The global battery energy storage system market was estimated to cross USD 18.5 Billion by 2023, and is expected to reach USD 52.9 Billion by the year 2033 at a double-digit CAGR of 11.1% between 2023 and 2033.
Energy is amongst the quintessential requirements for daily chores across commercial, private, and manufacturing verticals. At the same time, utmost care is taken to check on lower carbon emission frameworks during generation of energy. Battery energy storage systems (BESS) is one of the most vital facets on this count. They make use of approved and environmentally-friendly battery chemistries for storing energy.
At the same time, the fact that higher stakes are involved in installations of battery energy storage system can’t be ignored. This factor is expected to restrain the battery energy storage system market going forward.
Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Battery Energy Storage System Market’. It has its team of analysts and consultants to look through the bottom-up approach in its primary, secondary, and tertiary modes of research.
“Growing demand for continuous and reliable power supply from the end-use sectors like marine, data centers, telecom, and medical is expected to take the battery energy storage system market by storm in the forecast period” says an analyst from Future Market Insights.
Key Takeaways from Battery Energy Storage System Market:
- North America holds a sizable market share. This could be credited to massive energy planning being witnessed in the US. Explosion at Arizona Public Service facility has driven the imperativeness of standardized safety regulations for integrating and monitoring energy storage system. The NYFD (New York Fire Department) has come up with regulations to deploy stationary energy storage systems in NYC.
- The Asia-Pacific is expected to grow at the quickest rate in the battery energy storage system market with Australia, South Korea, India, Japan, and China leading from the front in the wake of increase in demand for electricity.
- Europe is expected to grow in battery energy storage system market on the back of governments and private organizations encouraging deployment of green energy solutions in diverse areas.
Competitive Landscape:
- Samsung SDI Co., Ltd.’, in December 2021, did announce PRiMX – a novel battery brand that does offer superior quality as well as performance, which, in turn, translates into users’ convenience. The brand has also been registered as trademark all across the Europe (apart from South Korea) and would be visible in the US as well.
- LG Energy Solutions Co., Ltd., in December 2021, did sign a MoU (Memorandum of Understanding) with Siemens AG with regards to manufacturing batteries; specially to address process digitization.
- Span.IO, Inc., in June 2020, did renew its agreement with Panasonic for developing a domestic energy system. It is to be embedded into the latter’s EverVolt system; thereby making way for homeowners for a higher level of control over battery backup power via intuitive energy management.
- TotalEnergies, in December 2021, finished with constructing battery-based energy storage facility at Dunkirk (France). It claims to have total storage capacity of 61 MWh. This project could be identified as the one chosen as part of a long-term plan doled out by French Electricity Transmission Network in February 2020.
- ABB Power Grids, in April 2021, did announce entering into partnership with Atlas Renewable Energy for deploying and developing unity-scale BESS (Battery Energy Storage Systems) for the latter’s renewable energy projects. Hitachi ABB would be providing input regarding apt technical solutions along with interconnections.
- TransnetBW GmbH and Fluence Energy GmbH, in October 2022, did announce that they would be deploying the world’s biggest battery-based energy storage-as-transmission project at Kupferzell (Germany). The completion of this 250 MW battery-based energy storage system is expected to happen in 2025.
Key Players in the Industry:
- BYD Company Limited (China)
- SAMSUNG SDI Co., Ltd. (South Korea)
- LG Energy Solutions Co., Ltd. (South Korea)
- Panasonic Corporation (Japan)
Key Segmentation Analysis:
By Storage System:
- Front-of-the-meter
- Behind-the-meter
By Element:
- Battery
- Others
By Battery Type:
- Lithium-ion Batteries
- Advanced Lead-acid Batteries
- Flow Batteries
- Others
By Connection Type:
- On-grid
- Off-grid
By Ownership:
- Customer-owned
- Third-party Owned
- Utility-owned
By Energy Capacity:
- Below 100 MWh
- Between 100 to 500 MWh
- Above 500 MWh
By Application:
- Residential
- Commercial
- Utility
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa (MEA)
Access Report Details for More In-Depth Information:
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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