About Battery Energy Storage System
Battery energy storage system that stores various forms of energy via the use of a battery technology for it to be used at a later time. It store energy from solar arrays or the electric grid and provide that energy to a home or business purpose. Modern battery energy storage system usually includes a built-in inverter and computerized control systems. Battery energy storage system has various applications like self-consumption, peak shaving, load shifting, emergency backup and various grid services. It is commonly used to smooth out the minor fluctuations in energy output for small and large electricity sources. It is also used in electric vehicles, trains and bikes.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 27.0% |
Global Battery Energy Storage System is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching Products. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Battery Energy Storage System market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
AES Energy Storage, LLC (United States), ABB (Switzerland), LG Chem (South Korea), General Electric Company (United States), NEC (Japan), Panasonic (Japan), Samsung SDI (South Korea), Contemporary Amperex Technology co. Limited (China), Primus Power (United States) and Tesla (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Battery Energy Storage System market by Type (Lead-Acid Battery Energy Storage, Ni-MH Battery Energy Storage, Sodium Sulfur Battery Energy Storage, Lithium Battery Energy Storage and Others), Application (Residential, Non-Residential, Utilities and Others) and Region.
On the basis of geography, the market of Battery Energy Storage System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Element, the sub-segment i.e. Battery will boost the Battery Energy Storage System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Connection, the sub-segment i.e. On-Grid Connection will boost the Battery Energy Storage System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Replacement of Sodium-Sulphur Battery by Lithium-Ion Battery
Market Growth Drivers:
Rising Energy Consumption World Wide, Increasing Demand from Electric Vehicle Sector and Demand for Lithium-Ion Technology in the Renewable Energy Industry
Challenges:
High Capital Investment for System Deployment
Opportunities:
Growing Need for More Power Quality and Highly Efficient Energy Systems and Increasing Demand for Grid-Connected Solutions
Market Leaders and their expansionary development strategies
In September 2023, Fluence introduced the Gridstack M1, a scalable and modular BESS designed for integration with distributed energy resources like solar and wind.
In July 2023, Samsung SDI unveiled its Gen5 battery, specifically designed for Energy Storage Systems, offering improved safety, durability, and faster charging times.
On 13th February 2019, The AES Corporation and Mitsubishi Corporation collaborate with Tata Power-DDL to power up South Asia’s largest Grid-Scale Energy Storage System in India.
Key Target Audience
Battery Energy Storage System Providers, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.