Pune, April 25, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider's report, the battery energy storage system market was valued at USD 7.14 billion in 2022, and is projected to attain USD 48.04 billion by 2030, with a compound annual growth rate (CAGR) of 26.9% during the estimated duration of 2023-2030.
Market Report Scope
A Battery Energy Storage System (BESS) is a technology that stores electrical energy in a battery system, allowing it to be used later when needed. The system includes various components such as batteries, inverters, and control systems that work together to store and distribute electricity. BESSs have become increasingly popular in recent years due to their ability to integrate with renewable energy sources such as solar and wind power, which are inherently intermittent.
Market Analysis
The battery energy storage system market is experiencing rapid growth due to various factors, with two key drivers being the continuous modernization of power grids and the increasing adoption of lithium-ion batteries in the renewable energy market. As power grids evolve, there is a growing need for energy storage systems to balance the supply and demand of electricity. This is where battery energy storage systems play a critical role in maintaining grid stability by storing excess energy during periods of low demand and releasing it when demand is high. With the continuous modernization of power grids, the demand for battery energy storage systems is expected to rise significantly, as they provide a reliable and cost-effective solution to integrate renewable energy sources into the grid.
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Impact of Recession
The battery energy storage system market has witnessed significant growth over the past few years, driven by increasing demand for renewable energy and the need to modernize power grids. However, economic recessions can have a profound impact on the market, as they affect the financial stability of companies and individuals, resulting in reduced spending on new projects. Despite the potential negative impact of a recession, the demand for clean energy and the transition to a low-carbon economy are considered long-term goals and are likely to continue driving the growth of the market in the coming years.
Key Regional Development
North America currently holds the largest battery energy storage system market share for battery energy storage systems, making it a key player in the global transition towards sustainable energy. Battery technology has become a fundamental aspect of power policy in the United States, reflecting the growing need for reliable and renewable sources of energy. Market leaders in the region prioritize the safety of these power storage devices, ensuring that they meet the highest standards of performance and durability.
Key Takeaway from Battery Energy Storage System Market Study
- The Lithium-Ion Batteries segment is expected to dominate the market in the coming years. This prediction is based on a variety of factors, including the cost-effectiveness, efficiency, and reliability of Lithium-Ion Batteries, as well as their wide range of applications in various industries.
- The market is set to see a shift towards smaller scale projects, with the sub-100 MWh segment predicted to dominate in the coming years. This trend can be attributed to a growing demand for decentralized energy systems and the increasing affordability of battery storage technology.
Recent Developments Related to Battery Energy Storage System Market
- IndiaGrid, a leading infrastructure investment trust, has announced the launch of the country's first battery energy storage system that is linked to solar panels. This innovative system is designed to store excess solar power generated during the day and then distribute it during periods of high demand, such as in the evening or at night.
- Origin Energy, one of Australia's leading energy retailers and generators, has announced plans to invest $400 million in a battery project. The project will involve the construction of a massive battery storage system that will support renewable energy sources and help to stabilize the grid.
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| Report Attributes | Details |
| Market Size in 2022 | US$ 7.14 Billion |
| Market Size by 2030 | US$ 48.04 Billion |
| CAGR | CAGR of 29.9% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Segments | • By Storage (Front-Of-The-Meter, Behind-The-Meter) • By Element (Battery, Hardware, Others) • By Battery (Lithium-Ion Batteries, Advanced Lead-Acid Batteries, Flow Batteries, Others) • By Connection (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) |
| Regional Analysis | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | ABB, Exide Technologies, AES Energy Storage, Contemporary Amperex Technology, Hoppecke Batteries Inc., Hitachi, LG Energy Solutions, Toshiba Corporation, BYD Company Limited, Enersys, Tesla, Nissan, General Electric, Honeywell Corporation, Panasonic Corporation and Other. |
| Market Drivers | • Grid energy storage systems. • Adoption of battery energy storage system. |
Table of Content:
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Battery Energy Storage System Market Segmentation, by storage
9. Global Battery Energy Storage System Market Segmentation, by element
10. Global Battery Energy Storage System Market Segmentation, by battery
11. Global Battery Energy Storage System Market Segmentation, By connection
12. Global Battery Energy Storage System Market Segmentation, By ownership
13. Global Battery Energy Storage System Market Segmentation, By energy capacity
16. Global Battery Energy Storage System Market Segmentation, By application
17. Regional Analysis
16.Company Profiles
17.Competitive Landscape
18.Conclusion
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