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Battery Energy Storage Systems Global Market Overview 2024
Battery Energy Storage Systems Global Market
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According to The Business Research Company's, The battery energy storage system market size has grown exponentially in recent years. It will grow from $5.51 billion in 2023 to $6.99 billion in 2024 at a compound annual growth rate (CAGR) of 26.8%. The growth in the historic period can be attributed to renewable energy integration, declining battery costs, energy independence, government incentives, electric vehicle growth, demand response programs.
The battery energy storage system market size is expected to see exponential growth in the next few years. It will grow to $17.14 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%. The growth in the forecast period can be attributed to renewable capacity expansion, decentralized energy systems, resilience planning, transition to electric mobility, energy storage mandates. Major trends in the forecast period include grid resilience and reliability, energy management systems (EMS), hybrid energy storage systems, microgrid development, innovation in battery technologies.
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Market Drivers and Trends:
The ongoing renewable energy revolution is expected to propel the growth of battery energy storage system (BESS) market going forward. Renewable energy comes from natural resources that regenerate more quickly than they are depleted. Renewable energy is being used more frequently as it lowers emissions of pollutants and greenhouse gases that contribute to climate change. In BESS, energy is gathered from the electrical grid or renewable energy sources such as solar and wind and stored using battery storage technology. For instance, in December 2021, according to International Energy Agency, a France-based intergovernmental agency, global renewable electricity capacity is projected to increase by over 60% from 2020 to reach 4,800 GW by 2026, surpassing fossil fuels and nuclear power combined. Nearly 95% of the global power capacity growth by 2026 will come from renewables, with solar PV accounting for more than half, marking a 50% increase compared to 2015-2020. Therefore, the rising demand for clean and renewable energy is expected to drive the growth of the growth of the battery energy storage system market.
Technological advancements are a key trend gaining popularity in the battery energy storage system market. Major companies operating in the market are focused on technological advancements to make the battery energy storage system more efficient. For instance, in January 2022, Franklin Whole Home, a US-based privately funded cleantech company, launched its integrated battery and control system based on artificial intelligence technology. The Franklin Home Power solution creates a unique form of enhanced storage by combining its lithium iron phosphate with aGate smart control technology. The aGate control system includes adaptive learning algorithms, enabling it to handle even the most challenging load circumstances successfully.
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Major Key Players of the Market:
BYD Company Limited, TotalEnergies SE, Huawei Technologies Co. Ltd., Hitachi Ltd., Tesla Inc., General Electric Company, Siemens AG, Panasonic Corporation, Contemporary Amper*ex Technology Co. Limited, LG Chem Ltd., Schneider Electric SE, Honeywell International Inc., ABB Ltd., Johnson Controls International plc, NEC Corporation, Toshiba Corporation, NextEra Energy Inc., Eaton Corporation plc, Edison International, Samsung SDI Co. Ltd., Vistra Energy Corp., AES Corporation, Aquion Energy, PPL Corporation, Sungrow Power Supply Co. Ltd., Enersys, Fluence Energy Inc., Amprius Technologies Inc., Sunverge Energy Inc., Envision Energy Inc.
Battery Energy Storage System Market 2024 Key Insights:
• The battery energy storage system market size is expected to see exponential growth in the next few years. It will grow to $17.14 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%.
• Renewable Energy Revolution Sparks Surge In Battery Energy Storage System Market Growth
• Technological Advancements Driving Growth In Battery Energy Storage System Market
• North America was the largest region in the battery energy storage system market in 2023
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