Business Overview
- 11.2.6.2. Product & Service Offering
- 11.2.6.3. Overall Revenue
- 11.2.6.4. Geographic Presence
- 11.2.6.5. Recent Development
- 11.2.7. LG Chem
- 11.2.7.1. Business Overview
- 11.2.7.2. Product & Service Offering
- 11.2.7.3. Overall Revenue
- 11.2.7.4. Geographic Presence
- 11.2.7.5. Recent Development
- 11.2.8. Fluence
- 11.2.8.1. Business Overview
- 11.2.8.2. Product & Service Offering
- 11.2.8.3. Overall Revenue
- 11.2.8.4. Geographic Presence
- 11.2.8.5. Recent Development
- 11.2.9. Narada
- 11.2.9.1. Business Overview
- 11.2.9.2. Product & Service Offering
- 11.2.9.3. Overall Revenue
- 11.2.9.4. Geographic Presence
- 11.2.9.5. Recent Development
- 11.2.10. VRB Energy
- 11.2.10.1. Business Overview
- 11.2.10.2. Product & Service Offering
- 11.2.10.3. Overall Revenue
- 11.2.10.4. Geographic Presence
- 11.2.10.5. Recent Development
- 11.2.11. Hitachi ABB Power Grids
- 11.2.11.1. Business Overview
- 11.2.11.2. Product & Service Offering
- 11.2.11.3. Overall Revenue
- 11.2.11.4. Geographic Presence
- 11.2.11.5. Recent Development
- 11.2.12. Kokam
- 11.2.12.1. Business Overview
- 11.2.12.2. Product & Service Offering
- 11.2.12.3. Overall Revenue
- 11.2.12.4. Geographic Presence
- 11.2.12.5. Recent Development
- 11.2.13. Eve Energy Co. Ltd
- 11.2.13.1. Business Overview
- 11.2.13.2. Product & Service Offering
- 11.2.13.3. Overall Revenue
- 11.2.13.4. Geographic Presence
- 11.2.13.5. Recent Development
- 11.2.14. Black & Veatch
- 11.2.14.1. Business Overview
- 11.2.14.2. Product & Service Offering
- 11.2.14.3. Overall Revenue
- 11.2.14.4. Geographic Presence
- 11.2.14.5. Recent Development
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