The GMI Research’s latest analysis reveals that the Battery Energy Storage System Market register a CAGR of 37.5% over the forecast period. This is mainly attributed to the strong demand for the lithium-ion technology in renewable energy industries and the decreasing cost of lithium-ion batteries.
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Battery Energy Storage System Market’s leading Manufacturers:
- LG Chem
- Panasonic Corporation
- ABB
- NEC Corporation
- Samsung SDI Co., Ltd.
- General Electric
- Siemens AG
- Hitachi
- AEG Power Solutions
- Tesla Inc.
- Toshiba Corporation
- Exergonix Inc.
- Mitsubishi Heavy Industries Ltd.
Battery Energy Storage System Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The strong demand for the lithium-ion technology in renewable energy industries and the decreasing cost of lithium-ion batteries are the key drivers contributing to the growth of the global battery energy storage system market size. Moreover, supporting government policies and regulations, forthcoming big projects across leading countries, followed by the strong demand for grid-connected solutions, will further surge the growth of the battery energy storage system market. The increasing penetration of variable renewable generation technology worldwide is another factor that will have a positive influence on the market’s demand. The rising demand for technologically advanced battery energy storage systems possesses properties including durability, improved capacity, and reliability at a global level.
As per the IEA, the overall installed battery energy storage system capacity is 3.1GWh, in 2018. In China, there has been an upsurge in demand for domestic applications due to the two organizations of China which funded a wide range of projects flavoring the network operations. China has become a global leader with about 0.5 GW of the new store installed and 1 GW in the development stage.
Element Segment Drivers
Based on the element, the battery element is projected to lead the market during the forecast period. The battery covers the highest share in the total cost of the battery storage systems and is considered an essential part of the system. The battery offers various benefits such as increases the power density and is used as stabilizers during the balancing problem due to the variations in the energy, which is increasing deployment of batteries in the energy storage system.
Battery Type Segment Drivers
Based on the battery type, lithium-ion batteries is anticipated to rise at a higher CAGR over the coming years due to the increasing number of forthcoming major renewable energy projects worldwide, wherein the battery energy storage system consisting of lithium-ion batteries are being highly used. Furthermore, there are various benefits regarding lithium-ion battery including high capacity, improved lifespan, high energy & power density, high specific energy, need for less space, simple charge algorithm, followed by reasonably short charge times.
Battery Energy Storage System Market Segmentation:
Segmentation by Element:
- Battery
- Hardware
- Other Elements
Segmentation by Battery Type:
- Sodium-Sulfur Batteries
- Lithium-Ion Batteries
- Advanced Lead-Acid Batteries
- Flow Batteries
- Others
Segmentation by Connection Type:
- Off-Grid Connection
- On-Grid Connection
Segmentation by Ownership:
- Utility Owned
- Customer Owned
- Third-Party Owned
Segmentation by Application:
- Residential
- Non-Residential
- Utilities
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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