The global Battery Energy Storage market size was USD 9.21 billion in 2021. The market is expected to grow from USD 10.88 billion in 2022 to USD 31.20 billion by 2029 at a CAGR of 16.3% in the 2022-2029 period. This information is provided by Fortune Business Insights, in its report titled, “Battery Energy Storage Market, 2022-2029.” Battery Energy Storage System Market Size, Share, Growth & Industry Analysis, By Battery Type (Lithium-Ion Battery, Lead Acid Battery, Flow Battery, and Others), By Connectivity (Off-Grid and On-Grid), By Application (Residential, Non-Residential, Utility, and Others), By Ownership (Customer-Owned, Third-Party Owned, and Utility-Owned), and Regional Forecast, 2022-2029

Key Industry Development: 

March 2020 – French energy company Total unveiled its plans to establish a new BESS project in Dunkirk, France.

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.

Different governments have set significant goals to increase the use of sustainable energy technologies, which is expected to boost the market. To ensure peak power use supply, BESS devices may be easily incorporated into residential, commercial, and industrial-scale solar and wind energy generating techniques. Global renewable power generation was predicted at 2,805.5 Terawatt-hours (TWh) in 2019, up 13.7 percent from 2,468.0 TWh in 2018, according to the Statistical Review of World Energy 2020 published by BP in June 2020.

However, the surge in CAPEX (capital expenditure) could challenge stakeholders striving to expand their portfolios.

Segmentation Analysis:

Based on battery type, the market is categorized into lithium-ion battery, lead-acid battery, flow battery, and others. Based on connectivity, the market is divided into off-grid and on-grid.

Based on application, residential, non-residential, utility, and others are the four key segments present across this industry.

Based on ownership, the market can be primarily separated into customer-owned, third-party-owned, and utility-owned.

Geographically, the market is classified into North America, Asia Pacific, Europe, and the rest of the world.

List of Key Companies in Battery Energy Storage System Market

• GE (U.S.)
• ABB (Switzerland)
• Samsung SDI (South Korea)
• Hitachi Chemical Co., Ltd. (Japan)
• Siemens Energy (Germany)
• Total (France)
• LG Chem (South Korea)
• Fluence (U.S.)
• Narada (China)
• VRB Energy (Canada)
• Kokam (South Korea)
• EVE Energy Co., Ltd. (China)
• Black & Veatch (U.S.)
• Hitachi ABB Power Grids (Switzerland)

Battery Energy Storage Market Segmentation:

By Type:

• Lithium-ion Battery
• Lead Acid Battery
• Flow Battery
• Others

By Connectivity:

• Off-Grid
• On-Grid

By Application:

• Residential
• Non-Residential
• Utility
• Others

By Ownership:

• Customer Owned
• Third-Party Owned
• Utility Owned

By Capacity:

• Small Scale (Less than 1 MW)
• Large Scale (Greater than 1 MW)

Get More Detail Report: Battery Energy Storage market

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