Battery Energy Storage System Market Worth $43.7 Billion by 2030

Meticulous Research®-a leading global market research company, published a research report titled, 'Battery Energy Storage System Market by Battery Type, Offering, Connection Type, Ownership, Energy Capacity, and Application (Residential, Commercial, and Utilities) - Global Forecast to 2030.'

According to this latest publication from Meticulous Research®, the global battery energy storage system market is projected to reach $43.7 billion by 2030, at a CAGR of 28.8% during the forecast period. The growth of the battery energy storage system market is driven by government funding for battery energy storage system and the growing benefits of battery energy storage system for EV charging. Moreover, the growing demand for battery energy storage system for commercial applications and the decline in the prices of lithium-ion batteries provide significant opportunities for the key players in the global battery energy storage system market. However, the high capital required for installing battery energy storage system restrains the market's growth to some extent. Additionally, the lack of standardization in storage system and overheating of lithium-ion batteries poses challenges to the growth of the battery energy storage system market. Furthermore, advanced lithium-ion batteries and energy storage as a service are the key trends observed in the battery energy storage system market.

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The global battery energy storage system market is segmented by battery type (lithium-ion batteries, nickel-cadmium (Ni-Cd) batteries, nickel-metal hydride (Ni-MH) batteries, sodium-sulfur (Na-S) batteries, redox flow batteries (RFB), and other battery types [lead-acid (PbA) batteries, and flow batteries]),by offering(components [battery system, battery management system, power conversion system, energy management system, heating, ventilation, and air conditioning, supervisory control and data acquisition, and other components {fire suppression, controller}], services), by connection type(on-grid connection, off-grid connection), by ownership(customer-owned, third-party-owned, utility-owned), by energy capacity (below 100 MWh, 100 MWh to 500 MWh, more than 500 MWh), by application (residential, commercial [telecommunications, data centers, industries, marine, healthcare, EV charging infrastructure], and utilities [peak shaving, load shifting, black start, microgrids, renewable integration, grid services]). The study also evaluates industry competitors and analyzes the market at regional and country levels.

Based on battery type, the global battery energy storage system market is segmented into lithium-ion batteries, nickel-cadmium (Ni-Cd) batteries, nickel-metal hydride (Ni-MH) batteries, sodium-sulfur (Na-S) batteries, redox flow batteries, and other battery types. In 2023, the lithium-ion battery segment is expected to account for the largest share of the global battery energy storage system market. The large market share of this segment is attributed to the growing demand for BESS with long cycle and extended shelf life, maintenance-free, and the growing need for high specific energy and high load capabilities with power cells. This segment is also projected to register the highest CAGR during the forecast period.

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Based on offering, the global battery energy storage system market is segmented into components and services. In 2023, the components segment is expected to account for the larger share of the global battery energy storage system market. The large market share of this segment is attributed to the growing demand for conventional power generation, transmission & distribution, and renewable power to industrial and commercial sectors and the increasing need for BESS components to deploy complete battery energy storage system, the rising need for components for stabilizing the electrical grid, controlling energy flow, and optimizing asset operations. However, the services segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing demand for support, integration, and consulting services for BESS, the rising need for support services to help improve the quality, availability, and supply continuity of hardware components, and the increasing need to resolve issues associated with software and improve operational efficiency.

Based on connection type, the global battery energy storage system market is segmented into on-grid and off-grid connections. In 2023, the on-grid connection segment is expected to account for the larger share of the global battery energy storage system market. The large market share of this segment is attributed due to the growing demand for high power consumption and the increasing need to store and access vast amounts of energy for utility-scale applications. This segment is also projected to register the highest CAGR during the forecast period.

Based on ownership, the global battery energy storage system market is segmented into customer-owned, third-party-owned, and utility-owned. In 2023, the third-party-owned segment is expected to account for the largest share of the global battery energy storage system market. The large market share of this segment is attributed to the growing need for specific functional requirements regarding storage, which doesn't require any expertise in ESS technology and the increasing need for fast frequency response in the electricity grids. However, the utility-owned segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing demand for utility-scale ancillary services and the growing need to deliver peak loads to consumers through ESS instead of extending power lines and transformers.

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Based on energy capacity, the global battery energy storage system market is segmented into below 100 MWh, 100 MWh to 500 MWh, and more than 500 MWh. In 2023, the more than 500 MWh segment is expected to account for the largest share of the global battery energy storage system market. The large market share of this segment is attributed to the growing popularity of its benefits, such as smart energy consumption, cost-cutting, resilience, resource-saving, environmental efficiency, and availability of unique features such as pollution-free operations and instantaneous response by BESS. This segment is also slated to register the highest CAGR during the forecast period.

Based on application, the global battery energy storage system market is segmented into residential, commercial, and utilities. In 2023, the utilities segment is expected to account for the largest share of the global battery energy storage system market. The large market share of this segment is attributed to the initiatives taken by companies to launch flow batteries for meeting the environmental, longevity, and safety objectives of utilities and the growing usage of BESS for peak shaving, load shifting, black start, microgrids, renewable integration, and grid service applications. This segment is also slated to register the highest CAGR during the forecast period.

Based on geography, the battery energy storage system market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global battery energy storage system market. The presence of prominent players offering advanced BESS components & services, residential energy storage technology, government policies to improve the reliability and quality of the power distribution facilities to the residential customers, and increased access to electricity for remote and island communities are some of the major drivers for the growth of this regional segment.
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Furthermore, the lower technology costs and increased technological advancement across the region encourage consumers to install battery energy storage system is supporting the growth of this regional market. The governments of various countries in this region are focusing on minimizing the adverse effects of the energy sector on the environment. For instance, in December 2022, the Australian government announced that eight large batteries to store renewable energy would be built nationwide to support the grid and help keep energy prices down. Nearly USD 176 million in funding for the projects will be provided by the government-owned Australian Renewable Energy Agency (Arena). The batteries will be located in Gnarwarre, Moorabool, and Mortlake in Victoria, Mount Fox and Western Downs in Queensland, Liddell in New South Wales, and Bungama and Blyth in South Australia. These batteries will range from 200-300 MWh each, have grid-forming inverter technology and are expected to come online by 2025.

In March 2022, Indonesia's state-owned utility PLN signed an agreement with the Indonesia Battery Corporation (IBC) to launch a 5MW battery energy storage system (BESS) pilot project. In July 2021, the Chinese government announced plans to install more than 30 GW of power storage by 2025. Also, in October 2021, as part of the country's green energy push, the Government of India installed a 1,000 MWh Battery Energy Storage System (BESS) as a pilot project. This is the joint effort of the Ministry of New and Renewable Energy and the Ministry of Power to provide a roadmap for installing an energy storage system in the country. These factors lead to the growth in the deployment of battery energy storage system in residential and public utility applications during the forecast period. However, this region is projected to register the highest CAGR during the forecast period.

Key Players

The key players operating in the global battery energy storage system market are General Electric Company (U.S.), ABB Ltd. (Switzerland), Panasonic Life Solutions India Pvt. Ltd. (India) (A Part of Panasonic Holdings Corporation), Siemens AG (Germany), JinkoSolar Holding Co., Ltd. (China), Honeywell International Inc. (U.S.), Tesla Inc. (U.S.), Toshiba Corporation (Japan), Johnson Controls International plc (Ireland), NEC Corporation (Japan), Delta Electronics, Inc. (Taiwan), Sensata Technologies, Inc. (U.S.), Fluence Energy, Inc. (U.S.), Nextera Energy, Inc. (U.S.), Beacon Power, LLC (U.S.), and Urja Solutions (India).

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Key questions answered in the report-

Which are the high-growth market segments in terms of battery type, offering, connection type, ownership, energy capacity, and application?
What is the historical market for battery energy storage system market across the globe?
What are the market forecasts and estimates for the period of 2023-2030?
What are the major drivers, restraints, opportunities, challenges, and trends in the global battery energy storage system market?
Who are the major players in the global battery energy storage system market, and what share of the market do they hold?
How is the competitive landscape?
What are the recent developments in the global battery energy storage system market?
What are the different strategies adopted by the major players in the market?
What are the geographic trends and high-growth countries?
Who are the local emerging players in the global battery energy storage system market, and how do they compete with the other players?

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