Global Renewable Battery Storage Market Outlook 2028

Renewable battery storage systems are the rechargeable batteries that stores energy from solar arrays or the electric grid and provides energy to a home or business. The storage system is equipped with advanced technology over regular batteries and can efficiently perform specific tasks, such as peak shaving and load shifting, that were complex in the past. The global renewable battery storage market is estimated to grow with a CAGR of 37.29% during the forecast period, i.e., 2021-2028. Factors such as the growing demand for electricity, followed by the shift in preferences towards renewable energy sources for production of electricity, and the need for uninterrupted power supply are some of the factors anticipated to drive the demand for renewable battery storage systems, and in turn drive the market growth. Further, factors such as the increase in the number of energy-storage-as-a-service (ESaaS) providers, along with the numerous benefits associated with these battery systems, are also anticipated to contribute to the market growth during the forecast period. The global renewable battery storage market, which garnered a revenue of around USD 900 Million in 2019, is further projected to reach close to USD 15000 Million by the end of 2028.

The market has been segmented into various segments, which includes segmentation by element, battery type, connection type, ownership, energy capacity, application, and by region. Based on battery type, the market is further segmented into lithium-ion batteries, lead-acid batteries, flow batteries, and others. Out of these segments, the lithium-ion batteries segment is anticipated to hold the largest market share throughout the forecast period. The segment is further anticipated to attain a market revenue of around USD 9900 Million by the end of 2028 by growing at a CAGR of about 28% during the forecast period. The growth of the segment can be attributed to the numerous benefits of the battery type when compared to the other available alternatives, along with the high efficiencies of these batteries.

The global renewable battery storage market is segmented by regions into North America, Europe, Asia Pacific, and Rest of the World. Among the market in these regions, the market in the North America is anticipated to garner a significant market revenue of about USD 164 Million by the end of 2021, backed by the increasing focus of the government to adopt renewable energy sources.

Some of the key players operating in the global renewable battery storage market that are included in our report are ABB, Delta Electronics, Inc., Toshiba Corporation, General Electric, Hitachi, Ltd., Siemens Energy, LG Chem, Samsung SDI Co., Ltd., Panasonic Corporation, Tesla, Inc., AEG Power Solutions Group, and others.