Richmond, Dec. 07, 2023 (GLOBE NEWSWIRE) -- According to a research report "Battery Energy Storage Market, by Battery Type (Sodium Sulfur Batteries, Advanced Lead Acid Batteries, Lithium Ion Batteries, Flow Batteries and Others), Element (Battery, Hardware and Others), Ownership (Utility Owned, Customer Owned and Third-party Owned), Connection Type (On-Grid and Off-Grid), Application (Power Plants, Renewable Energy Integration, Emergency Power, Grid Support and Uninterruptible Power Supply (UPS)) and Region - Global Forecast to 2030.
Global Battery Energy Storage Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 13.7 Billion |
| Market size value in 2030 | USD 54.3 Billion |
| CAGR (2023-2030) | 21.8% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Battery Type, Element, Ownership, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Battery Energy Storage Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
Battery energy storage involves the storage of electrical energy in rechargeable batteries for subsequent use. This process encompasses the utilization of rechargeable batteries to store surplus electricity generated from diverse sources, including renewable energy systems like solar and wind power, as well as electricity from the grid during periods of lower demand. The stored energy can be released during peak demand periods or when there is a shortfall in electricity supply. Battery energy storage systems (BESS) are pivotal in facilitating the integration of renewable energy sources into the electrical grid. The escalating demand for renewable energy, coupled with the imperative to address grid stability challenges, propels the adoption of BESS. These systems play a critical role in storing excess energy from renewable sources, providing a dependable and efficient solution for balancing power supply and demand. The market is witnessing notable progress in battery technologies, with lithium-ion batteries leading due to their high energy density, extended lifespan, and decreasing costs. However, emerging technologies like flow batteries and solid-state batteries are gaining recognition for their potential to offer greater energy storage capacities and enhanced safety features. Government initiatives and supportive policies promoting clean energy sources are fostering market growth. Numerous countries are setting ambitious renewable energy targets and implementing favorable regulations, including subsidies and incentives, to encourage the widespread adoption of battery energy storage systems.
Major Vendors in the Global Battery Energy Storage Market:
- ABB
- AEG Power Solutions
- Exergonix Inc.
- General Electric
- Hitachi
- LG Chem
- Mitsubishi Heavy Industries Ltd.
- NEC Corporation
- Panasonic Corporation
- Samsung SDI Co. Ltd.
- Siemens AG
- Tesla Inc.
- Toshiba Corporation
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Rapid implementation of grid energy storage systems is a key aspect of ongoing projects focused on modernizing the grid.
Initiatives aimed at modernizing the grid often involve the integration of renewable energy sources such as solar and wind power. However, the intermittent nature of renewables can lead to power supply fluctuations. To address this challenge, battery energy storage systems play a crucial role by storing surplus energy during high generation periods and releasing it during peak demand or when renewable sources are inactive. This contributes to grid stabilization, ensuring a reliable power supply. These systems enable grid operators to store excess electricity, enhancing reliability and flexibility across the entire electricity supply chain, including generation, transmission, and distribution. Battery energy storage systems perform various functions during electricity transmission and distribution, including asset deferral, frequency regulation, harmonic suppression, voltage support, and maintenance of power quality. Additionally, these systems offer benefits such as electric energy time-shifting, baseload leveling, peak shaving, renewable energy time-shifting, and renewable capacity firming for grid-connected solutions.
Market Dynamics
Drivers:
- The increasing adoption of renewable energy sources
- Growing demand for grid-scale energy storage
- Increasing demand for behind-the-meter energy storage
- Increasing demand for energy storage in emerging markets
Opportunities:
- Development of new applications for battery energy storage
- Growing adoption of smart grids
- Increasing focus on sustainability
Development of new battery technologies
The Battery Energy Storage Market is witnessing significant advancements with the ongoing development of new battery technologies. The evolution of battery technologies is a key driver propelling the market forward. Innovations in materials, chemistry, and design are shaping the landscape, leading to batteries with improved performance, longer lifespan, and enhanced safety features. Lithium-ion batteries have traditionally dominated the market, yet emerging technologies such as solid-state batteries, flow batteries, and advanced energy storage materials are gaining prominence. Solid-state batteries, in particular, are garnering attention for their potential to provide higher energy density and safety benefits. The constant pursuit of more efficient and sustainable energy storage solutions is fostering a competitive environment, driving research and development efforts towards creating batteries that meet the evolving demands of various applications, from residential to industrial and grid-scale energy storage.
The market for Battery Energy Storage is led by Asia Pacific.
In 2022, the Asia-Pacific region has recorded the highest market value. The escalating carbon emissions have heightened the demand for renewable energy sources, consequently driving the battery energy storage market. Notably, countries like China and India stand out as major consumers of battery energy storage, with substantial investments in the renewable energy sector contributing to a rising number of installations. The presence of numerous manufacturers in the region has facilitated increased product supply. China, in particular, holds the position as the largest global market for battery energy storage, projected to command an estimated market share of 32.90% across the Asia-Pacific region by 2022. This dominance is attributed to the multitude of manufacturers in the country and substantial investments by relevant authorities, especially Public Service Safety Commissions. The implementation of stringent pollution control regulations is a pivotal factor attracting investments in the energy storage market.
On the other hand, North America is anticipated to experience significant growth, primarily driven by the widespread adoption of battery energy storage in the commercial and utility sectors. The region's active involvement in renewable energy projects is contributing to a robust growth rate. Regulatory bodies in North America are actively endorsing the use of battery energy storage across countries to establish standardized safety regulations. Among the North American nations, the USA stands out as the largest market shareholder in the battery energy storage market, with an estimated market share expected to be realized by the end of 2022. Anticipated market growth in the USA is attributed to industrial manufacturing regulations governing transmission and power generation, thereby fostering the adoption of battery energy storage solutions.
The Lithium-ion batteries Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
The battery energy storage market is categorized based on battery type, including sodium sulfur batteries, advanced lead acid batteries, lithium ion batteries, flow batteries, and others. Lithium-ion batteries dominate the battery energy storage market, holding the largest share. This dominance can be attributed to their high energy density, enabling the storage of a substantial amount of energy in a compact and lightweight package. Additionally, lithium-ion batteries boast an extended cycle life compared to other battery technologies, enduring numerous charge-discharge cycles without significant performance degradation. Moreover, these batteries demonstrate remarkable efficiency, achieving a high energy conversion rate during charging and discharging processes. This efficiency results in minimized energy losses and enhanced overall system performance, establishing lithium-ion batteries as a cost-effective and reliable solution in the market.
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