Pune, India, Oct. 25, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Lithium-ion Battery Energy Storage Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Capacity (0-10 kW, 10-20 kW, 20-50 kW, and Above 50 kW), Connection Type (On-Grid and Off-Grid), and End-use (Residential, Commercial and Industrial, and Utility),” the market was valued at $7.97 billion in 2022 to $26.22 billion by 2028; it is estimated to register a CAGR of 13.9% from 2023 to 2028.
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The lithium-ion battery energy storage market based on geography is broadly segmented into four major regions—North America, Europe, APAC, and RoW. In 2022, APAC held the largest share of the lithium-ion battery energy storage market, followed by Europe and North America. In addition, APAC is expected to register the highest CAGR in the lithium-ion battery energy storage market from 2023 to 2028. China contributed ~55.8 GW of the new installation of wind farms, which was 56% of the global total in 2021. Out of 55.8 GW, 41.6 GW was the onshore installation, and 14.2 GW was the offshore installation. China’s new offshore wind additions in 2021 were 2.5 times that in 2020, representing 84% of the global offshore wind. In addition, Vietnam contributed ~3.6 GW of the new installations in 2021.
In North America, according to the US Department of Energy, the wind energy installation of 13 GW was done in 2021 in the US. Similarly, according to the Canadian Renewable Energy Association (CanREA), Canada installed 1.8 GW of new utility-scale wind and solar energy capacity in 2022. Together, solar, wind, and energy storage sectors grew by 10.5% compared to 2021. Also, it was seen that the energy storage additions of 50 MW were made, which is an increase of 30.5% annually. This accounted for a total of ~214 MW at the end of 2022. Thus, the growing investment in solar, wind, and energy storage capacity increases the demand for lithium-ion batteries in the region and thereby propelling the lithium-ion battery energy storage market growth.
Global Lithium-ion Battery Energy Storage Market Scope:
| Market Size Value in | USD 7.97 Billion in 2022 |
| Market Size Value by | USD 26.22 Billion by 2028 |
| Growth rate | CAGR of 13.9% from 2023 to 2028 |
| Forecast Period | 2023-2028 |
| Base Year | 2022 |
| Segments covered | Capacity, Connection Type and End-user |
| Regional scope | North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Lithium-ion Battery Energy Storage Market: Competitive Landscape and Key Developments
LG Chem Ltd.; CATL; Samsung SDI; Panasonic Corporation; and BYD Co., Ltd. are among the key lithium-ion battery energy storage market players operating globally. During this study, several other energy storage market players were analyzed to get a holistic view of the lithium-ion battery energy storage market size and its ecosystem.
In 2022, ABB announced the release of its Plant Optimization Methodology for battery manufacturing, aimed at supporting battery manufacturers to achieve their sustainability objectives more efficiently. The new methodology was unveiled at The Battery Show in North America. It outlines the method regarding the optimization of greenfield battery sites for streamlining global operations and accelerating progress toward sustainability goals. The Plant Optimization Methodology provides battery manufacturers with a comprehensive approach to optimizing their production process, including everything from selecting the right equipment to implementing energy-efficient practices.
In 2022, Vena Energy selected a consortium formed by Doosan Enerbility and its subsidiary, Doosan GridTech, to construct a 41 MW/45 MWh battery energy storage system at its Tailem Bend Solar Farm in Australia. Doosan will provide engineering, procurement, and construction services and its Intelligent Controller energy management platform to optimize the solar and storage complex's performance. The 1,120-battery unit system is expected to be operational by early 2023, improving the solar plant's profitability and providing ancillary services to the national electricity industry.
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Lithium-ion Battery Energy Storage Market: End-user Overview
Based on end-use, the lithium-ion battery energy storage market size is segmented into residential, commercial and industrial, and utility. The utility segment accounted for the largest share of the market in 2022. The lithium-ion battery energy storage market is experiencing increased adoption in the utility sector, owing to the benefits of these batteries, such as high energy density, rapid charging and discharging capabilities, and the ability to stabilize the grid during peak demand. Lithium-ion batteries are becoming an attractive option for power utilities seeking to store energy generated from renewable sources, such as wind and the sun, as the world moves toward a more sustainable energy future. These batteries also offer backup power during high demand, ensuring customers a reliable energy supply. With advancements in manufacturing processes and economies of scale, the cost of lithium-ion batteries is decreasing, making them a more viable option for power utilities. As a result, the lithium-ion battery energy storage market in the power utility sector is expected to grow during the forecast period.
Lithium-ion Battery Energy Storage Market: Impact of COVID-19 Pandemic
The COVID-19 pandemic has significantly impacted the lithium-ion batteries energy storage market in all regions. The disruption of global supply chains caused a lack of raw materials and battery-making components. During the pandemic, energy storage system deliveries were delayed, which resulted in a slowdown in new project implementation. However, the market in APAC gradually rebounded with the relaxation of restrictions and the restart of economic activity. Nevertheless, despite the difficulties, the lithium-ion battery energy storage market in APAC grew. The pandemic has hastened the use of renewable energy sources, such as solar and wind power, as organizations and the government prioritize sustainable solutions to increase resilience during future emergencies. Governments of APAC nations have taken several initiatives to support the lithium-ion battery energy storage market growth. For instance, the South Korean government recently declared its plans to invest US$ 38 billion by 2025 in the green energy sector, which includes energy storage. In 2021, the government of India announced its goal to reach 450 GW of renewable energy capacity by 2030. Also, the most significant investment in new pumped-storage hydropower capacity is currently being undertaken in China: Since 2015, 80% of all final investment decisions for new capacity have been taken in the country, and approximately 50 GW of capacity is currently under construction, far exceeding additions in other countries. In July 2021, the government of China announced its plans to develop more than 30 GW of energy storage by 2025 (excluding hydropower with pumped storage), an increase of eight times the installed capacity as of 2021. Despite the challenges caused by the COVID-19 pandemic, the APAC lithium-ion battery energy storage market witnessed growth.
Go through further research published by The Insight Partners:
Battery Energy Storage System Market - Global Analysis and Forecast to 2030
Batteries for Solar Energy Storage Market - Global Analysis and Forecast to 2028
Energy Storage Battery for Microgrids Market- Global Analysis and Forecast to 2030
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