Market Overview
The global Lithium-ion Battery Energy Storage Market was valued at US$ 6.2 billion in 2023 and it is anticipated to grow up to US$ 18.4 billion by 2033, at a CAGR of 11.4% during the forecast period.
An electrochemical device that charges or absorbs energy from the grid or a power plant and then releases that energy to deliver electricity or other grid services when needed. Battery storage is a critical technology that may improve power system flexibility while also allowing for significant levels of renewable energy integration. Modern lithium-ion battery energy storage systems typically contain an inverter and computerized control systems, making them simple to install, generally maintenance-free, and requiring little human effort or knowledge. End customers of battery energy storage devices include both business and residential entities. Peak shaving, load shifting, emergency backup, and different grid services are examples of commercial end users. Self-consumption, off-grid houses, and emergency backup are examples of residential end-users.
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Market Drivers and Trends
One of the key factors driving the growth of the worldwide Lithium-ion Battery Energy Storage Market is the wind farms continue to enhance the environmental effect and safety of energy storage systems by increasing their quality, quantity, and dependability. Because of increasing demand for renewable energy and carbon reduction, battery storage systems are becoming more popular. Batteries have the potential to greatly increase power users’ desire for clean energy by balancing the irregular nature of renewable energy sources.
Market Restraints and Challenges
Overheating, excessive voltage sensitivity, and potential fire dangers are all issues with lithium-ion batteries. These problems might be difficult to manage since they need adequate safety devices to regulate internal pressures and voltage. As a result, safety precautions frequently add to the weight and reduce the effectiveness of lithium-ion batteries. When these batteries are damaged, they still carry energy that must be dissipated before touching or interacting with impacted cells. Furthermore, the substantial initial investment necessary to construct lithium-ion battery energy storage systems may stifle industry expansion.
Global Lithium-ion Battery Energy Storage Market Segmentation
By Application
- Industrial
- Residential
- Commercial
By Connection Type
- On-Grid
- Off-Grid
Major Players in the Global Lithium-ion Battery Energy Storage Market
The key players studied in the global Lithium-ion Battery Energy Storage Market are ABB Ltd. , Toshiba Corporation, LG Electronics Inc. , Siemens AG , Panasonic Corporation, Hitachi Ltd., Parker Hannifin Corporation, Samsung Electronics Co Ltd, Honeywell International Inc. , and Jakson Group among others.
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COVID-19 Impact
The COVID-19 epidemic has had a tremendous impact on the lithium-ion battery energy storage system industry. Because of the crises and labor shortages, industry and manufacturing facilities throughout the world are shutting down as governments in various nations impose and prolong lockdowns. The market is expected to decline in 2019-2020, based on the input of various industry experts at various stages of the value chain, which includes OEMs, suppliers, integrators, end users, and distributors, in addition to the economic output of various companies in the lithium-ion battery energy storage system ecosystem. Furthermore, the pandemic epidemic interrupted the worldwide supply network, resulting in a huge gap in the supply chain. The epidemic had a terrible financial impact. The leading companies in the lithium-ion battery energy storage system market saw a temporary dip owing to a shortage of competent specialists to create lithium-ion battery energy storage system solutions, resulting in a fall in turnover in the 2020-2021 fiscal year. The market, however, is predicted to rebound after 2021 and to continue in the growth phase throughout the projection period.
Recent Developments
- In 2023, The US Defence Advanced Research Projects Agency’s (DARPA) Materials with Novel Transport Properties (MINT) program awarded GE Research two projects. The programs intend to investigate the feasibility of creating perpetually lasting metal materials and batteries. The discovery might lead to self-healing metals that are corrosion-resistant and nondegradable. The research is being funded by DARPA in order to fulfill its aim of prolonging the life of essential infrastructure and systems. GE Research’s participation in the program is part of the company’s continuous efforts to create new technologies and materials with major significance for a variety of sectors.
- In February 2022, to extend its Energy Storage System (ESS) business offerings, LG Energy Solution purchased NEC Energy Solutions, a grid battery integrator located in the United States. The battery maker has entirely bought NEC Energy Solutions from its parent company, NEC Corporation, based in Japan. With the agreement, LGES will form a new firm called LG Energy Solution Vertech. Inc. .
- In January 2022, CATL has engaged in a strategic partnership with TES Sustainable Battery Solutions, a developer of energy storage solutions. The firms’ Overseas Strategic Agreement (OSA) will allow TES to provide its services to CATL energy storage system consumers throughout Asia Pacific, the Middle East Africa, and Europe. The partnership between the companies will spread the after-sales services of both companies due to enhanced services, which will increase the organizations’ client base in the next years.
- In November 2021, Hitachi Energy introduced upgraded and enhanced versions of its power store battery energy storage system (BESS) products, as well as other new and updated grid edge solutions products and services.
- In October 2021, to fulfill the demand for sustainable energy storage, Honeywell introduced a novel flow battery technology that works with renewable power sources such as wind and solar. The novel flow battery employs a non-flammable electrolyte that transfers chemical energy to electricity to store energy for later use while achieving utilities’ environmental, lifespan, and safety goals.
- In January 2021, Toshiba Corporation introduced the G9400 Series of uninterruptible power supplies for big data centers throughout the world. The product is equipped with superior insulated-gate bipolar transistor (IGBT) technology and comes in a variety of variants. This product introduction will assist the organization in expanding its consumer base.
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