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Battery Energy Storage Market was valued at USD 6.83 billion in 2021 and projected to grow at a CAGR of 26.92% Till 2029 : GreyViews

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GreyViews

Battery Energy Storage Market Size by Connection Type (Off-Grid and On-Grid), Battery Type (Lithium-Ion Battery, Lead Acid Battery, Flow Batteries and Others), Storage System (Behind-the-meter and Front-of-the-Meter), Energy Capacity (Below 100 MWh, 101 to 500 MWh and Above 500 MWh), End-users (Commercial, Residential and Utilities) Regions, Segmentation, and forecast till 2029.

Pune India, Dec. 01, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the battery energy storage market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the battery energy storage market is present across various countries in the above-mentioned regions.

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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the product category, application, technology, end-users and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.

Global Battery Energy Storage Market Size by Connection Type (Off-Grid and On-Grid), Battery Type (Lithium-Ion Battery, Lead Acid Battery, Flow Batteries and Others), Storage System (Behind-the-meter and Front-of-the-Meter), Energy Capacity (Below 100 MWh, 101 to 500 MWh and Above 500 MWh), End-users (Commercial, Residential and Utilities) Regions, Segmentation, and forecast till 2029.

The significant players operating in the global battery energy storage market are ABB, GE, Siemens Energy, Samsung ADI, LG Chem, VRB Energy, AEG Power Solutions, The AES Corporation, Altair Nanotechnologies, Inc., Hitachi, Ltd., ZBB Energy Corporation, Zhejiang Narada Power Source Co., Ltd., Zest Energy Pty Ltd., Toshiba Corporation, Total, Fluence and others. To achieve a substantial market share in the worldwide battery energy storage market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, ABB and GE are one of the most significant manufacturers and distributors present in the global battery energy storage market.

Battery storage technology is essential in order to use green energy to power homes and businesses even when there isn’t enough solar and wind energy available at that moment. For hybrid applications, such as boosting the efficiency of current brownfield and greenfield engine power plants, battery energy storage systems are suitable. They have the capacity to provide enormous power in a brief period of time. The battery energy storages can be used in numerous fields including oil and gas, manufacturing, automotive, aerospace, BFSI, residential, etc. There are several components that works collectively for operation of battery energy storages. Some of these components include control systems, software, power electronics, capacitors, batteries, etc. Productivity can be improved with the help of such systems and also end-users can rely on such systems.

The increasing demand for utilization of energy and replacement of fossil fuels in applications such as automobile, industrial manufacturing, etc. is one of the most promising drivers of the battery energy storage market. The benefits of storing of wind and solar energy for later uses; is crucial factor supporting development of battery energy storage technologies. The use of fuel has grown tremendously and conventional fuels are at the verge of exhaustion. Government policies are key deciding factor in determining the growth of battery energy storage in each region.

Among the regions, Asia-Pacific, Europe, followed by North America, will gain tremendous market share due to the presence of numerous leading global manufacturers throughout the area, with companies increasing their manufacturing potential in the mentioned regions. The high concentration of the end-user industries such as of commercial organizations, data centres, etc. in the three regions is a significant contribution to market growth. The commercial and public sectors present in the Asia-Pacific region are more inclined towards the adoption of battery energy storage software increasing their productivity. However, the high installation cost of battery energy storage is a major restraint to the market. Further, various issues regarding the imposition of the stringent regulations for product approval is a challenge for the market growth.

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Segmentation Analysis

The on-grid segment led the battery energy storage market with a market share of around 63.74% in 2021

The connection type segment includes off-grid and on-grid. The on-grid segment led the battery energy storage market with a market share of around 63.74% in 2021. The extra energy is supplied to their grid's power company under a practise known as net metering, allowing them to accrue credit that they may use to make a payment at the end of the year if they create more energy with their solar panels or system than they need.

Lead acid battery segment is ought to grow at the fastest CAGR during forecast period.

The battery type segment includes lithium-ion battery, lead acid battery, flow batteries and others. Lead acid battery segment is ought to grow at the fastest CAGR during forecast period. The lead-acid battery is one of the earliest varieties of rechargeable batteries. These batteries were created by French physicist Gaston Plante in 1859. Lead-acid batteries are used in both the primary and secondary batteries. Secondary cells are the site of chemical reactions that can be reversed. The reactants that produce an electric current in these batteries are powered by electricity flowing through the battery.

The behind-the-meter segment led the Battery Energy Storages market with a market share of around 63.01% in 2021.

The storage system segment includes behind-the-meter and front-of-the-meter. Out of these, the behind-the-meter segment led the battery energy storages market with a market share of around 63.01% in 2021. Behind-the-meter battery energy storage system is the term used to describe stationary storage systems that are installed at the customer's location and are linked to the distribution network on their end of the utility's service metre.

The 101 to 500 MWh segment led the battery energy storages market with a market share of around 49.91% in 2021.

The energy capacity segment includes 100 MWh, 101 to 500 MWh and above 500 MWh. Out of these, the 101 to 500 MWh segment led the battery energy storage market with a market share of around 49.91% in 2021. Commercial applications have extensive applications of battery energy storage of capacity 101 to 500 MWh. Battery energy storages of such capacities is useful in industrial applications as well. The productivity output is also efficient in such energy capacity.

Commercial segment is ought to grow at the fastest CAGR during forecast period.

The end-users segment includes commercial, residential and utilities. Commercial segment is ought to grow at the fastest CAGR during forecast period. Commercial applications in developed countries have extensive applications of battery energy storage system. Batteries are used to supply power to the commercial facilities. Battery energy storage systems supports the requirement of manufacturing activities in commercial facilities. Storage of renewable energy enables optimum utilization of resources in such facilities.

Regional Analysis

The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the battery energy storage include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.

Asia-Pacific region dominated the battery energy storage market and held the 38.10% share of the market revenue in 2021. The growth of the market in the region can be attributed to various factors, such as presence of many global and regional manufacturers, availability of the required technology for construction of such storage systems and constant demand for sustainable energy. The higher pace of industrialization and commercial applications has brought tremendous growth in the regional battery energy storage market. However, North America is projected to register higher growth rate during the forecast period of 2022-2028. The rising investment in power generation and transmission along with technological developments in utility corporations is the significant factor behind the growing market.

Covid-19 Impact

Covid-19 had a major impact on almost all of the industries such as construction, manufacturing, oil and gas, automobile, etc. The demand for battery energy storage has decreased during the period owing to the regulations on social distancing and increasing focus on safety and hygiene. In most of the regions, the manufacturing facilities of battery energy storage were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for battery energy storage significantly decreased.

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GreyViews

Pune India

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