Battery Energy Storage System Market Top Players- GE Vernova, Hitachi Energy Ltd., Honeywell International, Inc., Johnson Controls, NGK Insulators, Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Battery Energy Storage System Market Size, Share & Trends Analysis Report By Battery (Lithium-Ion Batteries, Advanced Lead-Acid Batteries, Flow Batteries, Others), Connection Type (On-grid, Off-grid), Ownership (Customer-Owned, Third-Party Owned, Utility-Owned), Energy Capacity (Below 100 MWh, Between 100 to 500 MWh, above 500 MWh), Application (Residential, Commercial, Utility)- Market Outlook And Industry Analysis 2031"

The Global Battery Energy Storage System Market is valued at US$ 6.41 Bn in 2023, and it is expected to reach US$ 39.43 Bn by 2031, with a CAGR of 25.8% during the forecast period of 2024-2031.

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The rapid growth of the BESS market is expected as the world steadily shifts toward adopting renewable energy solutions. BESS technology unlocks RE sources, such as solar and wind energy, by storing surplus energy in rechargeable batteries and releasing it when the energy is more in demand or at low production times. The flexibility improves the robustness of the grid and facilitates greater degrees of renewable energy integration into current infrastructures. BESS applications range from electricity grid supply-demand balancing up to frequency regulation and peak shaving. Technology is also applied in residences as a form of reduction of electricity costs by storing energy to be used in peak demand as well as for commercial applications for backup power and the efficiency of energy use.

The significance of the BESS market lies in its ability to address key energy management challenges. Given the increasing worldwide demand for energy, coupled with the expected growth of renewables, BESS offers a very efficient means of storing and distributing energy, helping it to wisely navigate the intermittency of renewables while at the same time reducing greenhouse gas emissions through reliance diminution on fossil fuels. Continued advancements in the comprehension of battery technology are reducing costs and improving performance, thereby making BESS a more viable source of diversification of supply utilities, businesses, and consumers alike. Therefore, it places BESS at the center of clean and sustainable energy future.

List of Prominent Players in the Battery Energy Storage System Market:
• BYD Company Ltd.
• LG Energy Solution
• Panasonic Corporation
• Samsung SDI Co., Ltd.
• Tesla
• ABB
• Delta Electronics, Inc.
• Ge Vernova
• Hitachi Energy Ltd.
• Honeywell International, Inc.
• Johnson Controls
• NGK Insulators Ltd.
• Siemens
• Toshiba Corporation
• AB Volvo
• Other Prominent Players
o AEG
o East Penn Manufacturing Company
o ESS Tech, Inc.
o Kore Power Inc.
o Primus Power Solutions
o Saft
o Solaredge
o The AES Corporation
o Trinasolar
o VRB Energy

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Market Dynamics:
Drivers-
The BESS market is experiencing tremendous growth due to various key factors. All governments are investing in the deployment of BESS systems in line with policies that include incentives, such as subsidies and tax breaks, to encourage the integration of renewable energies and supplement grid reliability. The need for substantial amounts of renewable energy, primarily solar and wind, makes it self-evident that there must be cost-effective ways to store that energy.

Indeed, one of the first steps toward stabilized grids is the use of BESS, storing extra energy generated when it is not needed. Since the start of economies of scale in lithium-ion batteries, unit cost has dramatically reduced, ensuring investments from utility companies as well as private consumers. Besides, the sharply growing electric vehicle market is the primary driver of overall market growth and hence creates a high demand for battery storage, which subsequently creates further inorganic growth in the market. The improvement in the performance, safety, and life of a battery opens opportunities across residential, commercial, and industrial sectors.

Challenges:
The Battery Energy Storage System (BESS) market faces several key challenges that could hinder its growth. One such key challenge is high upfront investment, particularly in large capacity installations, though the battery prices have dropped in recent times. Further complication of these issues is the lack of clarity over the regulatory and policy environment, particularly due to the frameworks not matching and not well-defined market rules, making matters complex for investment decisions as well as for project development. The monetization opportunities for BESS services are limited since only a fraction of them are recognized and, therefore, monetized, leading to highly restricted profitability levels in markets such as India.

Regional Trends:
With a sound performance in economic growth, positive government policies, the growing demand for renewable energy, and the trend of technological advancements, the Asia-Pacific region is now at the forefront in this rapidly growing market for battery energy storage systems. With such an increase in the consumption of energy in some of these nations, including China, India, and Japan, the urge to adopt efficient storage solutions also accelerated.

Regional governments have been offering subsidies, tax incentives, and funding for various renewable energy projects that support the sector. As the region transitions towards solar and wind, it is expected that BESS will play an important role in storing excess energy and improving the resilience of the grid. In parallel efforts, BYD and LG Energy Solution are industry leaders in that area with the aim to develop lithium-ion technology and bring it down in terms of pricing, paving the road for wide adoption across various sectors with BESS.

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Recent Developments:
• In Sep 2024, ABB signed an MoU with EVE Energy Co., Ltd. to support the development of sustainable lithium battery factories globally. The partnership leverages EVE's "Global Manufacturing, Global Delivery, Global Cooperation" system to improve efficiency, meet project timelines, and boost productivity and profitability, addressing the evolving demands of the lithium-ion battery industry.
• In Nov 2021, Panasonic announced the EverVoltTM 2.0, its latest solar energy innovation. Designed for greater customization, it features a modular, weatherproof design, further advancing Panasonic's commitment to solar and energy storage solutions.

Segmentation of Battery Energy Storage System Market-
By Battery:
• 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-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.