Press release
Battery Energy Storage System Market Size to Reach $51.7 Billion by 2031
Battery Energy Storage System Market
According to a new report published by Allied Market Research, titled, "Battery Energy Storage System Market By Battery Type, Connection Type, Application: Global Opportunity Analysis And Industry Forecast, 2022-2031," was valued at $8.4 billion in 2021, and is estimated to reach $51.7 billion by 2031, growing at a CAGR of 20.1% from 2022 to 2031.
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A battery energy storage system is a technology developed for storing electric charge by using specially developed batteries. The main purpose of the system is to store energy can be utilized at a later time. Battery energy storage system has the advantage over other energy storage technologies as it has small footprint and no restrictions on geographical locations that it could be located in. Other storage technologies including pumped hydro storage (PHS) and compressed air energy storage (CAES) are only suitable for limited number of locations, considering water and other restrictions and transmission constraints.
The growth of the battery energy storage system market is majorly driven by increasing demand for energy resources across developed and developing nations along with the increasing concerns to ensure energy security. Moreover, the battery energy storage systems are becoming an integral part of grid modernization as they help grid operators to save electricity when the electricity generated exceeds the electricity demand. However, high capital expenditure required for installing battery energy storage systems is a restraining factor for the growth of the market. On the contrary, significant fall in prices of lithium-ion batteries and the rise in number of rural electrification projects worldwide are anticipated to provide lucrative opportunities for the battery energy storage system industry during the forecast period.
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According to battery energy storage system market analysis, the lithium ion segment was the highest contributor to the market in 2021 and is expected to follow the same trend during the forecasted period. The on grid segment accounted for around 57.5% market share in 2021. Surge in adoption of Internet of Things solution and digital electronics solution has driven the growth of the lithium ion segment and thereby, expanding the battery energy storage system market growth.
The outbreak of the COVID-19 has significantly impacted the growth of the battery energy storage system.
Decline in demand for battery energy storage system has significantly impacted the demand for energy storage solutions during the pandemic. Further, lack of availability of a professional workforce due to partial and complete lockdown implemented by governments across the globe has restrained the growth of the battery energy storage system market during the pandemic. However, the rise in demand for the Internet of Things and machine learning solutions has led to the growth of the battery energy storage system market size post pandemic.
The battery energy storage system market key players profiled in the report include EnerSys, BYD Company Limited, EVE Energy Co., Ltd., Siemens AG, LG Energy Solutions Co., Ltd., Kokam, Narada Asia Pacific Pte. Ltd., ABB Ltd., Tesla, Fluence Energy, Inc., General Electric, TotalEnergies, Tata Power Company Limited, Samsung SDI Co., Ltd., Nissan Motor Co., Ltd., VRB Energy and Black & Veatch Holding Company. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold and gain a competitive edge in the global battery energy storage system market.
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KEY FINDINGS OF THE STUDY
In 2021, the lithium ion segment accounted for maximum revenue, and is projected to grow at a notable CAGR of 21.15% during the forecast period.
The on grid segment accounted for around 57.5% of the battery energy storage system market trends in 2021.
The behind the meter segment is projected to growth at a CAGR of 20.65% during the forecast period.
Asia-Pacific region contributed for the major Battery Energy Storage System Market Share in 2021.
Key players profiled in the report include EnerSys, BYD Company Limited, EVE Energy Co., Ltd., Siemens AG, LG Energy Solutions Co., Ltd., Kokam, Narada Asia Pacific Pte. Ltd., ABB Ltd., Tesla, Fluence Energy, Inc., General Electric, TotalEnergies, Tata Power Company Limited, Samsung SDI Co., Ltd., Nissan Motor Co., Ltd., VRB Energy and Black & Veatch Holding Company. Market players have adopted various strategies, such as product launch, collaboration& partnership, joint venture, and acquisition to expand their foothold in the consumer product safety testing market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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