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Battery Energy Storage System Global Market Report 2024

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    Report

  • 200 Pages
  • February 2024
  • Region: Global
  • The Business Research Company
  • ID: 5744278
The battery energy storage system market size has grown exponentially in recent years. It will grow from $5.51 billion in 2023 to $6.99 billion in 2024 at a compound annual growth rate (CAGR) of 26.8%. Historical growth can be attributed to the integration of renewable energy, decreasing battery expenses, pursuit of energy independence, government incentives, the rise of electric vehicles, and the implementation of demand response programs.

The battery energy storage system market size is expected to see exponential growth in the next few years. It will grow to $17.14 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%. Forecasted growth relies on expanding renewable capacity, decentralized energy systems, resilience planning, transitioning to electric mobility, and energy storage mandates. Major trends include grid resilience, energy management systems, hybrid energy storage, microgrid development, and battery technology innovations.

The ongoing revolution in renewable energy is poised to drive the expansion of the Battery Energy Storage System (BESS) market in the foreseeable future. Renewable energy, derived from rapidly regenerating natural resources, is gaining prominence due to its capacity to reduce emissions of pollutants and greenhouse gases, thereby mitigating climate change. Within the BESS framework, energy is harnessed from the electrical grid or renewable sources such as solar and wind, and it is subsequently stored using battery storage technology. As of December 2021, the International Energy Agency, a France-based intergovernmental agency, reported that global renewable electricity capacity is anticipated to witness a remarkable 60% increase from 2020, reaching 4,800 GW by 2026. This projection surpasses the combined capacity of fossil fuels and nuclear power. Notably, renewables are expected to contribute to approximately 95% of the global power capacity growth by 2026, with solar photovoltaics (PV) accounting for over half of this expansion, marking a 50% increase compared to the period from 2015 to 2020. The escalating demand for clean and renewable energy is identified as a key catalyst propelling the growth of the Battery Energy Storage System market. This trend underscores the pivotal role of BESS in supporting the integration and reliability of renewable energy sources within the broader energy landscape.

The anticipated surge in the adoption of electric vehicles (EVs) is poised to drive the expansion of the energy storage system market in the coming years. Electric vehicles, powered by electric motors and relying on energy stored in batteries or other storage devices, depend on Battery Energy Storage Systems (BESS) as the primary power source. These high-capacity batteries store electrical energy, typically obtained from charging stations or regenerative braking, and release it to the electric motor, eliminating the need for traditional internal combustion engines. This transition reduces reliance on fossil fuels and minimizes emissions. According to the Global Electric Vehicle Outlook report from the International Energy Agency (IEA) in May 2022, electric vehicle sales doubled in 2021 compared to 2020, reaching approximately 6.6 million units. Notably, the first quarter of 2022 witnessed a further increase, with 2 million electric cars sold globally. The accelerated adoption of electric vehicles stands as a key driver propelling the growth of the battery energy storage system market.

The battery energy storage system market is witnessing a prominent trend in the form of technological advancements, with major companies dedicating efforts to enhance the efficiency of these systems. In January 2022, Franklin Whole Home, a privately funded cleantech company based in the United States, introduced an innovative integrated battery and control system leveraging artificial intelligence technology. The Franklin Home Power solution stands out by combining lithium iron phosphate with aGate smart control technology, resulting in a distinctive and improved storage solution. The aGate control system incorporates adaptive learning algorithms, enabling it to effectively manage even the most complex load circumstances. This strategic focus on technological innovation reflects the commitment of major players to advance the capabilities of battery energy storage systems for greater efficiency and effectiveness in meeting evolving market demands.

Major players in the battery energy storage system market are actively engaged in developing innovative products, particularly integrated energy storage system solutions, as part of their strategy to gain a competitive advantage. Integrated Energy Storage Systems (ESS) represent comprehensive solutions that amalgamate diverse components and technologies into a unified system designed for the storage of electrical energy. Caterpillar Inc., a leading US-based engineering equipment manufacturing company, exemplifies this trend by introducing the Cat ESS suite - an integrated Energy Storage System solution. Launched to enhance competitiveness, the Cat ESS suite boasts scalable and modular designs catering to various energy system applications. These applications include generator set transient assist, grid integration and support, energy time-shifting, power stabilization, power factor correction, and renewable energy integration. The foundational unit of the suite is a standard 20-foot module equipped with lithium-ion batteries, Caterpillar's bi-directional inverter, and an isolation transformer. The Cat ESS suite is designed to offer customers grid stabilization and energy time-shifting technologies, ensuring scalability and support for site loads. This strategic move reflects major companies' commitment to introducing cutting-edge products that address a spectrum of energy storage needs and solidify their market position.

In February 2022, LG Energy Solution, a prominent South Korea-based battery company, successfully acquired NEC Energy Solutions for an undisclosed amount. This strategic acquisition provides LG Energy Solution with access to both the operational data and technology of NEC Energy Solutions. Consequently, the integration of these assets is expected to enhance system-level performance and reliability, facilitating easier monitoring and data collection from inverters and other Power Conversion System (PCS) components. NEC Energy Solutions, based in the US, is known for providing energy storage solutions and battery systems.

Major companies operating in the battery energy storage system market report are BYD Company Limited, TotalEnergies SE, Huawei Technologies Co. Ltd., Hitachi Ltd., Tesla Inc., General Electric Company, Siemens AG, Panasonic Corporation, Contemporary Amperex Technology Co. Limited, LG Chem Ltd., Schneider Electric SE, Honeywell International Inc., ABB Ltd., Johnson Controls International plc, NEC Corporation, Toshiba Corporation, NextEra Energy Inc., Eaton Corporation plc, Edison International, Samsung SDI Co. Ltd., Vistra Energy Corp., AES Corporation, Aquion Energy, PPL Corporation, Sungrow Power Supply Co. Ltd., Enersys, Fluence Energy Inc., Amprius Technologies Inc., Sunverge Energy Inc., Envision Energy Inc.

North America was the largest region in the battery energy storage system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the battery energy storage system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the battery energy storage system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of battery energy storage systems are front-of-the-meter and behind-the-meter setups. Front-of-the-meter systems are integrated into the electricity grid, aiding in the consistent management of energy flow. These systems can supply power to off-site locations. They can be connected to either on-grid or off-grid configurations and employ diverse battery types such as lithium-ion, advanced lead-acid, and flow batteries. Such systems find application in various sectors, including telecommunications, data centers, medical facilities, industrial settings, marine operations, among others.

The battery energy storage system market research report is one of a series of new reports that provides battery energy storage system market statistics, including battery energy storage system industry global market size, regional shares, competitors with a battery energy storage system market share, detailed battery energy storage system market segments, market trends and opportunities, and any further data you may need to thrive in the battery energy storage system industry. This battery energy storage system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The battery energy storage system market consists of sales of nickel metal hydride batteries, zinc bromine batteries and sodium-sulphur batteries. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Table of Contents

1. Executive Summary2. Battery Energy Storage System Market Characteristics3. Battery Energy Storage System Market Trends and Strategies
4. Battery Energy Storage System Market - Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global Battery Energy Storage System Market Size and Growth
5.1. Global Battery Energy Storage System Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global Battery Energy Storage System Historic Market Size and Growth, 2018-2023, Value ($ Billion)
5.3. Global Battery Energy Storage System Forecast Market Size and Growth, 2023-2028, 2033F, Value ($ Billion)
6. Battery Energy Storage System Market Segmentation
6.1. Global Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Front-of-the-Meter
  • Behind-the-Meter
6.2. Global Battery Energy Storage System Market, Segmentation by Connection Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • on-Grid
  • Off-Grid
6.3. Global Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Lithium-Ion Batteries
  • Advanced Lead-Acid Batteries
  • Flow Batteries
  • Other Battery Types
6.4. Global Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Telecommunication
  • Data Center
  • Medical
  • Industrial
  • Marine
  • Other Applications
7. Battery Energy Storage System Market Regional and Country Analysis
7.1. Global Battery Energy Storage System Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Battery Energy Storage System Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. Asia-Pacific Battery Energy Storage System Market
8.1. Asia-Pacific Battery Energy Storage System Market Overview
Region Information, Impact of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
9. China Battery Energy Storage System Market
9.1. China Battery Energy Storage System Market Overview
9.2. China Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
10. India Battery Energy Storage System Market
10.1. India Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11. Japan Battery Energy Storage System Market
11.1. Japan Battery Energy Storage System Market Overview
11.2. Japan Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12. Australia Battery Energy Storage System Market
12.1. Australia Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13. Indonesia Battery Energy Storage System Market
13.1. Indonesia Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14. South Korea Battery Energy Storage System Market
14.1. South Korea Battery Energy Storage System Market Overview
14.2. South Korea Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15. Western Europe Battery Energy Storage System Market
15.1. Western Europe Battery Energy Storage System Market Overview
15.2. Western Europe Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16. UK Battery Energy Storage System Market
16.1. UK Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17. Germany Battery Energy Storage System Market
17.1. Germany Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. France Battery Energy Storage System Market
18.1. France Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19. Italy Battery Energy Storage System Market
19.1. Italy Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20. Spain Battery Energy Storage System Market
20.1. Spain Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21. Eastern Europe Battery Energy Storage System Market
21.1. Eastern Europe Battery Energy Storage System Market Overview
21.2. Eastern Europe Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22. Russia Battery Energy Storage System Market
22.1. Russia Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23. North America Battery Energy Storage System Market
23.1. North America Battery Energy Storage System Market Overview
23.2. North America Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24. USA Battery Energy Storage System Market
24.1. USA Battery Energy Storage System Market Overview
24.2. USA Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25. Canada Battery Energy Storage System Market
25.1. Canada Battery Energy Storage System Market Overview
25.2. Canada Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26. South America Battery Energy Storage System Market
26.1. South America Battery Energy Storage System Market Overview
26.2. South America Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27. Brazil Battery Energy Storage System Market
27.1. Brazil Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28. Middle East Battery Energy Storage System Market
28.1. Middle East Battery Energy Storage System Market Overview
28.2. Middle East Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29. Africa Battery Energy Storage System Market
29.1. Africa Battery Energy Storage System Market Overview
29.2. Africa Battery Energy Storage System Market, Segmentation by Storage System, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Battery Energy Storage System Market, Segmentation by Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Battery Energy Storage System Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
30. Battery Energy Storage System Market Competitive Landscape and Company Profiles
30.1. Battery Energy Storage System Market Competitive Landscape
30.2. Battery Energy Storage System Market Company Profiles
30.2.1. BYD Company Limited
30.2.1.1. Overview
30.2.1.2. Products and Services
30.2.1.3. Strategy
30.2.1.4. Financial Performance
30.2.2. TotalEnergies SE
30.2.2.1. Overview
30.2.2.2. Products and Services
30.2.2.3. Strategy
30.2.2.4. Financial Performance
30.2.3. Huawei Technologies Co. Ltd.
30.2.3.1. Overview
30.2.3.2. Products and Services
30.2.3.3. Strategy
30.2.3.4. Financial Performance
30.2.4. Hitachi Ltd.
30.2.4.1. Overview
30.2.4.2. Products and Services
30.2.4.3. Strategy
30.2.4.4. Financial Performance
30.2.5. Tesla Inc.
30.2.5.1. Overview
30.2.5.2. Products and Services
30.2.5.3. Strategy
30.2.5.4. Financial Performance
31. Battery Energy Storage System Market Other Major and Innovative Companies
31.1. General Electric Company
31.2. Siemens AG
31.3. Panasonic Corporation
31.4. Contemporary Amperex Technology Co. Limited
31.5. LG Chem Ltd.
31.6. Schneider Electric SE
31.7. Honeywell International Inc.
31.8. ABB Ltd.
31.9. Johnson Controls International plc
31.10. NEC Corporation
31.11. Toshiba Corporation
31.12. NextEra Energy Inc.
31.13. Eaton Corporation plc
31.14. Edison International
31.15. Samsung SDI Co. Ltd.
32. Global Battery Energy Storage System Market Competitive Benchmarking33. Global Battery Energy Storage System Market Competitive Dashboard34. Key Mergers and Acquisitions in the Battery Energy Storage System Market
35. Battery Energy Storage System Market Future Outlook and Potential Analysis
35.1 Battery Energy Storage System Market in 2028 - Countries Offering Most New Opportunities
35.2 Battery Energy Storage System Market in 2028 - Segments Offering Most New Opportunities
35.3 Battery Energy Storage System Market in 2028 - Growth Strategies
35.3.1 Market Trend-based Strategies
35.3.2 Competitor Strategies
36. Appendix
36.1. Abbreviations
36.2. Currencies
36.3. Historic and Forecast Inflation Rates
36.4. Research Inquiries
36.5. About the Analyst
36.6. Copyright and Disclaimer

Executive Summary

Battery Energy Storage System Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on battery energy storage system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
  • Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
  • Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
  • Measure the impact of high global inflation on market growth.
  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market shares.
  • Benchmark performance against key competitors.
  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
  • Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
  • All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for battery energy storage system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
  • The market characteristics section of the report defines and explains the market.
  • The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
  • The forecasts are made after considering the major factors currently impacting the market. These include:
  • The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
  • The impact of higher inflation in many countries and the resulting spike in interest rates.
  • The continued but declining impact of COVID-19 on supply chains and consumption patterns.
  • Market segmentations break down the market into sub markets.
  • The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
  • The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
  • The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Report Scope

Markets Covered:
1) By Storage System: Front-Of-The-Meter; Behind-The-Meter
2) By Connection Type: On-Grid; Off-Grid
3) By Battery Type: Lithium-Ion Batteries; Advanced Lead-Acid Batteries; Flow Batteries; Other Battery Types
4) By Application: Telecommunication; Data Center; Medical; Industrial; Marine; Other Applications

Key Companies Mentioned: BYD Company Limited; TotalEnergies SE; Huawei Technologies Co. Ltd.; Hitachi Ltd.; Tesla Inc.

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time Series: Five years historic and ten years forecast

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita

Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes

Delivery Format: PDF, Word and Excel Data Dashboard

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • BYD Company Limited
  • TotalEnergies SE
  • Huawei Technologies Co. Ltd.
  • Hitachi Ltd.
  • Tesla Inc.
  • General Electric Company
  • Siemens AG
  • Panasonic Corporation
  • Contemporary Amperex Technology Co. Limited
  • LG Chem Ltd.
  • Schneider Electric SE
  • Honeywell International Inc.
  • ABB Ltd.
  • Johnson Controls International plc
  • NEC Corporation
  • Toshiba Corporation
  • NextEra Energy Inc.
  • Eaton Corporation plc
  • Edison International
  • Samsung SDI Co. Ltd.
  • Vistra Energy Corp.
  • AES Corporation
  • Aquion Energy
  • PPL Corporation
  • Sungrow Power Supply Co. Ltd.
  • Enersys
  • Fluence Energy Inc.
  • Amprius Technologies Inc.
  • Sunverge Energy Inc.
  • Envision Energy Inc.

Methodology

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Table Information