Gondia, India, Oct. 29, 2024 (GLOBE NEWSWIRE) -- As per our research, In 2023, the Battery Energy Storage Systems (BESS) market was valued at USD 21,473.22 Million and is expected to reach USD 186,623.45 Million by 2032 at the CAGR of 23.2% during 2024-2032, report published by IMIR Market Research
The Battery Energy Storage Systems (BESS) market is expected to have exponential growth during the forecasted period owing to the rising demand for the grid modernization, renewable energy integration and and sustainable energy solutions. Government and industries across different sectors are continuously focusing on reducing carbon emissions, enhancing grid resilience, and improving the energy reliability. Energy storage technology has been the best solution for this, led to increasing the market.
Figure: Global Battery Energy Storage Systems (BESS) Market, 2020-2032, (USD Million)
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The increasing renewable energy sources such as solar and wind coupled with rising demand for the EV Vehicles has intensified the need of the energy storage solution which can stabilize the grids and ensure effective power distribution. This report delves into the key market dynamics factors in the battery energy storage systems market, and the evolution of energy storage during the forecasted years.
Renewable energy sources like wind and solar energy require robust storage systems to manage the fluctuations in energy supply. Battery energy storage system plays a crucial role in providing the solution for this. It is expected that by 2050, over 50% of the power will be generated from the renewable sources which will skyrocket the demand for battery energy storage systems. Moreover, countries like U.S., China, Germany, UK and other are strive to meet their carbon-neutral goals.
According to the National Renewable Energy Laboratory (NREL), battery storage systems can offer several ancillary services to the grid, such as voltage control, frequency regulation, and peak shaving. Grid Modernization and Resilience Grid modernization, increasing adoption of electric vehicles, and increasing investments across the globe will boost the growth for battery energy storage systems market.
On the basis of application, the market is segmented into utility, commercial and industrial, and residential. Utility dominates the global market and is expected to reach over 80% of the share by 2032.
According to the IMIR Market Research, battery energy storage systems can reach the capacity of 540-650 gigawatt-hours (GWh) in annual utility-scale installations by 2032 where Utility segment will hold the share of over 83%.
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On the basis of regions, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The global battery energy storage systems market is highly fragmented, with different regions leading the way in terms of innovation, deployment, and policy support.
North America dominates the global battery energy storage systems market owing to the huge investments, favorable regulations, strong governmental support, and well-developed renewable energy infrastructure. European countries like Germany and the UK have implemented aggressive renewable energy strategies that rely heavily on energy storage systems for grid stability and energy security boosting the battery energy storage systems market.
Asia-Pacific witness the highest growth for the BESS market. After U.S., China is the 2nd largest market for BEES as China is a global leader in battery manufacturing, and automotive production coupled with the huge investment in grid-scale storage systems. On the other hand, India is advancing rapidly with its ambitious renewable energy roadmap and electric mobility plans.
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Key Players and Competitor
ABB, BYD Company LTD, Panasonic Corporation, LG Energy Solution, Honeywell International, Inc., Samsung SDI Co., Ltd, Tesla, Delta Electronics, Inc., NGK Insulators, Ltd., GE Vernova, Hitachi Energy Ltd, Siemens, Toshiba Corporation, Primus Power Solutions, and others
Key Developments
- Later in January 2024, Grenergy locked in a partnership with BYD to secure 1.1 GWh of ESS. The agreement is for 2136 units of MC Cube ESS model, which is a high-performance battery developed by BYD, with blade batteries with reputation of safety and durability.
- ABB and Skellefteå Kraft deliver a state-of-the-art BESS to Sweden’s famous cultural hub, Sara Kulturhus in January 2023. There were challenges in the design to address due to a venue and the BESS was intended to provide reliable and clean electricity to the whole building. Using a transformer, six battery packs from Swedish native Northvolt, AC and DC switchgear from ABB, and inverters from EPC Power, BESS is masterfully composed and created after rigorous knowledge.
- May last year, Toshiba Corporation launched the 125VDC SCiB ESS featuring Lithium Titanium Oxide battery chemistry, LTO configurations that are both dependable and modulable in terms of cabinets. The Toshiba 125VDC SCiB ESS comes in several user capacities so they can be fitted to UPS or DC Load with 5kWh, 10kWh, 15kWh, or 20kWh.
Market Segmentations
- Based on Battery
- Lithium-Ion Batteries
- Advanced Lead-Acid Batteries
- Flow Batteries
- Others
- Based on Connection Type
- On-grid
- Off-grid
- Based on Ownership
- Customer-Owned
- Third-Party Owned
- Utility-Owned
- Based on Energy Capacity
- Below 100 MWh
- Between 100 to 500 MWh
- Above 500 MWh
- Based on Application
- Residential
- Commercial and Industrial
- Utility
What is included in the report?
- Our in-depth market research study on global Battery Energy Storage Systems (BESS) market includes:
- Data for over 20 country covering current and historical supply-demand assessment wherein market value and volume will be represented in USD Mn and Tonnes respectively
- Market Opportunities, Drivers, Restraint, and Trends across different regions
- Raw Material Analysis, Value Chain Analysis, Pricing Analysis, and Untapped Revenue Opportunity Analysis
- Competitive Landscape including Market Share Analysis, Company Profiling, Product Heat Map Analysis, Key Winning Strategies and others
- List of Buyers for Each Application Segments (Including Name, Email Address, Contact Details, Website)
- List of Raw Material Suppliers (Including Name, Email Address, Contact Details, Website)
- Detailed Data on Manufacturing Technology and Cost Structure Analysis along with the list of the regional machinery suppliers
- Macroeconomic Indicators, Microeconomic Indicators, Future Growth Prospects, Supply Chain Analysis, and many more
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Countries focusing on this report:
North America
- U.S.
- Canada
Europe
- Switzerland
- Belgium
- Germany
- France
- U.K.
- Italy
- Spain
- Sweden
- Netherland
- Turkey
- Rest of Europe
Asia-Pacific
- India
- Australia
- Philippines
- Singapore
- South Korea
- Japan
- China
- Malaysia
- Thailand
- Indonesia
- Rest Of APAC
Latin America
- Mexico
- Argentina
- Peru
- Colombia
- Brazil
- Rest of South America
Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest Of MEA
Research Scope of the Market-
- Historic year: 2019- 2022
- Base year: 2023
- Forecast: 2024 to 2032
- Representation of Market revenue in USD Million
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About US:
IMIR® Market Research Pvt Ltd.
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