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3. Battery Energy Storage System Companies - BYD Company Ltd. (China) and Samsung SDI Co., Ltd. (South Korea) are the Key Players

The global battery energy storage market size is estimated to be USD 7.8 billion in 2024 and is projected to reach USD 25.6 billion by 2029, at a CAGR of 26.9% during the forecast period. The key factors fuelling the growth of this market are increasing investments globally in the grid infrastructure, renewable energy revolution and transition toward low carbon-based economy, adoption of lithium-ion batteries in renewable energy sector and others.

Major players operating in the battery energy storage system market achieved their positions by launching new and innovative products. Various major players dominating the battery energy storage system market include BYD Company Ltd. (China), Samsung SDI Co., Ltd. (South Korea), LG Energy Solution (South Korea). A number of companies operating in the market are implementing different approaches to gain market share in the battery energy storage system industry. These companies utilize organic and inorganic expansion strategies, including introducing and developing new products, forging partnerships and contracts, expanding their operations, and acquiring other entities. These strategies aim to bolster their market standing.

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Major Battery Energy Storage System companies include:

• BYD Company Ltd. (China)
• Samsung SDI Co., Ltd. (South Korea)
• LG Energy Solution (South Korea)
• Panasonic Corporation (Japan)
• Tesla (US)

BYD Company Ltd.  (China): 

BYD Company Ltd. is a leading high-tech enterprise in China and a pioneer in battery technologies. The company operates mainly in two business segments: Automobiles and related products,and other products: and Mobile handset components, assembly, service, and other products. The company provides various products and services, such as the manufacturing and selling lithium-ion, nickel-metal hydride, and nickel-manganese cobalt oxide batteries. Lithium-iron phosphate batteries are mainly used in energy storage systems. It provides lithium-ion battery energy storage solutions for commercial, utility, and residential applications. BYD Company Ltd. also offers large-scale energy storage systems, distributed energy storage systems, and microgrid systems. BYD Company Ltd. is listed on the Hong Kong and Shenzhen Stock Exchanges. Samsung and Dell are the company's major clients. It has two major subsidiaries: BYD Automobile Ltd. (US) and BYD Electronic Ltd. (China).

Samsung SDI Co., Ltd.  (South Korea): 

Samsung SDI Co., Ltd. is a leading manufacturer of rechargeable batteries catering to several sectors. These include the IT industry, the automotive sector, and energy storage systems. The company operates through two primary business segments: Energy Solutions and Electronic Materials. Further, the Energy Solutions segment has expertise in small lithium-ion batteries, automotive batteries, and energy storage systems (ESS). The small lithium-ion batteries offered by the company are widely used in portable electronic devices. Automotive batteries are used to power electric and hybrid vehicles. The company's ESS products also provide efficient energy storage solutions for residential, commercial, and utility-scale applications. The company offers energy storage systems from kWh to MWh for residential, commercial, UPS, and base transceiver station applications. The company is publicly listed on the Korea Exchange (KRX) market. The company focuses on expanding its global presence and building a strong network worldwide. The company has production factories and sales offices located in regions such as North America, Europe, and Asia Pacific.

LG Energy Solutions (South Korea):

In December 2020, LG Chem Ltd's battery division was split to form LG Energy Solution independently. The company manufactures and supplies a wide range of batteries for IT devices, mobile phones, laptops, and batteries for electric and hybrid vehicles and energy storage systems (ESS). LG Energy Solution has three battery divisions: Advanced Automotive, Mobility & IT. and ESS. They have established a global network with manufacturing facilities in North America, Europe, Asia, and Australia. LG Energy Solution has an established global network with offices and subsidiaries in regions of North America, Europe, Asia Pacific. Further, this network includes battery manufacturing facilities developed through joint ventures with leading automakers such as General Motors (US), Stellantis N.V. (Netherlands), Hyundai Motor Group (South Korea), and Honda Motor Co., Ltd. (Japan). Such strategic partnerships allow LG Energy Solution to leverage its battery manufacturing expertise. This supports the company in its global market share and in building a strong global brand worldwide.

Related Reports:

Battery Energy Storage System Market 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

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