Portland, OR, Sept. 19, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global battery energy storage system market amassed revenue of $8.4 billion in 2021, and is expected to hit $51.7 billion by 2031, registering a CAGR of 20.1% from 2022 to 2031. The market research study provides a detailed analysis of changing industry trends, top-most segments, value chain analysis, key investment business scenarios, regional space, and competitive space. The study is a key information source for giant players, entrepreneurs, shareholders, and owners in generating new strategies for the future and taking steps to enhance their market position. The report displays an in-depth quantitative analysis of the market from 2022 to 2031 and guides investors in allocating funds to the rapidly evolving industry.
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Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $8.4 billion |
| Market Size in 2031 | $51.7 billion |
| CAGR | 20.1% |
| No. of Pages in Report | 344 |
| Segments Covered | Battery Type, Connection Type, Application, and Region |
| Drivers | Increasing demand for energy resources across developed and developing nations along with the increasing concerns to ensure energy security. |
| Opportunities | Significant fall in prices of lithium-ion batteries. |
| Rise in the number of rural electrification projects worldwide. | |
| Restraints | The high capital expenditure required for installing battery energy storage systems. |
COVID-19 Scenario:
- The COVID-19 pandemic created a huge impact on the growth of the global battery energy storage system market as various manufacturing facilities were temporarily shut down due to the COVID-19 pandemic outbreak in countries such as India, China, and the U.S.
- Labor shortage and disruption of the supply chain during the COVID-19 pandemic adversely affected the growth of the global market.
- Major industry players witnessed a slowdown in operations due to the low availability of a skilled workforce, thereby impeding the expansion of the global market.
The report offers detailed segmentation of the global battery energy storage market based on battery type, connection type, application, and region. It provides an in-depth analysis of every segment and sub-segment in tables and figures through which consumers can derive a conclusion about market trends and insights. The market report analysis aids organizations, investors, and entrepreneurs in understanding which sub-segments are to be tapped for achieving huge growth in the years ahead.
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In terms of battery type, the lithium ion segment was the largest in 2021, accounting for more than half of the overall share of the global battery energy storage system market. Moreover, this segment is predicted to retain its dominant position during the forecast timespan. Furthermore, this same segment is set to record the highest CAGR of 21.15% from 2022 to 2031. The report also includes other segments such as lead acid, flow batteries, and others.
On basis of the connection type, the on grid segment held the largest share in 2021, contributing to nearly three-fifths of the overall battery energy storage system market. Moreover, this segment is predicted to account for the highest market share by 2031. Furthermore, the on grid segment is also anticipated to record the fastest CAGR of 20.83% during the forecast timeframe. The report also analyzes other segments such as the off-grid segment.
Based on the application, the behind the meter segment held the largest share in 2021, contributing to more than half of the global battery energy storage system market share. Moreover, this segment is predicted to account for the highest market share by 2031. Furthermore, the behind the meter segment is expected to register the highest CAGR of 20.65% during the forecast period. The report also analyzes other segments such as the front of the meter segment.
Based on region, the Asia-Pacific continent contributed toward the highest market share in 2021, accounting for more than two-fifths of the global battery energy storage system market share. Furthermore, the Asia-Pacific region is set to contribute majorly toward the global market share in 2031. In addition, the Asia-Pacific battery energy storage system market is predicted to register the fastest CAGR of 21.14% during the forecast timespan. The report also analyzes regions including the LAMEA, Europe, and North America.
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Key participants in the global battery energy storage system market examined in the research include EnerSys, BYD Company Limited, EVE Energy Co., Ltd., Siemens AG, LG Energy Solutions Co., Ltd., Kokam, Narada Asia Pacific Pte. Ltd., ABB Ltd., Tesla, Fluence Energy, Inc., General Electric, TotalEnergies, Tata Power Company Limited, Samsung SDI Co., Ltd., Nissan Motor Co., Ltd., VRB Energy, and Black & Veatch Holding Company.
The report evaluates these major players in the global battery energy storage system industry. These players have executed a gamut of major business strategies such as the expansion of regional and customer bases, new product launches, strategic alliances, and joint ventures for expanding product lines across global markets. The market research report supports the performance monitoring of each segment, positioning of each product in respective segments, and the impact of new technology and product innovations on the overall market size.
Key Benefits For Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the battery energy storage system market analysis from 2021 to 2031 to identify the prevailing battery energy storage system market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the battery energy storage system market overview assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global battery energy storage system market trends, key players, market segments, application areas, battery energy storage system market forecast and market growth strategies.
Battery Energy Storage System Market Key Segments:
By Battery Type:
- Lithium ion
- Lead acid
- Flow batteries
- Others
By Connection Type:
- On grid
- Off grid
By Application:
- Front of the meter
- Behind the meter
- End User
- Commercial
- Industrial
- Residential
- End User
By Region:
- North America (U.S., Canada, and Mexico)
- Europe (U.K., Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Poland, and Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Thailand, Philippines, Indonesia, and Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East and Africa)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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