Press release
Future of the Battery Energy Storage System Market: Trends, Innovations, and Key Forecasts Through 2034
Battery Energy Storage System
How Large Will the Battery Energy Storage System Market Size By 2025?
The market for battery energy storage systems has seen tremendous growth in recent times. The market size is forecasted to increase from $6.89 billion in 2024 to $8.68 billion in 2025 showing a compound annual growth rate (CAGR) of 26.0%. The historic expansion of this market can be accredited to factors such as the incorporation of renewable energy, reduction in battery prices, energy autonomy, governmental incentives, the surge in electric vehicles, and demand response initiatives.
How Big Is the Battery Energy Storage System Market Size Expected to Grow by 2029?
The market size of the battery energy storage system is anticipated to experience a massive surge in the upcoming years, increasing to $20.76 billion by 2029 with a 24.3% Compound Annual Growth Rate (CAGR). The growth during the forecast period can be traced back to the development of renewable capacity, decentralized energy systems, resilience planning, the shift to electric mobility, and energy storage mandates. Recognizable trends during this forecast period include the reliability and resilience of the grid, energy management systems (EMS), the emergence of hybrid energy storage systems, developments in microgrids, and breakthroughs in battery technology.
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Which Key Market Drivers Powering Battery Energy Storage System Market Expansion and Growth?
The ongoing surge in renewable energy usage is projected to boost the battery energy storage system (BESS) market's expansion. Renewable energy, derived from naturally replenishing resources that outpace consumption rates, is increasingly utilized due to its capacity to reduce pollutant and greenhouse gas emissions, which are key contributors to climate change. BESS recovers energy from the power grid or renewable energy sources like solar or wind, using battery storage technology for preservation. As indicated by a report from the World Resources Institute, a research agency based in the US, a record-breaking 31 GW of solar energy capacity was established in 2023, reflecting a 55% increase from the previous year. This elevated the total solar capacity to nearly 161 GW, accounting for roughly 5% of the country's electricity supply. Hence, the escalating demand for clean, renewable energy is anticipated to stimulate the battery energy storage system market's growth.
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Which Fast-Growing Trends Are Poised to Disrupt the Battery Energy Storage System Market?
Innovations in technology are emerging as a crucial trend in the battery energy storage system market. Leading corporations in this sphere are centering their efforts on technological innovations to enhance the efficacy of these storage systems. For example, in January 2022, US-based private cleantech firm Franklin Whole Home introduced an AI-based integrated battery and control system. This Franklin Home Power solution merges lithium iron phosphate with aGate smart control technology, thereby generating an advanced form of storage. The aGate system consists of adaptive learning algorithms, which allows it to effectively manage even the toughest load scenarios.
What Are the Emerging Segments in the Battery Energy Storage System Market?
The battery energy storage system market covered in this report is segmented -
1) By Storage System: Front-Of-The-Meter, Behind-The-Meter
2) By Connection Type: On-Grid, Off-Grid
3) By Battery Type: Lithium-Ion Batteries, Advanced Lead-Acid Batteries, Flow Batteries, Other Battery Types
4) By Application: Telecommunication, Data Center, Medical, Industrial, Marine, Other Applications
Subsegments:
1) By Front-Of-The-Meter (FTM): Utility-Scale Energy Storage Systems, Large-Scale Renewable Integration, Frequency Regulation Systems
2) By Behind-The-Meter (BTM): Residential Energy Storage Systems, Commercial Energy Storage Systems, Industrial Energy Storage Systems
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Who Are the Global Leaders in the Battery Energy Storage System Market?
Major companies operating in the battery energy storage system market include 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, Samsung SDI Co. Ltd., Vistra Energy Corp., AES Corporation, Sungrow Power Supply Co. Ltd., Enersys, Fluence Energy Inc., Amprius Technologies Inc., Sunverge Energy Inc., Envision Energy Inc.
Which are the Top Profitable Regional Markets for the Battery Energy Storage System Industry?
North America was the largest region in the battery energy storage system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the battery energy storage system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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