HOME Top Market Reports Battery Energy Storage System Market by Battery Type (Lithium-Ion, Advanced Lead Acid, Flow Batteries,, & Sodium Sulfur), Connection Type (On-Grid and Off-Grid), Ownership, Revenue Source, Application, and Geography - Global Forecast to 2022

Battery Energy Storage System Market by Battery Type (Lithium-Ion, Advanced Lead Acid, Flow Batteries,, & Sodium Sulfur), Connection Type (On-Grid and Off-Grid), Ownership, Revenue Source, Application, and Geography - Global Forecast to 2022

By: marketsandmarkets.com
Publishing Date: March 2016
Report Code: SE 4200

 

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The battery energy storage system market was valued at USD 747.61 Million in 2015 and is expected to grow at a CAGR of 37.0% between 2016 and 2022. The base year used for the study is 2015 and the forecast period is between 2016 and 2022. This report provides a detailed analysis of the battery energy storage system market segmented on the basis of battery type, connection type, revenue source, ownership, application, and geography. The increasing demand for grid-connected solutions and growing electric vehicle market is expected to impact the market in the future.

The research methodology used to estimate and forecast the battery energy storage system market begins with capturing data on key vendor revenues through secondary research. The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall market size of the global battery energy storage system market from the revenue of the key players in the market. After arriving at the overall market size, the total market has been split into several segments and subsegments, which are then verified through primary research by conducting extensive interviews with key people such as CEOs, VPs, directors, and executives. This data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary is depicted in the figure below:

Battery Energy Storage System Market

To know about the assumptions considered for the study, download the pdf brochure

The ecosystem of the battery energy storage system market includes the raw material provider and component manufacturer, battery energy storage system manufacturers, system integrators, and distributors. The key players in the market include ABB Ltd. (Switzerland), AEG Power Solutions (The Netherland), General Electric Co. (U.S.), Hitachi ltd (Japan), LG Chem. (South Korea), NEC Corporation (Japan), Panasonic Corporation (Japan), Samsung SDI Co., ltd. (South Korea), Siemens AG (Germany), and Tesla Motors Ltd. (U.S.) among others.

Key Target Audience:

  • Battery energy storage system developers
  • Grid connected solution providers
  • Research organizations
  • Technology investors
  • Technology standards organizations
  • Associations, forums, and alliances related to battery energy storage system
  • Government bodies such as regulating authorities and policy makers

“Study answers several questions for the stakeholders, primarily which market segments to focus in the next two to five years for prioritizing the efforts and investments.”

Scope of the Report

The research report segments the battery energy storage system market into the following submarkets:

By Battery Type:

  • Lithium-Ion Batteries
  • Advanced Lead-Acid Batteries
  • Flow Batteries
  • Sodium-Sulfur (NAS) Batteries
  • Others

By Connection Type:

  • On-Grid
  • Off-Grid

By Ownership:

  • Customer-Owned
  • Utility-Owned
  • Third-Party-Owned

By Revenue Source:

  • Hardware
  • Software & Services

By Application:

  • Residential
  • Non-Residential
  • Utility
  • Transportation
  • Others

By Geography:

  • Americas
  • Europe
  • Asia-Pacific
  • Rest of the World

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players

Table of Contents

1 Introduction (Page No. - 15)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Scope of the Study
           1.3.1 Market Segmentation
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 19)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 29)

4 Premium Insights–Battery Energy Storage System Market (Page No. - 33)
    4.1 Battery Energy Storage System Market, 2016–2022 (USD Billion)
    4.2 Battery Energy Storage System Market, By (2016–2022)
    4.3 Battery Energy Storage System Market, By Application and Geography, 2016
    4.4 Battery Energy Storage System Market, By Connection Type–2016
    4.5 Battery Energy Storage System Market, By Geography–2016

5 Market Overview (Page No. - 37)
    5.1 Introduction
    5.2 Market Segmentation
           5.2.1 By Battery Type
           5.2.2 By Application
           5.2.3 By Revenue Source
           5.2.4 By Connection Type
           5.2.5 By Ownership
           5.2.6 By Geography
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 The Growing Electric Vehicle Market Expected to Support the Growth of This Market
                    5.3.1.2 Increasing Demand for Grid-Connected Solutions
                    5.3.1.3 High Requirement of Lithium-Ion Technology in Various Applications
                    5.3.1.4 Government Support in Various Countries
           5.3.2 Restraints
                    5.3.2.1 Requirement of High Capital Investment
           5.3.3 Opportunities
                    5.3.3.1 Large Storage Requirements in Datacenters
                    5.3.3.2 Scope for Liquid Metal Battery Technology
           5.3.4 Challenges
                    5.3.4.1 Island and Off-Grid Battery Energy Storage

6 Industry Trends (Page No. - 47)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Porter’s Five Forces Analysis
           6.3.1 Intensity of Competitive Rivalry
           6.3.2 Threat of Substitutes
           6.3.3 Bargaining Power of Buyers
           6.3.4 Bargaining Power of Suppliers
           6.3.5 Threat of New Entrants

7 Market Analysis, By Battery Type (Page No. - 54)
    7.1 Introduction
    7.2 Lithium–Ion
    7.3 Sodium-Sulfur (NAS) Batteries
    7.4 Flow Batteries
    7.5 Advanced Lead-Acid Batteries
    7.6 Others
           7.6.1 Nickel-Cadmium Battery
           7.6.2 Nickel Metal Hydride Battery
           7.6.3 Nickel Iron Battery

8 Market Analysis, By Revenue Source (Page No. - 71)
    8.1 Introduction
    8.2 Hardware
    8.3 Software & Services
           8.3.1 Software
                    8.3.1.1 The Bms Services Market is Driven By the Need for Continuous Management
           8.3.2 Services
                    8.3.2.1 Services Expected to Contribute Significantly to the Revenue of the Bess Market
                    8.3.2.2 Services Related to Bms Software
                               8.3.2.2.1 Maintenance
                               8.3.2.2.2 Upgrading
                               8.3.2.2.3 Training and Consultation

9 Market Analysis, By Connection Type (Page No. - 74)
    9.1 Introduction
    9.2 On-Grid Connection Type
           9.2.1 Large-Scale Energy Storage Expected to Drive the Growth of the Bess Market
    9.3 Off-Grid Connection Type
           9.3.1 Growing Use of Off-Grid Connection Type in Various Applications Supporting the Growth of This Market

10 Market Analysis, By Ownership (Page No. - 82)
     10.1 Introduction
     10.2 Customer-Owned
             10.2.1 Government Support and Investments are Expected to Drive the Growth of Customer-Owned Installations
     10.3 Third-Party-Owned
             10.3.1 The Arbitrage Profit May Increase the Buying and Selling From Third-Party-Owned Energy Storage
     10.4 Utility-Owned
             10.4.1 The Flexibility in Grid Electricity Supply is Driving the Ulitity-Owned Battery Energy Storage System Market

11 Market Analysis, By Application (Page No. - 90)
     11.1 Introduction
     11.2 Residential
             11.2.1 Interest in Use of Natural Uninterupted Source of Energy By Residential Application to Drive This Market
     11.3 Non-Residential
     11.4 Utility
             11.4.1 The Need for Flexibilty in Grid Due to Fluctuations in Renewable Sources is Expected to Drive the Utility Market in Terms of Size By 2022
     11.5 Others
             11.5.1 Medical & Healthcare
             11.5.2 Military & Defense
     11.6 Transportation
             11.6.1 Electric Vehicle
                        11.6.1.1 Battery Electric Vehicle (BEH)
                        11.6.1.2 Plug-In Electric Vehicles (PEVS) and Plug-In Hybrid Electric Vehicles (PHEVS)

12 Market Analysis, By Geography (Page No. - 104)
     12.1 Introduction
     12.2 North America
             12.2.1 U.S.
                        12.2.1.1 Major Players Such as Tesla to Launch Bess for Residential Application in the U.S.
             12.2.2 Canada
                        12.2.2.1 Canada to Grow at High CAGR During the Forecast Period
             12.2.3 Mexico
                        12.2.3.1 Mexico to Implement Several Forms of Energy Storage Developments
     12.3 Europe
             12.3.1 U.K
                        12.3.1.1 Major Deployments of Battery Energy Storage System for Utility Application Supported Growth in This Region
             12.3.2 Germany
                        12.3.2.1 Germany Expected to Grow at A High CAGR During the Forecast Period
             12.3.3 France
                        12.3.3.1 Grid4eu Consortium Brings Together Six European Energy Distributors in France
             12.3.4 Rest of the Europe
     12.4 Asia-Pacific
             12.4.1 China
                        12.4.1.1 China to Grow at A High Rate During the Forecast Period
             12.4.2 India
                        12.4.2.1 Investment to Provide Solar Energy to Rural India
             12.4.3 Japan
                        12.4.3.1 Toshiba to Supply Large-Scale Energy Storage Systems to Japan
             12.4.4 Rest of the Asia-Pacific
     12.5 Rest of the World
             12.5.1 Middle East
                        12.5.1.1 Major Companies to Supply Energy Storage Systems in the Middle East
             12.5.2 South America
                        12.5.2.1 South America to Grow at A High CAGR During the Forecast Period
             12.5.3 Africa
                        12.5.3.1 Large-Scale Battery Storage System Projects to Boost the Market in This Geography

13 Competitive Landscape (Page No. - 122)
     13.1 Overview
     13.2 Market Ranking Analysis: Battery Energy Storage Systems Market
     13.3 Competitive Situation and Trends
             13.3.1 Partnerships/Agreements & Contracts/Collaborations/Acquisitions
             13.3.2 Expansion
             13.3.3 New Product Launches

14 Company Profiles (Page No. - 128)
(Overview, Products and Services, Financials, Strategy & Development)*
     14.1 Introduction
     14.2 ABB Ltd.
     14.3 LG Chem
     14.4 NEC Corporation
     14.5 Panasonic Corporation
     14.6 Samsung SDI Co., Ltd.
     14.7 AEG Power Solutions
     14.8 General Electric Co.
     14.9 Hitachi Ltd.
     14.10 Siemens AG
     14.11 Tesla Motors Ltd.

*Details on Overview, Products and Services, Financials, Strategy & Development Might Not Be Captured in Case of Unlisted Companies.

15 Appendix (Page No. - 157)
     15.1 Insights of Industry Experts
     15.2 Discussion Guide
     15.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     15.4 Introducing RT: Real-Time Market Intelligence
     15.5 Available Customizations
     15.6 Related Reports


List of Tables (75 Tables)

Table 1 Battery Energy Storage System Market, By Battery Type
Table 2 Battery Energy Storage System Market, By Application
Table 3 Battery Energy Storage System Market, By Revenue Source
Table 4 Battery Energy Storage System Market, By Connection Type
Table 5 Battery Energy Storage System Market, By Ownership
Table 6 Increasing Use of Grid Flexibility and Grid-Connected Solutions Expected to Boost the Demand
Table 7 Requirement of High Investment Limits the Growth of This Market
Table 8 Battery Energy Storage System Expected to Have Opportunities in Datacenters
Table 9 Island and Off Grid Battery Energy Storage is Challenging
Table 10 Battery Energy Storage System Market, By Battery Type, 2013–2022 (USD Million)
Table 11 Battery Energy Storage System Market for Lithium-Ion Battery Type, By Ownership, 2013–2022 (USD Million)
Table 12 Battery Energy Storage System Market for Lithium-Ion Battery Type, By Application, 2013–2022 (USD Million)
Table 13 Battery Energy Storage System Market for Lithium-Ion Battery Type, By Connection Type, 2013–2022 (USD Million)
Table 14 Battery Energy Storage System Market for Lithium-Ion Battery Type, By Geography, 2013–2022 (USD Million)
Table 15 Battery Energy Storage System Market for Sodium-Sulfur Battery Type, By Ownership, 2013–2022 (USD Million)
Table 16 Battery Energy Storage System Market for Sodium-Sulfur Battery Type, By Application, 2013–2022 (USD Million)
Table 17 Battery Energy Storage System Market for Sodium-Sulfur Battery Type, By Connection Type, 2013–2022 (USD Million)
Table 18 Battery Energy Storage System Market for Sodium-Sulfur Battery Type, By Geography, 2013–2022 (USD Million)
Table 19 Battery Energy Storage System Market for Flow Battery Type, By Ownership, 2013–2022 (USD Million)
Table 20 Battery Energy Storage System Market for Flow Battery Type, By Application, 2013–2022 (USD Million)
Table 21 Battery Energy Storage System Market for Flow Battery Type, By Connection Type, 2013–2022 (USD Million)
Table 22 Battery Energy Storage System Market for Flow Battery Type, By Geography, 2013–2022 (USD Million)
Table 23 Battery Energy Storage System Market for Advanced Lead-Acid Battery Type, By Ownership, 2013–2022 (USD Million)
Table 24 Battery Energy Storage System Market for Advanced Lead-Acid Battery Type, By Application, 2013–2022 (USD Million)
Table 25 Battery Energy Storage System Market for Advanced Lead-Acid Battery Type, By Connection Type, 2013–2022 (USD Million)
Table 26 Battery Energy Storage System Market for Advanced Lead-Acid Battery Type, By Geography, 2013–2022 (USD Million)
Table 27 Battery Energy Storage System Market for Other Battery Types, By Ownership, 2013–2022 (USD Million)
Table 28 Battery Energy Storage System Market for Other Battery Technologies, By Application, 2013–2022 (USD Million)
Table 29 Battery Energy Storage System Market for Other Battery Types, By Connection Type, 2013–2022 (USD Million)
Table 30 Battery Energy Storage System Market for Other Battery Types, By Geography, 2013–2022 (USD Million)
Table 31 Battery Energy Storage System Market, By Connection Type, 2013–2022 (USD Million)
Table 32 Battery Energy Storage System Market for On-Grid Connection, By Battery Type, 2013–2022 (USD Million)
Table 33 Battery Energy Storage System Market for On-Grid Connection, By Ownership, 2013–2022 (USD Million)
Table 34 Battery Energy Storage System Market for On-Grid Connection, By Application, 2013–2022 (USD Million)
Table 35 Battery Energy Storage System Market for Off-Grid Connection, By Battery Type, 2013–2022 (USD Million)
Table 36 Battery Energy Storage System Market for Off-Grid Connection, By Ownership, 2013–2022 (USD Million)
Table 37 Battery Energy Storage System Market for Off-Grid Connection, By Application, 2013–2022 (USD Million)
Table 38 Battery Energy Storage System Market, By Ownership, 2013–2022 (USD Million)
Table 39 Customer-Owned Battery Energy Storage System Market, By Battery Type, 2013–2022 (USD Million)
Table 40 Customer-Owned Battery Energy Storage System Market, By Connection Type, 2013–2022 (USD Million)
Table 41 Third-Party-Owned Battery Energy Storage System Market, By Battery Type, 2013–2022 (USD Million)
Table 42 Third-Party-Owned Battery Energy Storage System Market, By Connection Type, 2013–2022 (USD Million)
Table 43 Utility-Owned Battery Energy Storage System Market, By Battery Type, 2013–2022 (USD Million)
Table 44 Utility-Owned Battery Energy Storage System Market, By Connection Type, 2013–2022 (USD Million)
Table 45 Battery Energy Storage System Market, By Application, 2013–2022 (USD Million)
Table 46 Battery Energy Storage System Market for Residential Application, By Battery Type, 2013–2022 (USD Million)
Table 47 Battery Energy Storage System Market for Residential Application, By Connection Type, 2013–2022 (USD Million)
Table 48 Battery Energy Storage System Market for Residential Application, By Geography, 2013–2022 (USD Million)
Table 49 Battery Energy Storage System Market for Non-Residential Application, Bybattery Type, 2013–2022 (USD Million)
Table 50 Battery Energy Storage System Market for Non- Residential Application, By Connection Type, 2013–2022 (USD Million)
Table 51 Battery Energy Storage System Market for Non-Residential Application, By Geography, 2013–2022 (USD Million)
Table 52 Battery Energy Storage System Market for Utility Application, By Battery Type, 2013–2022 (USD Million)
Table 53 Battery Energy Storage System Market for Utility Application, By Connection Type, 2013–2022 (USD Million)
Table 54 Battery Energy Storage System Market for Utility Application, By Geography , 2013–2022 (USD Million)
Table 55 Battery Energy Storage System Market for Other Application, By Battery Type, 2013–2022 (USD Million)
Table 56 Battery Energy Storage System Market for Other Application, By Connection Type, 2013–2022 (USD Million)
Table 57 Battery Energy Storage System Market for Other Application, By Geography, 2013–2022 (USD Million)
Table 58 Battery Energy Storage System Market Size for Transportation Application, 2013–2022
Table 59 Battery Energy Storage System Market, By Geography, 2013–2022 (USD Million)
Table 60 Battery Energy Storage System Market in North America, By Application, 2013–2022 (USD Million)
Table 61 Battery Energy Storage System Market in North America, By Battery Type, 2013–2022 (USD Million)
Table 62 Battery Energy Storage System Market in North America, By Country, 2013–2022 (USD Million)
Table 63 Battery Energy Storage System Market in Europe, By Application, 2013–2022 (USD Million)
Table 64 Battery Energy Storage System Market in Europe, By Battery Type, 2013–2022 (USD Million)
Table 65 Battery Energy Storage System Market in Europe, By Geography, 2013–2022 (USD Million)
Table 66 Battery Energy Storage System Market in APAC, By Application, 2013–2022 (USD Million)
Table 67 Battery Energy Storage System Market in APAC, By Battery Type, 2013–2022 (USD Million)
Table 68 Battery Energy Storage System Market in APAC, By Geography, 2013–2022 (USD Million)
Table 69 Battery Energy Storage System Market in RoW, By Application, 2013–2022 (USD Million)
Table 70 Battery Energy Storage System Market in RoW, By Battery Type, 2013–2020 (USD Million)
Table 71 Battery Energy Storage System Market in RoW, By Geography, 2013–2022 (USD Million)
Table 72 Ranking of Key Players Operating in the Battery Energy Storage Systems Market, 2015
Table 73 Partnerships/Agreements & Contracts/Collaborations/Acquisitions, 2012–2015
Table 74 Expansions, 2015
Table 75 New Product Launches, 2015


List of Figures (77 Figures)

Figure 1 Battery Energy Storage System Market Segmentation
Figure 2 Research Design
Figure 3 Bottom-Up Approach
Figure 4 Top-Down Approach
Figure 5 Data Triangulation
Figure 6 Battery Energy Storage System Market Segmentation
Figure 7 Lithium-Ion Batteries Expected to Hold A Large Market Share During the Forecast Period
Figure 8 Battery Energy Storage System Market Size, 2013–2022 (USD Million)
Figure 9 Residential Application Expected to Be the Fastest-Growing Market to Invest During the Forecast Period
Figure 10 Asia-Pacific Expected to Be the Fastest Growing Market During the Forecast Period
Figure 11 Attractive Growth Opportunities in the Battery Energy Storage System Market
Figure 12 Flow Batteries are Expected to Exhibit High Growth Between 2016 and 2022
Figure 13 Utility Application Accounted for the Largest Share of the Global Battery Energy Storage System Market in 2016
Figure 14 On-Grid Connection Type Expected to Hold the Largest Market Share in 2016
Figure 15 U.S. Expected to Hold the Largest Share of the Battery Energy Storage System Market
Figure 16 Battery Energy Storage System Market, By Geography
Figure 17 Demand From Electric Vehicles and Grid Flexibility is Expected to Support the Growth of Bess Market
Figure 18 Value Chain Analysis: Maximum Value is Added During the Manufacturing Stage
Figure 19 Bargaining Power of Buyers Expected to Have A High Impact
Figure 20 Porter’s Five Forces Analysis
Figure 21 Battery Energy Storage System Market: Intensity of Competitive Rivalry
Figure 22 Battery Energy Storage System Market: Threat of Substitutes
Figure 23 Battery Energy Storage System Market: Bargaining Power of Buyers
Figure 24 Battery Energy Storage System Market: Bargaining Power of Suppliers
Figure 25 Battery Energy Storage System Market: Threat of New Entrants
Figure 26 Lithium-Ion Battery to Show Potential Growth By 2022
Figure 27 Customer-Owned Lithium-Ion Battery Market to Grow at the Highest CAGR Between 2016 and 2022
Figure 28 North America to Lead the Lithium-Ion Battery Market During the Forecast Period
Figure 29 On-Grid Connection Type to Hold the Large Market Size Between 2016 and 2022
Figure 30 Utility-Owned System to Lead the Flow Battery Type Market
Figure 31 Market for Residential Application of Advanced Lead-Acid Battery Type to Grow at A Highest CAGR Between 2016 and 2022
Figure 32 On-Grid Connection Type to Show Potential Growth By 2022
Figure 33 Hardware Market to Show Potential Growth By 2022
Figure 34 Market for On-Grid Connection Type to Grow at A High CAGR During the Forecast Period
Figure 35 Lithium-Ion Battery Type to Lead the On-Grid Connection Type During the Forecast Period
Figure 36 Customer-Owned On-Grid Connection Type Expected to Have Greater Demand
Figure 37 Residential Application of On-Grid Connection Type to Grow at the Highest CAGR During the Forecast Period
Figure 38 Utility-Owned Off-Grid Connection Type to Show Potential Growth By 2022
Figure 39 Customer-Owned Expected to Grow at A High CAGR Between 2016 and 2020
Figure 40 Lithium-Ion Battery Type to Show Potential Growth in Customer-Owned Market
Figure 41 Flow Batteries to Grow at A High CAGR in Third-Party-Owned Battery Storage Market
Figure 42 On-Grid Connection Type to Show Potential Growth in Utility-Owned Market
Figure 43 Residential Application to Grow at the Highest CAGR During the Forecast Period Between 2016 and 2022
Figure 44 On-Grid to Grow at High CAGR During the Forecast Period
Figure 45 Flow Batteries for Non-Residential Application to Grow at the Highest Rate
Figure 46 On-Grid Connection Type for Utility Application to Grow at High Rate During the Forecast Period (2016-2022)
Figure 47 North America to Occupy Major Share in Other Application in 2016
Figure 48 Declining Prices of Lithium-Ion Batteries Expected to Boost the Trasportation Application of the Bess Market
Figure 49 Geographic Snapshot – Global Battery Energy Storage System Market, By Geography
Figure 50 North America Battery Energy Storage System Market Snapshot (2016–2022): Demand for Energy Storage Would Be Driven By the Utility Sector
Figure 51 Lithium-Ion to Lead in North America Geography During the Forecast Period
Figure 52 Residential Application to Grow at the Highest Rate During the Forecast Period in Europe
Figure 53 Germany to Show Potential Growth in Europe During the Forecast Period
Figure 54 Asia-Pacific Battery Energy Storage System Market Snapshot: China Expected to Be the Most Lucrative Market By 2022
Figure 55 Flow Batteries to Grow at the Highest CAGR in APAC Geography
Figure 56 Utility Application in the Rest of the World to Lead the Market During the Forecast Period
Figure 57 Companies Adopted Agreements/Contracts and Expansions as the Key Growth Strategies Between 2012 and 2015
Figure 58 Market Evolution Framework: Partnerships/Agreements/ Collaborations Fueled the Growth in the Battery Energy Storage Systems Market (2014-2015)
Figure 59 Battle for Market Share: New Product Developments Was the Key Strategy in 2015
Figure 60 Geographic Revenue Mix of Top 5 Players
Figure 61 ABB Ltd.: Company Snapshot
Figure 62 ABB Ltd.: SWOT Analysis
Figure 63 LG Chem.: Company Snapshot
Figure 64 LG Chem.: SWOT Analysis
Figure 65 NEC Corporation.: Company Snapshot
Figure 66 NEC Corporation.: SWOT Analysis
Figure 67 Panasonic Corp.: Company Snapshot
Figure 68 Panasonic Corporation: SWOT Analysis
Figure 69 Samsung SDI Co., Ltd.: Company Snapshot
Figure 70 Samsung SDI Co., Ltd.: SWOT Analysis
Figure 71 AEG Power Solutions.: Company Snapshot
Figure 72 General Electric Co.: Company Snapshot
Figure 73 Hitachi Ltd.: Company Snapshot
Figure 74 Siemens AG.: Company Snapshot
Figure 75 Tesla Motors Ltd.: Company Snapshot
Figure 76 Marketsandmarkets Knowledge Store Snapshot
Figure 77 Marketsandmarkets Knowledge Store: Semiconductor & Electronics Industry Snapshot

The battery energy storage system market is expected to grow at a CAGR of 37.0% between 2016 and 2022 and is expected to reach USD 6.81 Billion by 2022. The growth of the battery energy storage system market is driven by the increasing demand for grid connected solutions, growing electric vehicle market, high requirement of lithium-ion batteries in various applications, and government support.

There is a growing market for battery energy storage system in residential, non-residential, and transportation application. The residential battery energy storage systems are gaining popularity owing to interest in the use of natural energy and as a power source at the time of emergency. Moreover, lithium-ion batteries are expected to become mainstream technology for residential battery energy storage systems as it supports cutting down the amount of power lost from AC-DC conversion. The battery energy storage system in non-residential application supports electricity bills savings, thereby reducing the peak hour demand. This factor is expected to drive the growth of non-residential sector of this market. Additionally, the increasing market of electric vehicles is supporting the growth of the battery energy storage system market for the transportation sector.

The battery energy storage system market on the basis of battery type is segmented into advanced-lead acid batteries, flow batteries, lithium-ion batteries, and sodium-sulfur (NAS) batteries among others. The lithium-ion batteries (LIBs) are currently used in a majority of BEVs and PHEVs, and it is likely that they would continue to lead throughout the next decade. Furthermore, the increasing advancement in flow batteries which are considered safer than lithium-ion batteries are expected to support the growth of battery energy storage system. The flow batteries can resist greater temperatures and periods of idleness, which makes them suitable for storing and releasing renewable energy such as that from solar panels and wind turbines. The most popular flow batteries include vanadium redox flow battery and hybrid flow batteries which include zinc-bromine, zinc-cerium, and lead-acid among others. These factors are driving the growth of the market for battery energy storage system based on the flow battery technology.

In 2015, the utility application held the largest market in Asia-Pacific, whereas the residential application is expected to grow at a high CAGR between 2016 and 2022. The major reasons driving the growth of the battery energy storage system market in the APAC region is the large number energy storage installations in countries such as China, Japan, and India.

Battery Energy Storage System Market

The APAC region offers potential growth opportunities as there is a rise in the adoption of battery energy storage system owing to the attractive residential sector. Some of the major battery energy storage system developers located in Asia-Pacific are Samsung SDI (South Korea), LG Chem. (South Korea), Hitachi ltd (Japan), Panasonic Corporation (Japan), and NEC Corporation (Japan).

The requirement of high investment acts as major restraining factor for the battery energy storage system market. In the battery energy storage system market, LG Chem Ltd. is considered to be a leading provider of lithium-ion batteries. It offers products mainly for the battery segment. LG Chem. has won the world’s highest amount of second round order contracts for its automotive battery business. It continuously focuses on expanding its customer base in the energy storage battery business by winning large energy grid projects in North America and Europe. The company has a wide product portfolio that covers segments such as petrochemical, battery, and information & electric materials. The company holds a good position in the APAC region and is focusing on catering to other big potential markets such as Europe and North America.

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