According to a new market research report published by Global Insight Services “ Battery Energy Storage System Market is expected to reach US$ bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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The Battery Energy Storage System market size was over USD 10 billion in 2022 and is anticipated to reach over USD 30 billion in 2032, growing at a rate of over 18.5% from 2023 to 2032.A battery energy storage system is an electrochemical device that charges or collects energy from the grid or a powerplant and then discharges that energy at a later time to provide electricity or other grid services when needed. Battery storage is an important technology that can enhance power system flexibility and enable high levels of renewable energy integration.
Top Key Players in Battery Energy Storage System market: ABB Ltd (Switzerland), EVE Energy Co., Ltd. (China), General Electric Company (U.S.), Hitachi Energy Ltd (Japan), Kokam (South Korea), LG Energy Solution (South Korea), Narada Power (China)
Key Trends
Solar and wind energy are the most prominent renewable energy types that are stored in grids. However, concealing the sun by clouds or fluctuating wind currents leads to variations in the energy generation process. Such fluctuations create the requirement for flexible grid systems used to store energy.
Key Drivers
Battery energy storage systems are becoming an integral part of grid modernization. These systems help grid operators to save electricity when the electricity generated exceeds the electricity demand. The adoption of these systems improves the reliability and flexibility of electricity supply systems with respect to the generation, transmission, and distribution of electric power.
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Market Segments
The battery energy storage system market has been segmented into battery type, connectivity, capacity, application, storage system, ownership, and region. Based on battery type, the battery energy storage system market has been segmented into lithium-ion battery, lead acid battery, flow battery, and others. Based on connectivity, it is bifurcated into off-grid and on-grid. Based on capacity, it is bifurcated into small scale (less than 1 MW) and large scale (greater than 1 MW). On the basis of the application, the market is segmented into residential, commercial, and utility. Based on capacity, it is bifurcated into small scale (less than 1 MW) and large scale (greater than 1 MW). Based on storage system, it is bifurcated into front-of-the-meter and behind-the-meter. On the basis of ownership, the market is segmented into customer owned, third-party owned, and utility owned. Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and Rest of the World (ROW).
Reasons to buy Battery Energy Storage System Report:
- Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
- Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
- Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
- Develop business and M&A strategies through understanding of latest trends and emerging players in the market
- Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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Key Questions answered in the report:
- How is the market structured and what the key drivers and trends of this industry?
- How is the market segmented and what is the size of each segment?
- Which segments and geographies provide best growth opportunities?
- What’s the competitive landscape and positioning of players in this market?
- What is the impact of latest events such as Covid-19 and Russia-Ukraine conflict on the market?
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