HOME Top Market Reports Battery Energy Storage System Market by Element (Battery, Hardware), Battery Type (Lithium-Ion, Advanced Lead Acid, Flow Batteries, Sodium Sulfur), Connection Type (On-Grid And Off-Grid), Ownership, Application, and Geography - Global Forecast to 2023

Battery Energy Storage System Market by Element (Battery, Hardware), Battery Type (Lithium-Ion, Advanced Lead Acid, Flow Batteries, Sodium Sulfur), Connection Type (On-Grid And Off-Grid), Ownership, Application, and Geography - Global Forecast to 2023

By: marketsandmarkets.com
Publishing Date: March 2018
Report Code: SE 4200

 

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The battery energy storage systems are primarily used to reduce peak demand charges; integrate renewable source, regulate voltage, and frequency; and provide backup power supply. The battery energy storage system market was valued at USD 1.45 Billion in 2017 and is expected to reach USD 8.54 Billion by 2023, at a CAGR of 33.9% between 2018 and 2023.  The base year considered for the study is 2017, and the forecast period is between 2018 and 2023. The major factors driving the growth of the battery energy storage system market include the increasing demand for grid-connected solutions, high demand for the lithium-ion technology in the renewable energy industry, and declining prices of lithium-ion batteries.

The objective of the report is to provide a detailed analysis of the battery energy storage system market segmented on the basis of element, battery type, ownership, connection type, application, and geography. It also provides detailed information on the major factors influencing the growth of the battery energy storage system market.

The research methodology used to estimate and forecast the battery energy storage system market begins with obtaining the data on the revenues of key vendors through secondary research via sources such as European Committee for Standardization (CEN), and International Electrotechnical Commission (IEC). The vendors’ offerings have also been taken into consideration to determine market segments. The bottom-up procedure has been employed to arrive at the overall size of the battery energy storage system market from the revenues of key players. After arriving at the overall market size, the total market has been split into several segments and subsegments, which have then been verified through primary research by conducting extensive interviews with the key experts such as CEOs, VPs, directors, and executives. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments. The breakdown of the profiles of primaries has been depicted in the following figure.

Battery Energy Storage System Market

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

Some of the major players operating in the battery energy storage system market are ABB (Switzerland), LG Chem (South Korea), NEC (Japan), Panasonic (Japan), Samsung SDI (South Korea). The battery energy storage systems provided by these players are required to meet the standards mandated by governmental organizations, such as International Organization for Standardization (ISO).

Key Target Audience

  • Battery energy storage system manufacturers
  • Battery energy storage system providers
  • Energy storage research institutions
  • Government and research organizations
  • Grid operators
  • Research organizations and consulting companies
  • Solid-state battery, electrochemical capacitor, and other energy storage technology manufacturers
  • Technology standard organizations, forums, alliances, and associations

“This study answers several questions for the stakeholders, primarily, which market segments to focus on in the next 2–5 years for prioritizing efforts and investments”

Scope of the Report

This research report categorizes the battery energy storage system market on the basis of element, battery type, ownership, connection type, application, and geography.

Battery Energy Storage System Market, by Element:

  • Battery
  • Hardware
  • Other Elements

Battery Energy Storage System Market, by Battery Type:

  • Lithium-Ion Batteries
  • Sodium–Sulfur Batteries
  • Flow Batteries
  • Advanced Lead-Acid Batteries
  • Others

Battery Energy Storage System Market, by Ownership:

  • Utility Owned
  • Customer Owned
  • Third-Party Owned

Battery Energy Storage Systems Market, by Connection Type:

  • On-Grid Connection
  • Off-Grid Connection

Battery Energy Storage System Market, by Application:

  • Residential
  • Non-Residential
  • Utilities
  • Other Applications

Battery Energy Storage System Market, by Geography:

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Rest of the World (RoW)

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 (up to 5)

Table of Contents

1 Introduction (Page No. - 18)
    1.1 Objectives of the Study
    1.2 Definition
    1.3 Scope of Study
           1.3.1 Markets Covered
           1.3.2 Years Considered for Study
    1.4 Currency & Pricing
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 22)
    2.1 Research Data
           2.1.1 Secondary & Primary Research
           2.1.2 Secondary Data
                    2.1.2.1 List of Major Secondary Sources
                    2.1.2.2 Secondary Sources
           2.1.3 Primary Data
                    2.1.3.1 Primary Interviews With Experts
                    2.1.3.2 Key Data From Primary Sources
                    2.1.3.3 Key Industry Insights
                    2.1.3.4 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
                    2.2.1.1 Approach for Arriving at the Market Share By the Bottom-Up Analysis (Demand Side)
           2.2.2 Top-Down Approach
                    2.2.2.1 Approach for Capturing the Market Share By Top-Down Analysis (Supply Side)
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 31)

4 Premium Insights (Page No. - 36)
    4.1 Attractive Growth Opportunities in Battery Energy Storage System Market
    4.2 Battery Energy Storage System Market, By Battery Type
    4.3 Battery Energy Storage System Market, By Ownership
    4.4 Battery Energy Storage System Market, By Connection Type
    4.5 Battery Energy Storage System Market, By Application
    4.6 Battery Energy Storage System Market in APAC, By Application & Country
    4.7 Battery Energy Storage System Market, By Geography

5 Market Overview (Page No. - 40)
    5.1 Introduction
           5.1.1 Drivers
                    5.1.1.1 Increasing Demand for Grid-Connected Solutions
                    5.1.1.2 High Demand for the Lithium-Ion Technology in the Renewable Energy Industry
                    5.1.1.3 Declining Prices of Lithium-Ion Batteries
           5.1.2 Restraints
                    5.1.2.1 High Capital Investment Required for the Deployment
                    5.1.2.2 Lack of the Availability of Vendors and Project Financing
           5.1.3 Opportunities
                    5.1.3.1 Increasing Focus on Rural Electrification Worldwide
                    5.1.3.2 Development of Molten-Salt Battery Technology
                    5.1.3.3 Large Storage Requirements in Datacenters
                    5.1.3.4 Efforts Taken By Governments Around the World to Reduce Carbon Emissions By Mandating on Fuel Economy
           5.1.4 Challenge
                    5.1.4.1 Installation of Battery Energy Storage Systems in Remote Locations

6 Industry Trends (Page No. - 46)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Standards & Regulations for Battery Energy Storage System
    6.4 Software & Services in Battery Energy Storage System
           6.4.1 Services
    6.5 List of Installed Battery Energy Storage System Projects in 2017

7 Battery Energy Storage System Market, By Element (Page No. - 53)
    7.1 Introduction
    7.2 Battery
    7.3 Hardware
    7.4 Other Elements

8 Battery Energy Storage System Market, By Battery Type (Page No. - 61)
    8.1 Introduction
    8.2 Lithium-Ion Batteries
    8.3 Sodium–Sulfur Batteries
    8.4 Advanced Lead-Acid Batteries
    8.5 Flow Batteries
    8.6 Others
           8.6.1 Nickel–Cadmium Battery
           8.6.2 Nickel Metal Hydride Battery
           8.6.3 Nickel–Iron Battery

9 Battery Energy Storage System Market, By Connection Type (Page No. - 83)
    9.1 Introduction
    9.2 On-Grid Connection
    9.3 Off-Grid Connection

10 Battery Energy Storage System Market, By Ownership (Page No. - 95)
     10.1 Introduction
     10.2 Customer Owned
     10.3 Third-Party Owned
     10.4 Utility Owned

11 Battery Energy Storage System Market, By Application (Page No. - 107)
     11.1 Introduction
             11.1.1 Residential
             11.1.2 Non-Residential
             11.1.3 Utilities
             11.1.4 Other Applications

12 Geographic Analysis (Page No. - 119)
     12.1 Introduction
     12.2 North America
             12.2.1 US
             12.2.2 Canada
             12.2.3 Mexico
     12.3 Europe
             12.3.1 UK
             12.3.2 Germany
             12.3.3 France
             12.3.4 Rest of Europe
     12.4 APAC
             12.4.1 China
             12.4.2 Japan
             12.4.3 India
             12.4.4 South Korea
             12.4.5 Rest of APAC
     12.5 Rest of the World (RoW)
             12.5.1 South America
             12.5.2 Middle East
             12.5.3 Africa

13 Competitive Landscape (Page No. - 145)
     13.1 Overview
     13.2 Market Ranking Analysis: Battery Energy Storage System Market, 2017
     13.3 Competitive Situation & Trends
             13.3.1 Agreements, Contracts, Collaborations, & Partnerships
             13.3.2 Product Launches & Developments
             13.3.3 Expansions
             13.3.4 Acquisitions

14 Company Profiles (Page No. - 151)
     14.1 Introduction
(Business Overview, Products Offered, Recent Developments, MnM View, SWOT Analysis)*
     14.2 Key Players
             14.2.1 ABB
             14.2.2 LG Chem
             14.2.3 NEC
             14.2.4 Panasonic
             14.2.5 Samsung SDI
             14.2.6 AEG Power Solutions
             14.2.7 General Electric
             14.2.8 Hitachi
             14.2.9 Siemens AG
             14.2.10 Tesla
*Business Overview, Products Offered, Recent Developments, MnM View, SWOT Analysis Might Not Be Captured in Case of Unlisted Companies.
     14.3 Other Key Players
             14.3.1 The Aes Corporation
             14.3.2 Alevo Group
             14.3.3 Exergonix
             14.3.4 Corvus Energy
             14.3.5 East Penn Manufacturing
             14.3.6 Enerdel
             14.3.7 Mitsubishi Heavy Industries (MHI) Group
             14.3.8 NGK Insulators
             14.3.9 Toshiba Infrastructure Systems & Solutions
             14.3.10 Trinabess

15 Appendix (Page No. - 187)
     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
     15.7 Author Details


List of Tables (83 Tables)

Table 1 Capital, Operational, and Charging Costs for Battery Energy Storage Systems
Table 2 Regulations and Standards for Battery Energy Storage Systems
Table 3 Battery Energy Storage Systems Installed in 2017
Table 4 Battery Energy Storage System Market, By Element, 2015–2023 (USD Million)
Table 5 Battery Energy Storage System Market for Hardware, By Connection Type, 2015–2023 (USD Million)
Table 6 Battery Energy Storage System Market for Hardware, By Ownership, 2015–2023 (USD Million)
Table 7 Battery Energy Storage System Market for Hardware, By Application, 2015–2023 (USD Million)
Table 8 Battery Energy Storage System Market for Hardware, By Region, 2015–2023 (USD Million)
Table 9 Battery Energy Storage System Market for Other, By Connection Type, 2015–2023 (USD Million)
Table 10 Battery Energy Storage System Market for Other, By Ownership, 2015–2023 (USD Million)
Table 11 Battery Energy Storage System Market for Other, By Application, 2015–2023 (USD Million)
Table 12 Battery Energy Storage System Market for Other, By Region, 2015–2023 (USD Million)
Table 13 Comparison Between Lithium-Ion and Lead-Acid Batteries
Table 14 Battery Energy Storage System Market, By Battery Type, 2015–2023 (USD Million)
Table 15 Battery Energy Storage System Projects Commissioned in Central & Eastern Europe (Cee)
Table 16 Battery Energy Storage System Market for Lithium-Ion Batteries, By Ownership, 2015–2023 (USD Million)
Table 17 Battery Energy Storage System Market for Lithium-Ion Batteries, By Application, 2015–2023 (USD Million)
Table 18 Battery Energy Storage System Market for Lithium-Ion Batteries, By Connection Type, 2015–2023 (USD Million)
Table 19 Battery Energy Storage System Market for Lithium-Ion Batteries, By Region, 2015–2023 (USD Million)
Table 20 Battery Energy Storage System Market for Sodium–Sulfur Batteries, By Ownership, 2015–2023 (USD Million)
Table 21 Battery Energy Storage System Market for Sodium–Sulfur Batteries, By Application, 2015–2023 (USD Million)
Table 22 Battery Energy Storage System Market for Sodium–Sulfur Batteries, By Connection Type, 2015–2023 (USD Million)
Table 23 Battery Energy Storage System Market for Sodium–Sulfur Batteries, By Region, 2015–2023 (USD Million)
Table 24 Battery Energy Storage System Market for Advanced Lead-Acid Batteries, By Ownership, 2015–2023 (USD Million)
Table 25 Battery Energy Storage System Market for Advanced Lead-Acid Batteries, By Application, 2015–2023 (USD Million)
Table 26 Battery Energy Storage System Market for Advanced Lead-Acid Batteries, By Connection Type, 2015–2023 (USD Million)
Table 27 Battery Energy Storage System Market for Advanced Lead-Acid Batteries, By Region, 2015–2023 (USD Million)
Table 28 Battery Energy Storage System Market for Flow Batteries, By Ownership, 2015–2023 (USD Million)
Table 29 Battery Energy Storage System Market for Flow Batteries, By Application, 2015–2023 (USD Million)
Table 30 Battery Energy Storage System Market for Flow Batteries, By Connection Type, 2015–2023 (USD Million)
Table 31 Battery Energy Storage System Market for Flow Battery Type, By Region, 2015–2023 (USD Million)
Table 32 Battery Energy Storage System Market for Other Battery Types, By Ownership, 2015–2023 (USD Million)
Table 33 Battery Energy Storage System Market for Other Battery Types, By Application Type, 2015–2023 (USD Million)
Table 34 Battery Energy Storage System Market for Other Battery Types, By Connection Type, 2015–2023 (USD Million)
Table 35 Battery Energy Storage System Market for Other Battery Types, By Region, 2015–2023 (USD Million)
Table 36 Battery Energy Storage System Market, By Connection Type, 2015–2023 (USD Million)
Table 37 Battery Energy Storage System Market for On-Grid Connection, By Element, 2015–2023 (USD Million)
Table 38 Battery Energy Storage System Market for On-Grid Connection, By Ownership, 2015–2023 (USD Million)
Table 39 Battery Energy Storage System Market for On-Grid Connection, By Application, 2015–2023 (USD Million)
Table 40 Battery Energy Storage System Market for Off-Grid Connection, By Element, 2015–2023 (USD Million)
Table 41 Battery Energy Storage System Market for Off-Grid Connection, By Ownership, 2015–2023 (USD Million)
Table 42 Battery Energy Storage System Market for Off-Grid Connection, By Application, 2015–2023 (USD Million)
Table 43 Battery Energy Storage System Market, By Ownership, 2015–2023 (USD Million)
Table 44 Projects Based on Customer-Owned Battery Energy Storage Systems
Table 45 Battery Energy Storage System Market for Customer Owned, By Connection Type, 2015–2023 (USD Million)
Table 46 Battery Energy Storage System Market for Customer Owned, By Element, 2015–2023 (USD Million)
Table 47 Battery Energy Storage System Market for Third-Party Owned, By Connection Type, 2015–2023 (USD Million)
Table 48 Battery Energy Storage System Market for Third-Party Owned, By Element, 2015–2023 (USD Million)
Table 49 Projects Based on Utility-Owned Battery Energy Storage Systems
Table 50 Battery Energy Storage System Market for Utility Owned, By Connection Type, 2015–2023 (USD Million)
Table 51 Battery Energy Storage System Market for Utility Owned, By Element, 2015–2023 (USD Million)
Table 52 Battery Energy Storage System Market, By Application, 2015–2023 (USD Million)
Table 53 Battery Energy Storage System Market for Residential Application, By Element, 2015–2023 (USD Million)
Table 54 Battery Energy Storage System Market for Residential Application, By Connection Type, 2015–2023 (USD Million)
Table 55 Battery Energy Storage System Market for Residential Application, By Region, 2015–2023 (USD Million)
Table 56 Battery Energy Storage System Market for Non-Residential Application, By Element, 2015–2023 (USD Million)
Table 57 Battery Energy Storage System Market for Non-Residential Application, By Connection Type, 2015–2023 (USD Million)
Table 58 Battery Energy Storage System Market for Non-Residential Application, By Region, 2015–2023 (USD Million)
Table 59 Battery Energy Storage System Market for Utilities, By Element, 2015–2023 (USD Million)
Table 60 Battery Energy Storage System Market for Utilities, By Connection Type, 2015–2023 (USD Million)
Table 61 Battery Energy Storage System Market for Utilities, By Region, 2015–2023 (USD Million)
Table 62 Battery Energy Storage System Market for Other Applications, By Element, 2015–2023 (USD Million)
Table 63 Battery Energy Storage System Market for Other Applications, By Connection Type, 2015–2023 (USD Million)
Table 64 Battery Energy Storage System Market for Other Applications, By Region, 2015–2023 (USD Million)
Table 65 Battery Energy Storage System Market, By Region, 2015–2023 (USD Million)
Table 66 Battery Energy Storage System Market in North America, By Country, 2015–2023 (USD Million)
Table 67 Battery Energy Storage System Market in North America, By Element, 2015–2023 (USD Million)
Table 68 Battery Energy Storage System Market in North America, By Application, 2015–2023 (USD Million)
Table 69 Events for Battery Energy Storage System in Us
Table 70 Battery Energy Storage System Market in Europe, By Country, 2015–2023 (USD Million)
Table 71 Battery Energy Storage System Market in Europe, By Element, 2015–2023 (USD Million)
Table 72 Battery Energy Storage System Market in Europe, By Application, 2015–2023 (USD Million)
Table 73 Battery Energy Storage System-Related Events to Be Held in UK in 2018
Table 74 Battery Energy Storage System Related Events Held in Germany
Table 75 Battery Energy Storage System Market in APAC, By Country, 2015–2023 (USD Million)
Table 76 Battery Energy Storage System Market in APAC, By Element, 2015–2023 (USD Million)
Table 77 Battery Energy Storage System Market in APAC, By Application, 2015–2023 (USD Million)
Table 78 Upcoming Events Related to Battery Energy Storage System in APAC
Table 79 Upcoming Events Related to Battery Energy Storage System in RoW
Table 80 Battery Energy Storage System Market in RoW, By Region, 2015–2023 (USD Million)
Table 81 Battery Energy Storage System Market in RoW, By Element, 2015–2023 (USD Million)
Table 82 Battery Energy Storage System Market in RoW, By Application, 2015–2023 (USD Million)
Table 83 Ranking of Key Players in Battery Energy Storage System Market, 2017


List of Figures (79 Figures)

Figure 1 Segmentation of Battery Energy Storage System Market
Figure 2 Battery Energy Storage System Market: Research Design
Figure 3 Battery Energy Storage System Market: Bottom-Up Approach
Figure 4 Battery Energy Storage System Market: Top-Down Approach
Figure 5 Data Triangulation
Figure 6 Assumptions for Research Study
Figure 7 Battery Energy Storage System Market for Residential Application to Grow at Highest CAGR During Forecast Period
Figure 8 Lithium-Ion Batteries to Hold Largest Size of Battery Energy Storage System During Forecast Period
Figure 9 Battery Energy Storage System Market for On-Grid Connection to Grow at A Higher CAGR During Forecast Period
Figure 10 Utility-Owned Type to Hold Largest Size of Battery Energy Storage System Market By 2023
Figure 11 Battery Energy Storage System Market, By Region
Figure 12 Increasing Demand for Grid Flexibility Boost Adoption of Battery Energy Storage System
Figure 13 Battery Energy Storage System Market for Flow Batteries to Grow at Highest CAGR Between 2018 and 2023
Figure 14 Utility-Owned Type to Hold Largest Size of Battery Energy Storage System Market in 2018
Figure 15 On-Grid Connection to Dominate Battery Energy Storage System Market During Forecast Period
Figure 16 Utilities Held Largest Share of Battery Energy Storage System Market in 2018
Figure 17 Utilities to Hold Largest Share of Battery Energy Storage System Market in APAC in 2018
Figure 18 US to Hold Held Largest Share of Battery Energy Storage System Market in 2018
Figure 19 Demand From Grid Connected Solutions Drives Growth of Battery Energy Storage System Market
Figure 20 Battery Energy Storage Systems: Maximum Value Added During Manufacturing Stage
Figure 21 Functions of Battery Management System (BMS)
Figure 22 Battery to Hold Largest Size of Battery Energy Storage System Market By 2023
Figure 23 Layout of Battery Energy Storage System
Figure 24 On-Grid Connection to Hold Largest Size of Market for Hardware By 2023
Figure 25 On-Grid Connection to Hold Largest Size of Market for Other By 2023
Figure 26 Battery Energy Storage System Market, By Battery Type
Figure 27 Lithium-Ion Batteries to Hold Largest Size of Battery Energy Storage System Market By 2023
Figure 28 Market for Customer Owned Battery Energy Storage System to Grow at Highest CAGR Between 2018 and 2023
Figure 29 North America to Hold Largest Size of Battery Energy Storage System Market for Lithium-Ion Batteries By 2023
Figure 30 Comparison of Sodium–Sulfur Batteries With Other Batteries
Figure 31 On-Grid Connection to Hold Larger Size of Battery Energy Storage System Market for Sodium–Sulfur Batteries By 2023
Figure 32 Utility-Owned Battery Energy Storage System to Hold Largest Size of Market for Advanced Lead-Acid Batteries By 2023
Figure 33 Battery Energy Storage System Market for Advanced Lead-Acid Batteries in APAC to Grow at Highest CAGR During Forecast Period
Figure 34 Flow Battery Based Battery Energy Storage System Market for On-Grid Connection to Grow at Higher CAGR During Forecast Period
Figure 35 Utilities to Dominate Battery Energy Storage System Market for Other Battery Types During Forecast Period
Figure 36 Importance of Battery Energy Storage System in Grid Connection
Figure 37 Applications of Battery Energy Storage System on Grid
Figure 38 Battery Energy Storage System Market for On-Grid Connection to Grow at Higher CAGR During Forecast Period
Figure 39 On-Grid Connection
Figure 40 Battery to Hold Largest Size of Battery Energy Storage System Market for On-Grid Connection During Forecast Period
Figure 41 On-Grid Battery Energy Storage System Market for Customer Owned to Grow at Highest CAGR During Forecast Period
Figure 42 On-Grid Battery Energy Storage System Market for Residential Application to Grow at Highest CAGR During Forecast Period
Figure 43 Basic Off-Grid System
Figure 44 Utility-Owned Battery Energy Storage System to Dominate Market for Off-Grid Connection Between 2018 and 2023
Figure 45 Battery Energy Storage System Market, By Ownership
Figure 46 Utility-Owned Battery Energy Storage Systems to Hold Largest Size of Market By 2023
Figure 47 Layout of Battery Energy Storage System Installation in Residential Area
Figure 48 On-Grid Connection to Hold Largest Size of Market for Customer-Owned Battery Energy Storage Systems By 2023
Figure 49 On-Grid Connection to Hold Larger Size of Third-Party-Owned Battery Energy Storage System Market By 2023
Figure 50 Number of Projects By RTO/ISO and Type of Ownership, 2015
Figure 51 Battery Element to Hold Larger Size of Utility-Owned Battery Energy Storage System Market By 2023
Figure 52 Battery Energy Storage System Market, By Application
Figure 53 Battery Energy Storage System Market for Residential Application to Grow at Highest CAGR During Forecast Period
Figure 54 Tesla Powerwall Installed for Residential Application
Figure 55 On-Grid Connection to Hold Larger Size of Battery Energy Storage System Market By 2023
Figure 56 Battery Market for Non-Residential Application to Grow at Highest CAGR During Forecast Period
Figure 57 Battery Energy Storage System Market for Utilities for Battery to Grow at Highest CAGR During Forecast Period
Figure 58 Battery Energy Storage System Market for Other Applications for Battery to Grow at Highest CAGR Between 2018 and 2023
Figure 59 Battery Energy Storage System Market, By Geography
Figure 60 Geographic Snapshot of Battery Energy Storage System Market
Figure 61 North America to Hold Largest Size of Battery Energy Storage System Market During Forecast Period
Figure 62 North America: Market Snapshot
Figure 63 Battery to Hold Largest Size of North American Battery Energy Storage Market During Forecast Period
Figure 64 Europe: Market Snapshot
Figure 65 Battery Energy Storage System Market in Europe for Residential Application to Grow at Highest CAGR During Forecast Period
Figure 66 APAC: Market Snapshot
Figure 67 Battery Energy Storage System Market in China to Grow at Highest CAGR During Forecast Period
Figure 68 South America to Dominate Battery Energy Storage System Market in RoW During Forecast Period
Figure 69 Agreements, Contracts, Collaborations, and Partnerships as Key Growth Strategies Adopted By Companies Between 2015 and 2017
Figure 70 ABB: Company Snapshot
Figure 71 LG Chem : Company Snapshot
Figure 72 NEC: Company Snapshot
Figure 73 Panasonic: Company Snapshot
Figure 74 Samsung SDI: Company Snapshot
Figure 75 AEG Power Solutions: Company Snapshot
Figure 76 General Electric: Company Snapshot
Figure 77 Hitachi: Company Snapshot
Figure 78 Siemens AG: Company Snapshot
Figure 79 Tesla: Company Snapshot

The battery energy storage system market is expected to grow from USD 1.98 Billion in 2018 to reach USD 8.54 Billion by 2023, at a CAGR of 33.9% between 2018 and 2023. Factors that drive the growth of the market include the increasing demand for grid-connected solutions, high demand for the lithium-ion technology in the renewable energy industry, and declining prices of lithium-ion batteries.

The lithium-ion batteries are expected to hold the largest share of the battery energy storage system market between 2018 and 2023. The lithium-ion batteries have reliable cycle life as well as high energy and power density in terms of volume, high charge/discharge efficiency, and low maintenance needs. Additionally, these batteries have lighter weight than nickel–cadmium and nickel metal-hydride batteries. These features of lithium-ion batteries are expected to drive the battery energy storage system market.

The battery energy storage systems market for on-grid connection is expected to grow at a higher CAGR between 2018 and 2023. The on-grid battery energy storage systems use the utility grids for supplying electricity to consumers, which also helps reduce the energy bills. The load leveling, peak shaving, and power demand management are the main applications of any on-grid connected battery energy storage system installed with electrical grids. These factors contribute to the growth of the market for on-grid battery energy storage systems.

The market for the customer-owned battery energy storage systems is expected to grow at the highest CAGR between 2018 and 2023. The customer-owned battery energy storage systems help reduce the electricity cost, as electricity is charged under the time-of-use (TOU) tariff. Under the TOU tariff, the customer can easily reduce the energy cost (electricity cost and annual investment cost) through the adoption of battery energy storage systems.

Batteries held the largest size of the battery energy storage system market in 2017. Battery is the major part of the battery energy storage systems. It leads to 60% of the total cost of the system. The different types of batteries used in the battery energy storage systems are lithium-ion, advanced lead-acid batteries, sodium–sulfur, and flow batteries, among others. The choice of these batteries depends on the characteristics of these batteries and their intended application. Availability of types of battery is driving the growth of the battery energy storage system market for this market.

The battery energy storage system market for utilities is expected to grow at the highest CAGR between 2018 and 2023. The generation and consumption of electricity need to be matched at all times, as mismatch leads to the voltage and frequency deviations, and causes power outages and damage to the equipment. To overcome this problem, the utilities install battery energy storage systems with the electric grids, which control the voltage and frequency deviations. The battery energy storage systems used in utilities is a cost-effective alternative to replace a conventional infrastructure, especially in helping substations, and transmission and distribution (T&D) line to meet growing peak demands. These factors are fostering the growth of the battery energy storage system market.

Battery Energy Storage System Market

The battery energy storage system market in APAC is expected to grow at the highest CAGR between 2018 and 2023. Among the major APAC countries, Japan is contributing immensely to the battery energy storage system market. The Japanese government is aiming to make the Japanese companies capable of holding ~50% share of the world’s battery storage market by 2020. Japan has an active policy approach to energy storage, and it develops the battery storage industry policies for the adoption of storage technology. Some of the leading battery manufacturers providing batteries for the battery energy storage system are GS Yuasa, Hitachi, Mitsubishi, NEC, Panasonic, and Toshiba for lithium-ion; GS Yuasa and Shin-Kobe Electric Machinery for lead-acid batteries; NGK Insulators for sodium–sulfur batteries; and Sumitomo Electric for redox flow batteries are driving the battery energy storage system market.

Major factors restraining the growth of the battery energy storage system market include high capital investment required for the deployment and lack of the availability of vendors and project financing.  Key market players such as ABB (Switzerland), LG Chem (South Korea), NEC (Japan), Panasonic (Japan), Samsung SDI (South Korea) have adopted strategies such as product launches and developments, expansions, acquisitions, agreements, contracts, collaborations, and partnerships to gain a competitive edge in the battery energy storage system market and expand their distribution networks.

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