Press release
Battery Energy Storage System Industry Outlook 2025-2029: Market Set to Cross $20.22 Billion Milestone
Battery Energy Storage System Market
How Large Will the Battery Energy Storage System Market Size By 2025?
The market for battery energy storage systems has seen massive expansion in recent years. Its forecasted growth projects an increase from $6.89 billion in 2024 to $8.59 billion in 2025, with a robust compound annual growth rate (CAGR) of 24.6%. Factors that have contributed to this impressive growth during the past period include the integration of renewable energy, reduced battery costs, energy self-sufficiency, government subsidies, the rise in electric vehicles, and the demand response initiatives.
How Big Is the Battery Energy Storage System Market Size Expected to Grow by 2029?
The market size for battery energy storage systems is predicted to experience significant growth in the coming years, with expected market valuation reaching $20.22 billion by 2029, growing at a compound annual growth rate (CAGR) of 23.9%. The key drivers for this anticipated growth within the forecast period are an expanded capacity for renewable energy, timely transition to electric mobility, energy storage mandates, the implementation of decentralized energy systems, and resilience planning. Additionally, trends such as the development of microgrids, a focus on grid resilience and reliability, innovation in battery technologies, hybrid energy storage systems and energy management systems (EMS) are expected to influence the market during the forecast period.
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Which Key Market Drivers Powering Battery Energy Storage System Market Expansion and Growth?
It's anticipated that the ongoing surge in renewable energy will likely fuel the expansion of the battery energy storage system (BESS) market. The renewable energy sources, which are nature's fast-replenishing resources, are utilized more and more as they help reduce the emissions of pollutants and greenhouse gases, contributing to climate change mitigation. The BESS collects energy from the electrical grid or renewable energy sources such as solar and wind, and stores it using battery storage technology. For example, in February 2024, the World Resources Institute, a research organization based in the US, reported that a record 31 GW of solar energy capacity was installed in 2023. This signifies a 55% increase from 2022 and brings the total installed solar capacity to roughly 161 GW, accounting for about 5% of the country's electricity. Thus, the escalating demand for clean and renewable energy is anticipated to fuel the expansion of the battery energy storage system market.
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What Trends Will Shape the Battery Energy Storage System Market Through 2029 and Beyond?
The battery energy storage system market is experiencing a notable trend of technological advancements. Realizing this trend, key players in the market are pushing for technological innovations to enhance the efficiency of the battery energy storage system. For instance, Franklin Whole Home, a privately funded US cleantech company, unveiled an integrated battery and control system grounded in artificial intelligence in January 2022. Their product, named Franklin Home Power, achieves improved storage by integrating lithium iron phosphate with aGate intelligent control technology. The aGate control system is equipped with adaptive learning algorithms, offering it the ability to cope successfully with even the most demanding 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 ere*x 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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