Global Battery Energy Storage Market 2024 by Manufacturers, Regions, Type and Application, Forecast to 2030

Global Battery Energy Storage Market 2024 by Manufacturers, Regions, Type and Application, Forecast to 2030

According to our (Global Info Research) latest study, the global Battery Energy Storage market size was valued at USD 6987 million in 2023 and is forecast to a readjusted size of USD 8685.9 million by 2030 with a CAGR of 3.2% during review period.

The lithium-ion batteries have a long lifespan of 5–10 years, and up to 98% efficiency (i.e., only 2% of electrical charge is lost during use). The lithium-ion batteries have very high energy and power densities, which leads to lower weight with low standby losses, and high life expectancy. Lithium-ion batteries continue to hold a large size of the battery energy storage system market owing to its features such as high energy density, self-discharge capability, low maintenance requirement, less weight, and high life expectancy. Battery energy storage system is well suited for smoothing the variable output of renewables and controlling the rapid ramping up and down of solar as well as wind generation. The grid operators and regulators are aware of the importance of battery energy storage systems and their ability to cater through multiple services. The utility operators are using these systems in their resource planning processes, which reduces the system costs and increases storage capacity.

Due to the rapid development of the wind power and photovoltaic industry, as well as the increasing awareness of environmental protection in various countries, the energy storage industry is becoming one of the key technologies, which is used in many countries to advance the carbon neutral target process today. The United States, China and Japan occupied the leading position in the installed capacity of energy storage projects, among which the United States is the world's largest energy storage market. The European Union established the European Battery Alliance (EBA) in 2017, aiming to escape the EU's dependence on Asian manufacturers in the battery storage field. According to Data Europa’s statistics, the cumulative installed capacity has reached 48.38GW in 2020. At present, pumped storage accounts for 94% of the energy storage market in Europe, with Spain and Germany having the largest capacity. According to BNEF data, electrochemical energy storage in the United States added 3.97GW / 10.88 GWh in 2021. In terms of power, it accounted for 40% of the global increase. In 2022, the United States passed the IRA, which subsidized independent energy storage for the first time. Under the ITC, new energy storage projects could offset up to 59% of the investment. The effect of the policy has initially appeared, and the energy storage industry in the United States shows an upward trend.

The Global Info Research report includes an overview of the development of the Battery Energy Storage industry chain, the market status of Residential (Li-Ion Batteries, Lead-Acid Batteries), Non-Residential (Li-Ion Batteries, Lead-Acid Batteries), and key enterprises in developed and developing market, and analysed the cutting-edge technology, patent, hot applications and market trends of Battery Energy Storage.

Regionally, the report analyzes the Battery Energy Storage markets in key regions. North America and Europe are experiencing steady growth, driven by government initiatives and increasing consumer awareness. Asia-Pacific, particularly China, leads the global Battery Energy Storage market, with robust domestic demand, supportive policies, and a strong manufacturing base.

Key Features:

The report presents comprehensive understanding of the Battery Energy Storage market. It provides a holistic view of the industry, as well as detailed insights into individual components and stakeholders. The report analysis market dynamics, trends, challenges, and opportunities within the Battery Energy Storage industry.

The report involves analyzing the market at a macro level:

Market Sizing and Segmentation: Report collect data on the overall market size, including the sales quantity (GWh), revenue generated, and market share of different by Type (e.g., Li-Ion Batteries, Lead-Acid Batteries).

Industry Analysis: Report analyse the broader industry trends, such as government policies and regulations, technological advancements, consumer preferences, and market dynamics. This analysis helps in understanding the key drivers and challenges influencing the Battery Energy Storage market.

Regional Analysis: The report involves examining the Battery Energy Storage market at a regional or national level. Report analyses regional factors such as government incentives, infrastructure development, economic conditions, and consumer behaviour to identify variations and opportunities within different markets.

Market Projections: Report covers the gathered data and analysis to make future projections and forecasts for the Battery Energy Storage market. This may include estimating market growth rates, predicting market demand, and identifying emerging trends.

The report also involves a more granular approach to Battery Energy Storage:

Company Analysis: Report covers individual Battery Energy Storage manufacturers, suppliers, and other relevant industry players. This analysis includes studying their financial performance, market positioning, product portfolios, partnerships, and strategies.

Consumer Analysis: Report covers data on consumer behaviour, preferences, and attitudes towards Battery Energy Storage This may involve surveys, interviews, and analysis of consumer reviews and feedback from different by Application (Residential, Non-Residential).

Technology Analysis: Report covers specific technologies relevant to Battery Energy Storage. It assesses the current state, advancements, and potential future developments in Battery Energy Storage areas.

Competitive Landscape: By analyzing individual companies, suppliers, and consumers, the report present insights into the competitive landscape of the Battery Energy Storage market. This analysis helps understand market share, competitive advantages, and potential areas for differentiation among industry players.

Market Validation: The report involves validating findings and projections through primary research, such as surveys, interviews, and focus groups.

Market Segmentation

Battery Energy Storage market is split by Type and by Application. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value.

Market segment by Type
Li-Ion Batteries
Lead-Acid Batteries
Sodium Sulfur Batteries

Market segment by Application
Residential
Non-Residential
Utilities
Others

Major players covered
Siemens
ABB
Samsung SDI
Bosch
BYD

Market segment by region, regional analysis covers
North America (United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

The content of the study subjects, includes a total of 15 chapters:

Chapter 1, to describe Battery Energy Storage product scope, market overview, market estimation caveats and base year.

Chapter 2, to profile the top manufacturers of Battery Energy Storage, with price, sales, revenue and global market share of Battery Energy Storage from 2019 to 2024.

Chapter 3, the Battery Energy Storage competitive situation, sales quantity, revenue and global market share of top manufacturers are analyzed emphatically by landscape contrast.

Chapter 4, the Battery Energy Storage breakdown data are shown at the regional level, to show the sales quantity, consumption value and growth by regions, from 2019 to 2030.

Chapter 5 and 6, to segment the sales by Type and application, with sales market share and growth rate by type, application, from 2019 to 2030.

Chapter 7, 8, 9, 10 and 11, to break the sales data at the country level, with sales quantity, consumption value and market share for key countries in the world, from 2017 to 2023.and Battery Energy Storage market forecast, by regions, type and application, with sales and revenue, from 2025 to 2030.

Chapter 12, market dynamics, drivers, restraints, trends and Porters Five Forces analysis.

Chapter 13, the key raw materials and key suppliers, and industry chain of Battery Energy Storage.

Chapter 14 and 15, to describe Battery Energy Storage sales channel, distributors, customers, research findings and conclusion.