Battery Energy Storage Market size, share, growth Analysis
The global battery energy storage market is predicted to grow from USD 2.4 billion in 2020 to USD 12.6 billion by 2025, growing at a CAGR of 32.0% from 2020 to 2025. Growing call for continuous energy and electricity storage systems in critical infrastructure, adoption of grid energy storage solutions, and modernization efforts are supporting this market. Network and escalating use of lithium-ion battery energy storage systems due to their excellent characteristics are among the factors that drive the market for battery energy storage systems. Battery energy storage systems can store energy from renewable sources such as the sun and wind. This means that the electricity grid can be supplied using clean natural sources, saving energy production costs and avoiding the dispersion of pollutants in the environment. Energy storage is an advantage due to its quick response and, compared to any fossil fuel, storage technologies can deliver energy much faster. This is an important advantage, especially when the call for electricity increases and exceeds the supply.
Battery Energy Storage Market Trends:
Battery energy storage systems help electricity providers to save excess energy for later use, thus improving the flexibility and reliability of the grid in terms of electricity generation, transmission and distribution. Furthermore, uninterrupted electricity call is predicted to grow exponentially due to continued population expansion, infrastructure development, and rapid industrialization in the coming years.
Battery Energy Storage Recent Developments in Industry:
Siemens launched its first storage battery tailored to people’s needs. Owners can use the Junelight smart battery to maximize self-generated power consumption, minimize power supply costs, and reduce emissions.
Northvolt has launched a new battery energy storage solution, the Voltpack Mobile System, a robust and highly modular lithium-ion battery solution designed as a zero-emission alternative to replace diesel generators.
Battery Energy Storage Market Drivers
Solar and wind energy are the most important types of renewable energy stored in networks. However, the hiding of the sun by clouds or fluctuating wind currents causes variations in the energy production process. These fluctuations create call for flexible grid systems that are employed to store energy. Battery energy storage systems help grid operators save electricity when the electricity produced exceeds the call for electricity. The adoption of these systems improves the reliability and flexibility of the electrical supply systems with respect to the generation, transmission and distribution of electrical energy. During transmission and distribution of electricity, battery energy storage systems can manage asset carry-over, provide frequency regulation, perform harmonic suppression, provide voltage support, and ensure diet quality. The delay of electrical energy, the leveling of the base load and the reduction of peaks, the change of time of the renewable energies and the reaffirmation of the renewable capacity are other benefits offered by battery energy storage systems for solutions connected to the net. All of these factors are driving the adoption of these battery energy storage market.
Battery energy storage technologies, including lithium-ion batteries, flow batteries, and lead-acid batteries, require higher installation investments due to high energy density and improved performance they offer. Lithium-ion batteries are expensive because they offer high energy density, low self-discharge rate, and require less maintenance. However, in the future, the costs of lithium-ion batteries are predicted to decrease. These batteries are also employed in electric vehicles (EVs) because they are light and compact, as well as high capacity.
Data centers use an uninterruptible power supply (UPS) to power loads in the event of an emergency when the main power fails. Battery energy storage systems play an important role in eliminating electrical fluctuations in data centers. The combination of inverter and battery energy storage systems ensures a continuous power supply to designated critical loads when grid outages or outages are detected. This leads to an increase in call for UPS from large data centers. This, in turn, is predicted to fuel call for energy storage systems based on lithium-ion and lead-acid batteries. The surveillance data collected and displayed by BMS is useful for data center operators.
The spread of COVID-19 has affected the energy industry supply chain, especially renewable energy technologies and battery energy storage systems. The main components employed in battery energy storage systems are made primarily from APAC. The pandemic has exposed the world’s over-reliance on the region, especially China, on essential raw materials.
Battery Energy Storage Market Segmentation:
The battery segment dominated the worldwide market for battery energy storage systems during the review period, as it is a vital component of this system. The availability of different battery models as needed is driving the expansion.
By battery type:
By battery type, lithium ion batteries represent the largest size in the market. The growing application of lithium-ion batteries in the consumer electronics and automotive industries is escalating their call.
By connection type:
Depending on the type of connection, the grid connection segment is likely to grow at the highest CAGR during foreseen years as it is employed to power consumers and reduce utility spending. Various features like power management, load leveling, spike reduction, etc. stimulate call from the grid connection industry.
Battery Energy Storage Regional Analysis:
The Battery Energy Storage Report includes the segmentation of Regions with their respective Countries.
Middle East & Africa
Asia Pacific (APAC) occupied the majority of the global battery energy storage market in 2019. APAC is a hub of the battery energy storage systems industry. APAC is predicted to witness electrification plans in remote areas, most of which are off-grid in various countries. The use of residential energy storage technology will improve access to electricity for these isolated and island communities in the region. Investments in energy storage are predicted to increase dramatically in the region as governments of growing economies develop new policies to improve the reliability and quality of electricity distribution facilities for residential customers. In addition to APAC, North America has a significant market share. The expansion of the North American market depends on the escalating call for renewable energy storage systems in the residential, non-residential and utility sectors. In 2019, the United States accounted for approximately 0.9 GW of installed battery energy storage system. The main players in the region are companies such as Tesla, ABB, General Electric and Honeywell, which focus on installing and supplying battery-powered energy storage systems. A portfolio of giant lithium-ion projects is predicted to be completed by 2021 in the United States.
ABB (Switzerland), Panasonic (Japan), Siemens AG (Germany), Samsung SDI (South Korea), LG Chem (South Korea), General Electric (US), Hitachi (Japan), Tesla (US), Toshiba (Japan), AEG Power Solutions (Netherlands), The AES Corporation (US), Delta Electronics, Inc. (Taiwan), TrinaBESS (China), Primus Power (US), NEC Corporation (Japan), BYD (China), and Johnson Controls (US) are some of the major players in the market.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Battery Energy Storage Market, By Element
6.1.2 Market Size Estimations & Forecasts (2019-2024)
6.1.3 Y-o-Y Growth Rate Analysis
6.1.4 Market Attractiveness Index
6.2 Battery Energy Storage Market, By Battery Type
6.2.2 Flow Batteries
6.2.3 Market Size Estimations & Forecasts (2019-2024)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Battery Energy Storage Market, By Connection Type
6.3.3 Market Size Estimations & Forecasts (2019-2024)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America – Market Analysis (2018 – 2024)
7.2.1 By Country
7.2.2 By Element
7.2.3 By Battery Type
7.2.4 By Connection Type
7.3.1 By Country
22.214.171.124 Rest of Europe
7.3.2 By Element
7.3.3 By Battery Type
7.3.4 By Connection Type
7.4 Asia Pacific
7.4.1 By Country
126.96.36.199 South Korea
188.8.131.52 South East Asia
184.108.40.206 Australia & NZ
220.127.116.11 Rest of Asia-Pacific
7.4.2 By Element
7.4.3 By Battery Type
7.4.4 By Connection Type
7.5 Latin America
7.5.1 By Country
18.104.22.168 Rest of Latin America
7.5.2 By Element
7.5.3 By Battery Type
7.5.4 By Connection Type
7.6 Middle East and Africa
7.6.1 By Country
22.214.171.124 Middle East
7.6.2 By Element
7.6.3 By Battery Type
7.6.4 By Connection Type
8. Key Player Analysis
8.1 ABB Ltd
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Panasonic Corporation
8.3 Siemens AG
8.4 Samsung SDI
8.5 LG Chem
8.6 General Electric
8.10 NEC Corporation
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures