Press release
Battery Energy Storage System Market Size to Reach USD 26.60 Billion by 2030, Driven by Renewable Integration and Grid Stability Needs
Battery Energy Storage System Market Size & Trends | Mordor Intelligence
Introduction:
The Global Battery Energy Storage System (BESS) Market is projected to grow significantly over the next few years, with an estimated value of USD 172.17 Billion by 2030, up from USD 76.69 Billion in 2024, according to a recent report by Mordor Intelligence. This market expansion represents a robust compound annual growth rate of 17.56% CAGR between 2024 and 2030.
The demand for battery energy storage systems continues to rise due to the increasing reliance on renewable energy sources such as solar and wind, which are variable in nature. Battery energy storage systems are proving essential in managing electricity supply and demand, improving grid reliability, and enabling the wider deployment of clean energy.
Get expert-backed research and strategic insights-view the complete analysis here: https://www.mordorintelligence.com/industry-reports/battery-energy-storage-system-market?utm_source=openpr
Key Trends Driving the Market
Several trends are shaping the future of the battery energy storage system market, particularly in how energy is stored and utilized across residential, commercial, and utility applications.
Grid Modernization and Renewable Integration: The growing need to integrate renewable energy into existing power grids is pushing utilities and governments to invest in large-scale battery storage. As renewable power generation fluctuates based on weather and daylight, battery systems are crucial in maintaining a consistent supply.
Declining Battery Costs: The falling costs of lithium-ion batteries, which make up a large portion of the BESS market, have made these systems more financially viable. This cost trend is expected to continue, improving return on investment and encouraging broader deployment.
Policy Support and Funding Programs: Government-backed incentives and funding support, particularly in regions like North America and Europe, are accelerating the deployment of battery storage. Programs aimed at improving grid resilience and reducing carbon emissions are often tied to BESS investments.
Adoption in Electric Utilities: Energy companies are turning to utility-scale storage solutions to improve the reliability of supply and reduce peak-time pressure. Battery systems help shift energy use and store power when it's cheapest or most available for use during high-demand periods.
Residential and Commercial Uptake: Beyond the utility sector, there is increasing interest in battery storage from homeowners and businesses. These users aim to store solar energy for nighttime use, reduce electricity bills, and maintain power during outages.
Check out more details and stay updated with the latest industry trends, including the Japanese version for localized insights: https://www.mordorintelligence.com/ja/industry-reports/battery-energy-storage-system-market?utm_source=openpr
Market Segmentation
The battery energy storage system market is segmented by battery type, connection type, application, and geography. Each segment highlights distinct use cases and adoption levels.
By Battery Type:
Lithium-ion batteries: The most widely used due to high energy density, longer lifespan, and decreasing cost.
Lead-acid batteries: Used in select applications due to lower upfront cost, despite a shorter life cycle.
Flow batteries and others: Emerging technologies being tested for longer-duration storage.
By Connection Type:
On-grid: Dominates the market due to widespread utility adoption.
Off-grid: Gaining traction in remote areas and among consumers seeking energy independence.
By Application:
Residential: Homeowners leveraging solar systems are increasingly investing in BESS to store surplus energy.
Commercial and Industrial (C&I): Businesses aiming to reduce demand charges and improve power quality.
Utility: Large-scale systems used to manage frequency regulation, peak shaving, and backup power.
By Geography:
Asia-Pacific: The fastest-growing region, led by China, Japan, South Korea, and India.
North America: Driven by the United States with strong government policies and renewable energy goals.
Europe: Advancing due to the EU's carbon neutrality targets and energy storage directives.
Middle East & Africa and South America: Emerging markets showing steady growth in storage deployment.
Explore Our Full Library of Energy & Power Research Industry Reports: https://www.mordorintelligence.com/market-analysis/energy-power?utm_source=openpr
Key Players in the Market
The battery energy storage system market is characterized by a mix of global technology providers, energy solution integrators, and battery manufacturers. Companies are actively involved in strategic partnerships, capacity expansion, and product development to meet rising demand.
Tesla Inc.: A leader in lithium-ion energy storage with products like Powerwall and Megapack, catering to both residential and utility-scale segments.
Samsung SDI Co. Ltd: Supplies batteries and storage solutions worldwide, known for technological strength and energy density.
LG Energy Solution: One of the top lithium-ion battery providers offering systems for diverse applications, including grid-scale storage and electric vehicles.
BYD Co. Ltd.: A China-based company with a strong footprint in energy storage and electric transport, serving utility and commercial customers.
Fluence Energy Inc.: A joint venture between Siemens and AES Corporation, specializing in grid-scale energy storage platforms.
Panasonic Holdings Corporation: Engaged in delivering energy solutions for residential, C&I, and automotive battery systems.
NEC Energy Solutions: Provides smart energy storage solutions and grid management technologies, especially in the United States and Japan.
ABB Ltd.: Offers integrated battery energy storage systems with automation and grid connectivity capabilities.
Conclusion
The battery energy storage system market is undergoing rapid expansion, supported by the global shift toward renewable energy, efforts to modernize aging grids, and improvements in battery performance and pricing. As governments commit to decarbonization and end-users look for energy reliability and autonomy, BESS technologies are becoming central to energy planning strategies worldwide.
With lithium-ion batteries maintaining dominance and utility-scale projects continuing to grow, the outlook for the market remains strong. Commercial and residential adoption will further contribute to decentralized energy storage trends. As regulatory and cost barriers decline, battery energy storage systems are expected to play a key role in shaping a flexible, reliable, and sustainable global energy network.
For complete market analysis, visit the Mordor Intelligence page: https://www.mordorintelligence.com/industry-reports/battery-energy-storage-system-market?utm_source=openpr
Industry Related Reports
Asia-Pacific Energy Storage Systems Market: The Asia-Pacific Energy Storage Systems Market report segments the industry into Type (Batteries, Pumped-storage Hydroelectricity (PSH), Thermal Energy Storage (TES), Flywheel Energy Storage (FES), Other Types), Application (Residential, Commercial and Industrial), and Geography (China, Australia, India, South Korea, Rest of Asia-Pacific). Get five years of historical data and five-year forecasts.
Get more insights: https://www.mordorintelligence.com/industry-reports/asia-pacific-energy-storage-systems-market-industry
North America Energy Storage Market: The North America Energy Storage Market is segmented by Type (Batteries, Pumped-Storage Hydroelectricity (PSH), Thermal Energy Storage (TES), and Other Energy Storage Systems), Application (Residential and Commercial and Industrial), and Geography (US, Canada, and Rest of North America).
Get more insights: https://www.mordorintelligence.com/industry-reports/noth-america-energy-storage-market
UK Energy Storage Companies and the Market: The Report Covers UK Energy Storage Companies, and the Market is segmented by type (batteries, pumped-storage hydroelectricity (PSH), and other types) and application (residential, commercial, and industrial (C&I)).
Get more insights: https://www.mordorintelligence.com/industry-reports/united-kingdom-energy-storage-systems-market-industry
United States Energy Storage Market: The United States Energy Storage Market Report is Segmented by Technology (Batteries, Pumped Hydro Storage, Compressed Air Energy Storage, and Others), Capacity Ratings (Below 1 MWh, 1 To 10 MWh, 10 To 100 MWh, and Above 100 MWh), Installation (Front-Of-The-Meter, Behind-The-Meter), Application (Renewable Integration, Frequency Regulation, and More), and End-User (Residential, Utility, and Commercial and Industrial).
Get more insights: https://www.mordorintelligence.com/industry-reports/united-states-energy-storage-market
For any inquiries or to access the full report, please contact:
media@mordorintelligence.com
https://www.mordorintelligence.com/
About Mordor Intelligence:
Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.
With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.
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