Pune, India, April 04, 2022 (GLOBE NEWSWIRE) -- The global battery energy storage market size stood at USD 9.21 billion in 2021. The market is estimated to rise from USD 10.88 billion in 2022 to USD 31.20 billion by 2029 at 16.3% CAGR during the forecast period. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Battery Energy Storage Market, 2022-2029.”
According to the analysis, commercial, private, and industrial sectors will continue to exhibit the demand for Battery Energy Storage Systems (BESS). The rising penetration of lithium-ion batteries is likely to aid the industry growth. Expansion of infrastructure projects, along with the growth in the transportation sector, will encourage prominent companies to tap markets.
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List of Key Companies Profiled in the Market Report:
- GE
- ABB
- Samsung SDI
- Hitachi Chemical Co., Ltd.
- Siemens Energy
- Total
- LG Chem
- Fluence
- Narada
- VRB Energy
- Kokam
- EVE Energy Co., Ltd.
- Black & Veatch
- Hitachi ABB Power Grids
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 16.3% |
| 2029 Value Projection | USD 31.20 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 9.21 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 309 |
| Segments covered | Type, Connectivity, Application, Ownership, Capacity and Region |
| Growth Drivers | Burgeoning Electricity Demand and Investment in Solar Energy Boost Industry Growth |
| Leading Players Invest in Portfolio Expansion to Bolster Footprint |
COVID-19 Impact:
Go-green Trend amidst Pandemic to Foster BESS Adoption
While the COVID-19 pandemic had a pressing influence across end-use industries, wherein leading companies have shown an increased inclination for sustainable energy sources. Besides, governments have introduced bullish policies to foster the adoption of battery energy storage solutions. Even though the impact of coronavirus will have an influence on the global outlook, stakeholders expect the market to exhibit resilience during the assessment period.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/battery-energy-storage-market-100489
Report Coverage:
The report has been prepared meticulously through quantitative and qualitative assessments to offer a comprehensive market view. Notably, many primary interviews have been conducted with major stakeholders and suppliers. Primary data has been collected through questionnaires, telephonic conversations and emails. Moreover, the report also includes secondary sources, such as government websites, SEC filings and press releases. The report also gives an in-depth view of market size, share, revenue, volume and delves into SWOT analysis.
Drivers and Restraints:
Burgeoning Electricity Demand and Investment in Solar Energy Boost Industry Growth
Stakeholders are poised to boost the battery energy storage market growth due to investments in solar power and wind energy. A notable transition toward low carbon energy generation solutions will augur well for the industry size expansion. To illustrate, in March 2021, Pacific Green announced to ink an agreement with TUPA Energy to establish a battery energy storage system with a capacity of 1.1 GW in the U.K. Moreover, escalating energy demand across the emerging and advanced economies on the back of rising infrastructure projects could bode well for prominent companies fostering their penetration across untapped areas.
However, the surge in CAPEX (capital expenditure) could challenge stakeholders striving to expand their portfolios.
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Competitive Landscape:
Leading Players Invest in Portfolio Expansion to Bolster Footprint
Well-established players and new entrants are likely to increase their funds into collaborations, product launches, technological advancements, and mergers & acquisitions. Key companies could further inject funds into research and development activities to gain a competitive edge.
Segmentation:
- In terms of type, the market is segregated into lead acid battery, lithium-ion battery, flow battery, and others.
- Based on connectivity, the market is fragmented into on-grid and off-grid.
- With respect to application, the market is segmented into utility, residential, non-residential, and others.
- On the basis of ownership, the market is segmented into utility-owned, third-party owned, and customer-owned.
- With regards to capacity, the market is bifurcated into large scale (greater than 1 MW) and small scale (Less than 1 MW).
- In terms of geography, the global market includes North America, Asia Pacific, Europe, and the Rest of the World.
Regional Insights:
Stakeholders Seek to Bolster RoI in Asia Pacific with Expanding Electrification Targets
Leading companies envisage China, Australia, India, and Japan as favorable investment hubs on the heels of flourishing industrialization. Moreover, profound traction for renewable energy sources will foster regional growth. The Asia Pacific market size was valued at USD 4.16 billion in 2021 and will witness a similar trend during the forecast period. The trend is mainly attributed to the presence of well-established and emerging players in the region.
The U.S. and Canada have emerged as lucrative destinations on the back of bullish government policies and tax benefits. To illustrate, in September 2019, the Senate Energy and Natural Resources Committee presented an amended draft of the Better Energy Storage Technology (BEST) Act to boost research on long-duration BESS units. North America battery energy storage market share will observe a notable gain in the ensuing period, largely due to investment in renewable energy.
Europe industry outlook will be strong over the next few years, owing to rising installation of advanced power generation technologies. It is worth mentioning that the U.K., France, Germany, and Italy have exhibited an increased inclination for grid infrastructure projects and strict energy security policies.
Key Industry Development:
March 2020 – French energy company Total unveiled its plans to establish a new BESS project in Dunkirk, France.
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Value Chain Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Battery Energy Storage Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Battery Energy Storage Market Analysis (MW, USD Billion), Insights and Forecast, 2018-2029
Continued..
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