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Battery Energy Storage System - Global Market Trajectory & Analytics

  • ID: 4804362
  • Report
  • April 2021
  • Region: Global
  • 284 pages
  • Global Industry Analysts, Inc
Global Battery Energy Storage System Market to Reach $17.9 Billion by 2027

Amid the COVID-19 crisis, the global market for Battery Energy Storage System estimated at US$2.7 Billion in the year 2020, is projected to reach a revised size of US$17.9 Billion by 2027, growing at a CAGR of 31.1% over the analysis period 2020-2027. Battery, one of the segments analyzed in the report, is projected to record a 31.4% CAGR and reach US$12.1 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Hardware segment is readjusted to a revised 30.7% CAGR for the next 7-year period.

The U.S. Market is Estimated at $805 Million, While China is Forecast to Grow at 30.2% CAGR

The Battery Energy Storage System market in the U.S. is estimated at US$805 Million in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$3 Billion by the year 2027 trailing a CAGR of 30.2% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 28% and 26.7% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 21.9% CAGR.

Other Elements Segment to Record 30.3% CAGR

In the global Other Elements segment, USA, Canada, Japan, China and Europe will drive the 30.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$142.6 Million in the year 2020 will reach a projected size of US$907.1 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.1 Billion by the year 2027.

Select Competitors (Total 47 Featured):
  • ABB Group
  • AEG Power Solutions BV
  • Alevo Group SA
  • Corvus Energy
  • East Penn Manufacturing Co., Inc.
  • EnerDel, Inc.
  • Exergonix
  • GE Power
  • Hitachi Ltd.
  • LG Chem Ltd.
  • Mitsubishi Heavy Industries Ltd.
  • NEC Energy Solutions
  • NGK Insulators Ltd.
  • Panasonic Corporation
  • Samsung SDI Co., Ltd
  • Siemens AG
  • Tesla, Inc.
  • The AES Corporation
  • Toshiba Infrastructure Systems & Solutions
  • TrinaBESS
Note: Product cover images may vary from those shown

  • Influencer Market Insights
  • World Market Trajectories
  • Introduction
  • Exhibit 1: Total Planned Projects by Region (in MW)
  • Exhibit 2: Large-scale Energy Storage Projects by Region/Country: 2017 & 2018
  • Cost Assessment of Energy Storage Systems
  • Impact of Covid-19 and a Looming Global Recession
  • Rise in Adoption of Renewable Energy Pushes the Demand for Storage Systems
  • Battery Storage Projects Pick up in the United States
  • Exhibit 3: Battery Storage System Installations in the United States (in MWdc): 2016-2025
  • Exhibit 4: Global Electricity Generation by Source: 1990-2050 (in PWh/yr)
  • Exhibit 5: Renewable Energy Consumption by Region (in Million tonnes oil equivalent): 2008-208
  • Exhibit 6: Renewable Energy Consumption by Region (in Million tonnes oil equivalent): 2008-2018
  • Exhibit 7: Global Solar PV Cumulative Capacity by Region (in Gigawatts): 2008-2018
  • Exhibit 8: Global Wind Energy Cumulative Capacity by Region (in Gigawatts): 2008-2018
  • Falling Battery Costs Reinforce Deamnd for Storage Systems
  • Exhibit 9: Global Cumulative Energy Storage Deployments by Region (in GW)
  • Battery Types in Grid-Scale Energy Storage Systems
  • Rise in Demand for Clean Marine Systems Drives Focus on Energy Storage Sytems in Maritime Industry
  • Smart Homes Drive the Need for Battery Storage Systems
  • Artificial Intelligence Contributes to Making Energy Systems more Efficient
  • Exhibit 10: Battery Storage System Deployments in the United States by Type (in MWdc): 2013-2019
  • Exhibit 11: US Large Scale Battery Storage Capacity Estimates and Projections (2020-2050)
  • Exhibit 12: US Installed Base of Residential Energy Storage Systems by Type: 2018
  • Energy Storage Systems Gain Momentum
  • Total Companies Profiled: 47
Note: Product cover images may vary from those shown