According to a research survey conducted by ChemView Consulting, in 2022, the Global Battery Energy Storage Market was worth US$ 8,173.0 Mn and is expected to grow at a CAGR of 17.4% over the forecast period. While the historical CAGR is 15.6%, the market is expected to hit US$ 40,650.2 Mn by 2032 end.
Throughout the projected period, the market is anticipated to grow in response to rising demand for dependable and continuous power supply from end-use industries such as industrial, telecom, data centers, maritime, and medical.
ChemView Consulting has analyzed that Solar and wind energy are the most common renewable energy sources stored in networks. However, the energy production fluctuations result from the sun being blocked by clouds or shifting wind currents. Due to these variations, flexible grid systems that store energy are necessary. The grid modernization process is increasingly dependent on battery energy storage devices.
When the amount of power generated exceeds the amount of electricity needed, these solutions assist grid operators in saving electricity. About the generation, transmission, and distribution of electric power, these systems enhance the dependability and flexibility of energy supply systems.
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Segments Covered in Report
By Storage System:
- Front-of-the-meter
- Behind-the-meter
By Element:
- Battery
- Others
By Battery Type :
- Lithium-Ion Batteries
- Advanced Lead-Acid Batteries
- Flow Batteries
- Others
By Connection Type:
- On-grid
- Off-grid
By Ownership:
- Customer-Owned
- Third-Party Owned
- Utility-Owned
By Energy Capacity:
- Below 100 MWh
- Between 100 to 500 MWh
- Above 500 MWh
By Application:
- Residential
- Commercial
- Utility
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
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Key Takeaways from the Battery Energy Storage Market
- Based on the battery type, at 55.0% of the market, lithium-ion batteries had the greatest revenue share. Due to its lightweight, low cost, and restricted coverage area, lithium-ion batteries are expected to increase demand for energy storage systems. The lithium-ion battery energy storage systems market will also rise due to increasing infrastructure investment from the residential, industrial, and commercial sectors.
- Based on the application, the utility application market will rule. The primary driver of the expansion of the utility sector is the necessity to meet peak power consumption. In the event of an abrupt change in the energy supply, the utility BESS offers control services for power quality, frequency, and voltage.
- Based on Region, the Asia Pacific market held a sizeable revenue share of 63.4% in 2021. In emerging economies, rapid population development has raised the need for electricity. Over the next seven years, grid operators will increase flexibility and reduce power disruptions by installing battery energy storage devices.
Competition Summary
Key companies covered in the market study are BYD Company Limited, General Electric, Hitachi, Ltd., Honeywell Corporation, LG Energy Solutions CO., Ltd, Panasonic Corporation, SAMSUNG SDI Co., Ltd, Siemens AG, Tesla, Inc, Toshiba Corporation, and ABB.
Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have been collaborating with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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