Global Battery Energy Storage Market Growth 2023-2029

Global Battery Energy Storage Market Growth 2023-2029

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.

LPI (LP Information)' newest research report, the “Battery Energy Storage Industry Forecast” looks at past sales and reviews total world Battery Energy Storage sales in 2022, providing a comprehensive analysis by region and market sector of projected Battery Energy Storage sales for 2023 through 2029. With Battery Energy Storage sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Battery Energy Storage industry.

This Insight Report provides a comprehensive analysis of the global Battery Energy Storage landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Battery Energy Storage portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms' unique position in an accelerating global Battery Energy Storage market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Battery Energy Storage and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Battery Energy Storage.

The global Battery Energy Storage market size is projected to grow from US$ 1085.7 million in 2022 to US$ 8525.5 million in 2029; it is expected to grow at a CAGR of 8525.5 from 2023 to 2029.

The major drivers for the growth of the market include the increasing demand for grid-connected solutions, high demand for the lithium-ion technology in the renewable energy industry, and declining prices of lithium-ion batteries. However, the factors such as the installation of battery energy storage systems in remote locations pose a challenge for the players in the market. the Americas dominated the battery energy storage market for smart grid and accounted for around 60% of the total market share. Much of the region’s growth can be attributed to the increasing use of smart grids and the increasing need for energy storage for distributed systems. The governmental support across different countries in the region and the growing investments in the development and deployment of integrated smart grid systems is expected to drive the demand for smart energy in the region in the coming years.

This report presents a comprehensive overview, market shares, and growth opportunities of Battery Energy Storage market by product type, application, key manufacturers and key regions and countries.

Market Segmentation:

Segmentation by type
Li-Ion Batteries
Lead-Acid Batteries
Sodium Sulfur Batteries

Segmentation by application
Residential
Non-Residential
Utilities
Others

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Siemens
ABB
Samsung SDI
Bosch
BYD

Key Questions Addressed in this Report

What is the 10-year outlook for the global Battery Energy Storage market?

What factors are driving Battery Energy Storage market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Battery Energy Storage market opportunities vary by end market size?

How does Battery Energy Storage break out type, application?

What are the influences of COVID-19 and Russia-Ukraine war?

Please note: The report will take approximately 2 business days to prepare and deliver.