Battery Energy Storage Systems for Smart Grid Market Revenue Share, Insights & Future Outlook

What Are the Key Drivers of the Battery Energy Storage Systems for Smart Grid Market?

The global market for Battery Energy Storage Systems for Smart Grid was valued at US$ million in the year 2024 and is projected to reach a revised size of US$ million by 2031, growing at a CAGR of % during the forecast period. Owing to the growing consumption of power across the globe, there is a greater need for energy storage as distributed generation. Distributed generation produces power close to the areas where it is consumed so that the distance is reduced, resulting in less transmission and distribution losses. Distributed Energy Resources (DER) will be increasingly used to meet the future electricity demands for residential and industrial customers, utilities and commercial customers. The growing requirement to mitigate the power transmission and distribution losses will propel the demand for distributed generation during the forecast period.

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Which Regions Are Leading the Adoption of Energy Storage Systems for Smart Grids?

Due to the rapid development of the wind power and photovoltaic industry, as well as the increasing awareness of environmental protection in various countries, the energy storage industry is becoming one of the key technologies, which is used in many countries to advance the carbon neutral target process today. The United States, China and Japan occupied the leading position in the installed capacity of energy storage projects, among which the United States is the world's largest energy storage market. The European Union established the European Battery Alliance (EBA) in 2017, aiming to escape the EU's dependence on Asian manufacturers in the battery storage field. According to Data Europa's statistics, the cumulative installed capacity has reached 48.38GW in 2020. At present, pumped storage accounts for 94% of the energy storage market in Europe, with Spain and Germany having the largest capacity. According to BNEF data, electrochemical energy storage in the United States added 3.97GW / 10.88 GWh in 2021. In terms of power, it accounted for 40% of the global increase. In 2022, the United States passed the IRA, which subsidized independent energy storage for the first time. Under the ITC, new energy storage projects could offset up to 60% of the investment. The effect of the policy has initially appeared, and the energy storage industry in the United States shows an upward trend.

Who Are the Leading Companies Driving Innovation in Smart Grid Energy Storage?

The major global companies in Battery Energy Storage Systems for Smart Grid include:

• Siemens - Provides advanced smart grid and energy storage solutions for industrial and utility-scale applications.
• ABB - Specializes in integrating energy storage systems with grid management and automation technology.
• Samsung SDI - Manufactures high-performance batteries for energy storage and renewable integration.
• GEAlstom - Offers large-scale energy storage solutions and grid stabilization technology.
• A123 - Develops lithium-ion battery solutions optimized for grid and renewable applications.
• Bosch - Provides energy storage systems for industrial and residential smart grids.
• BYD - Manufactures battery storage solutions with global deployment in utility-scale and commercial projects.
• AES Energy Storage - Focuses on deploying large-scale energy storage projects worldwide.
• LG Chem - Supplies advanced battery systems for renewable energy and smart grid applications.

Segment by Type
• Secondary Batteries
• Flow Batteries
• Others

Segment by Application
• Energy Management
• Backup Power
• Voltage Support
• Load Leveling

By Company
Siemens, ABB, Samsung SDI, GEAlstom, A123, Bosch, BYD, AES Energy Storage, LG Chem

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This release was published on openPR.