Battery Energy Storage System Market

Battery Energy Storage System Market with COVID-19 Impact by Element (Battery, Others), Battery Type (Lithium-Ion, Flow Batteries), Connection Type (On-Grid And Off-Grid), Ownership, Energy Capacity, Application, and Geography - Global Forecast to 2025

Report Code: SE 4200 Oct, 2020, by marketsandmarkets.com

[234 Pages Report] The battery energy storage system market is projected to grow from USD 2.9 billion in 2020 to USD 12.1 billion by 2025; it is expected to grow at a CAGR of 32.8% from 2020 to 2025. Increasing demand for continuous power and energy storage systems in critical infrastructures, adoption of grid energy storage solutions, grid modernization efforts, and increasing usage of lithium-ion battery based energy storage systems due to its excellent features are among the factors driving the market for battery energy storage systems. The report covers the battery energy storage system industry segmented into element, battery type, ownership, connection type, energy capacity, application, and geography.

Battery Energy Storage System Market

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COVID-19 impact on the battery energy storage system market

The battery energy storage system market has historically been subjected to significant growth due to the rise in demand for battery energy storage systems in the utility sector. However, the outbreak of the COVID-19 pandemic has resulted in a decline in the growth rate.

As a result of COVID-19, the expected growth of several application segments of the battery energy storage system market is expected to decline as it is restricting the supply of batteries and other components and the adoption due to severe disruptions in businesses and the global economy. The current situation has impacted the supply chain of the energy industry, particularly renewable energy technologies and battery energy storage systems. The key components of battery energy storage systems are mainly manufactured in Asia Pacific. The COVID-19 situation has exposed the overdependency on the region for key raw materials, especially China. The business of the energy storage system manufacturers in the US, Germany, and Australia has been adversely affected by the shutdown of operations in China and other Asia Pacific countries. It has also resulted in limited production leading to a serious decline in business inputs. The recovery depends on government assistance as well as the level of corporate debt and how the companies and markets cope with the low demand. The current demand for utility-owned energy storage systems is largely affected by the COVID-19 pandemic. Most of the projects in China, the US, Germany, and South Korea are operational and are used for integrating renewable energy power generation and grid balancing operations. However, some of the companies are facing short-term operational issues due to the limited availability of workforce. In addition, the per capita income of individuals has also been affected due to the pandemic, which has consequently declined the demand for residential battery energy storage systems. However, in countries such as India, where power cut is a major issue, battery energy storage systems have been used as a backup energy source during power shortage. However, there is no major surge in demand.

It is expected that the demand would increase in the coming years, and the market would recover by 2022. The deployment of battery energy storage in upcoming projects in the utility sector will support the recovery of the market. After the recovery phase, the market is expected to grow at a moderate rate until 2025.

Market Dynamics

Driver: Increasing demand for grid energy storage systems owing to ongoing grid modernization

Solar and wind energy are the most prominent types of renewable energy that are stored in grids. However, concealing of the sun by clouds or fluctuating wind currents lead to variations in the process of energy generation. Such fluctuations create the requirement of flexible grid systems used to store energy. Battery energy storage systems help grid operators to save electricity when the electricity generated exceeds the electricity demand. The adoption of these systems improves the reliability and flexibility of electricity supply systems with respect to generation, transmission, and distribution of electric power. During transmission and distribution of electricity, battery energy storage systems can handle asset deferral, ensure frequency regulation, carry out harmonic suppression, offer voltage support, and ensure power quality. Electric energy time shifting, baseload leveling and peak shaving, renewable energy time shifting, and renewable capacity firming are other benefits offered by battery energy storage systems for grid-connected solutions. All these factors drive the adoption of these battery energy storage systems, thereby fueling the growth of the market.

Siemens offers SIESTORAGE, an intelligent grid solution capable of overcoming the challenges in power supply in terms of the optimization of grid connections, flexibility of energy for modern grids, and support to large energy consumers. Broad Reach Power (US), an independent power generator, is planning to develop 15 small-scale battery storage plant sites in areas near Houston and Odessa in Texas (US) in 2020 and 2 large systems by 2021. Each site is expected to contain battery systems capable of storing and distributing up to 10 megawatts of power. While a number of parts of the US are facing economic challenges resulting from the spread of the COVID-19, Texas is uniquely poised for continued industrial growth in near future. The small systems developed by the company are expected to provide energy stabilization services, such as mitigating the impact of price spikes and dips that expose generators, utilities, and retail electric providers to uncertainty in the supply-demand matching that occurs in power grids.

The demand for battery energy storage systems goes hand-in-hand with grid modernization efforts, including the transition from traditional systems to new technologies such as smart grids. Batteries help unlock the full potential of smart technologies. In January 2019, a smart grid-based hybrid wind-solar project was initiated in Dubai (UAE) by the Korean Electric Power Corporation (KEPCO). This project is expected to incorporate a 500 kWh lithium-ion battery storage system, equipped with 2,000 IoT-connected sensors and smart meters.

Restraint: High capital expenditure required for installation of battery energy storage systems

Battery energy storage technologies, including lithium-ion batteries, flow batteries, and lead-acid batteries, require increased installation investments owing to high-energy density and improved performance offered by them. Lithium-ion batteries are costly as they offer high energy density, have a low rate of self-discharge, and require less maintenance. However, in future, costs of lithium-ion batteries are expected to decline. These batteries are also used in electric vehicles (EVs) as they are lightweight and compact, as well as have a large capacity.

Costs of battery energy storage systems depend on the type and the number of batteries used in them. They also vary according to the intended application (residential, commercial, and utilities) of these systems. The integration of different batteries (in the form of packs, modules, and racks), inverters, battery management systems (BMS), and wiring in battery energy storage systems results in their increased costs. During the installation of battery energy storage systems, the required capital cost is dependent on the footprint and space requirements (energy and power density) of storage systems; components (batteries, power conversion systems, and BMS) used in them; and facility infrastructures (communications and control, environmental control, and grid interconnection) wherein they are deployed. Moreover, the total operating cost of battery energy storage systems is a combination of a number of factors, including costs of charging batteries, labor associated with their installation; maintenance of plants wherein they are installed; replacement and repair costs of these systems; and costs for their decommissioning and disposal. Thus, the installation of battery energy storage systems in a plant or any required place needs high capital investments that act as a restraint for the growth of the market.

Opportunity: Requirement of continuous power supply in datacenters

Datacenters use an uninterrupted power supply (UPS) to provide power to loads in emergencies when the main power supply fails. Battery energy storage systems play an important role in eliminating electricity fluctuations in datacenters. The combination of battery energy storage systems and UPS ensures continuous power supply to designated critical loads when utility disturbances or outages are detected. This leads to a rise in demand for UPS from large datacenters. This, in turn, is anticipated to fuel the demand for energy storage systems based on lithium-ion and lead-acid batteries. The BMS software monitors the charge/discharge functions of batteries by ensuring that UPS batteries are optimally charged. The monitoring data gathered and displayed by BMS is useful for datacenter operators.

Challenge: Ongoing disruptions in supply chain of energy generation industry and delay in ESS projects caused by COVID-19

The outbreak and the spread of the COVID-19 have impacted the energy industry supply chain, particularly renewable energy technologies and battery energy storage systems. The key components used in battery energy storage systems are mainly manufactured in APAC. The pandemic has exposed the overdependence of the world on the region, especially on China, for key raw materials. Manufacturers of energy storage systems in the US, Germany, and Australia are severely impacted by the shutdown of operations in China and other countries of APAC. The key battery energy storage system manufacturers and operators such as LG Chem (South Korea) are making efforts to shift their supply chain base outside China to reduce their dependence on the country. Moreover, countries and companies worldwide might shift to new and other energy storage technologies such as PHS, CAES, and flow battery solutions to avoid any further delays in project completions and be prepared for such situations in future.

Battery energy storage systems with energy capacity above 500 MWh to witness highest CAGR during the forecast period

Based on energy capacity, the above 500 MWh segment of the battery energy storage system market is expected to grow at the highest rate during the forecast period. A battery energy storage system with a high capacity and a low power rating delivers a low amount of electricity for a long time and is sufficient to run a few crucial appliances. These battery storage systems help in running other power plants during times of high electricity demand. The utilities are among the applications that require high capacity energy storage systems. To date, most of the high capacity energy storage system installation projects across the world cater to the utility application. In recent years, due to the growing need for electrification in rural and urban areas, government and private bodies are striving to improve the electric grid system to cater to the energy needs. These systems help the utility meet local capacity requirements and mitigate energy procurement costs. For instance, California investor-owned utility Pacific Gas & Electric (PG&E) constructed a 182.5MW/730MWh battery energy storage system (BESS) project, which was among four energy storage projects located at Moss Landing Power Plant.

Utilities application to account for the largest market share during the forecast period

The public utility applications or utilities involve the electric grid, a system where the electricity generated at power plants is immediately used by the loads that are connected to it. 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, a battery energy storage system is installed with the electric grids, which controls the voltage and frequency deviations. The battery energy storage system used in utilities is a cost-effective alternative to replace a conventional infrastructure, especially in helping substations and transmission and distribution (T&D) lines to meet growing peak demand.

However, due to COVID-19, the economic power consumption has dropped due to a decrease in demand. This is attributed to the slump in the economic activities in the wake of the COVID-19 pandemic. The grid operators are also witnessing a reduction in the usage of power in many countries. The power prices have turned negative. Demand reduction from industries may occur due to both supply chain disruptions and the slowdown in demand itself. The severe fall in demand will have an impact on power distribution companies who are likely to witness working capital issues.

Battery Energy Storage System Market by Region

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The battery energy storage system market in APAC is projected to grow at the highest CAGR during the forecast period.

APAC held the largest share of the battery energy storage system market in 2019. APAC is a hub for the battery energy storage system industry. APAC is expected to witness plans for electrification in remote areas, which are majorly off-grid in several countries. The use of residential energy storage technology will enable to increase access to electricity for these remote and island communities in the region. Energy storage investments are expected to increase substantially within the region as the governments in growing economies are making new policies to improve the reliability and quality of the power distribution facilities for the residential customers.

However, the market in Asia Pacific is expected to witness a sharp decline during the forecast period due to the sudden outbreak of the COVID-19 pandemic. The key components of battery energy storage systems are mainly manufactured in Asia Pacific. The COVID-19 situation has exposed the overdependency on the region for key raw materials, especially China. The business of the energy storage system manufacturers in the US, Germany, and Australia has been adversely affected by the shutdown of operations in China and other Asia Pacific countries.

Besides APAC, North America holds a significant market share. The growth of the North American market is depended on the increasing demand for renewable energy storage systems in the residential, non-residential, and utility sectors. In 2019, the US accounted for about 0.9 GW of battery energy storage system installed. Companies such as Tesla, ABB, General Electric, and Honeywell are the key players in the region, which are focusing on installing and providing battery energy storage systems. There is a pipeline of giant lithium-ion projects scheduled for completion by 2021 in the US.

Key Market Players

The battery energy storage system market players have implemented mostly organic growth strategies, such as new product launches, partnerships, agreements, and contracts, to strengthen their offerings in the market. 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.

The study includes an in-depth competitive analysis of these key players in the battery energy storage system market with their company profiles, recent developments, and key market strategies.

Report Scope:

Report Metric

Details

Years considered

2016–2025

Base year considered

2019

Forecast period

2020–2025

Forecast units

Value (USD million/billion)

Segments covered

Element, Battery Type, Connection Type, Ownership, Energy Capacity, and Application

Regions covered

North America, APAC, Europe, and RoW

Companies covered

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), among other players. A total of 25 major players covered.

In this report, the overall battery energy storage system market has been segmented based on element, battery type, connection type, ownership, energy capacity, application, and region.

By Element

  • Battery
  • Other Elements

By Battery Type

  • Lithium-Ion Batteries
  • Lead-Acid Batteries
  • Flow Batteries
  • Others

By Connection Type

  • On-Grid Connection
  • Off-Grid Connection

By Ownership

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

By Energy Capacity

  • Below 100 MWh
  • Between 100 and 500 MWh
  • Above 500 MWh

By Application

  • Residential
  • Commercial
  • Utilities

Geographic Analysis

  • North America (US, Canada, and Mexico)
  • Europe (UK, Germany, France, and Rest of Europe)
  • Asia Pacific (China, Japan, India, Australia, South Korea, and Rest of APAC)
  • Rest of the World (South America, Middle East, and Africa)

Recent Developments

  • In June 2020, Fluence (US), a firm formed with the joint venture of Siemens and AEG Corporation, unveiled its sixth-generation energy storage technology stack combining factory-built hardware, advanced software, and data-driven intelligence. Fluence has been selected for launching 2,300 MWh of projects from Enel, Siemens, and LS Power. The technology stack creates the foundation for 3 purpose-built systems configured for the renewable, grid, and commercial and industrial applications.
  • In June 2020, Tesla launched a new lowest cost solar system for residential applications in the United States. Such product launches can boost the demand for energy storage products.
  • In September 2019, LG Chem and Umicore, a multinational materials technology company headquartered in Belgium, signed a multi-year strategic supply agreement for NMC (Nickel-Manganese Cobalt) cathode materials to meet LG Chem’s needs from Umicore plants in Poland, South Korea, and China. This agreement is likely to help LG Chem to meet the growing demand for lithium-ion batteries, boosting its BESS business.

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 32)
    1.1 STUDY OBJECTIVES
    1.2 DEFINITION
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 STUDY SCOPE
           1.3.1 MARKET COVERED
           1.3.2 GEOGRAPHIC SCOPE
           1.3.3 YEARS CONSIDERED
    1.4 CURRENCY
    1.5 LIMITATIONS
    1.6 STAKEHOLDERS
    1.7 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 38)
    2.1 RESEARCH DATA
        FIGURE 1 RESEARCH DESIGN
           2.1.1 SECONDARY AND PRIMARY RESEARCH
           2.1.2 SECONDARY DATA
                    2.1.2.1 Secondary sources
           2.1.3 PRIMARY DATA
                    2.1.3.1 Primary sources
                    2.1.3.2 Key industry insights
                    2.1.3.3 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 bottom-up approach (demand side)
                            FIGURE 2 BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach for arriving at the market share by top-down analysis (supply side)
                            FIGURE 3 TOP-DOWN APPROACH
                            FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY FOR BATTERY ENERGY STORAGE SYSTEM MARKET THROUGH SUPPLY-SIDE ANALYSIS
    2.3 DATA TRIANGULATION
        FIGURE 5 DATA TRIANGULATION
    2.4 RESEARCH ASSUMPTIONS

3 EXECUTIVE SUMMARY (Page No. - 48)
  TABLE 1 BATTERY ENERGY STORAGE SYSTEM MARKET, IN TERMS OF VALUE  AND VOLUME, 2016–2019
  TABLE 2 BATTERY ENERGY STORAGE SYSTEM MARKET, IN TERMS OF VALUE  AND VOLUME, 2020–2025
  FIGURE 6 BATTERY ENERGY STORAGE SYSTEM MARKET WITH COVID-19 UPDATE
    3.1 PRE-COVID-19 SCENARIO
        TABLE 3 PRE-COVID-19 SCENARIO: BATTERY ENERGY STORAGE SYSTEM MARKET
    3.2 POST-COVID-19 SCENARIO
        TABLE 4 POST-COVID-19 SCENARIO: BATTERY ENERGY STORAGE SYSTEM MARKET
    3.3 OPTIMISTIC SCENARIO (POST-COVID-19)
        TABLE 5 OPTIMISTIC SCENARIO (POST-COVID-19): BATTERY ENERGY STORAGE SYSTEM MARKET
    3.4 PESSIMISTIC SCENARIO (POST-COVID-19)
        TABLE 6 PESSIMISTIC SCENARIO (POST-COVID-19): BATTERY ENERGY STORAGE SYSTEM MARKET
        FIGURE 7 BATTERY ENERGY STORAGE SYSTEMS OF FLOW BATTERY TYPE TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
        FIGURE 8 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD
        FIGURE 9 APAC TO HOLD LARGEST SHARE OF BATTERY ENERGY STORAGE SYSTEM MARKET IN 2020

4 PREMIUM INSIGHTS (Page No. - 55)
    4.1 ATTRACTIVE GROWTH OPPORTUNITIES IN BATTERY ENERGY STORAGE SYSTEM MARKET
        FIGURE 10 SHIFT TOWARD DE-CARBONIZATION IS EXPECTED TO FUEL ADOPTION OF BATTERY ENERGY STORAGE SYSTEMS
    4.2 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY
        FIGURE 11 MARKET FOR BATTERY ENERGY STORAGE SYSTEMS WITH ENERGY CAPACITY ABOVE 500 MWH TO REGISTER HIGHEST CAGR
    4.3 BATTERY ENERGY STORAGE SYSTEM MARKET,  BY CONNECTION TYPE
        FIGURE 12 ON-GRID BATTERY ENERGY STORAGE SYSTEM TO REGISTER HIGH DEMAND  IN COMING YEARS
    4.4 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION
        FIGURE 13 UTILITY APPLICATION TO HOLD LARGEST SIZE OF BATTERY ENERGY STORAGE SYSTEM MARKET FROM 2020 TO 2025
    4.5 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE
        FIGURE 14 LITHIUM-ION BATTERY SEGMENT ACCOUNTED FOR LARGEST SHARE OF BATTERY ENERGY STORAGE SYSTEM MARKET IN 2019
    4.6 BATTERY ENERGY STORAGE SYSTEM MARKET IN APAC,  BY COUNTRY AND APPLICATION
        FIGURE 15 SOUTH KOREA AND UTILITY SEGMENT TO HOLD LARGEST SHARES OF BATTERY ENERGY STORAGE SYSTEM MARKET IN APAC BY 2025

5 MARKET OVERVIEW (Page No. - 59)
    5.1 INTRODUCTION
        FIGURE 16 INCREASING DEMAND FOR GRID ENERGY STORAGE SYSTEMS OWING TO ONGOING GRID MODERNIZATION DRIVES MARKET GROWTH
           5.1.1 DRIVERS
                    5.1.1.1 Surging requirement of continuous power supply from critical infrastructures in wake of COVID-19
                    5.1.1.2 Increasing demand for grid energy storage systems owing to ongoing grid modernization
                    5.1.1.3 Growing adoption of lithium-ion batteries in renewable energy sector owing to their low costs and improved performance
                    5.1.1.4 Prevailing trend of adopting low-carbon and less fossil fuel-based economy and ongoing renewable energy revolution
                            FIGURE 17 IMPACT OF DRIVERS ON BATTERY ENERGY STORAGE SYSTEM MARKET
           5.1.2 RESTRAINTS
                    5.1.2.1 High capital expenditure required for installation of battery energy storage systems
           5.1.3 OPPORTUNITIES
                    5.1.3.1 Surge in number of rural electrification projects worldwide
                    5.1.3.2 Requirement of continuous power supply in datacenters
                            FIGURE 18 IMPACT OF RESTRAINTS AND OPPORTUNITIES ON BATTERY ENERGY STORAGE SYSTEM MARKET
           5.1.4 CHALLENGES
                    5.1.4.1 Ongoing disruptions in supply chain of energy generation industry and delay in ESS projects caused by COVID-19
                    5.1.4.2 Increasing complexity in terms of installation of battery energy storage systems at islands or in remote areas
                    5.1.4.3 Overheating and aging of lithium-ion batteries
                            FIGURE 19 IMPACT OF CHALLENGES ON BATTERY ENERGY STORAGE SYSTEM MARKET
    5.2 VALUE CHAIN OF BATTERY ENERGY STORAGE INDUSTRY
        FIGURE 20 BATTERY ENERGY STORAGE SYSTEM: VALUE CHAIN
           5.2.1 COVID-19 IMPACT ON VALUE CHAIN
    5.3 AVERAGE SELLING PRICE TREND
        FIGURE 21 REDUCING GLOBAL COSTS OF LITHIUM-ION BATTERY PACKS FROM  2011 TO 2020
    5.4 BATTERY ECOSYSTEM ANALYSIS
        FIGURE 22 BATTERY ECOSYSTEM
    5.5 CASE STUDIES
    5.6 PATENTS
        TABLE 7 PATENTS IN BATTERY ENERGY STORAGE SYSTEM MARKET
    5.7 TECHNOLOGY ANALYSIS
        TABLE 8 COMPARISON OF ENERGY STORAGE TECHNOLOGIES
        TABLE 9 CHARACTERISTICS OF BATTERY TECHNOLOGIES IN BATTERY ENERGY STORAGE SYSTEMS
    5.8 STANDARDS AND REGULATIONS FOR BATTERY ENERGY STORAGE SYSTEMS
        TABLE 10 REGULATIONS AND STANDARDS FOR BATTERY ENERGY STORAGE SYSTEMS

6 INDUSTRY TRENDS (Page No. - 78)
    6.1 INTRODUCTION
    6.2 SOFTWARE & SERVICES IN BATTERY ENERGY STORAGE SYSTEM
        FIGURE 23 FUNCTIONS OF BATTERY MANAGEMENT SYSTEM (BMS)
           6.2.1 SERVICES
    6.3 LIST OF INSTALLED BATTERY ENERGY STORAGE SYSTEM PROJECTS IN 2019
        TABLE 11 BATTERY ENERGY STORAGE SYSTEMS INSTALLED IN 2019
    6.4 CUSTOMER ANALYSIS – POST-COVID-19
           6.4.1 SHIFT IN LITHIUM-ION BATTERIES
                    6.4.1.1 Disruptions in the industry
                            FIGURE 24 SHARE OF LITHIUM-ION BATTERY COMPONENTS IN CHINA (2018)
                            FIGURE 25 GLOBAL LITHIUM CONSUMPTION BY KEY COUNTRIES, 2019
                            FIGURE 26 GLOBAL SHARE OF MAJOR LITHIUM-PRODUCING COMPANIES FOR 2019
                    6.4.1.2 Impact on customer output and strategies to resume/improve production
                    6.4.1.3 New market opportunities/growth opportunities
           6.4.2 SHIFT IN LEAD-ACID BATTERIES
                    6.4.2.1 Disruptions in the industry
                    6.4.2.2 Impact on customer output and strategies to resume/improve production
                    6.4.2.3 New market/growth opportunities

7 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT (Page No. - 84)
    7.1 INTRODUCTION
        FIGURE 27 BATTERY ELEMENT SEGMENT TO HOLD LARGEST SHARE OF BATTERY ENERGY STORAGE SYSTEM MARKET DURING FORECAST PERIOD
        TABLE 12 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT, 2016–2019 (USD MILLION)
        TABLE 13 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT, 2020–2025 (USD MILLION)
    7.2 BATTERY
           7.2.1 BATTERY SELECTION IS ONE OF THE IMPORTANT CRITERIA FOR DEVELOPMENT OF BATTERY ENERGY STORAGE SYSTEM
                 FIGURE 28 CRITERIA FOR BATTERY SELECTION
    7.3 OTHER ELEMENTS
           7.3.1 HARDWARE
                    7.3.1.1 Power conversion system (PCS) and battery management system are prime hardware components in battery energy storage system
                            FIGURE 29 LAYOUT OF BATTERY ENERGY STORAGE SYSTEM
           7.3.2 OTHERS
                    7.3.2.1 Other elements constitute 20% of total cost of battery energy storage system and aid in proper functioning of system

8 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE (Page No. - 89)
    8.1 INTRODUCTION
        FIGURE 30 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE
        TABLE 14 COMPARISON BETWEEN LITHIUM-ION AND LEAD-ACID BATTERIES
        FIGURE 31 LITHIUM-ION BATTERIES SEGMENT TO HOLD LARGEST SHARE OF BATTERY ENERGY STORAGE SYSTEM MARKET BY 2025
        TABLE 15 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2016–2019 (USD MILLION)
        TABLE 16 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2020–2025 (USD MILLION)
    8.2 LITHIUM-ION BATTERIES
           8.2.1 BESS EQUIPPED WITH LI-ION BATTERIES ARE WIDELY USED SYSTEMS DUE TO THEIR HIGH ENERGY DENSITY
                 TABLE 17 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2016–2019 (USD MILLION)
                 TABLE 18 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE,  2020–2025 (USD MILLION)
                 TABLE 19 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY CAPACITY,  2016–2019 (USD MILLION)
                 TABLE 20 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY CAPACITY,  2020–2025 (USD MILLION)
                 TABLE 21 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2016–2019 (USD MILLION)
                 TABLE 22 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2020–2025 (USD MILLION)
                 TABLE 23 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,  2016–2019 (USD MILLION)
                 TABLE 24 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,  2020–2025 (USD MILLION)
    8.3 LEAD-ACID BATTERIES
           8.3.1 LEAD-ACID BATTERY IS A MATURE TECHNOLOGY USED IN GRID ENERGY STORAGE, OFF-GRID HOUSEHOLD ELECTRIC POWER SYSTEMS, AND EMERGENCY LIGHTING APPLICATIONS
                 TABLE 25 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE,  2016–2019 (USD MILLION)
                 TABLE 26 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECT TYPE,  2020–2025 (USD MILLION)
                 TABLE 27 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY CAPACITY,  2016–2019 (USD MILLION)
                 TABLE 28 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY CAPACITY,  2020–2025 (USD MILLION)
                 TABLE 29 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2016–2019 (USD MILLION)
                 TABLE 30 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2020–2025 (USD MILLION)
                 TABLE 31 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,  2016–2019 (USD MILLION)
                 TABLE 32 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,  2020–2025 (USD MILLION)
    8.4 FLOW BATTERIES
           8.4.1 SEVERAL ADVANTAGES OF FLOW BATTERIES OVER OTHER BATTERY TECHNOLOGIES TO BOOST THEIR DEMAND
                 TABLE 33 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE,  2016–2019 (USD MILLION)
                 TABLE 34 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECT TYPE,  2020–2025 (USD MILLION)
                 TABLE 35 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                 TABLE 36 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY CAPACITY, 2020–2025 (USD MILLION)
                 TABLE 37 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2016–2019 (USD MILLION)
                 TABLE 38 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2020–2025 (USD MILLION)
                 TABLE 39 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2016–2019 (USD MILLION)
                 TABLE 40 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,  2020–2025 (USD MILLION)
    8.5 OTHERS
           8.5.1 SODIUM–BASED BATTERIES
                    8.5.1.1 High energy density, charge/discharge efficiency, and long cycle life are fueling demand for NaS batteries in grid energy storage systems
                            FIGURE 32 COMPARISON OF SODIUM–SULFUR BATTERIES WITH OTHER BATTERIES
           8.5.2 NICKEL–CADMIUM BATTERY
           8.5.3 NICKEL-METAL HYDRIDE BATTERY
           8.5.4 NICKEL–IRON BATTERY
                 TABLE 41 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE,  2016–2019 (USD MILLION)
                 TABLE 42 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECT TYPE,  2020–2025 (USD MILLION)
                 TABLE 43 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY CAPACITY, 2016–2019 (USD MILLION)
                 TABLE 44 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY CAPACITY, 2020–2025 (USD MILLION)
                 TABLE 45 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2016–2019 (USD MILLION)
                 TABLE 46 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2020–2025 (USD MILLION)
                 TABLE 47 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2016–2019 (USD MILLION)
                 TABLE 48 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2020–2025 (USD MILLION)

9 BATTERY ENERGY STORAGE SYSTEM MARKET,  BY CONNECTION TYPE (Page No. - 108)
    9.1 INTRODUCTION
        FIGURE 33 IMPORTANCE OF BATTERY ENERGY STORAGE SYSTEM IN GRID CONNECTION
        FIGURE 34 APPLICATIONS OF BATTERY ENERGY STORAGE SYSTEM ON GRID
        FIGURE 35 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TO REGISTER HIGHER CAGR DURING FORECAST PERIOD
        TABLE 49 BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2016–2019 (USD MILLION)
        TABLE 50 BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2020–2025 (USD MILLION)
    9.2 ON-GRID CONNECTION
           9.2.1 LOAD LEVELING, PEAK SHAVING, STABLE PRICING, AND POWER DEMAND MANAGEMENT ARE MAJOR APPLICATIONS OF ON-GRID CONNECTED BATTERY ENERGY STORAGE SYSTEM
                 FIGURE 36 ON-GRID CONNECTION
                 TABLE 51 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TYPE,  BY ENERGY CAPACITY, 2016–2019 (USD MILLION)
                 TABLE 52 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TYPE,  BY ENERGY CAPACITY  2020–2025 (USD MILLION)
                 TABLE 53 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TYPE,  BY BATTERY TYPE, 2016–2019 (USD MILLION)
                 TABLE 54 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TYPE,  BY BATTERY TYPE, 2020–2025 (USD MILLION)
                 TABLE 55 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TYPE,  BY APPLICATION, 2016–2019 (USD MILLION)
                 TABLE 56 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TYPE,  BY APPLICATION, 2020–2025 (USD MILLION)
    9.3 OFF-GRID CONNECTION
           9.3.1 AN EFFECTIVE MEANS FOR ELECTRIFYING RURAL LOCATIONS AWAY FROM GRID
                 FIGURE 37 BASIC OFF-GRID SYSTEM
                 TABLE 57 BATTERY ENERGY STORAGE SYSTEM MARKET FOR OFF-GRID CONNECTION TYPE,  BY ENERGY CAPACITY, 2016–2019 (USD MILLION)
                 TABLE 58 BATTERY ENERGY STORAGE SYSTEM MARKET FOR OFF-GRID CONNECTION TYPE,  BY ENERGY CAPACITY, 2020–2025 (USD MILLION)
                 TABLE 59 BATTERY ENERGY STORAGE SYSTEM MARKET FOR OFF-GRID CONNECTION TYPE,  BY BATTERY TYPE, 2016–2019 (USD MILLION)
                 TABLE 60 BATTERY ENERGY STORAGE SYSTEM MARKET FOR OFF-GRID CONNECTION TYPE,  BY BATTERY TYPE, 2020–2025 (USD MILLION)
                 TABLE 61 BATTERY ENERGY STORAGE SYSTEM MARKET FOR OFF-GRID CONNECTION TYPE,  BY APPLICATION, 2016–2019 (USD MILLION)
                 TABLE 62 BATTERY ENERGY STORAGE SYSTEM MARKET FOR OFF-GRID CONNECTION TYPE,  BY APPLICATION, 2020–2025 (USD MILLION)

10 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP (Page No. - 118)
     10.1 INTRODUCTION
          FIGURE 38 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP
          FIGURE 39 UTILITY-OWNED BATTERY ENERGY STORAGE SYSTEMS SEGMENT TO HOLD LARGEST MARKET SIZE BY 2025
          TABLE 63 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2016–2019 (USD MILLION)
          TABLE 64 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2020–2025 (USD MILLION)
     10.2 CUSTOMER-OWNED
             10.2.1 MAJORLY USED FOR STORING SOLAR ENERGY IN SELF-CONSUMPTION RESIDENTIAL AREAS TO REDUCE COMMUNICATION LOAD FROM GRIDS
                    FIGURE 40 LAYOUT OF BATTERY ENERGY STORAGE SYSTEM INSTALLATION IN  RESIDENTIAL AREA
     10.3 THIRD-PARTY-OWNED
             10.3.1 THIRD-PARTY OWNER ACTS AS AN AGGREGATOR AND MAKES ITS OWN RATE STRUCTURE WHEN OFFERING ELECTRICITY TO CONSUMERS OR END USERS
     10.4 UTILITY-OWNED
             10.4.1 DECLINE IN DEMAND FOR UTILITY-OWNED ENERGY STORAGE SYSTEMS DUE TO COVID-19 PANDEMIC

11 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY (Page No. - 124)
     11.1 INTRODUCTION
          FIGURE 41 ENERGY RANGE OF BATTERY ENERGY STORAGE SYSTEMS
          TABLE 65 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2016–2019 (USD MILLION)
          FIGURE 42 BATTERY ENERGY STORAGE SYSTEM FOR ABOVE 500 MWH ENERGY CAPACITY TO REGISTER HIGHEST CAGR FROM 2020 TO 2025
          TABLE 66 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2020–2025 (USD MILLION)
     11.2 BELOW 100 MWH
             11.2.1 BATTERY ENERGY STORAGE SYSTEMS WITH LOW ENERGY CAPACITY ARE MOSTLY SUITABLE FOR RESIDENTIAL- OR COMMUNITY-BASED STORAGE SYSTEMS
                    TABLE 67 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BELOW 100 MWH ENERGY CAPACITY, BY BATTERY TYPE, 2016–2019 (USD MILLION)
                    FIGURE 43 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM FOR BELOW 100 MWH ENERGY CAPACITY ACCOUNTED FOR LARGEST MARKET SHARE IN 2019
                    TABLE 68 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BELOW 100 MWH ENERGY CAPACITY, BY BATTERY TYPE, 2020–2025 (USD MILLION)
                    TABLE 69 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BELOW 100 MWH ENERGY CAPACITY, BY CONNECTION TYPE, 2016–2019 (USD MILLION)
                    TABLE 70 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BELOW 100 MWH ENERGY CAPACITY, BY CONNECTION TYPE, 2020–2025 (USD MILLION)
                    TABLE 71 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BELOW 100 MWH ENERGY CAPACITY, BY APPLICATION, 2016–2019 (USD MILLION)
                    TABLE 72 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BELOW 100 MWH ENERGY CAPACITY, BY APPLICATION, 2020–2025 (USD MILLION)
     11.3 BETWEEN 100 AND 500 MWH
             11.3.1 BATTERY ENERGY STORAGE SYSTEMS OF ENERGY CAPACITY BETWEEN 100 AND 500 MWH INCREASE NEED FOR FREQUENCY CONTROL SERVICES TO MANAGE HIGH VARIABILITY AND UNCERTAINTY IN POWER SYSTEM
                    TABLE 73 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BETWEEN 100 AND 500 MWH ENERGY CAPACITY, BY BATTERY TYPE, 2016–2019 (USD MILLION)
                    TABLE 74 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BETWEEN 100 AND 500 MWH ENERGY CAPACITY, BY BATTERY TYPE, 2020–2025 (USD MILLION)
                    TABLE 75 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BETWEEN 100 AND 500 MWH ENERGY CAPACITY, BY CONNECTION TYPE, 2016–2019 (USD MILLION)
                    FIGURE 44 ON-GRID BATTERY ENERGY STORAGE SYSTEM FOR BETWEEN 100 AND 500 MWH ENERGY CAPACITY TO REGISTER HIGHEST CAGR FROM 2020 TO 2025
                    TABLE 76 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BETWEEN 100 AND 500 MWH ENERGY CAPACITY, BY CONNECTION TYPE, 2020–2025 (USD MILLION)
                    TABLE 77 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BETWEEN 100 AND 500 MWH ENERGY CAPACITY, BY APPLICATION, 2016–2019 (USD MILLION)
                    TABLE 78 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BETWEEN 100 AND 500 MWH ENERGY CAPACITY, BY APPLICATION, 2020–2025 (USD MILLION)
     11.4 ABOVE 500 MWH
             11.4.1 OFFER EXTENDED SERVICE LIFE AND CAN BE USED FOR PEAK LOAD REGULATION IN SUPPORT OF A LARGE GRID
                    TABLE 79 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ABOVE 500 MWH ENERGY CAPACITY, BY BATTERY TYPE, 2016–2019 (USD MILLION)
                    FIGURE 45 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM FOR ABOVE 500 MWH ENERGY CAPACITY ACCOUNTED FOR LARGEST MARKET SHARE IN 2019
                    TABLE 80 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ABOVE 500 MWH ENERGY CAPACITY, BY BATTERY TYPE, 2020–2025 (USD MILLION)
                    TABLE 81 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ABOVE 500 MWH ENERGY CAPACITY, BY CONNECTION TYPE, 2016–2019 (USD MILLION)
                    TABLE 82 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ABOVE 500 MWH ENERGY CAPACITY, BY CONNECTION TYPE, 2020–2025 (USD MILLION)
                    TABLE 83 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ABOVE 500 MWH ENERGY CAPACITY, BY APPLICATION, 2016–2019 (USD MILLION)
                    TABLE 84 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ABOVE 500 MWH ENERGY CAPACITY, BY APPLICATION, 2020–2025 (USD MILLION)

12 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION (Page No. - 135)
     12.1 INTRODUCTION
          FIGURE 46 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION
          FIGURE 47 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD
          TABLE 85 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2016–2019 (USD MILLION)
          TABLE 86 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2020–2025 (USD MILLION)
     12.2 IMPACT OF COVID-19 ON APPLICATIION SEGMENTS OF BATTERY ENERGY STORAGE SYSTEMS MARKET
     12.3 RESIDENTIAL
             12.3.1 DELAYS IN INSTALLATION OF RESIDENTIAL ENERGY STORAGE PROJECTS AT CUSTOMER FACILITIES DUE TO TRAVEL RESTRICTIONS IN COVID-19 CRISIS
                    FIGURE 48 TESLA POWERWALL INSTALLED FOR RESIDENTIAL APPLICATION
                    TABLE 87 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION,  BY BATTERY TYPE, 2016–2019 (USD MILLION)
                    FIGURE 49 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION HELD LARGEST MARKET SHARE IN 2019
                    TABLE 88 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY BATTERY TYPE, 2020–2025 (USD MILLION)
                    TABLE 89 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION,  BY CONNECTION TYPE, 2016–2019 (USD MILLION)
                    TABLE 90 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION,  BY CONNECTION TYPE, 2020–2025 (USD MILLION)
                    TABLE 91 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION,  BY ENERGY CAPACITY, 2016–2019 (USD MILLION)
                    TABLE 92 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION,  BY ENERGY CAPACITY, 2020–2025 (USD MILLION)
                    TABLE 93 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION,  BY REGION, 2016–2019 (USD MILLION)
                    TABLE 94 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION,  BY REGION, 2020–2025 (USD MILLION)
     12.4 COMMERCIAL
             12.4.1 BATTERY ENERGY STORAGE SYSTEMS ARE WIDELY USED IN UPS IN NON-RESIDENTIAL SECTOR
                    TABLE 95 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION,  BY BATTERY TYPE, 2016–2019 (USD MILLION)
                    TABLE 96 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION,  BY BATTERY TYPE, 2020–2025 (USD MILLION)
                    TABLE 97 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION,  BY CONNECTION TYPE, 2016–2019 (USD MILLION)
                    FIGURE 50 BATTERY ENERGY STORAGE SYSTEM MARKET WITH OFF-GRID CONNECTION FOR COMMERCIAL APPLICATION TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
                    TABLE 98 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION,  BY CONNECTION TYPE, 2020–2025 (USD MILLION)
                    TABLE 99 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION,  BY ENERGY CAPACITY, 2016–2019 (USD MILLION)
                    TABLE 100 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION,  BY ENERGY CAPACITY, 2020–2025 (USD MILLION)
                    TABLE 101 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION,  BY REGION, 2016–2019 (USD MILLION)
                    TABLE 102 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION,  BY REGION, 2020–2025 (USD MILLION)
     12.5 UTILITY
             12.5.1 DECLINE IN DEMAND FOR ELECTRICITY DUE TO COVID-19 HAS AFFECTED GROWTH OF POWER DISTRIBUTION COMPANIES AND UTILITY PROVIDERS
                    TABLE 103 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY BATTERY TYPE, 2016–2019 (USD MILLION)
                    TABLE 104 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY BATTERY TYPE, 2020–2025 (USD MILLION)
                    TABLE 105 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY CONNECTION TYPE, 2016–2019 (USD MILLION)
                    TABLE 106 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY CONNECTION TYPE, 2020–2025 (USD MILLION)
                    TABLE 107 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY ENERGY CAPACITY, 2016–2019 (USD MILLION)
                    TABLE 108 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY ENERGY CAPACITY, 2020–2025 (USD MILLION)
                    TABLE 109 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY REGION, 2016–2019 (USD MILLION)
                    FIGURE 51 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION IN APAC HELD LARGEST MARKET SHARE IN 2019
                    TABLE 110 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY REGION, 2020–2025 (USD MILLION)

13 GEOGRAPHIC ANALYSIS (Page No. - 151)
     13.1 INTRODUCTION
          FIGURE 52 GEOGRAPHIC SNAPSHOT: INDIA TO WITNESS SIGNIFICANT GROWTH DURING FORECAST PERIOD
          FIGURE 53 APAC TO HOLD LARGEST SIZE OF BATTERY ENERGY STORAGE SYSTEM MARKET DURING FORECAST PERIOD
          TABLE 111 BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2016–2019 (USD MILLION)
          TABLE 112 BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2020–2025 (USD MILLION)
     13.2 NORTH AMERICA
          FIGURE 54 NORTH AMERICA MARKET: SNAPSHOT
          FIGURE 55 BATTERY ENERGY STORAGE SYSTEM MARKET: PRE- AND POST-COVID-19 SCENARIOS IN NORTH AMERICA
          TABLE 113 BATTERY ENERGY STORAGE SYSTEM MARKET: PRE- AND POST-COVID-19 SCENARIOS IN NORTH AMERICA, 2016–2025 (USD MILLION)
             13.2.1 US
                        13.2.1.1 Large-scale battery storage systems are widely adopted in power grids in the US
             13.2.2 CANADA
                        13.2.2.1 Increasing focus on advancements in battery energy storage technology to meet peak demand for electricity in urban centers
             13.2.3 MEXICO
                        13.2.3.1 Growing demand for electricity and country’s commitment to achieve clean energy generation are driving market growth in Mexico
                                  TABLE 114 NORTH AMERICA BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY,  2016–2019 (USD MILLION)
                                  TABLE 115 NORTH AMERICA BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY,  2020–2025 (USD MILLION)
                                  TABLE 116 NORTH AMERICA BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE,  2016–2019 (USD MILLION)
                                  TABLE 117 NORTH AMERICA BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE,  2020–2025 (USD MILLION)
                                  TABLE 118 NORTH AMERICA BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2016–2019 (USD MILLION)
                                  TABLE 119 NORTH AMERICA BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2020–2025 (USD MILLION)
     13.3 EUROPE
          FIGURE 56 EUROPE MARKET: SNAPSHOT
             13.3.1 GERMANY
                        13.3.1.1 Expanding residential storage sector and shift toward adoption of home batteries in Germany
             13.3.2 UK
                        13.3.2.1 Increasing investments and support by the UK government in battery storage to boost market growth
             13.3.3 FRANCE
                        13.3.3.1 Decarbonization of various sectors, increasing penetration of renewable energy, and rapid deployment of solar PVs are driving market growth in France
             13.3.4 REST OF EUROPE
                    TABLE 120 EUROPE BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2016–2019 (USD MILLION)
                    TABLE 121 EUROPE BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2020–2025 (USD MILLION)
                    TABLE 122 EUROPE BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE,  2016–2019 (USD MILLION)
                    TABLE 123 EUROPE BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE,  2020–2025 (USD MILLION)
                    TABLE 124 EUROPE BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2016–2019 (USD MILLION)
                    TABLE 125 EUROPE BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2020–2025 (USD MILLION)
     13.4 APAC
          FIGURE 57 APAC MARKET: SNAPSHOT
          FIGURE 58 BATTERY ENERGY STORAGE SYSTEM MARKET: PRE- AND POST-COVID-19 SCENARIOS IN APAC
          TABLE 126 BATTERY ENERGY STORAGE SYSTEM MARKET: PRE- AND POST-COVID-19 SCENARIOS IN APAC,  2020–2025 (USD MILLION)
             13.4.1 CHINA
                        13.4.1.1 Increasing focus on setting up of large flow vanadium battery energy storage projects
             13.4.2 JAPAN
                        13.4.2.1 Installations of solar and wind farms combined with battery energy storage to meet the requirements of a local grid operator and utility
             13.4.3 INDIA
                        13.4.3.1 Government investments and upcoming battery energy storage projects to revolutionize India’s power system
             13.4.4 AUSTRALIA
                        13.4.4.1 Government schemes and deployment of large-scale battery energy storage projects
             13.4.5 SOUTH KOREA
                        13.4.5.1 Highest annual battery energy storage installations globally in 2019
             13.4.6 REST OF APAC
                    TABLE 127 APAC BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2016–2019 (USD MILLION)
                    TABLE 128 APAC BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2020–2025 (USD MILLION)
                    TABLE 129 APAC BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE,  2016–2019 (USD MILLION)
                    TABLE 130 APAC BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE,  2020–2025 (USD MILLION)
                    TABLE 131 APAC BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2016–2019 (USD MILLION)
                    TABLE 132 APAC BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2020–2025 (USD MILLION)
     13.5 REST OF THE WORLD (ROW)
             13.5.1 SOUTH AMERICA
                        13.5.1.1 Government investments in diversifying power generation mix
             13.5.2 MIDDLE EAST & AFRICA
                        13.5.2.1 Increasing development and deployment of battery energy storage systems
                                 TABLE 133 ROW BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2016–2019 (USD MILLION)
                                 TABLE 134 ROW BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2020–2025 (USD MILLION)
                                 TABLE 135 ROW BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE,  2016–2019 (USD MILLION)
                                 TABLE 136 ROW BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE,  2020–2025 (USD MILLION)
                                 TABLE 137 ROW BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2016–2019 (USD MILLION)
                                 TABLE 138 ROW BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2020–2025 (USD MILLION)

14 COMPETITIVE LANDSCAPE (Page No. - 178)
     14.1 INTRODUCTION
     14.2 MARKET EVALUATION FRAMEWORK
          FIGURE 59 MARKET EVALUATION FRAMEWORK: 2019 AND 2020 WITNESSED PRODUCT LAUNCHES, PARTNERSHIPS, AND SUPPLY CONTRACTS ARE IMPORTANT STRATEGIES ADOPTED BY COMPANIES
     14.3 MARKET SHARE ANALYSIS
          FIGURE 60 BATTERY ENERGY STORAGE SYSTEM MARKET: MARKET SHARE ANALYSIS (2019)
     14.4 COMPANY EVALUATION MATRIX
             14.4.1 STAR
             14.4.2 PERVASIVE
             14.4.3 EMERGING LEADERS
             14.4.4 PARTICIPANT
                    FIGURE 61 BATTERY ENERGY STORAGE SYSTEM MARKET: (GLOBAL) COMPANY EVALUATION MATRIX, 2019
     14.5 WINNING STRATEGIES TO GAIN MARKET SHARE
             14.5.1 SHORT-TERM STRATEGIES
             14.5.2 LONG-TERM STRATEGIES
             14.5.3 KEY COMPANIES AND THEIR BUSINESS PLANS
     14.6 COMPETITIVE SITUATIONS AND TRENDS
             14.6.1 AGREEMENTS, CONTRACTS, COLLABORATIONS, AND PARTNERSHIPS
             14.6.2 PRODUCT LAUNCHES
             14.6.3 EXPANSIONS AND ACQUISITIONS

15 COMPANY EVALUATION MATRIX AND COMPANY PROFILES (Page No. - 188)
     15.1 INTRODUCTION
             15.1.1 IMPACT OF COVID-19 ON BATTERY ENERGY STORAGE SYSTEM MARKET
(Business overview, Products/solutions/services, Recent Developments, SWOT Analysis, MNM view)*
     15.2 KEY PLAYERS
             15.2.1 ABB
                    FIGURE 62 ABB: COMPANY SNAPSHOT
             15.2.2 LG CHEM
                    FIGURE 63 LG CHEM: COMPANY SNAPSHOT
             15.2.3 PANASONIC
                    FIGURE 64 PANASONIC: COMPANY SNAPSHOT
             15.2.4 SAMSUNG SDI
                    FIGURE 65 SAMSUNG SDI: COMPANY SNAPSHOT
             15.2.5 SIEMENS AG
                    FIGURE 66 SIEMENS AG: COMPANY SNAPSHOT
             15.2.6 GENERAL ELECTRIC
                    FIGURE 67 GENERAL ELECTRIC: COMPANY SNAPSHOT
             15.2.7 HITACHI
                    FIGURE 68 HITACHI: COMPANY SNAPSHOT
             15.2.8 TESLA
                    FIGURE 69 TESLA: COMPANY SNAPSHOT
             15.2.9 TOSHIBA
                    FIGURE 70 TOSHIBA: COMPANY SNAPSHOT
             15.2.10 AEG POWER SOLUTIONS
     15.3 RIGHT TO WIN
     15.4 OTHER KEY PLAYERS
             15.4.1 THE AES CORPORATION
             15.4.2 EXERGONIX
             15.4.3 CORVUS ENERGY
             15.4.4 EAST PENN MANUFACTURING COMPANY
             15.4.5 ENERDEL
             15.4.6 DELTA ELECTRONICS, INC.
             15.4.7 NGK INSULATORS, LTD.
             15.4.8 TRINABESS
             15.4.9 PRIMUS POWER
             15.4.10 HONEYWELL INTERNATIONAL
             15.4.11 NEC CORPORATION
             15.4.12 BYD
             15.4.13 NEXTERA ENERGY
             15.4.14 PARK HANNIFIN
             15.4.15 JOHNSON CONTROLS

*Details on Business overview, Products/solutions/services, Recent Developments, SWOT Analysis, MNM view might not be captured in case of unlisted companies.

16 APPENDIX (Page No. - 227)
     16.1 INSIGHTS OF INDUSTRY EXPERTS
     16.2 DISCUSSION GUIDE
     16.3 KNOWLEDGE STORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL
     16.4 AVAILABLE CUSTOMIZATIONS
     16.5 RELATED REPORTS
     16.6 AUTHOR DETAILS

The study involves four major activities for estimating the size of the battery energy storage system market. Exhaustive secondary research has been conducted to collect information related to the market. The next step has been the validation of these findings, assumptions, and sizing with the industry experts across the value chain through primary research. Both top-down and bottom-up approaches have been employed to estimate the overall size of the battery energy storage system market. After that, market breakdown and data triangulation procedures have been used to determine the extent of different segments and subsegments of the market.

Secondary Research

In the secondary research process, various secondary sources have been referred to for identifying and collecting information important for this study. Secondary sources such as encyclopedias, directories, databases, the association for computing machinery, animation magazine, and VFX voice have been used to identify and collect information for an extensive technical and commercial study of the battery energy storage system market.

Primary Research

In the primary research process, primary sources from both supply and demand sides have been interviewed to obtain qualitative and quantitative information important for this report. Primary sources, such as experts from related industries and suppliers, have been interviewed to obtain and verify critical information, as well as assess prospects. Key players in the battery energy storage system market have been identified through secondary research, and their respective market rankings have been determined through primary and secondary research. This research includes the study of annual reports of the top market players and interviews with key opinion leaders, such as chief executive officers (CEOs), directors, and marketing personnel.

Battery Energy Storage System Market Size, and Share

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

Market Size Estimation

In the complete market engineering process, both top-down and bottom-up approaches have been implemented, along with several data triangulation methods, to estimate and validate the size of the battery energy storage system market and other dependent submarkets listed in this report.

  • The key players in the industry and markets have been identified through extensive secondary research.
  • Both the supply chain of the industry and the market size, in terms of value, have been determined through primary and secondary research.
  • All percentage shares splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size, the total market has been split into several segments. To complete the overall market engineering process and arrive at exact statistics for all segments, the market breakdown and data triangulation procedures have been employed wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.

Study Objectives:

  • To define and forecast the battery energy storage system (BESS) market, in terms of value and volume, by battery type, element, connection type, ownership, energy capacity, and application
  • To describe and forecast the battery energy storage system market, in terms of value, for regions such as North America, Europe, Asia Pacific (APAC), and the Rest of World (RoW), along with their respective countries
  • To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
  • To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
  • To study the complete value chain of the battery energy storage system market
  • To provide a detailed impact of COVID-19 on the battery energy storage system market
  • To provide the impact of COVID-19 on the market segments and the players operating in the battery energy storage system market
  • To analyze opportunities in the market for stakeholders by identifying high-growth segments of the battery energy storage system ecosystem
  • To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies2, along with a detailed competitive landscape for market leaders
  • To analyze strategic approaches such as product launches, collaborations, contracts, acquisitions, agreements, expansion, and partnerships in the battery energy storage system market

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  • Detailed analysis and profiling of additional market players (up to 15)
COVID-19

Get in-depth analysis of the COVID-19 impact on the Battery Energy Storage System Market

Benchmarking the rapid strategy shifts of the Top 100 companies in the Battery Energy Storage System Market

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Report Code
SE 4200
Published ON
Oct, 2020
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