Battery Energy Storage System Market

Battery Energy Storage System Market by Storage System, Element, Battery Type (Lithium-Ion, Flow Batteries), Connection Type (On-Grid and Off-Grid), Ownership, Energy Capacity, Application and Geography (2022-2027)

Report Code: SE 4200 Feb, 2022, by marketsandmarkets.com

Battery Energy Storage System Market

Battery Energy Storage System Market and Top Companies

BYD Company Limited

BYD Company Limited (BYD) is a top high-tech enterprise in China and a pioneer in battery technology. The company offers its products under three main segments: Rechargeable Batteries and Photovoltaic; Mobile Handset Components, Assembly Service and Other Products; and Automobiles and Related Products, and Other Products. Under its Rechargeable Batteries and Photovoltaic business, the company provides iron, nickel, and lithium-ion battery products, including energy storage stations and iron battery packs, which are widely used in electronic tools, mobile phones, and other portable electronic devices, energy storage products, photovoltaic products, and electric vehicles. BYD also offers large-scale energy storage systems, distributed energy storage systems, and micro-grid systems.

SAMSUNG SDI Co., Ltd.

Samsung SDI Co., Ltd. is a leading manufacturer of rechargeable batteries used in the IT industry, automobiles, and ESS. The company leads technologically in the battery manufacturing market on the foundation of change and innovation. It operates through two business segments—Electronic Materials and Energy Solutions. The major product lines under the Energy Solutions business segment include automotive batteries, small-sized li-ion batteries, and ESS (Energy Storage Systems). In 2010, Samsung SDI started the lithium battery ESS business based on small-sized lithium-ion rechargeable battery technology. ESS integrated with these batteries are used for the latest mobile devices and electric cars. The company offers ESS from kWh to MWh for the residential, utilities, commercial, UPS, and base transceiver station applications. Samsung ESS have a long-lasting service life. They are safe to use and provide excellent performance.

LG Energy Solutions Co., Ltd.

LG Chem is a chemical company that provides advanced materials and business and energy solutions. The company operates through segments such as Petrochemicals, Life Sciences, Energy Solutions, Advanced Materials, and Common and Others. In December 2020, the company split off its Energy Solution business and formed LG Energy Solutions Co., Ltd. Energy Solutions Co., Ltd. is involved mainly in the manufacture and supply of batteries ranging from IT and new application batteries for laptops, mobile phones, and computers to automotive batteries for vehicles and energy storage systems (ESS). The company offers ESS to improve energy efficiency by enhancing the quality of renewable energy that stabilizes power supply systems. An ESS integrates a battery cell, a battery pack, a battery module, and a battery rack system. ESS are used in electric grids, homes, and UPS. Various ESS available in the market for residential, commercial, and UPS applications include RESU10H, RESU 7H, RESU 3.3, M48126P3S, M48128P6B, and others.

Panasonic Corporation

Panasonic Corporation is a Japan-based multinational electronics corporation (formerly known as Matsushita Electric Industrial Co., Ltd.). It is one of the leading companies in the development of innovative technologies and products for the consumer electronics and automotive industries, as well as the housing and industrial sectors. The company operates through the following business segments: Appliances, Life Solutions, Connected Solutions, Automotive, and Industrial Solutions. Automobiles, consumer electronics, home appliances, displays, HVAC, smart homes, industrial automation, and IoT devices are some of the key application areas of Panasonic Corporation’s products and services. The company offers battery energy storage systems under the portfolio of energy solutions. Moreover, the company also offers an extensive lineup of lithium-ion batteries, ranging from small applications, such as consumer batteries for laptops, to more extensive applications, such as automotive batteries.


Battery Energy Storage System Market and Top applications

Residential

The battery energy storage systems used in residential applications provide power to residential buildings such as condominiums, co-operative societies, and single-family homes, and are also used as an emergency power source in residential areas. Renewable energy sources, such as wind and solar, generate a large quantity of energy. Battery energy storage systems can store these energies during peak production with the help of batteries embedded in them. Thus, this ability to store the energy during the peak production period, leading to less wastage of energy, is driving their adoption in residential applications, as the residential sector worldwide is shifting toward the adoption of renewable energy sources for accomplishing routine tasks. The use of battery energy storage systems in residential applications helps in electricity bill saving, self-consumption, and emergency power backup.


Battery Energy Storage System Market by top Battery Type

Flow Battery

A flow battery is a type of rechargeable battery where rechargeability is provided by two chemical components dissolved in liquids contained in the system, separated by a membrane. The main difference between the conventional battery and flow battery is that the energy is stored in the electrode material in a conventional battery, while it is stored in the electrolyte in flow cells. Different classes of flow batteries have been developed, including redox, hybrid, and membrane-less. The most popular flow batteries include vanadium redox flow battery, iron–chromium (ICB) flow battery, and zinc–bromine (ZNBR) flow battery. Compared with lithium-ion batteries, vanadium redox flow batteries (VRB) are non-flammable and environmentally friendly, have a long lifespan, and maintain 90% of their capacity over 20 years, resulting in the reduction of the total cost of ownership.

[289 Pages Report] The global battery energy storage system market size is expected to grow from USD 4.4 billion in 2022 to USD 15.1 billion by 2027, at a CAGR of 27.9%.

The growth of the market is attributed to the increasing demand for grid energy storage systems owing to ongoing grid modernization, growing penetration of lithium-ion batteries in renewable energy sector, and rising trend of adopting low-carbon and less fossil fuel-based economy and ongoing renewable energy revolution. However, high capital expenditure required for installing battery energy storage systems is restraining the market growth. On the flip side, surge in number of rural electrification projects worldwide, increase in need for continuous power supply attributed to rise in number of data centers, and decline in prices of lithium-ion batteries are expected to create huge opportunities for the adoption of battery energy storage system in the coming years. Moreover, the battery energy storage system manufacturers are facing challenges due to factors such as complexity in installing battery energy storage systems at islands or in remote areas, overheating of lithium-ion batteries, and aging of lithium-ion batteries.

Battery Energy Storage System Market

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Impact of COVID-19 on the battery energy storage system market

COVID-19 has severely impacted the global economy and all the industries throughout the globe. Governments of various countries have imposed lockdowns to contain the spread of the epidemic. The complete global lockdown in the initial stage of the pandemic in various countries severely impacted the livelihoods of people and quality of life. This has resulted into the disruptions in the supply chain across the globe. The economies across the world have declined as there is a major decline in the demand for products. The production across industries has been limited due to the pandemic resulting in the shortage of raw material. The decline in exports and the disruptions in the supply chain are the major factors contributing to the decline in production.

The sudden outbreak of the novel coronavirus has adversely affected the growth of utility applications. A decline had been witnessed in the installation of battery energy storage system in various projects in 2021. Besdies, shutdown of manufacturing facilities across the world in the Q1 and Q2 of 2020 is also responsible for the decline in the growth of the market in 2020. However, the increasing installation of battery energy storage system in the operational projects and rising focus of government towards modernizing the power sector is estimated to increase adoption of batteries, and thus the battery energy storage systems. However, the market value may not reach that of the pre-COVID-19 value until 2027.

Market Dynamics

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

Solar and wind energy are the most prominent renewable energy types that are stored in grids. However, the concealing of the sun by clouds or fluctuating wind currents leads to variations in the process of energy generation. Such fluctuations create the requirement for flexible grid systems used to store energy. Battery energy storage systems are becoming an integral part of grid modernization. These 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 the generation, transmission, and distribution of electric power.

RESTRAINT: High capital expenditure required for installing battery energy storage systems

Battery energy storage technologies, including lithium-ion batteries, flow batteries, and lead-acid batteries, require increased installation investments owing to the 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 the future, the 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. Besides, the high initial investment cost required for the manufacturing of flow batteries can also act as a major restraint for the growth of the market.

OPPORTUNITIES: Surge in number of rural electrification projects worldwide

Rural electrification is the process of making electrical power accessible in rural or remote areas. Battery energy storage systems are effective for rural electrification. Various countries in the world are trying to develop their remote areas such as isolated rural areas and peri-urban areas, especially in developing countries; and small islands separated from the national grids. As such, they require to have a reliable and uninterrupted power supply from renewable and conventional sources of energy that increases the overall system efficiency and ensures economic savings across the system life cycle. The installation of battery energy storage systems in rural areas would act as a solution to serve the businesses and local communities with a reliable and safe power supply.

CHALLENGES: Complexities in installing battery energy storage systems at islands or in remote areas

Battery energy storage systems are mainly deployed on islands or in remote areas. The installation of these systems in remote locations is difficult as they are difficult to reach. The remote locations usually include islands and off-grid remote locations, which face various challenges owing to variable generation and supply of power from renewable energy sources. Challenges are related to ambient conditions such as temperature variation during day and night, costly maintenance owing to commuting difficulties to reach these locations, and the lack of equipment installation infrastructures.

“Lithium-ion batteries to hold the largest share of battery energy storage system market in 2021”

The market for the lithium-ion batteries held the largest share in 2021 and is estimated to remain the same during the forecast period. The growth of this segment is attributed to the advantages of the battery such as high energy and power density, which leads to low standby losses and a high life expectancy of about 5–15 years with 98% efficiency. Also, lithium-ion-sulfur battery energy storage systems support frequency regulation, demand charge reduction, grid-buffering, and renewable integration, which are suitable for on-grid connections.

“On-grid connection type to dominate the battery energy storage system market in 2021”

The on-grid segment holds the largest share of the battery energy storage system market in 2021 and is expected to hold significant CAGR during the forecast period. The on-grid connections exhibit lower upfront costs than the off-grid system, as the surplus energy is sent to the grid, which can be used later on a metered basis. The reduction in the energy bills for the customers relying on the utility grid for electricity is expected to drive the growth of the segment. The demand for grid modernization from renewable energy suppliers and new regulatory policies for the energy sector are also driving the growth of the on-grid battery energy storage system market for utilities.

“Utility application to hold the largest growth rate of battery energy storage system market by 2027”

The market for utilities application is dominant in 2021. The need to fulfill the requirement of peak electricity demands is the major factor contributing to the growth of the market for utility. The utility BESS provides power quality, frequency, and voltage control services in case of sudden fluctuation in the energy supply. The battery energy storage systems enable grid operators to save electricity when there is a surplus of renewable energy. The increasing demand for a reliable and efficient supply of electricity in most regions and the growing need for renewable energy are responsible for the high demand for battery energy storage systems in the utility sector.

Battery Energy Storage System Market   by Region

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“Battery Energy Storage System in APAC to grow at the highest CAGR”

The market in APAC is expected to grow at the highest CAGR from 2022 to 2027. The region hold the largest share of battery energy storage system market in 2021. APAC is a hub for the battery energy storage system industry. APAC is expected to witness plans for electrification in remote areas, which are mostly 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 APAC region as the governments in growing economies are making new policies to improve the reliability and quality of the power distribution facilities to the residential customers. The governments of various countries in this region are focusing on minimizing the adverse effects of the energy sector on the environment. These factors lead to the growth in the deployment of battery energy storage systems in residential and public utility applications.

Key Market Players

BYD Company Limited (China), SAMSUNG SDI Co., Ltd. (South Korea), LG Energy Solutions Co., Ltd. (South Korea), and Panasonic Corporation (Japan) are a few major players in battery energy storage system market.

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Scope of the Report

Report Metric

Details

Market Size Available for Years

2018–2027

Base Year

2021

Forecast Period

2022–2027

Units

Value (USD Million/Billion)

Segments Covered

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

Geographic Regions Covered

North America, APAC, Europe, and RoW

Companies Covered

Major Players: BYD Company Limited (China), General Electric (US), Hitachi, Ltd. (Japan), Honeywell Corporation (US), LG Energy Solutions CO., Ltd. (South Korea), Panasonic Corporation (Japan), SAMSUNG SDI Co., Ltd. (South Korea), Siemens AG (Germany), Tesla, Inc. (US), Toshiba Corporation (Japan), ABB (US), and Others- total 25 players have been covered

This research report categorizes the battery energy storage system market by storage system, element, battery type, connection type, ownership, energy capacity, application, and region.

By Storage System:

  • Front-of-the-meter
  • Behind-the-meter

By Element:

  • Battery
  • Others
    • Hardware
    • Others

By Battery Type

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

By Connection Type

  • On-grid
  • Off-grid

By Ownership

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

By Energy Capacity

  • Below 100 MWh
  • Between 100 to 500 MWh
  • Above 500 MWh
  • By Application
  • Residential
  • Commercial
  • Utility

By Region:

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

Recent Developments

  • In December 2021, SAMSUNG SDI Co., Ltd. launched a new battery brand, PRiMX, which gives consumers quality, performance, and proven advantage, which means user convenience achieved with the company’s independent developed technology. The brand has been trademarked in Korea and Europe and will soon be registered in the US.
  • In December 2021, LG Energy Solutions Co., Ltd. has signed a Memorandum of Understanding (MoU) with Siemens AG for collaboration in the field of battery manufacturing, particularly the digitization of the production process. Through this strategic collaboration, LG Energy Solutions Co., Ltd. implemented smart battery manufacturing processes at its factories with advanced techniques.
  • In June 2020, Panasonic signed a new agreement with Span.IO, Inc. (US) to create a residential energy storage system. This system is likely to be integrated into Panasonic’s EverVolt, paired with Span smart panel, creating a new level of control over their battery backup power with intuitive energy management for the homes.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 37)
    1.1 STUDY OBJECTIVES
    1.2 MARKET DEFINITION
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 STUDY SCOPE
           1.3.1 MARKETS COVERED
                    FIGURE 1 BATTERY ENERGY STORAGE SYSTEM MARKET: SEGMENTATION
           1.3.2 YEARS CONSIDERED
    1.4 CURRENCY
    1.5 LIMITATIONS
    1.6 STAKEHOLDERS
    1.7 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 43)
    2.1 RESEARCH DATA
           FIGURE 2 BATTERY ENERGY STORAGE SYSTEM MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY AND PRIMARY RESEARCH
           2.1.2 SECONDARY DATA
                    2.1.2.1 List of major secondary sources
                    2.1.2.2 Key data from secondary sources
           2.1.3 PRIMARY DATA
                    2.1.3.1 Primary interviews with experts
                    2.1.3.2 Key data from primary sources
                    2.1.3.3 Key industry insights
                    2.1.3.4 Breakdown of primaries
    2.2 MARKET SIZE ESTIMATION
           FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH (SUPPLY-SIDE): REVENUE OF PRODUCTS/SOLUTIONS/SERVICES OF BATTERY ENERGY STORAGE MARKET SIZE
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Approach for arriving at market size by bottom-up analysis (demand side)
                               FIGURE 4 BATTERY ENERGY STORAGE SYSTEM MARKET: BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach for capturing market size by using top-down analysis (supply side)
                               FIGURE 5 BATTERY ENERGY STORAGE SYSTEM MARKET: TOP-DOWN APPROACH
    2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
           FIGURE 6 DATA TRIANGULATION
    2.4 RESEARCH ASSUMPTIONS
    2.5 RISK ASSESSMENT
           TABLE 1 LIMITATIONS AND ASSOCIATED RISKS

3 EXECUTIVE SUMMARY (Page No. - 54)
    FIGURE 7 COVID-19 IMPACT ANALYSIS ON BATTERY ENERGY STORAGE SYSTEM MARKET
    3.1 REALISTIC SCENARIO
    3.2 PESSIMISTIC SCENARIO
    3.3 OPTIMISTIC SCENARIO
           TABLE 2 BATTERY ENERGY STORAGE SYSTEM MARKET, IN TERMS OF VALUE, 2018–2021
           TABLE 3 BATTERY ENERGY STORAGE SYSTEM MARKET, IN TERMS OF VALUE, 2022–2027
           FIGURE 8 LITHIUM-ION BATTERIES TO HOLD LARGEST SIZE OF BATTERY ENERGY STORAGE SYSTEM MARKET FROM 2022 TO 2027
           FIGURE 9 UTILITY APPLICATION TO HOLD LARGEST MARKET SHARE FROM 2022 TO 2027
           FIGURE 10 BATTERY ENERGY STORAGE SYSTEM MARKET IN APAC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD

4 PREMIUM INSIGHTS (Page No. - 60)
    4.1 ATTRACTIVE GROWTH OPPORTUNITIES FOR BATTERY ENERGY STORAGE SYSTEM MARKET
           FIGURE 11 INCREASING NUMBER OF PROJECTS, WHICH REQUIRE BATTERY ENERGY STORAGE SYSTEMS IS LIKELY TO CREATE LUCRATIVE OPPORTUNITIES FOR BATTERY ENERGY STORAGE SYSTEM MARKET IN APAC
    4.2 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE
           FIGURE 12 BATTERY ENERGY STORAGE SYSTEM MARKET FOR LITHIUM-ION BATTERIES TO HOLD LARGEST SIZE IN 2027
    4.3 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY
           FIGURE 13 ABOVE 500 MWH ENERGY CAPACITY SEGMENT TO DOMINATE BATTERY ENERGY STORAGE SYSTEM MARKET DURING FORECAST PERIOD
    4.4 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION
           FIGURE 14 UTILITY APPLICATION OF BATTERY ENERGY STORAGE SYSTEM MARKET TO WITNESS HIGHEST RATE DURING FORECAST PERIOD
    4.5 BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION
           FIGURE 15 APAC TO HOLD LARGEST SIZE OF BATTERY ENERGY STORAGE SYSTEM MARKET IN 2027

5 MARKET OVERVIEW (Page No. - 63)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           FIGURE 16 GLOBAL BATTERY ENERGY STORAGE SYSTEM MARKET DYNAMICS
           5.2.1 DRIVERS
                    5.2.1.1 Increasing demand for grid energy storage systems owing to ongoing grid modernization
                    5.2.1.2 Growing penetration of lithium-ion batteries in renewable energy sector
                    5.2.1.3 Rising trend of adopting low-carbon and less fossil fuel-based economy and ongoing renewable energy revolution
                               FIGURE 17 DRIVERS FOR BATTERY ENERGY STORAGE SYSTEM MARKET AND THEIR IMPACT
           5.2.2 RESTRAINTS
                    5.2.2.1 High capital expenditure required for installing battery energy storage systems
                               FIGURE 18 RESTRAINTS FOR BATTERY ENERGY STORAGE SYSTEM MARKET AND THEIR IMPACT
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Surge in number of rural electrification projects worldwide
                    5.2.3.2 Increase in need for continuous power supply attributed to rising number of datacenters
                    5.2.3.3 Decline in prices of lithium-ion batteries
                               FIGURE 19 OPPORTUNITIES FOR BATTERY ENERGY STORAGE SYSTEM MARKET AND  THEIR IMPACT
           5.2.4 CHALLENGES
                    5.2.4.1 Complexities in installing battery energy storage systems at islands or in remote areas
                    5.2.4.2 Overheating of lithium-ion batteries
                    5.2.4.3 Aging of lithium-ion batteries
                               FIGURE 20 CHALLENGES FOR BATTERY ENERGY STORAGE SYSTEM MARKET AND  THEIR IMPACT
    5.3 VALUE CHAIN ANALYSIS
           FIGURE 21 BATTERY ENERGY STORAGE SYSTEM: VALUE CHAIN
    5.4 ECOSYSTEM
           FIGURE 22 GLOBAL BATTERY ENERGY STORAGE SYSTEM MARKET: ECOSYSTEM
           TABLE 4 BATTERY ENERGY STORAGE SYSTEM MARKET: ECOSYSTEM
    5.5 TRENDS/DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS
           FIGURE 23 TRENDS/DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS
    5.6 PORTER’S FIVE FORCES ANALYSIS
           TABLE 5 IMPACT OF PORTER’S 5 FORCES ON BATTERY ENERGY STORAGE SYSTEM MARKET
           5.6.1 THREAT OF NEW ENTRANTS
           5.6.2 THREAT OF SUBSTITUTES
           5.6.3 BARGAINING POWER OF SUPPLIERS
           5.6.4 BARGAINING POWER OF BUYERS
           5.6.5 INTENSITY OF COMPETITIVE RIVALRY
    5.7 CASE STUDY ANALYSIS
           5.7.1 GENERAL ELECTRIC TO DELIVER BATTERY ENERGY STORAGE SYSTEMS TO CONVERGENT IN CALIFORNIA
           5.7.2 ADOPTION OF BATTERY ENERGY STORAGE SYSTEMS BY UTILITY PROVIDER COMPANY
           5.7.3 DEPLOYMENT OF MICROGRID BATTERY ENERGY STORAGE SYSTEMS FOR RURAL ELECTRIFICATION IN NIGERIA
           5.7.4 DEPLOYMENT OF OFF-GRID BATTERY ENERGY STORAGE SYSTEMS FOR RENEWABLE ENERGY PROJECT
           5.7.5 ABB TO INSTALL BATTERY ENERGY STORAGE SYSTEMS IN PHILIPPINES
    5.8 TECHNOLOGY ANALYSIS
           TABLE 6 COMPARISON OF ENERGY STORAGE TECHNOLOGIES
           TABLE 7 CHARACTERISTICS OF BATTERY TECHNOLOGIES IN BATTERY ENERGY STORAGE SYSTEMS
           5.8.1 SODIUM-SULFUR BATTERY
           5.8.2 COBALT-FREE BATTERY
           5.8.3 METAL-AIR BATTERY
           5.8.4 LIQUID METAL BATTERY
           5.8.5 POTASSIUM METAL BATTERY
           5.8.6 ZINC MANGANESE BATTERY
           5.8.7 LITHIUM-SULFUR BATTERY
           5.8.8 LITHIUM METAL BATTERY
    5.9 PRICING ANALYSIS
           FIGURE 24 REDUCING GLOBAL COSTS OF LITHIUM-ION BATTERY PACKS  FROM 2011 TO 2021
           FIGURE 25 BATTERY ENERGY STORAGE SYSTEM: COST BREAKDOWN
           5.9.1 AVERAGE SELLING PRICES OF KEY PLAYERS, BY BATTERY TYPE
                    FIGURE 26 AVERAGE SELLING PRICES OF KEY PLAYERS, BY BATTERY TYPE
                    TABLE 8 AVERAGE SELLING PRICES OF KEY PLAYERS, BY BATTERY TYPE (USD)
    5.10 TRADE ANALYSIS
           FIGURE 27 IMPORT DATA FOR HS CODE 8507, BY KEY COUNTRY, 2016–2020 (USD MILLION)
           FIGURE 28 EXPORT DATA FOR HS CODE 8507, BY KEY COUNTRY, 2016–2020 (USD MILLION)
    5.11 PATENT ANALYSIS
                    FIGURE 29 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS IN  LAST 10 YEARS
                    FIGURE 30 PATENT ANALYSIS RELATED TO BATTERY ENERGY STORAGE SYSTEM MARKET
           5.11.1 LIST OF MAJOR PATENTS
    5.12 REGULATIONS AND STANDARDS
                    TABLE 9 REGULATIONS AND STANDARDS FOR BATTERY ENERGY STORAGE SYSTEMS
    5.13 KEY CONFERENCES & EVENTS IN 2022–2023
                    TABLE 10 BATTERY ENERGY STORAGE SYSTEM MARKET: DETAILED LIST OF CONFERENCES & EVENTS
    5.14 TARIFF AND REGULATORY LANDSCAPE
           5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 11 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 12 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 13 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 14 REST OF THE WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS

6 BATTERY ENERGY STORAGE SYSTEM MARKET, BY STORAGE SYSTEM (Page No. - 97)
    6.1 INTRODUCTION
           FIGURE 31 BATTERY ENERGY STORAGE SYSTEM MARKET, BY STORAGE SYSTEM
    6.2 FRONT-OF-THE-METER
           6.2.1 FRONT-OF-THE-METER STORAGE SYSTEMS ARE WIDELY USED BY UTILITIES
    6.3 BEHIND-THE-METER
           6.3.1 BEHIND-THE-METER (BTM) STORAGE SYSTEMS HELP IN SAVING ELECTRICITY BILLS FOR CUSTOMERS

7 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT (Page No. - 99)
    7.1 INTRODUCTION
           FIGURE 32 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT
           FIGURE 33 BATTERY ELEMENT SEGMENT TO HOLD LARGER SHARE OF BATTERY ENERGY STORAGE SYSTEM MARKET DURING FORECAST PERIOD
           TABLE 15 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT, 2018–2021 (USD MILLION)
           TABLE 16 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT, 2022–2027 (USD MILLION)
    7.2 BATTERY
           7.2.1 BATTERY SELECTION IS CRUCIAL STEP FOR DEVELOPMENT OF BATTERY ENERGY STORAGE SYSTEMS
                    FIGURE 34 CRITERIA FOR BATTERY SELECTION
    7.3 OTHER ELEMENTS
           7.3.1 HARDWARE
                    7.3.1.1 Power conversion systems and battery management systems are essential components for high performance of battery energy storage systems
                               FIGURE 35 LAYOUT OF BATTERY ENERGY STORAGE SYSTEM
           7.3.2 OTHERS
                    7.3.2.1 Before commissioning of BESS, EPC and development services are essential

8 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE (Page No. - 105)
    8.1 INTRODUCTION
           FIGURE 36 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE
           TABLE 17 COMPARISON BETWEEN LITHIUM-ION AND LEAD-ACID BATTERIES
           FIGURE 37 LITHIUM-ION BATTERIES TO HOLD LARGEST SIZE OF BATTERY ENERGY STORAGE SYSTEM MARKET IN 2022
           TABLE 18 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2018–2021 (USD MILLION)
           TABLE 19 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2022–2027 (USD MILLION)
    8.2 LITHIUM-ION BATTERIES
           8.2.1 LI-ION BATTERIES ARE WIDELY USED IN BATTERY ENERGY STORAGE SYSTEMS DUE TO THEIR HIGH ENERGY DENSITY
                    TABLE 20 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE,  2018–2021 (USD MILLION)
                    TABLE 21 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE,  2022–2027 (USD MILLION)
                    TABLE 22 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY,  2018–2021 (USD MILLION)
                    TABLE 23 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY,  2022–2027 (USD MILLION)
                    TABLE 24 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2018–2021 (USD MILLION)
                    TABLE 25 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2022–2027 (USD MILLION)
                    TABLE 26 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,  2018–2021 (USD MILLION)
                    TABLE 27 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,  2022–2027 (USD MILLION)
    8.3 LEAD-ACID BATTERIES
           8.3.1 INCREASING ADOPTION OF LEAD-ACID BATTERIES IN GRID ENERGY STORAGE
                    TABLE 28 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE,  2018–2021 (USD MILLION)
                    TABLE 29 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE,  2022–2027 (USD MILLION)
                    TABLE 30 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY,  2018–2021 (USD MILLION)
                    TABLE 31 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY,  2022–2027 (USD MILLION)
                    TABLE 32 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2018–2021 (USD MILLION)
                    TABLE 33 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2022–2027 (USD MILLION)
                    TABLE 34 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,  2018–2021 (USD MILLION)
                    TABLE 35 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,  2022–2027 (USD MILLION)
    8.4 FLOW BATTERIES
           8.4.1 VARIOUS ADVANTAGES OF FLOW BATTERIES OVER OTHER BATTERIES TO BOOST THEIR DEMAND
                    TABLE 36 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE,  2018–2021 (USD MILLION)
                    TABLE 37 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE,  2022–2027 (USD MILLION)
                    TABLE 38 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY,  2018–2021 (USD MILLION)
                    TABLE 39 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY,  2022–2027 (USD MILLION)
                    TABLE 40 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2018–2021 (USD MILLION)
                    TABLE 41 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2022–2027 (USD MILLION)
                    TABLE 42 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 43 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2022–2027 (USD MILLION)
    8.5 OTHERS
           8.5.1 SODIUM–SULFUR BATTERIES
                    FIGURE 38 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
           8.5.5 FLYWHEEL BATTERY
                    TABLE 44 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE,  2018–2021 (USD MILLION)
                    TABLE 45 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE,  2022–2027 (USD MILLION)
                    TABLE 46 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY,  2018–2021 (USD MILLION)
                    TABLE 47 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY,  2022–2027 (USD MILLION)
                    TABLE 48 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2018–2021 (USD MILLION)
                    TABLE 49 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2022–2027 (USD MILLION)
                    TABLE 50 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 51 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2022–2027 (USD MILLION)

9 BATTERY ENERGY STORAGE SYSTEM MARKET,  BY CONNECTION TYPE (Page No. - 125)
    9.1 INTRODUCTION
           FIGURE 39 IMPORTANCE OF BATTERY ENERGY STORAGE SYSTEMS IN GRID CONNECTION
           FIGURE 40 APPLICATIONS OF BATTERY ENERGY STORAGE SYSTEMS ON GRID
           FIGURE 41 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TO REGISTER HIGHER CAGR DURING FORECAST PERIOD
           TABLE 52 BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2018–2021 (USD MILLION)
           TABLE 53 BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2022–2027 (USD MILLION)
    9.2 ON-GRID CONNECTION
           9.2.1 INCREASING ELECTRICITY DEMAND WORLDWIDE TO PROPEL DEMAND FOR ON-GRID STORAGE SYSTEMS
                    FIGURE 42 ON-GRID CONNECTION
                    TABLE 54 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TYPE,  BY ENERGY CAPACITY, 2018–2021 (USD MILLION)
                    TABLE 55 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TYPE,  BY ENERGY CAPACITY, 2022–2027 (USD MILLION)
                    TABLE 56 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TYPE,  BY BATTERY TYPE, 2018–2021 (USD MILLION)
                    TABLE 57 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TYPE,  BY BATTERY TYPE, 2022–2027 (USD MILLION)
                    TABLE 58 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TYPE,  BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 59 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TYPE,  BY APPLICATION, 2022–2027 (USD MILLION)
    9.3 OFF-GRID CONNECTION
           9.3.1 OFF-GRID CONNECTIONS TO BE EFFECTIVE ALTERNATIVES TO SUPPLY ENERGY AT REMOTE AREAS
                    FIGURE 43 BASIC OFF-GRID SYSTEMS
                    TABLE 60 BATTERY ENERGY STORAGE SYSTEM MARKET FOR OFF-GRID CONNECTION TYPE,  BY ENERGY CAPACITY, 2018–2021 (USD MILLION)
                    TABLE 61 BATTERY ENERGY STORAGE SYSTEM MARKET FOR OFF-GRID CONNECTION TYPE,  BY ENERGY CAPACITY, 2022–2027 (USD MILLION)
                    TABLE 62 BATTERY ENERGY STORAGE SYSTEM MARKET FOR OFF-GRID CONNECTION TYPE,  BY BATTERY TYPE, 2018–2021 (USD MILLION)
                    TABLE 63 BATTERY ENERGY STORAGE SYSTEM MARKET FOR OFF-GRID CONNECTION TYPE,  BY BATTERY TYPE, 2022–2027 (USD MILLION)
                    TABLE 64 BATTERY ENERGY STORAGE SYSTEM MARKET FOR OFF-GRID CONNECTION TYPE,  BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 65 BATTERY ENERGY STORAGE SYSTEM MARKET FOR OFF-GRID CONNECTION TYPE,  BY APPLICATION, 2022–2027 (USD MILLION)

10 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP (Page No. - 135)
     10.1 INTRODUCTION
               FIGURE 44 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP
               FIGURE 45 UTILITY-OWNED BATTERY ENERGY STORAGE SYSTEMS SEGMENT TO HOLD LARGEST MARKET SIZE BY 2027
               TABLE 66 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2018–2021 (USD MILLION)
               TABLE 67 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2022–2027 (USD MILLION)
     10.2 CUSTOMER-OWNED
             10.2.1 INCREASING ADOPTION OF ENERGY STORAGE SYSTEMS FROM RESIDENTIAL OWNERS TO REDUCE COMMUNICATION LOADS FROM GRIDS
                       FIGURE 46 LAYOUT OF BATTERY ENERGY STORAGE SYSTEM INSTALLATION IN  RESIDENTIAL AREA
                       TABLE 68 BATTERY ENERGY STORAGE SYSTEM MARKET FOR CUSTOMER-OWNED SEGMENT,  BY APPLICATION, 2018–2021 (USD MILLION)
                       TABLE 69 BATTERY ENERGY STORAGE SYSTEM MARKET FOR CUSTOMER-OWNED SEGMENT,  BY APPLICATION, 2022–2027 (USD MILLION)
     10.3 THIRD-PARTY-OWNED
             10.3.1 THIRD-PARTY OWNERSHIP OF BATTERY ENERGY STORAGE SYSTEMS BENEFITS UTILITY APPLICATION
                       TABLE 70 BATTERY ENERGY STORAGE SYSTEM MARKET FOR THIRD-PARTY-OWNED SEGMENT,  BY APPLICATION, 2018–2021 (USD MILLION)
                       TABLE 71 BATTERY ENERGY STORAGE SYSTEM MARKET FOR THIRD-PARTY-OWNED, BY APPLICATION, 2022–2027 (USD MILLION)
     10.4 UTILITY-OWNED
             10.4.1 GLOBAL INITIATIVES FOR RENEWABLE ENERGY GENERATION TO BOOST DEMAND FOR UTILITY-OWNED ENERGY STORAGE SYSTEMS
                       TABLE 72 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY-OWNED SEGMENT,  BY APPLICATION, 2018–2021 (USD MILLION)
                       TABLE 73 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY-OWNED SEGMENT,  BY APPLICATION, 2022–2027 (USD MILLION)

11 BATTERY ENERGY STORAGE SYSTEM MARKET,  BY ENERGY CAPACITY (Page No. - 143)
     11.1 INTRODUCTION
               FIGURE 47 ENERGY CAPACITY RANGES OF BATTERY ENERGY STORAGE SYSTEMS
               FIGURE 48 BATTERY ENERGY STORAGE SYSTEMS FOR ABOVE 500 MWH ENERGY CAPACITY TO REGISTER HIGHEST CAGR FROM 2022 TO 2027
               TABLE 74 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2018–2021 (USD MILLION)
               TABLE 75 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2022–2027 (USD MILLION)
     11.2 BELOW 100 MWH
             11.2.1 GROWING DEMAND FOR BATTERY ENERGY STORAGE SYSTEMS WITH LOW ENERGY CAPACITY IN RESIDENTIAL APPLICATIONS
                       TABLE 76 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BELOW 100 MWH ENERGY CAPACITY, BY BATTERY TYPE, 2018–2021 (USD MILLION)
                       TABLE 77 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BELOW 100 MWH ENERGY CAPACITY, BY BATTERY TYPE, 2022–2027 (USD MILLION)
                       TABLE 78 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BELOW 100 MWH ENERGY CAPACITY, BY CONNECTION TYPE, 2018–2021 (USD MILLION)
                       TABLE 79 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BELOW 100 MWH ENERGY CAPACITY, BY CONNECTION TYPE, 2022–2027 (USD MILLION)
                       TABLE 80 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BELOW 100 MWH ENERGY CAPACITY, BY APPLICATION, 2018–2021 (USD MILLION)
                       TABLE 81 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BELOW 100 MWH ENERGY CAPACITY, BY APPLICATION, 2022–2027 (USD MILLION)
     11.3 BETWEEN 100 AND 500 MWH
             11.3.1 TO MANAGE HIGH VARIABILITY AND UNCERTAINTY IN POWER SYSTEMS, BATTERIES OF ENERGY CAPACITY BETWEEN 100 AND 500 MWH HAVE INCREASED NEED FOR FREQUENCY CONTROL SERVICES
                       TABLE 82 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BETWEEN 100 MWH AND 500 MWH ENERGY CAPACITY, BY BATTERY TYPE, 2018–2021 (USD MILLION)
                       TABLE 83 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BETWEEN 100 MWH AND 500 MWH ENERGY CAPACITY, BY BATTERY TYPE, 2022–2027 (USD MILLION)
                       TABLE 84 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BETWEEN 100 MWH AND 500 MWH ENERGY CAPACITY, BY CONNECTION TYPE, 2018–2021 (USD MILLION)
                       TABLE 85 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BETWEEN 100 MWH AND 500 MWH ENERGY CAPACITY, BY CONNECTION TYPE, 2022–2027 (USD MILLION)
                       TABLE 86 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BETWEEN 100 MWH AND 500 MWH ENERGY CAPACITY, BY APPLICATION, 2018–2021 (USD MILLION)
                       TABLE 87 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BETWEEN 100 MWH AND 500 MWH ENERGY CAPACITY, BY APPLICATION, 2022–2027 (USD MILLION)
     11.4 ABOVE 500 MWH
             11.4.1 LARGE-SCALE BATTERY STORAGE SYSTEMS HELP CONTINUITY OF POWER DISTRIBUTION IN LARGE GRIDS
                       TABLE 88 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ABOVE 500 MWH ENERGY CAPACITY, BY BATTERY TYPE, 2018–2021 (USD MILLION)
                       TABLE 89 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ABOVE 500 MWH ENERGY CAPACITY, BY BATTERY TYPE, 2022–2027 (USD MILLION)
                       TABLE 90 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ABOVE 500 MWH ENERGY CAPACITY, BY CONNECTION TYPE, 2018–2021 (USD MILLION)
                       TABLE 91 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ABOVE 500 MWH ENERGY CAPACITY, BY CONNECTION TYPE, 2022–2027 (USD MILLION)
                       TABLE 92 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ABOVE 500 MWH ENERGY CAPACITY, BY APPLICATION, 2018–2021 (USD MILLION)
                       TABLE 93 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ABOVE 500 MWH ENERGY CAPACITY, BY APPLICATION, 2022–2027 (USD MILLION)
12 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION (Page No. - 153)
     12.1 INTRODUCTION
               FIGURE 49 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION
               FIGURE 50 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD
               TABLE 94 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
               TABLE 95 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
     12.2 IMPACT OF COVID-19 ON APPLICATION SEGMENTS OF BATTERY ENERGY STORAGE SYSTEM MARKET
     12.3 RESIDENTIAL
             12.3.1 GOVERNMENT INITIATIVES TO BOOST NUMBER OF RESIDENTIAL ENERGY STORAGE PROJECTS
                       FIGURE 51 TESLA POWERWALL INSTALLED FOR RESIDENTIAL APPLICATIONS
                       TABLE 96 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION,  BY BATTERY TYPE, 2018–2021 (USD MILLION)
                       TABLE 97 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION,  BY BATTERY TYPE, 2022–2027 (USD MILLION)
                       TABLE 98 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION,  BY CONNECTION TYPE, 2018–2021 (USD MILLION)
                       TABLE 99 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION,  BY CONNECTION TYPE, 2022–2027 (USD MILLION)
                       TABLE 100 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION,  BY ENERGY CAPACITY, 2018–2021 (USD MILLION)
                       TABLE 101 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION,  BY ENERGY CAPACITY, 2022–2027 (USD MILLION)
                       TABLE 102 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION,  BY OWNERSHIP, 2018–2021 (USD MILLION)
                       TABLE 103 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION,  BY OWNERSHIP, 2022–2027 (USD MILLION)
                       TABLE 104 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION,  BY REGION, 2018–2021 (USD MILLION)
                       TABLE 105 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION,  BY REGION, 2022–2027 (USD MILLION)
     12.4 COMMERCIAL
             12.4.1 INCREASED USAGE OF UPS IN COMMERCIAL APPLICATIONS IS DRIVING DEMAND FOR BATTERY ENERGY STORAGE SYSTEMS
                       TABLE 106 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION,  BY BATTERY TYPE, 2018–2021 (USD MILLION)
                       TABLE 107 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION,  BY BATTERY TYPE, 2022–2027 (USD MILLION)
                       TABLE 108 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION,  BY CONNECTION TYPE, 2018–2021 (USD MILLION)
                       TABLE 109 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION,  BY CONNECTION TYPE, 2022–2027 (USD MILLION)
                       TABLE 110 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION,  BY ENERGY CAPACITY, 2018–2021 (USD MILLION)
                       TABLE 111 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION,  BY ENERGY CAPACITY, 2022–2027 (USD MILLION)
                       TABLE 112 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION,  BY OWNERSHIP, 2018–2021 (USD MILLION)
                       TABLE 113 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION,  BY OWNERSHIP, 2022–2027 (USD MILLION)
                       TABLE 114 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION,  BY REGION, 2018–2021 (USD MILLION)
                       TABLE 115 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION,  BY REGION, 2022–2027 (USD MILLION)
     12.5 UTILITY
             12.5.1 UTILITY APPLICATION TO DOMINATE BATTERY ENERGY STORAGE SYSTEM MARKET DURING FORECAST PERIOD
                       TABLE 116 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY BATTERY TYPE, 2018–2021 (USD MILLION)
                       TABLE 117 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY BATTERY TYPE, 2022–2027 (USD MILLION)
                       TABLE 118 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY CONNECTION TYPE, 2018–2021 (USD MILLION)
                       TABLE 119 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY CONNECTION TYPE, 2022–2027 (USD MILLION)
                       TABLE 120 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY ENERGY CAPACITY, 2018–2021 (USD MILLION)
                       TABLE 121 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY ENERGY CAPACITY, 2022–2027 (USD MILLION)
                       TABLE 122 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY OWNERSHIP, 2018–2021 (USD MILLION)
                       TABLE 123 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY OWNERSHIP, 2022–2027 (USD MILLION)
                       TABLE 124 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY REGION, 2018–2021 (USD MILLION)
                       TABLE 125 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY REGION, 2022–2027 (USD MILLION)

13 GEOGRAPHIC ANALYSIS (Page No. - 170)
     13.1 INTRODUCTION
               FIGURE 52 BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION
               FIGURE 53 GEOGRAPHIC SNAPSHOT: BATTERY ENERGY STORAGE SYSTEM MARKET
               TABLE 126 BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2018–2021 (USD MILLION)
               TABLE 127 BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2022–2027 (USD MILLION)
     13.2 NORTH AMERICA
             13.2.1 IMPACT OF COVID-19 ON NORTH AMERICAN MARKET
                       FIGURE 54 MARKET IN NORTH AMERICA: SNAPSHOT
                       FIGURE 55 MEXICO TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
             13.2.2 US
                       13.2.2.1 Increasing adoption of large-scale battery storage systems in power grids to drive market growth
             13.2.3 CANADA
                       13.2.3.1 Growing focus on advancements in battery energy storage technology to meet peak demand for electricity in urban centers
             13.2.4 MEXICO
                       13.2.4.1 Rising demand for electricity to propel market growth
                                   TABLE 128 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY,  2018–2021 (USD MILLION)
                                   TABLE 129 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY,  2022–2027 (USD MILLION)
                                   TABLE 130 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE,  2018–2021 (USD MILLION)
                                   TABLE 131 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE,  2022–2027 (USD MILLION)
                                   TABLE 132 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2018–2021 (USD MILLION)
                                   TABLE 133 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2022–2027 (USD MILLION)
     13.3 EUROPE
             13.3.1 IMPACT OF COVID-19 ON EUROPE
                       FIGURE 56 EUROPE MARKET: SNAPSHOT
                       FIGURE 57 GERMANY TO DOMINATE BATTERY ENERGY STORAGE SYSTEM MARKET, IN TERMS OF SIZE, DURING FORECAST PERIOD
             13.3.2 GERMANY
                       13.3.2.1 Growing expansion of residential storage sector to boost market growth
             13.3.3 UK
                       13.3.3.1 Increasing investments and support by UK government in battery storage to boost market growth
             13.3.4 IRELAND
                       13.3.4.1 Rising adoption of renewable energy and enhanced need for grid modernization to accommodate reliable energy storage systems are driving market growth in Ireland
             13.3.5 FRANCE
                       13.3.5.1 Surging penetration of renewable energy is boosting market growth in France
             13.3.6 REST OF EUROPE
                       TABLE 134 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                       TABLE 135 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                       TABLE 136 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE,  2018–2021 (USD MILLION)
                       TABLE 137 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE,  2022–2027 (USD MILLION)
                       TABLE 138 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2018–2021 (USD MILLION)
                       TABLE 139 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2022–2027 (USD MILLION)
     13.4 APAC
             13.4.1 IMPACT OF COVID-19 ON MARKET IN APAC
                       FIGURE 58 APAC MARKET: SNAPSHOT
                       FIGURE 59 BATTERY ENERGY STORAGE SYSTEM MARKET IN INDIA TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
             13.4.2 CHINA
                       13.4.2.1 Increasing focus on setting up large flow vanadium battery energy storage projects
             13.4.3 JAPAN
                       13.4.3.1 Growing installations of solar and wind farms combined with battery energy storage to meet requirements of local grid operators and utilities
             13.4.4 INDIA
                       13.4.4.1 Government investments and upcoming battery energy storage projects to revolutionize India’s power systems
             13.4.5 AUSTRALIA
                       13.4.5.1 Government schemes and deployment of large-scale battery energy storage projects
             13.4.6 SOUTH KOREA
                       13.4.6.1 South Korea to hold largest size of battery energy storage system market in 2027
             13.4.7 REST OF APAC
                       TABLE 140 APAC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
                       TABLE 141 APAC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
                       TABLE 142 APAC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2018–2021 (USD MILLION)
                       TABLE 143 APAC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2022–2027 (USD MILLION)
                       TABLE 144 APAC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                       TABLE 145 APAC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
     13.5 REST OF THE WORLD (ROW)
             13.5.1 IMPACT OF COVID-19 ON MARKET IN ROW
                       FIGURE 60 SOUTH AMERICA TO DOMINATE BATTERY ENERGY STORAGE SYSTEM MARKET DURING FORECAST PERIOD
             13.5.2 SOUTH AMERICA
                       13.5.2.1 Increasing government investments in diversifying power generation mix
             13.5.3 MIDDLE EAST & AFRICA
                       13.5.3.1 Growing development and deployment of battery energy storage systems
                                   TABLE 146 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2018–2021 (USD MILLION)
                                   TABLE 147 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2022–2027 (USD MILLION)
                                   TABLE 148 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE,  2018–2021 (USD MILLION)
                                   TABLE 149 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE,  2022–2027 (USD MILLION)
                                   TABLE 150 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2018–2021 (USD MILLION)
                                   TABLE 151 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,  2022–2027 (USD MILLION)

14 COMPETITIVE LANDSCAPE (Page No. - 201)
     14.1 INTRODUCTION
               TABLE 152 KEY DEVELOPMENTS IN BATTERY ENERGY STORAGE SYSTEM MARKET  (2020–2022)
             14.1.1 REVENUE ANALYSIS OF TOP COMPANIES
                       FIGURE 61 BATTERY ENERGY STORAGE SYSTEM MARKET: REVENUE ANALYSIS (2020)
     14.2 MARKET SHARE ANALYSIS OF TOP PLAYERS, 2021
               TABLE 153 BATTERY ENERGY STORAGE SYSTEM MARKET: DEGREE OF COMPETITION
     14.3 COMPANY EVALUATION QUADRANT, 2021
             14.3.1 STAR
             14.3.2 EMERGING LEADER
             14.3.3 PERVASIVE
             14.3.4 PARTICIPANT
                       FIGURE 62 BATTERY ENERGY STORAGE SYSTEM MARKET (GLOBAL): COMPANY EVALUATION QUADRANT, 2021
     14.4 SMALL AND MEDIUM-SIZED ENTERPRISES (SME) EVALUATION QUADRANT, 2021
             14.4.1 PROGRESSIVE COMPANY
             14.4.2 RESPONSIVE COMPANY
             14.4.3 DYNAMIC COMPANY
             14.4.4 STARTING BLOCK
                       FIGURE 63 BATTERY ENERGY STORAGE SYSTEM MARKET (GLOBAL): SME EVALUATION QUADRANT, 2021
             14.4.5 BATTERY ENERGY STORAGE SYSTEM MARKET: STARTUP MATRIX
                       TABLE 154 BATTERY ENERGY STORAGE SYSTEM MARKET: DETAILED LIST OF KEY STARTUPS/SMES
                       TABLE 155 BATTERY ENERGY STORAGE SYSTEM MARKET: COMPETITIVE BENCHMARKING OF  KEY STARTUPS/SMES
             14.4.6 BATTERY ENERGY STORAGE SYSTEM MARKET: COMPANY FOOTPRINT
                       TABLE 156 COMPANY FOOTPRINT: BY APPLICATION
                       TABLE 157 COMPANY FOOTPRINT: BY REGION
                       TABLE 158 COMPANY FOOTPRINT
     14.5 COMPETITIVE SCENARIO AND TRENDS
             14.5.1 PRODUCT LAUNCHES
                       TABLE 159 BATTERY ENERGY STORAGE SYSTEM MARKET: PRODUCT LAUNCHES, FEBRUARY 2020–JANUARY 2022
             14.5.2 DEALS
                       TABLE 160 BATTERY ENERGY STORAGE SYSTEM MARKET: DEALS, FEBRUARY 2020– DECEMBER 2021

15 COMPANY PROFILES (Page No. - 218)
     15.1 KEY PLAYERS
(Business overview, Products offered, Recent Developments, MNM view)*
             15.1.1 ABB
                       TABLE 161 ABB: BUSINESS OVERVIEW
                       FIGURE 64 ABB: COMPANY SNAPSHOT
                       TABLE 162 ABB: PRODUCT OFFERING
             15.1.2 AEG POWER SOLUTIONS
                       TABLE 163 AEG POWER SOLUTIONS: BUSINESS OVERVIEW
                       TABLE 164 AEG POWER SOLUTIONS: PRODUCT OFFERING
                       TABLE 165 AEG POWER SOLUTIONS: DEALS
             15.1.3 BYD COMPANY LIMITED
                       TABLE 166 BYD COMPANY LIMITED: BUSINESS OVERVIEW
                       FIGURE 65 BYD COMPANY LIMITED: COMPANY SNAPSHOT
                       TABLE 167 BYD COMPANY LIMITED: PRODUCT OFFERINGS
             15.1.4 DELTA ELECTRONICS INC.
                       TABLE 168 DELTA ELECTRONICS INC.: BUSINESS OVERVIEW
                       FIGURE 66 DELTA ELECTRONICS, INC.: COMPANY SNAPSHOT
                       TABLE 169 DELTA ELECTRONICS INC.: PRODUCT OFFERING
             15.1.5 GENERAL ELECTRIC
                       TABLE 170 GENERAL ELECTRIC: BUSINESS OVERVIEW
                       FIGURE 67 GENERAL ELECTRIC: COMPANY SNAPSHOT
                       TABLE 171 GENERAL ELECTRIC: PRODUCT OFFERING
                       TABLE 172 GENERAL ELECTRIC COMPANY: PRODUCT LAUNCHES AND DEVELOPMENTS
             15.1.6 HITACHI, LTD.
                       TABLE 173 HITACHI, LTD.: BUSINESS OVERVIEW
                       FIGURE 68 HITACHI, LTD.: COMPANY SNAPSHOT
                       TABLE 174 HITACHI, LTD.: PRODUCT OFFERINGS
                       TABLE 175 HITACHI, LTD.: DEALS
             15.1.7 HONEYWELL INTERNATIONAL, INC.
                       TABLE 176 HONEYWELL INTERNATIONAL, INC.: BUSINESS OVERVIEW
                       FIGURE 69 HONEYWELL INTERNATIONAL INC.: COMPANY SNAPSHOT
                       TABLE 177 HONEYWELL INTERNATIONAL, INC: PRODUCT OFFERINGS
             15.1.8 LG ENERGY SOLUTIONS CO., LTD.
                       TABLE 178 LG ENERGY SOLUTIONS CO., LTD.: BUSINESS OVERVIEW
                       TABLE 179 LG ENERGY SOLUTIONS CO., LTD.: PRODUCT OFFERING
             15.1.9 NEC CORPORATION
                       TABLE 180 NEC CORPORATION: BUSINESS OVERVIEW
                       FIGURE 70 NEC CORPORATION: COMPANY SNAPSHOT
                       TABLE 181 NEC CORPORATION: PRODUCT OFFERING
             15.1.10 NGK INSULATORS, LTD.
                       TABLE 182 NGK INSULATORS, LTD.: BUSINESS OVERVIEW
                       FIGURE 71 NGK INSULATORS, LTD.: COMPANY SNAPSHOT
                       TABLE 183 NGK INSULATORS, LTD.: PRODUCT OFFERING
             15.1.11 PANASONIC CORPORATION
                       TABLE 184 PANASONIC CORPORATION: BUSINESS OVERVIEW
                       FIGURE 72 PANASONIC CORPORATION: COMPANY SNAPSHOT
                       TABLE 185 PANASONIC CORPORATION: PRODUCT OFFERING
                       TABLE 186 PANASONIC CORPORATION: PRODUCT LAUNCHES AND DEVELOPMENTS
                       TABLE 187 PANASONIC CORPORATION: DEALS
             15.1.12 SAMSUNG SDI CO., LTD.
                       TABLE 188 SAMSUNG SDI CO., LTD.: BUSINESS OVERVIEW
                       FIGURE 73 SAMSUNG SDI CO., LTD.: COMPANY SNAPSHOT
                       TABLE 189 SAMSUNG SDI CO., LTD.: PRODUCT OFFERING
                       TABLE 190 SAMSUNG SDI CO., LTD.: PRODUCT LAUNCHES AND DEVELOPMENTS
             15.1.13 SIEMENS AG
                       TABLE 191 SIEMENS AG: BUSINESS OVERVIEW
                       FIGURE 74 SIEMENS AG: COMPANY SNAPSHOT
                       TABLE 192 SIEMENS: PRODUCT OFFERINGS
                       15.1.14 TESLA, INC.
                       TABLE 193 TESLA, INC.: BUSINESS OVERVIEW
                       FIGURE 75 TESLA, INC.: COMPANY SNAPSHOT
                       TABLE 194 TESLA, INC.: PRODUCT OFFERINGS
             15.1.15 TOSHIBA CORPORATION
                       TABLE 195 TOSHIBA CORPORATION: BUSINESS OVERVIEW
                       FIGURE 76 TOSHIBA CORPORATION: COMPANY SNAPSHOT
                       TABLE 196 TOSHIBA CORPORATION: PRODUCT OFFERINGS
     15.2 OTHER PLAYERS
             15.2.1 EAST PENN MANUFACTURING COMPANY
             15.2.2 ENERDEL, INC.
             15.2.3 EXERGONIX
             15.2.4 JOHNSON CONTROLS
             15.2.5 KOKAM
             15.2.6 NEXTERA ENERGY, INC.
             15.2.7 PARKER HANNIFIN CORP
             15.2.8 PRIMUS POWER
             15.2.9 THE AES CORPORATION
             15.2.10 TRINABESS

*Details on Business overview, Products offered, Recent Developments, MNM view might not be captured in case of unlisted companies.

16 ADJACENT & RELATED MARKETS (Page No. - 271)
     16.1 INTRODUCTION
     16.2 LIMITATIONS
     16.3 SOLID-STATE BATTERY MARKET, BY TYPE
             16.3.1 INTRODUCTION
                       FIGURE 77 SOLID-STATE BATTERY MARKET, BY TYPE
                       TABLE 197 SOLID-STATE BATTERY MARKET, BY TYPE, 2017–2021 (USD MILLION)
                       TABLE 198 SOLID-STATE BATTERY MARKET, BY TYPE, 2022–2028 (USD MILLION)
             16.3.2 SINGLE-CELL BATTERY
                       16.3.2.1 Single-cell battery technology is well-adopted in medical devices
                                   TABLE 199 SINGLE-CELL SOLID-STATE BATTERY MARKET, BY APPLICATION, 2017–2021 (USD MILLION)
                                   TABLE 200 SINGLE-CELL SOLID-STATE BATTERY MARKET, BY APPLICATION, 2022–2028 (USD MILLION)
             16.3.3 MULTI-CELL BATTERY
                       16.3.3.1 Multi-cell battery is most trending battery technology for electric vehicles due to its high power density
                                   TABLE 201 MULTI-CELL SOLID-STATE BATTERY MARKET, BY APPLICATION, 2017–2021 (USD MILLION)
                                   TABLE 202 MULTI-CELL SOLID-STATE BATTERY MARKET, BY APPLICATION, 2022–2028 (USD MILLION)
     16.4 SOLID-STATE BATTERY MARKET, BY RECHARGEABILITY
             16.4.1 INTRODUCTION
                       FIGURE 78 SOLID-STATE BATTERY MARKET, BY RECHARGEABILITY
                       FIGURE 79 MARKET FOR SECONDARY SOLID-STATE BATTERY TO GROW AT HIGHER  CAGR DURING 2022–2028
                       TABLE 203 SOLID-STATE BATTERY MARKET, BY RECHARGEABILITY, 2017–2021 (USD MILLION)
                       TABLE 204 SOLID-STATE BATTERY MARKET, BY RECHARGEABILITY, 2022–2028 (USD MILLION)
             16.4.2 PRIMARY BATTERY
                       16.4.2.1 Primary solid-state batteries to hold larger share of market during forecast period
                                   TABLE 205 PRIMARY SOLID-STATE BATTERY MARKET, BY APPLICATION, 2017–2021 (USD MILLION)
                                   TABLE 206 PRIMARY SOLID-STATE BATTERY MARKET, BY APPLICATION, 2022–2028 (USD MILLION)
             16.4.3 SECONDARY BATTERY
                       16.4.3.1 Secondary solid-state batteries to witness higher growth rate during forecast period
                                   TABLE 207 SECONDARY SOLID-STATE BATTERY MARKET, BY APPLICATION, 2017–2021 (USD MILLION)
                                   TABLE 208 SECONDARY SOLID-STATE BATTERY MARKET, BY APPLICATION, 2022–2028 (USD MILLION)

17 APPENDIX (Page No. - 282)
     17.1 INSIGHTS OF INDUSTRY EXPERTS
     17.2 DISCUSSION GUIDE
     17.3 KNOWLEDGE STORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL
     17.4 AVAILABLE CUSTOMIZATIONS
     17.5 RELATED REPORTS
     17.6 AUTHOR DETAILS

The study involved four major activities in estimating the current size of the battery energy storage system market. Exhaustive secondary research has been done to collect information on the market, peer market, and parent market. To validate these findings, assumptions, and sizing with industry experts across the value chain through primary research has been the next step. Both top-down and bottom-up approaches have been employed to estimate the complete market size. After that, market breakdown and data triangulation methods have been used to estimate the market size of segments and subsegments. Two sources of information—secondary and primary—have been used to identify and collect information for an extensive technical and commercial study of the battery energy storage system market.

Secondary Research

Secondary sources include company websites, magazines, industry news, associations, and databases (Factiva and Bloomberg). These secondary sources include annual reports, press releases, and investor presentations of companies, white papers, certified publications, articles by recognized authors, regulatory bodies, trade directories, and databases.

The impact and implication of COVID-19 on battery energy storage system, have also been discussed in this section. Various secondary sources include corporate filings such as annual reports, investor presentations, and financial statements, trade, business and professional associations, white papers, manufacturing associations, and more.

Primary Research

Primary sources mainly consist of several experts from the core and related industries, along with preferred battery energy storage system component suppliers, manufacturers, distributors, standards, and certification organizations related to various segments of this industry’s value chain.

In the primary research process, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply-side included various industry experts (with a key focus on the impact of COVID-19), such as Chief X Officers (CXOs), Vice Presidents (VPs), and Directors from business development, marketing, product development/innovation teams, and related key executives from battery energy storage system providers, such as BYD Company Limited (China), SAMSUNG SDI Co., Ltd. (South Korea), LG Energy Solutions Co., Ltd. (South Korea), and Panasonic Corporation (Japan).; research organizations, distributors, professional and managed service providers, industry associations, and key opinion leaders. Following is the breakdown of primary respondents

The breakdown of primary respondents is provided below.

Battery Energy Storage System Market   Size, and Share

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

Market Size Estimation

Both top-down and bottom-up approaches have been used to estimate and validate the total size of the battery energy storage system market. These methods have also been used extensively to estimate the size of various subsegments in the market. The following research methodology has been used to estimate the market size:

  • Major players in the industry and markets have been identified through extensive secondary research.
  • The industry’s value chain and market size (in terms of value) have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

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

Battery Energy Storage System Market   Size, and Share

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

Data Triangulation

After arriving at the overall market size from the estimation process explained above, the overall market has been split into several segments and subsegments. The market breakdown and data triangulation procedures have been employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. 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.

Report Objectives

  • To describe and forecast the battery energy storage system market, in terms of storage system, element, battery type, connection type, ownership, energy capacity, and application.
  • To describe and forecast the market, in terms of value, with regard to four main regions: Asia Pacific (APAC), Europe, North America, and Rest of the World (RoW) along with their respective countries.
  • To provide detailed information regarding major factors influencing the market growth (drivers, restraints, opportunities, and challenges).
  • To provide a detailed overview of the value chain of battery energy storage system.
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to 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.
  • To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for market leaders.
  • To analyze competitive strategies, such as product launches, partnership, contracts, and agreements, adopted by key market players in the battery energy storage system market.

Available Customizations:

Based on the given market data, MarketsandMarkets offers customizations in the reports according to the client’s specific requirements. The available customization options are as follows:

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)
Report Code
SE 4200
Published ON
Feb, 2022
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