Battery Energy Storage Systems Market to be $43.7 Billion by 2030 - Exclusive Report by Meticulous Research®

Battery Energy Storage System Market by Battery Type, Offering, Connection Type, Ownership, Energy Capacity, and Application (Residential, Commercial, and Utilities) - Global Forecast to 2030


Redding, California, June 29, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Battery Energy Storage Systems Market by Battery Type, Offering, Connection Type, Ownership, Energy Capacity, and Application (Residential, Commercial, and Utilities) - Global Forecast to 2030’, the global battery energy storage systems market is projected to reach $43.7 billion by 2030, at a CAGR of 28.8% from 2023 to 2030.

Battery energy storage systems are rechargeable battery systems that store energy from solar arrays or the electric grid and provide that energy to residential, commercial, or utility applications. These systems are commonly used in electricity grids and other applications such as electric vehicles, solar power installations, and smart homes. It provides applications such as peak shaving, load shifting, emergency backup, various grid services, and residential applications, including self-consumption, off-grid homes, and emergency backup services.

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The growth of the battery energy storage systems market is driven by government funding for battery energy storage systems and the growing benefits of battery energy storage systems for EV charging. Moreover, the growing demand for battery energy storage systems for commercial applications and the decline in the prices of lithium-ion batteries provide significant opportunities for the key players in the global battery energy storage systems market. However, the high capital required for installing battery energy storage systems restrains the market's growth to some extent. Additionally, the lack of standardization in storage systems and overheating of lithium-ion batteries poses challenges to the growth of the battery energy storage systems market. Furthermore, advanced lithium-ion batteries and energy storage as a service are the key trends observed in the battery energy storage systems market.

The global battery energy storage systems market is segmented by battery type (lithium-ion batteries, nickel-cadmium (Ni-Cd) batteries, nickel-metal hydride (Ni-MH) batteries, sodium-sulfur (Na-S) batteries, redox flow batteries (RFB), and other battery types [lead–acid (PbA) batteries, and flow batteries]),by offering(components [battery systems, battery management systems, power conversion systems, energy management systems, heating, ventilation, and air conditioning, supervisory control and data acquisition, and other components {fire suppression, controller}], services), by connection type(on-grid connection, off-grid connection), by ownership(customer-owned, third-party-owned, utility-owned), by energy capacity (below 100 MWh, 100 MWh to 500 MWh, more than 500 MWh), by application (residential, commercial [telecommunications, data centers, industries, marine, healthcare, EV charging infrastructure], and utilities [peak shaving, load shifting, black start, microgrids, renewable integration, grid services]). The study also evaluates industry competitors and analyzes the market at regional and country levels.

Based on offering, the global battery energy storage systems market is segmented into components and services. In 2023, the components segment is expected to account for the larger share of the global battery energy storage systems market. The large market share of this segment is attributed to the growing demand for conventional power generation, transmission & distribution, and renewable power to industrial and commercial sectors and the increasing need for BESS components to deploy complete battery energy storage systems, the rising need for components for stabilizing the electrical grid, controlling energy flow, and optimizing asset operations. However, the services segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing demand for support, integration, and consulting services for BESS, and the rising need for support services to help improve the quality, availability, and supply continuity of hardware components.

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Based on ownership, the global battery energy storage systems market is segmented into customer-owned, third-party-owned, and utility-owned. In 2023, the third-party-owned segment is expected to account for the largest share of the global battery energy storage systems market. The large market share of this segment is attributed to the increasing need for specific functional requirements regarding storage, which doesn’t require any expertise in ESS technology and the increasing need for fast frequency response in the electricity grids. However, the utility-owned segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing demand for utility-scale ancillary services and the growing need to deliver peak loads to consumers through ESS instead of extending power lines and transformers.

Based on application, the global battery energy storage systems market is segmented into residential, commercial, and utilities. In 2023, the utilities segment is expected to account for the largest share of the global battery energy storage systems market. The large market share of this segment is attributed to the initiatives taken by companies to launch flow batteries for meeting the environmental, longevity, and safety objectives of utilities and the growing usage of BESS for peak shaving, load shifting, black start, microgrids, renewable integration, and grid service applications. This segment is also slated to register the highest CAGR during the forecast period.

Based on geography, the battery energy storage systems market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global battery energy storage systems market. The presence of prominent players offering advanced BESS components & services, residential energy storage technology, government policies to improve the reliability and quality of the power distribution facilities to the residential customers, and increased access to electricity for remote and island communities are some of the major drivers for the growth of this regional segment.

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 Furthermore, the lower technology costs and increased technological advancement across the region encourage consumers to install battery energy storage systems is supporting the growth of this regional market. The governments of various countries in this region are focusing on minimizing the adverse effects of the energy sector on the environment. For instance, in December 2022, the Australian government announced that eight large batteries to store renewable energy would be built nationwide to support the grid and help keep energy prices down. Nearly USD 176 million in funding for the projects will be provided by the government-owned Australian Renewable Energy Agency (Arena). The batteries will be located in Gnarwarre, Moorabool, and Mortlake in Victoria, Mount Fox and Western Downs in Queensland, Liddell in New South Wales, and Bungama and Blyth in South Australia. These batteries will range from 200-300 MWh each, have grid-forming inverter technology and are expected to come online by 2025.  In March 2022, Indonesia’s state-owned utility PLN signed an agreement with the Indonesia Battery Corporation (IBC) to launch a 5MW battery energy storage system (BESS) pilot project.  These factors lead to the growth in the deployment of battery energy storage systems in residential and public utility applications during the forecast period. However, this region is projected to register the highest CAGR during the forecast period.

The key players operating in the global battery energy storage systems market are General Electric Company (U.S.), ABB Ltd. (Switzerland), Panasonic Life Solutions India Pvt. Ltd. (India) (A Part of Panasonic Holdings Corporation), Siemens AG (Germany), JinkoSolar Holding Co., Ltd. (China), Honeywell International Inc. (U.S.), Tesla Inc. (U.S.), Toshiba Corporation (Japan), Johnson Controls International plc (Ireland), NEC Corporation (Japan), Delta Electronics, Inc. (Taiwan), Sensata Technologies, Inc. (U.S.), Fluence Energy, Inc. (U.S.), Nextera Energy, Inc. (U.S.), Beacon Power, LLC (U.S.), and Urja Solutions (India).

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Scope of the Report

Battery Energy Storage Systems Market, by Battery Type                           

  • Lithium-ion Batteries
  • Sodium-sulfur (Na-S) Batteries
  • Nickel-cadmium (Ni-Cd) Batteries
  • Redox Flow Batteries (RFB)
  • Nickel-metal Hydride (Ni-MH) Batteries
  • Other Battery Types (Lead–Acid (PbA) Batteries and Flow Batteries)

Battery Energy Storage Systems Market, by Offering

  • Components
    • Battery Systems
    • Battery Management Systems
    • Power Conversion Systems
    • Energy Management Systems
    • Heating, Ventilation, and Air Conditioning
    • Supervisory Control and Data Acquisition
    • Other Components (Fire Suppression, Controller)
  • Services

Battery Energy Storage Systems Market, by Connection Type   

  • On-grid Connection
  • Off-grid Connection

Battery Energy Storage Systems Market, by Energy Capacity

  • Customer-owned
  • Third-Party-owned 
  • Utility-owned 

Battery Energy Storage Systems Market, by Ownership

  • Below 100 MWh
  • 100 MWh to 500 MWh
  • More than 500 MWh

Battery Energy Storage Systems Market, by Application

  • Residential
  • Commercial
    • Telecommunications
    • Data Centers
    • Industries
    • Marine
    • Healthcare
    • EV Charging Infrastructure
  • Utilities
    • Peak Shaving
    • Load Shifting
    • Black Start
    • Microgrids
    • Renewable Integration
    • Grid Services

Battery Energy Storage Systems Market, by Geography

  • North America
      • U.S.
      • Canada
  • Asia-Pacific
      • China
      • Japan
      • India
      • South Korea
      • Rest of Asia-Pacific
  • Europe
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Rest of Europe
  • Latin America
      • Mexico
      • Brazil
      • Rest of Latin America
  • Middle East & Africa
      • UAE
      • Israel
      • Rest of Middle East & Africa

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