The Global Battery Energy Storage System Market is anticipated to rise at a promising CAGR of 11.1%, reaching US$ 52.9 billion by 2032 from US$ 18.5 billion in 2023.
Sustainability Measure Favor Market: Grid Modernization Projects Expand
In recent times, demand for renewable energy sources such as solar and wind has been increasing. This could fuel the market growth due to the product’s capability of retaining and storing these renewable energies. Since renewable energy is vulnerable to volatility by natural factors, it is pertinent to store these in energy grids. Globally ongoing activities are attempting to modernize existing grid systems and install new grid systems. Since electricity is a sacred resource, reliability on renewable alternatives is booming. These also serve as a backup to traditional systems of power generation during times of power outage.
High Investment Costs Act Against Market: Key Players Should Manuevere Cautiously
At present, lithium-ion and lead-acid batteries are the most popular energy storage systems. But, all these warrant the high cost of installation. The ROI on the product is lucrative despite the high investment owing to the enhanced energy density and advanced efficiency of these systems. Moreover, their maintenance requirements and their rate of self-discharge are nominal.
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Product innovations could aid in depreciating the cost of some of these systems including lithium-ion-based ones in the long run. Presently, these are finding extensive application as a result of the widespread acceptance of electric and hybrid vehicles, worldwide. Such compact systems could flourish in the current automotive industry if financial bottlenecks are overcome by key players.
Key Takeaways from the Report:
- Between 2017 and 2022, the market recorded a CAGR of 11.7%, attaining a valuation of US$ 16.2 billion in 2022.
- During the forecast period, China market is expected to secure a CAGR of 13.1% to attain a valuation of US$ 6.2 billion by 2033.
- During the forecast period, the United States market is expected to expand at a CAGR of 11.9%, to attain a valuation of US$ 15.8 billion by 2033.
- The Lithium-ion Batteries segment is expected to capture a CAGR of 11.1 % during the forecast period
- By connection type, on-grid connected systems might expand at a CAGR of 11.5%.
Key Market Developments:
- SAMSUNG SDI Co., Ltd. Launched an innovative battery brand called PriMX in 2021. The new line offers several key features such as improved efficiency, and performance. The brand’s line has also been successful in gaining a trademark.
- LG Energy Solutions Co., Ltd., and Siemens AG signed a Memorandum of Understanding (MoU) in December 2021. This aims to facilitate a partnership for battery manufacturing. The focus shall be on process digitization.
- Panasonic and Span.IO, Inc. renewed a partnership aimed at developing domestic energy storage systems. Through integration with Panasonic’s EverVolt system, and Span smart panel, this facilitates intuitive power management.
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Key Players:
- BYD Company Limited (China)
- SAMSUNG SDI Co., Ltd. (South Korea)
- LG Energy Solutions Co., Ltd. (South Korea)
- Panasonic Corporation (Japan)
Key Segments
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)
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