Battery Energy Storage System Market Size, Share Analysis

Report Code SE 4200
Published in Jul, 2024, By MarketsandMarkets™
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Battery Energy Storage System Market Size, Share & Industry Trends Growth Analysis Report by Battery Type (Lithium-ion, Advanced Lead Acid, Flow, Nickel-based), Energy Capacity (Below 100 MWh, Between 100 MWh & 500 MWh, Above 500 MWh), Connection Type, Ownership and Region - Global Forecast to 2029

Overview

The global battery energy storage system (BESS) market size is estimated to be USD 7.8 billion in 2024. It is projected to reach USD 25.6 billion by 2029, growing at a CAGR of 26.9% during the forecast period from 2024 to 2029 A BESS system comprises several rechargeable batteries explicitly arranged to store energy from various sources, such as solar and wind renewable sources, and release it to the grid when the demand rises. The trend of shifting to renewable energy sources from fossil fuels drives the BESS market's growth. Furthermore, the increasing installations of BESS in grid modernization projects globally and rising investments in enhancing grid functionality further drive the BESS market. Virtual power plants, battery material optimization, dynamic grid management, demand response, and capacity management programs are other key trends impacting the battery energy storage system industry growth. Artificial intelligence (AI) is also being used to enhance BESS systems as AI technology could help optimize battery performance, improve efficiency, and thus enhance grid stability. The AI technology enables various advanced functionalities such as predictive maintenance and optimized charging & discharging cycles, which lead to sustainable BESS system design. Battery Energy Storage Market Insights and Growth Prospects The global battery energy storage market is experiencing rapid growth, driven by the increasing demand for renewable energy integration, grid stability, and energy efficiency. As the world shifts towards cleaner energy sources like solar and wind, battery storage systems are becoming critical in balancing intermittent energy production and ensuring reliable power supply. Advancements in battery technology, particularly lithium-ion and solid-state batteries, are enhancing energy storage capacity, charging speeds, and lifespan, making these systems more economically viable for both residential and commercial applications. Additionally, government incentives, environmental regulations, and the growing focus on decarbonization are accelerating the adoption of energy storage solutions. The market is poised for further expansion as utilities, businesses, and consumers invest in energy storage to optimize energy use, reduce costs, and improve grid resilience. With continued innovation and declining costs, the Battery Energy Storage market is expected to play a pivotal role in the global transition to sustainable energy systems in the coming decades.

Attractive Opportunities in the battery energy storage system market

ASIA PACIFIC

The growth of the battery energy storage system market in Asia Pacific can be attributed to the growing trend of electrification of remote areas.

The growth of this market can be attributed to the increasing renewable energy generation and integration in the grid to reduce carbon footprint.

The reduction of li-ion battery prices to further boost the demand for battery energy storage systems in the coming years.

Product launches, collaborations, and contracts are expected to offer lucrative growth opportunities for market players during the forecast period.

The utility application segment is anticipated to bolster the market growth of the battery energy storage system.

Global battery energy storage system market Dynamics

Driver: Increasing global investments for grid infrastructure enhancement

The escalating demand for reliable, cost-effective, and environmentally friendly energy storage solutions drives investments in grid infrastructure, thus boosting the BESS market growth. Increasing investments in grid infrastructure is a critical strategy to enhance energy systems' reliability, efficiency, and sustainability.Such investments address multiple aspects of the power grid, including modernization, resilience, and integration of renewable energy sources. Hence, they are essential for meeting contemporary energy demands and future requirements.

Restraint: High installation and maintenance costs associated with BESS

The costs of battery energy storage systems depend on the type and the number of batteries used. During the installation of battery energy storage systems, the required capital cost is dependent on the footprint and power requirements of storage systems; components (batteries, power conversion systems, and BMS) used in them; and facility infrastructure (communications and control, environmental control, and grid interconnection) wherein they are deployed.The capital cost also depends on the system control cost, the electric balance of point cost (BOP), and construction and commissioning costs (C&C). The varying costs also depend on the BESS’s applications, such as residential, commercial, and utilities. Thus, installing battery energy storage systems in a plant or any required place requires high capital investments that restrain the BESS market's growth.

 

Opportunity: Increasing opportunities in rural electrification

Rural electrification refers to making electrical power accessible to rural or remote areas. Various countries are developing their remote regions, such as isolated rural and semi-urban areas, especially in emerging countries and small islands that are not directly connected with national grids.The installation of battery energy storage systems in rural areas would act as a solution to serve businesses and local communities with reliable and safe power supplies. The reliable and uninterrupted power supply from BESS projects can increase overall system efficiency and ensure savings during the systems' life cycles.

Challenges: Installation of battery energy storage systems in remote locations

Remote locations usually include islands and off-grid locations, which face various challenges owing to variable generation and power supply from renewable energy sources. The challenges are related to ambient conditions such as temperature variations during the day and night, high maintenance costs owing to commuting difficulties in reaching these locations, and the lack of equipment installation infrastructure.

Global battery energy storage system market Ecosystem Analysis

Battery Energy Storage System Market Ecosystem The advent of electric vehicles, renewable energy storage systems, and consumer electronics has driven increased investments in batteries and BESS from established and new players. The BESS market ecosystem has several participants, and each participant, from raw material suppliers to end users, has played a crucial role in developing and deploying battery energy storage systems worldwide.

 

Lithium-ion (Li-ion) batteries account for the largest share of the battery energy storage market

Li-ion batteries are widely used in storing energy due to their power and long life. These batteries are versatile and can be used for small and high-power applications. Their use has grown a lot since the cost of batteries and the cost of storing energy dropped.These batteries can work for electric vehicles and energy storage needs in residential, commercial, and industrial sectors. These batteries are also widely used in large-scale applications such as grid storage applications to power the grid during high peak demand times.

On-grid connection segment will account for a significant BESS market share during the forecast period.

The on-grid battery energy storage systems help in energy storage on a large scale. Electrical energy is stored when electricity is available in plenty or when the demand is low. On-grid battery energy storage systems use utility grids to supply electricity to consumers, which also helps to reduce energy bills. Load leveling, peak shaving, and power demand management are the main applications of any on-grid connected battery energy storage systems installed with an electrical grid.

ASIA PACIFIC region holds the largest share of the battery energy storage system market.

The Asia Pacific market is segmented into China, Japan, India, Australia, and the Rest of the region. The region is the largest market for battery energy storage and is home to some of the fastest-growing economies in the world. Investments in energy storage are projected to rise significantly in the region, driven by favorable government policies that aim to enhance the quality and reliability of power distribution for residential, commercial, and industrial customers. Several countries in Asia Pacific are planning for electrification in remote areas that are mainly off-grid. These factors contribute to the BESS market growth in Asia Pacific countries.  

 
 

Recent Developments of battery energy storage system market industry

  • In January 2024, Grenergy partnered with BYD to supply 1.1 GWh of ESS. The deal includes 2,136 units of BYD's high-performance MC Cube ESS model, featuring Blade batteries known for their safety and longevity. In May 2022, Toshiba Corporation introduced the 125VDC SCiB ESS, which combines the dependability of Lithium Titanium Oxide (LTO) battery chemistry with a flexible and expandable cabinet design. The Toshiba 125VDC SCiB ESS is available in various user capacities, including 5kWh, 10kWh, 15kWh, and 20kWh, making it suitable for integration with UPS or DC Load applications.
  • In January 2023, Sweden's prominent cultural center, Sara Kulturhus, is powered by a cutting-edge BESS created by ABB in collaboration with Skellefteå Kraft. The venue's unique design called for innovative solutions, and the BESS was designed to supply the entire building with dependable and environment-friendly electricity. Comprising a transformer, six battery packs provided by local supplier Northvolt, AC, and DC switchgear by ABB, and inverters by EPC Power, the BESS was crafted with careful consideration and extensive expertise.

Key Market Players

KEY PLAYERS IN THE battery energy storage system market INCLUDE

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Scope of the Report

Report Attribute Details
Estimated Market Size USD 7.8 billion in 2024
Projected Market Size USD 25.6 billion by 2029
Growth Rate CAGR of 26.9%
Market Size Availability for Years 2020–2029
Base Year 2023
Forecast Period 2024–2029
Forecast Units Value (USD Million)
Segments Covered By Battery, Connection Type, Ownership, Energy Capacity, Application and Region
Geographies Covered North America, Europe, Asia Pacific, and RoW
Companies Covered The major players include BYD Company Ltd. (China), LG Energy Solution (South Korea), Panasonic Corporation (Japan), Samsung SDI Co., Ltd. (South Korea).

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Table of Contents

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TITLE
PAGE NO
INTRODUCTION
26
RESEARCH METHODOLOGY
31
EXECUTIVE SUMMARY
43
PREMIUM INSIGHTS
47
MARKET OVERVIEW
50
  • 5.1 INTRODUCTION
  • 5.2 MARKET DYNAMICS
    DRIVERS
    - Accelerated deployment of grid energy storage systems in ongoing grid modernization projects
    - Adoption of lithium-ion batteries in renewable energy sector
    - Renewable energy revolution and transition toward low carbon-based economy
    RESTRAINTS
    - High cost of installing battery energy storage systems
    OPPORTUNITIES
    - Rapid adoption of battery energy storage systems in rural electrification projects worldwide
    - Increased demand for continuous power supply from data centers
    - Reduction in price of lithium-ion batteries
    CHALLENGES
    - Difficulties pertaining to installation of battery energy storage systems in remote and isolated locations
    - Overheating of lithium-ion batteries due to abnormal discharges and short circuits
    - Aging of lithium-ion batteries due to complex chemical reactions between electrodes and electrolytes
  • 5.3 VALUE CHAIN ANALYSIS
  • 5.4 ECOSYSTEM ANALYSIS
  • 5.5 PRICING ANALYSIS
    AVERAGE SELLING PRICE TREND
    AVERAGE SELLING PRICE OF BATTERY TYPES, BY KEY PLAYER
  • 5.6 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
  • 5.7 TECHNOLOGY ANALYSIS
    SODIUM-SULFUR BATTERY
    COBALT-FREE BATTERY
    METAL-AIR BATTERY
    LIQUID METAL BATTERY
    POTASSIUM METAL BATTERY
    ZINC-MANGANESE BATTERY
    LITHIUM-SULFUR BATTERY
    LITHIUM METAL BATTERY
  • 5.8 PORTER’S FIVE FORCES ANALYSIS
    THREAT OF NEW ENTRANTS
    THREAT OF SUBSTITUTES
    BARGAINING POWER OF SUPPLIERS
    BARGAINING POWER OF BUYERS
    INTENSITY OF COMPETITIVE RIVALRY
  • 5.9 KEY STAKEHOLDERS AND BUYING CRITERIA
    KEY STAKEHOLDERS IN BUYING PROCESS
    BUYING CRITERIA
  • 5.10 CASE STUDY ANALYSIS
    GENERAL ELECTRIC TO DELIVER BATTERY ENERGY STORAGE SYSTEMS TO CONVERGENT
    ADOPTION OF BATTERY ENERGY STORAGE SYSTEMS BY UTILITY PROVIDER COMPANY
    DEPLOYMENT OF MICROGRID BATTERY ENERGY STORAGE SYSTEMS FOR RURAL ELECTRIFICATION IN NIGERIA
    DEPLOYMENT OF OFF-GRID BATTERY ENERGY STORAGE SYSTEMS FOR RENEWABLE ENERGY PROJECT
    ABB TO INSTALL BATTERY ENERGY STORAGE SYSTEMS IN PHILIPPINES
  • 5.11 TRADE ANALYSIS
    IMPORT SCENARIO
    EXPORT SCENARIO
  • 5.12 PATENT ANALYSIS
  • 5.13 KEY CONFERENCES & EVENTS IN 2023–2024
  • 5.14 REGULATORY LANDSCAPE
    REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
    STANDARDS AND REGULATIONS RELATED TO BATTERY ENERGY STORAGE SYSTEM MARKET
MAJOR INPUT ENERGY SOURCES AND RECENT TRENDS RELATED TO BESS
89
  • 6.1 INTRODUCTION
  • 6.2 INPUT ENERGY SOURCES
    SOLAR PANELS
    WIND TURBINES
    GRID POWER
    DIESEL GENERATORS
    OTHERS
  • 6.3 RECENT TRENDS RELATED TO MARKET
    RENEWABLE ENERGY SOURCES
    ADVANCEMENTS IN BATTERY TECHNOLOGIES
    AI AND ML
    MICROGRIDS
    HYBRID ENERGY STORAGE SYSTEMS
  • 6.4 ANALYSIS OF VARIOUS BATTERY TECHNOLOGIES AND BESS
    COMPREHENSIVE ANALYSIS OF VARIOUS TYPES OF BATTERY TECHNOLOGIES
    COMPREHENSIVE ANALYSIS OF VARIOUS TYPES OF ENERGY STORAGE SYSTEMS
  • 6.5 TYPES OF SYSTEMS FOR BATTERY ENERGY STORAGE
    FRONT-OF-THE-METER (FTM) SYSTEM
    BEHIND-THE-METER (BTM) SYSTEM
BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT
104
  • 7.1 INTRODUCTION
  • 7.2 BATTERY
    INCREASED USE IN BUILDING SUSTAINABLE AND RESILIENT ENERGY INFRASTRUCTURE TO DRIVE SEGMENT
  • 7.3 OTHER ELEMENTS
    HARDWARE
    - Use in facilitating proper communication of system with users to boost demand
    OTHERS
    - Significance in proper functioning of BESS to propel demand
BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE
110
  • 8.1 INTRODUCTION
  • 8.2 LITHIUM-ION BATTERIES
    PROPERTIES SUCH AS HIGH ENERGY DENSITY AND EFFICIENCY TO DRIVE DEMAND
  • 8.3 ADVANCED LEAD-ACID BATTERIES
    EXTENSIVE ADOPTION IN GRID ENERGY STORAGE TO PROPEL DEMAND
  • 8.4 FLOW BATTERIES
    VARIOUS ADVANTAGES OVER CONVENTIONAL BATTERIES TO BOOST DEMAND
  • 8.5 OTHERS
    SODIUM-SULFUR BATTERY
    NICKEL-CADMIUM BATTERY
    NICKEL-METAL HYDRIDE BATTERY
    NICKEL-IRON BATTERY
    FLYWHEEL BATTERY
BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE
126
  • 9.1 INTRODUCTION
  • 9.2 ON-GRID CONNECTION
    SURGE IN GLOBAL ELECTRICITY DEMAND TO BOOST DEMAND
  • 9.3 OFF-GRID CONNECTION
    EMERGING ADOPTION IN PROVIDING ENERGY SUPPLY TO REMOTE AREAS TO PROPEL SEGMENT
BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP
135
  • 10.1 INTRODUCTION
  • 10.2 CUSTOMER OWNED
    REDUCED ELECTRICITY COSTS IN RESIDENTIAL APPLICATIONS TO DRIVE ADOPTION
  • 10.3 THIRD-PARTY OWNED
    REDUCTION IN ELECTRICITY BILLS WITH USE OF SOLAR ENERGY SYSTEMS TO PROPEL DEMAND
  • 10.4 UTILITY OWNED
    RISE IN DEMAND FOR RENEWABLE ENERGY SOURCES TO DRIVE SEGMENT
BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY
142
  • 11.1 INTRODUCTION
  • 11.2 BELOW 100 MWH
    HIGH DEMAND FROM RESIDENTIAL APPLICATIONS TO FOSTER DEMAND
  • 11.3 BETWEEN 100 AND 500 MWH
    INCREASED ADOPTION TO MANAGE UNCERTAINTIES IN POWER SYSTEMS TO PROPEL DEMAND
  • 11.4 ABOVE 500 MWH
    EXTENSIVE USE IN SMOOTHENING ENERGY FLUCTUATIONS WHILE SERVING ENERGY DEMANDS TO BOOST ADOPTION
BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION
150
  • 12.1 INTRODUCTION
  • 12.2 RESIDENTIAL
    GOVERNMENT INITIATIVES ENCOURAGING VARIOUS RESIDENTIAL ENERGY STORAGE PROJECTS TO BOOST DEMAND
  • 12.3 COMMERCIAL
    INCREASED DEMAND FOR UPS SYSTEMS TO PROPEL ADOPTION
  • 12.4 UTILITY
    INCREASED DEMAND FOR RENEWABLE ENERGY SOURCES IN ELECTRIC GRIDS TO DRIVE SEGMENT
BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION
164
  • 13.1 INTRODUCTION
  • 13.2 NORTH AMERICA
    NORTH AMERICA: RECESSION IMPACT
    US
    - Extensive adoption of large-scale systems in power grids to accelerate market
    CANADA
    - Increased investments in battery technology to fulfill peak energy demand in urban areas to propel market
    MEXICO
    - Increased demand for electricity to drive market
  • 13.3 EUROPE
    EUROPE: RECESSION IMPACT
    GERMANY
    - Increased focus on energy storage in residential applications to boost market
    UK
    - Rise in government initiatives for energy storage to propel market
    FRANCE
    - Increased use of renewable energy resources across sectors to drive market
    REST OF EUROPE
  • 13.4 ASIA PACIFIC
    ASIA PACIFIC: RECESSION IMPACT
    CHINA
    - Increased energy demand and ongoing battery energy storage projects to support market
    JAPAN
    - Increased investments in solar and wind energy projects to boost market
    INDIA
    - Significant government investments in development of low-cost batteries to drive market
    AUSTRALIA
    - Government subsidies for deployment of large-scale battery storage projects to support market
    SOUTH KOREA
    - Rise in adoption of battery energy storage systems in electric grids to fuel market
    REST OF ASIA PACIFIC
  • 13.5 REST OF THE WORLD (ROW)
    ROW: RECESSION IMPACT
    SOUTH AMERICA
    - Rise in government investments to deploy renewable energy to support market
    MIDDLE EAST & AFRICA
    - Increased adoption due to growth of manufacturing sector to propel market
COMPETITIVE LANDSCAPE
189
  • 14.1 OVERVIEW
  • 14.2 STRATEGIES ADOPTED BY KEY PLAYERS
  • 14.3 REVENUE ANALYSIS OF TOP COMPANIES
  • 14.4 MARKET SHARE ANALYSIS
  • 14.5 COMPETITIVE EVALUATION QUADRANT
    STARS
    EMERGING LEADERS
    PERVASIVE PLAYERS
    PARTICIPANTS
  • 14.6 SMALL AND MEDIUM-SIZED ENTERPRISES (SMES) EVALUATION QUADRANT
    PROGRESSIVE COMPANIES
    RESPONSIVE COMPANIES
    DYNAMIC COMPANIES
    STARTING BLOCKS
  • 14.7 BATTERY ENERGY STORAGE SYSTEM MARKET: COMPANY FOOTPRINT
  • 14.8 COMPETITIVE BENCHMARKING
  • 14.9 COMPETITIVE SCENARIO
COMPANY PROFILES
208
  • 15.1 KEY PLAYERS
    BYD COMPANY LIMITED
    - Business overview
    - Products offered
    - Recent developments
    - MnM view
    LG ENERGY SOLUTIONS CO., LTD.
    - Business overview
    - Products offered
    - Recent developments
    - MnM view
    PANASONIC CORPORATION
    - Business overview
    - Products offered
    - Recent developments
    - MnM view
    SAMSUNG SDI CO., LTD.
    - Business overview
    - Products offered
    - Recent developments
    - MnM view
    TESLA, INC.
    - Business overview
    - Products offered
    - Recent developments
    - MnM view
    ABB
    - Business overview
    - Products offered
    - Recent developments
    AEG POWER SOLUTIONS
    - Business overview
    - Products offered
    - Recent developments
    DELTA ELECTRONICS INC.
    - Business overview
    - Products offered
    GENERAL ELECTRIC
    - Business overview
    - Products offered
    - Recent developments
    HITACHI, LTD.
    - Business overview
    - Products offered
    - Recent developments
    HONEYWELL INTERNATIONAL, INC.
    - Business overview
    - Products offered
    - Recent developments
    NEC CORPORATION
    - Business overview
    - Products offered
    NGK INSULATORS, LTD.
    - Business overview
    - Products offered
    SIEMENS AG
    - Business overview
    - Products offered
    - Recent developments
    TOSHIBA CORPORATION
    - Business overview
    - Products offered
    - Recent developments
  • 15.2 OTHER PLAYERS
    EAST PENN MANUFACTURING COMPANY
    ENERDEL, INC.
    EXERGONIX
    JOHNSON CONTROLS
    NEXTERA ENERGY, INC.
    PARKER HANNIFIN CORP
    PRIMUS POWER
    SOLAREDGE
    THE AES CORPORATION
    TRINABESS
ADJACENT MARKETS
261
  • 16.1 SOLID-STATE BATTERY MARKET
    INTRODUCTION
    SINGLE-CELL BATTERY
    - Single-cell battery technology well-adopted in medical devices
    MULTI-CELL BATTERY
    - Multi-cell battery most trending battery technology for electric vehicles due to its high power density
  • 16.2 SOLID-STATE BATTERY MARKET, BY RECHARGEABILITY
    INTRODUCTION
    PRIMARY BATTERY
    - Primary solid-state batteries to hold larger share of market during forecast period
    SECONDARY BATTERY
    - Secondary solid-state batteries to witness higher growth rate during forecast period
APPENDIX
271
  • 17.1 INSIGHTS FROM INDUSTRY EXPERTS
  • 17.2 DISCUSSION GUIDE
  • 17.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
  • 17.4 CUSTOMIZATION OPTIONS
  • 17.5 RELATED REPORTS
  • 17.6 AUTHOR DETAILS
LIST OF TABLES
 
  • TABLE 1 BATTERY ENERGY STORAGE SYSTEM MARKET: ECOSYSTEM ANALYSIS
  • TABLE 2 AVERAGE SELLING PRICE OF LITHIUM-ION BATTERY PACKS FOR ENERGY STORAGE, BY REGION
  • TABLE 3 AVERAGE SELLING PRICE OF BATTERY TYPES, BY KEY PLAYER (USD)
  • TABLE 4 COMPARISON OF ENERGY STORAGE TECHNOLOGIES
  • TABLE 5 CHARACTERISTICS OF TECHNOLOGIES IN BATTERY ENERGY STORAGE SYSTEMS
  • TABLE 6 BATTERY ENERGY STORAGE SYSTEM MARKET: PORTER’S FIVE FORCES ANALYSIS
  • TABLE 7 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS (%)
  • TABLE 8 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS
  • TABLE 9 TOP 20 PATENT OWNERS IN LAST 10 YEARS
  • TABLE 10 LIST OF PATENTS RELATED TO BATTERY ENERGY STORAGE SYSTEM MARKET
  • TABLE 11 BATTERY ENERGY STORAGE SYSTEM MARKET: CONFERENCES AND EVENTS
  • TABLE 12 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 13 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 14 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 15 REST OF THE WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 16 REGULATIONS AND STANDARDS FOR BATTERY ENERGY STORAGE SYSTEMS
  • TABLE 17 DIFFERENT TYPES OF BATTERY TECHNOLOGIES
  • TABLE 18 VARIOUS TYPES OF ENERGY STORAGE SYSTEMS
  • TABLE 19 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT, 2019–2022 (USD MILLION)
  • TABLE 20 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT, 2023–2028 (USD MILLION)
  • TABLE 21 COMPARISON BETWEEN LITHIUM-ION AND LEAD-ACID BATTERIES
  • TABLE 22 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION)
  • TABLE 23 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION)
  • TABLE 24 LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)
  • TABLE 25 LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)
  • TABLE 26 LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION)
  • TABLE 27 LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION)
  • TABLE 28 LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
  • TABLE 29 LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 30 ADVANCED LEAD-ACID BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)
  • TABLE 31 ADVANCED LEAD-ACID BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)
  • TABLE 32 ADVANCED LEAD-ACID MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION)
  • TABLE 33 ADVANCED LEAD-ACID BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION)
  • TABLE 34 ADVANCED LEAD-ACID BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
  • TABLE 35 ADVANCED LEAD-ACID BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 36 FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)
  • TABLE 37 FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)
  • TABLE 38 FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION)
  • TABLE 39 FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION)
  • TABLE 40 FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
  • TABLE 41 FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 42 OTHERS: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)
  • TABLE 43 OTHERS: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)
  • TABLE 44 OTHERS: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION)
  • TABLE 45 OTHERS: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION)
  • TABLE 46 OTHERS: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
  • TABLE 47 OTHERS: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 48 BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)
  • TABLE 49 BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)
  • TABLE 50 ON-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION)
  • TABLE 51 ON-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION)
  • TABLE 52 ON-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
  • TABLE 53 ON-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 54 OFF-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION)
  • TABLE 55 OFF-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION)
  • TABLE 56 OFF-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
  • TABLE 57 OFF-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 58 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2019–2022 (USD MILLION)
  • TABLE 59 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2023–2028 (USD MILLION)
  • TABLE 60 CUSTOMER OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
  • TABLE 61 CUSTOMER OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 62 THIRD-PARTY OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
  • TABLE 63 THIRD-PARTY OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 64 UTILITY OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
  • TABLE 65 UTILITY OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 66 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION)
  • TABLE 67 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION)
  • TABLE 68 BELOW 100 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)
  • TABLE 69 BELOW 100 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)
  • TABLE 70 BELOW 100 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
  • TABLE 71 BELOW 100 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 72 BETWEEN 100 MWH AND 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)
  • TABLE 73 BETWEEN 100 MWH AND 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)
  • TABLE 74 BETWEEN 100 MWH AND 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
  • TABLE 75 BETWEEN 100 MWH AND 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 76 ABOVE 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)
  • TABLE 77 ABOVE 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)
  • TABLE 78 ABOVE 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
  • TABLE 79 ABOVE 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 80 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
  • TABLE 81 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 82 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION)
  • TABLE 83 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION)
  • TABLE 84 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)
  • TABLE 85 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)
  • TABLE 86 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION)
  • TABLE 87 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION)
  • TABLE 88 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2019–2022 (USD MILLION)
  • TABLE 89 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2023–2028 (USD MILLION)
  • TABLE 90 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
  • TABLE 91 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 92 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION)
  • TABLE 93 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION)
  • TABLE 94 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)
  • TABLE 95 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)
  • TABLE 96 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION)
  • TABLE 97 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION)
  • TABLE 98 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2019–2022 (USD MILLION)
  • TABLE 99 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2023–2028 (USD MILLION)
  • TABLE 100 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
  • TABLE 101 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 102 UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION)
  • TABLE 103 UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION)
  • TABLE 104 UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)
  • TABLE 105 UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)
  • TABLE 106 UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION)
  • TABLE 107 UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION)
  • TABLE 108 UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2019–2022 (USD MILLION)
  • TABLE 109 UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2023–2028 (USD MILLION)
  • TABLE 110 UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
  • TABLE 111 UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 112 BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
  • TABLE 113 BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 114 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
  • TABLE 115 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 116 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
  • TABLE 117 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
  • TABLE 118 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
  • TABLE 119 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 120 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
  • TABLE 121 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
  • TABLE 122 ASIA PACIFIC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
  • TABLE 123 ASIA PACIFIC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 124 ASIA PACIFIC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
  • TABLE 125 ASIA PACIFIC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
  • TABLE 126 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
  • TABLE 127 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 128 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)
  • TABLE 129 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 130 KEY DEVELOPMENTS IN BATTERY ENERGY STORAGE SYSTEM MARKET
  • TABLE 131 BATTERY ENERGY STORAGE SYSTEM MARKET SHARE ANALYSIS (2022)
  • TABLE 132 COMPANY FOOTPRINT
  • TABLE 133 COMPANY FOOTPRINT: APPLICATION
  • TABLE 134 COMPANY FOOTPRINT: REGION
  • TABLE 135 BATTERY ENERGY STORAGE SYSTEM MARKET: LIST OF KEY STARTUPS/SMES
  • TABLE 136 BATTERY ENERGY STORAGE SYSTEM MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES
  • TABLE 137 BATTERY ENERGY STORAGE SYSTEM MARKET: PRODUCT LAUNCHES, 2021–2022
  • TABLE 138 BATTERY ENERGY STORAGE SYSTEM MARKET: DEALS, 2021–2023
  • TABLE 139 BATTERY ENERGY STORAGE SYSTEM MARKET: OTHERS, 2022
  • TABLE 140 BYD COMPANY LIMITED: BUSINESS OVERVIEW
  • TABLE 141 BYD COMPANY LIMITED: PRODUCTS OFFERED
  • TABLE 142 BYD COMPANY LIMITED: DEALS
  • TABLE 143 LG ENERGY SOLUTIONS CO., LTD.: BUSINESS OVERVIEW
  • TABLE 144 LG ENERGY SOLUTIONS CO., LTD.: PRODUCTS OFFERED
  • TABLE 145 LG ENERGY SOLUTIONS CO., LTD.: DEALS
  • TABLE 146 PANASONIC CORPORATION: BUSINESS OVERVIEW
  • TABLE 147 PANASONIC CORPORATION: PRODUCTS OFFERED
  • TABLE 148 PANASONIC CORPORATION: PRODUCT LAUNCHES
  • TABLE 149 PANASONIC CORPORATION: DEALS
  • TABLE 150 SAMSUNG SDI CO., LTD.: BUSINESS OVERVIEW
  • TABLE 151 SAMSUNG SDI CO., LTD.: PRODUCTS OFFERED
  • TABLE 152 SAMSUNG SDI CO., LTD.: PRODUCT LAUNCHES
  • TABLE 153 TESLA, INC.: BUSINESS OVERVIEW
  • TABLE 154 TESLA, INC.: PRODUCTS OFFERED
  • TABLE 155 TESLA, INC.: PRODUCT LAUNCHES
  • TABLE 156 ABB: BUSINESS OVERVIEW
  • TABLE 157 ABB: PRODUCTS OFFERED
  • TABLE 158 ABB: DEALS
  • TABLE 159 AEG POWER SOLUTIONS: BUSINESS OVERVIEW
  • TABLE 160 AEG POWER SOLUTIONS: PRODUCTS OFFERED
  • TABLE 161 AEG POWER SOLUTIONS: DEALS
  • TABLE 162 DELTA ELECTRONICS INC.: BUSINESS OVERVIEW
  • TABLE 163 DELTA ELECTRONICS INC.: PRODUCTS OFFERED
  • TABLE 164 GENERAL ELECTRIC: BUSINESS OVERVIEW
  • TABLE 165 GENERAL ELECTRIC: PRODUCTS OFFERED
  • TABLE 166 GENERAL ELECTRIC: PRODUCT LAUNCHES
  • TABLE 167 GENERAL ELECTRIC: DEALS
  • TABLE 168 GENERAL ELECTRIC: OTHERS
  • TABLE 169 HITACHI, LTD.: BUSINESS OVERVIEW
  • TABLE 170 HITACHI, LTD.: PRODUCTS OFFERED
  • TABLE 171 HITACHI, LTD.: DEALS
  • TABLE 172 HONEYWELL INTERNATIONAL, INC.: BUSINESS OVERVIEW
  • TABLE 173 HONEYWELL INTERNATIONAL, INC: PRODUCTS OFFERED
  • TABLE 174 HONEYWELL INTERNATIONAL, INC.: PRODUCT LAUNCHES
  • TABLE 175 HONEYWELL INTERNATIONAL, INC.: DEALS
  • TABLE 176 NEC CORPORATION: BUSINESS OVERVIEW
  • TABLE 177 NEC CORPORATION: PRODUCTS OFFERED
  • TABLE 178 NGK INSULATORS, LTD.: BUSINESS OVERVIEW
  • TABLE 179 NGK INSULATORS, LTD.: PRODUCTS OFFERED
  • TABLE 180 SIEMENS AG: BUSINESS OVERVIEW
  • TABLE 181 SIEMENS AG: PRODUCTS OFFERED
  • TABLE 182 SIEMENS AG: PRODUCT LAUNCHES
  • TABLE 183 TOSHIBA CORPORATION: BUSINESS OVERVIEW
  • TABLE 184 TOSHIBA CORPORATION: PRODUCTS OFFERED
  • TABLE 185 TOSHIBA CORPORATION: PRODUCT LAUNCHES
  • TABLE 186 TOSHIBA CORPORATION: DEALS
  • TABLE 187 SOLID-STATE BATTERY MARKET, BY TYPE, 2017–2021 (USD MILLION)
  • TABLE 188 SOLID-STATE BATTERY MARKET, BY TYPE, 2022–2028 (USD MILLION)
  • TABLE 189 SINGLE-CELL SOLID-STATE BATTERY MARKET, BY APPLICATION, 2017–2021 (USD MILLION)
  • TABLE 190 SINGLE-CELL SOLID-STATE BATTERY MARKET, BY APPLICATION, 2022–2028 (USD MILLION)
  • TABLE 191 MULTI-CELL SOLID-STATE BATTERY MARKET, BY APPLICATION, 2017–2021 (USD MILLION)
  • TABLE 192 MULTI-CELL SOLID-STATE BATTERY MARKET, BY APPLICATION, 2022–2028 (USD MILLION)
  • TABLE 193 SOLID-STATE BATTERY MARKET, BY RECHARGEABILITY, 2017–2021 (USD MILLION)
  • TABLE 194 SOLID-STATE BATTERY MARKET, BY RECHARGEABILITY, 2022–2028 (USD MILLION)
  • TABLE 195 PRIMARY SOLID-STATE BATTERY MARKET, BY APPLICATION, 2017–2021 (USD MILLION)
  • TABLE 196 PRIMARY SOLID-STATE BATTERY MARKET, BY APPLICATION, 2022–2028 (USD MILLION)
  • TABLE 197 SECONDARY SOLID-STATE BATTERY MARKET, BY APPLICATION, 2017–2021 (USD MILLION)
  • TABLE 198 SECONDARY SOLID-STATE BATTERY MARKET, BY APPLICATION, 2022–2028 (USD MILLION)
LIST OF FIGURES
 
  • FIGURE 1 BATTERY ENERGY STORAGE SYSTEM MARKET: SEGMENTATION
  • 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 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH (SUPPLY SIDE): REVENUE FROM PRODUCTS/SOLUTIONS/SERVICES IN BATTERY ENERGY STORAGE SYSTEM MARKET
  • FIGURE 6 DATA TRIANGULATION
  • FIGURE 7 BATTERY ENERGY STORAGE SYSTEM MARKET
  • FIGURE 8 LITHIUM-ION BATTERIES LARGEST SEGMENT OF BATTERY ENERGY STORAGE SYSTEM MARKET IN 2022
  • FIGURE 9 BATTERY SEGMENT TO CONTRIBUTE LARGER SHARE TO MARKET IN 2023
  • FIGURE 10 UTILITY APPLICATION SEGMENT ACCOUNTED FOR LARGEST MARKET SIZE IN 2022
  • FIGURE 11 ASIA PACIFIC HELD LARGEST MARKET SHARE IN 2022
  • FIGURE 12 GROWING DEMAND FOR CONTINUOUS POWER SUPPLY AND RISING ADOPTION OF BATTERY ENERGY STORAGE SYSTEMS FOR ELECTRIFICATION IN RURAL AREAS TO DRIVE MARKET
  • FIGURE 13 LITHIUM-ION BATTERIES SEGMENT HELD LARGEST SHARE IN 2022
  • FIGURE 14 ABOVE 500 MWH ENERGY CAPACITY SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
  • FIGURE 15 UTILITY TO BE LARGEST APPLICATION SEGMENT OF MARKET IN 2023
  • FIGURE 16 MARKET IN INDIA TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
  • FIGURE 17 BATTERY ENERGY STORAGE SYSTEM MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
  • FIGURE 18 BATTERY ENERGY STORAGE SYSTEM MARKET: IMPACT ANALYSIS OF DRIVERS
  • FIGURE 19 BATTERY ENERGY STORAGE SYSTEM MARKET: IMPACT ANALYSIS OF RESTRAINTS
  • FIGURE 20 BATTERY ENERGY STORAGE SYSTEM MARKET: IMPACT ANALYSIS OF OPPORTUNITIES
  • FIGURE 21 BATTERY ENERGY STORAGE SYSTEM MARKET: IMPACT ANALYSIS OF CHALLENGES
  • FIGURE 22 BATTERY ENERGY STORAGE SYSTEM MARKET: VALUE CHAIN ANALYSIS
  • FIGURE 23 BATTERY ENERGY STORAGE SYSTEM MARKET: ECOSYSTEM ANALYSIS
  • FIGURE 24 BATTERY TECHNOLOGIES: ECOSYSTEM ANALYSIS
  • FIGURE 25 BATTERY ENERGY STORAGE SYSTEM: PRICING BREAKDOWN
  • FIGURE 26 AVERAGE PRICE OF LITHIUM-ION BATTERY PACKS FOR ENERGY STORAGE
  • FIGURE 27 AVERAGE SELLING PRICE OF BATTERY TYPES, BY KEY PLAYER
  • FIGURE 28 TRENDS/DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS
  • FIGURE 29 BATTERY ENERGY STORAGE SYSTEM MARKET: PORTER’S FIVE FORCES ANALYSIS
  • FIGURE 30 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS
  • FIGURE 31 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS
  • FIGURE 32 IMPORT DATA, BY KEY COUNTRY, 2017–2021 (USD MILLION)
  • FIGURE 33 EXPORT DATA, BY KEY COUNTRY, 2017–2021 (USD MILLION)
  • FIGURE 34 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS IN LAST 10 YEARS
  • FIGURE 35 NO. OF PATENTS GRANTED IN BATTERY ENERGY STORAGE SYSTEM MARKET ANNUALLY OVER LAST 10 YEARS
  • FIGURE 36 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT
  • FIGURE 37 SUPPLIERS INVOLVED IN BATTERY ENERGY STORAGE SYSTEM ECOSYSTEM
  • FIGURE 38 BATTERY ELEMENT SEGMENT TO HOLD LARGER SHARE OF MARKET DURING FORECAST PERIOD
  • FIGURE 39 CRITERIA FOR BATTERY SELECTION
  • FIGURE 40 LAYOUT OF BATTERY ENERGY STORAGE SYSTEM
  • FIGURE 41 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE
  • FIGURE 42 LITHIUM-ION BATTERIES TO BE LARGEST SEGMENT OF MARKET DURING FORECAST PERIOD
  • FIGURE 43 COMPARISON OF SODIUM-SULFUR BATTERIES WITH OTHER BATTERIES
  • FIGURE 44 IMPORTANCE OF BATTERY ENERGY STORAGE SYSTEMS IN GRID CONNECTION
  • FIGURE 45 APPLICATIONS OF BATTERY ENERGY STORAGE SYSTEMS ON GRID
  • FIGURE 46 ON-GRID CONNECTION SEGMENT TO REGISTER HIGHER CAGR DURING FORECAST PERIOD
  • FIGURE 47 ON-GRID CONNECTION
  • FIGURE 48 BASIC OFF-GRID SYSTEMS
  • FIGURE 49 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP
  • FIGURE 50 UTILITY OWNED SEGMENT TO HOLD LARGEST SHARE DURING FORECAST PERIOD
  • FIGURE 51 LAYOUT OF BATTERY ENERGY STORAGE SYSTEM INSTALLATION IN RESIDENTIAL AREA
  • FIGURE 52 ENERGY CAPACITY RANGES OF BATTERY ENERGY STORAGE SYSTEMS
  • FIGURE 53 BATTERY ENERGY STORAGE SYSTEMS MARKET FOR ABOVE 500 MWH ENERGY CAPACITY TO REGISTER HIGHEST CAGR FROM 2023 TO 2028
  • FIGURE 54 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION
  • FIGURE 55 UTILITY TO BE LARGEST SEGMENT OF MARKET DURING FORECAST PERIOD
  • FIGURE 56 TESLA POWERWALL INSTALLED FOR RESIDENTIAL APPLICATIONS
  • FIGURE 57 BATTERY ENERGY STORAGE SYSTEM MARKET IN INDIA TO REGISTER HIGHEST CAGR FROM 2023 TO 2028
  • FIGURE 58 NORTH AMERICA: SNAPSHOT OF BATTERY ENERGY STORAGE SYSTEM MARKET
  • FIGURE 59 EUROPE: SNAPSHOT OF BATTERY ENERGY STORAGE SYSTEM MARKET
  • FIGURE 60 ASIA PACIFIC: SNAPSHOT OF BATTERY ENERGY STORAGE SYSTEM MARKET
  • FIGURE 61 FIVE-YEAR REVENUE ANALYSIS OF TOP 5 PLAYERS IN BATTERY ENERGY STORAGE SYSTEM MARKET
  • FIGURE 62 BATTERY ENERGY STORAGE SYSTEM MARKET: SHARE OF KEY PLAYERS
  • FIGURE 63 BATTERY ENERGY STORAGE SYSTEM MARKET (GLOBAL): COMPETITIVE EVALUATION QUADRANT, 2022
  • FIGURE 64 BATTERY ENERGY STORAGE SYSTEM MARKET (GLOBAL): SME EVALUATION QUADRANT, 2022
  • FIGURE 65 BYD COMPANY LIMITED: COMPANY SNAPSHOT
  • FIGURE 66 LG ENERGY SOLUTIONS CO., LTD.: COMPANY SNAPSHOT
  • FIGURE 67 PANASONIC CORPORATION: COMPANY SNAPSHOT
  • FIGURE 68 SAMSUNG SDI CO., LTD.: COMPANY SNAPSHOT
  • FIGURE 69 TESLA, INC.: COMPANY SNAPSHOT
  • FIGURE 70 ABB: COMPANY SNAPSHOT
  • FIGURE 71 DELTA ELECTRONICS INC.: COMPANY SNAPSHOT
  • FIGURE 72 GENERAL ELECTRIC: COMPANY SNAPSHOT
  • FIGURE 73 HITACHI, LTD.: COMPANY SNAPSHOT
  • FIGURE 74 HONEYWELL INTERNATIONAL, INC.: COMPANY SNAPSHOT
  • FIGURE 75 NEC CORPORATION: COMPANY SNAPSHOT
  • FIGURE 76 NGK INSULATORS, LTD.: COMPANY SNAPSHOT
  • FIGURE 77 SIEMENS AG: COMPANY SNAPSHOT
  • FIGURE 78 TOSHIBA CORPORATION: COMPANY SNAPSHOT
  • FIGURE 79 SOLID-STATE BATTERY MARKET, BY TYPE
  • FIGURE 80 SOLID-STATE BATTERY MARKET, BY RECHARGEABILITY
  • FIGURE 81 MARKET FOR SECONDARY SOLID-STATE BATTERY TO GROW AT HIGHER CAGR DURING 2022–2028

 

The study involved four major activities for estimating the battery energy storage system market size. Exhaustive secondary research has been conducted to collect information relevant to the market, its peer markets, and its child market. Primary research has been undertaken to validate key findings, assumptions, and sizing with industry experts across the value chain of the battery energy storage system market. Both top-down and bottom-up approaches have been employed to estimate the complete market size. It has been followed by the market breakdown and data triangulation methods to estimate the size of different segments and subsegments of the market.

Secondary Research

The research methodology used to estimate and forecast the size of the battery energy storage system market began with the acquisition of data related to the revenues of key vendors in the market through secondary research. Various secondary sources have been referred to in the secondary research process for identifying and collecting information for this study. Secondary sources include annual reports, press releases, and investor presentations of companies; white papers, journals, certified publications, and articles by recognized authors; websites; directories; and databases. Secondary research has mainly been used to obtain key information about the supply chain of the battery energy storage system market, the value chain of the market, key players, market classification, and segmentation according to the industry trends to the bottom-most level, geographic markets, and key developments from both market and technology-oriented perspectives. Secondary data has been collected and analyzed to determine the overall market size, further validated through primary research. The secondary research referred to for this research study involves the Energy Storage Association, International Battery and Energy Storage Alliance, NAATBatt, Clean Energy Council. Moreover, the study involved extensive use of secondary sources, directories, and databases, such as Hoovers, Bloomberg Businessweek, Factiva, and OneSource, to identify and collect valuable information for a technical, market-oriented, and commercial study of the battery energy storage system market. Vendor offerings have been taken into consideration to determine market segmentation.

Primary Research

In the primary research, various primary sources from both the supply and demand sides have been interviewed to obtain the qualitative and quantitative information relevant to this report. Primary sources from the supply side include the key industry participants, subject-matter experts (SMEs), and C-level executives and consultants from various key companies and organizations in the battery energy storage system ecosystem. After the complete market engineering (including calculations for the market statistics, the market breakdown, the market size estimations, the market forecasting, and the data triangulation), extensive primary research has been conducted to verify and validate the critical market numbers obtained. Extensive qualitative and quantitative analyses have been performed during the market engineering process to list key information/insights throughout the report. Extensive primary research has been conducted after understanding the battery energy storage system market scenario through secondary research. Several primary interviews have been conducted with market experts from the demand and supply-side players across key regions, namely, the Americas, Europe, Asia Pacific, and the Rest of the World (Middle East,  Africa, and South America). Various primary sources from both the supply and demand sides of the market have been interviewed to obtain qualitative and quantitative information. Following is the breakdown of the primary respondents.

Primary data has been collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, various departments within organizations, such as sales, operations, and administration, were covered to provide a holistic viewpoint in our report. After interacting with industry experts, brief sessions were conducted with highly experienced independent consultants to reinforce the findings from our primaries. This and the in-house subject matter experts’ opinions have led us to the findings described in the remainder of this report.

Battery Energy Storage System Market
 Size, and Share

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

Market Size Estimation

The total size of the battery energy storage system market has been estimated and validated using both top-down and bottom-up approaches. Furthermore, these methods have also been used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size is as follows:

  • Identifying different entities influencing the value chain of the battery energy storage system market
  • Identifying major companies, system integrators, and service providers operating in the market
  • Estimating the size of the battery energy storage system market for each region based on demand for battery energy storage system.
  • Tracking the ongoing and upcoming energy storage system projects to forecast the market size based on these developments and other critical parameters
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
  • Qualitative aspects such as market drivers, restraints, opportunities, and challenges have been taken into consideration while calculating and forecasting the market size.

Global Battery Energy Storage System Market Size: Bottom-Up Approach

Battery Energy Storage System Market
 Size, and Bottom-Up  Approach

Global Battery Energy Storage System Market Size: Top-down Approach

Battery Energy Storage System Market
 Size, and Top-down Approach

Data Triangulation

After arriving at the overall size of the battery energy storage system market from the market size estimation process explained above, the total market has been split into several segments and subsegments. Data triangulation and market breakdown procedures have been employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments of the market. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size has been validated using both top-down and bottom-up approaches.

Market Definition

A battery energy storage system is embedded with a rechargeable battery in the form of battery packs and modules. The system stores energy from solar arrays, wind, or the electric grid and then discharges that energy later to provide electricity or other grid services when needed. Rechargeable batteries are usually expensive and have less environmental impact than non-rechargeable (disposable) batteries. However, rechargeable batteries incur a high upfront cost but they can be charged several times after the initial purchase. Battery energy storage systems are used in low-peak periods to store surplus energy and provide this energy to the end users during the time of high peak demand for electricity.

Key Stakeholders

  • Battery energy storage system manufacturers
  • Technology providers
  • Material providers
  • Government bodies and industry associations
  • Research Institutes and Organizations
  • Battery Cell and Battery Pack Manufacturers
  • Equipment suppliers
  • System integrators
  • Grid operators
  • Retail service providers
  • Lithium-ion batteries, electrochemical capacitors, and other energy storage products manufacturers
  • Electronic device and electric vehicle manufacturers

Report Objectives

  • To define, describe, segment, and forecast the size of the battery energy storage system market by battery type, connection type, ownership, energy capacity, and application in terms of value
  • To describe and forecast the market for four main regions, namely, the North America, Asia Pacific, Europe, and RoW, in terms of value
  • To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
  • To provide a detailed overview of the value chain of the battery energy storage system ecosystem
  • To strategically analyze micro-markets with respect to individual growth trends, prospects, and their contributions to the overall market
  • To strategically analyze the ecosystem, Porter’s five forces, regulations, region-wise regulations, upcoming technologies in the market, revenue shift model in the market, patent landscape, trade landscape, and case studies pertaining to the market under study
  • To analyze opportunities in the market for the stakeholders by identifying high-growth segments in the market
  • To strategically profile key players and provide details of the current competitive landscape
  • To analyze strategic approaches adopted by players in the battery energy storage system market, such as product launches and developments, acquisitions, collaborations, agreements, contracts, expansions, and partnerships

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

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  • Detailed analysis and profiling of additional market players based on various blocks of the value chain.

Previous Versions of this Report

Battery Energy Storage Market by Element, Battery Type (Lithium-ion, Advanced Lead Acid, Flow), Connection Type (On-Grid and Off-Grid), Ownership (Customer Owned, Third-Party Owned, Utility Owned), Energy Capacity - Global Forecast to 2028

Report Code SE 4200
Published in Jun, 2023, By MarketsandMarkets™

Battery Energy Storage System Market with COVID-19 Impact by Storage System, Element, Battery Type (Lithium-Ion, Flow Batteries), Connection Type (On-Grid and Off-Grid), Ownership, Energy Capacity, Application and Geography - Global Forecast to 2027

Report Code SE 4200
Published in Feb, 2022, By MarketsandMarkets™

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
Published in Oct, 2020, By MarketsandMarkets™

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

Report Code SE 4200
Published in Mar, 2018, By MarketsandMarkets™

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

Report Code SE 4200
Published in Mar, 2016, By MarketsandMarkets™

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Growth opportunities and latent adjacency in Battery Energy Storage System Market

User

Sep, 2019

The increasing use of grid flexibility and grid connected solutions due to fluctuations of renewable energy sources such as solar & wind is expected to boost the battery energy system. Can you provide detailed information on this?.

User

Sep, 2019

Increasing adoption of electric vehicles and fast-growing battery energy storage manufacturing capacity are driving innovations and growth of the market. I would like to get some more insights on the influence of electric vehicles on the BESS market..

User

Sep, 2019

The market for lithium-ion technology is expected to grow rapidly; this is likely to be used for storage solutions in various residential and non-residential applications. The declining prices of lithium-ion batteries are also propelling the adoption of this technology, thus supporting the growth of battery energy storage systems. Could you mention any other battery technology which would affect the battery energy storage system market in the near future?.

User

Sep, 2019

APAC is on the track to become the world leader in energy storage, since China is leading in usage of renewable energy such as solar which requires battery energy storage systems , what could be an opportunity in the next 5-10 years for same..

User

May, 2019

Energy Storage-as-a-Service (ESaaS) is becoming a key service model, which is a combination of an advanced energy storage system, an energy management system, and a service contract delivering reliable power economically to a business. Can you provide the global numbers for the service segment?.

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