
Battery Energy Storage System Market Analysis and Forecast to 2033: By Battery Type (Lithium-ion Battery, Lead Acid Battery, Flow Battery, Others), Connectivity (Off-Grid, On-Grid), Capacity (Small Scale (Less than 1 MW), Large Scale (Greater than 1 MW)),
Description
Battery Energy Storage System Market Analysis and Forecast to 2033: By Battery Type (Lithium-ion Battery, Lead Acid Battery, Flow Battery, Others), Connectivity (Off-Grid, On-Grid), Capacity (Small Scale (Less than 1 MW), Large Scale (Greater than 1 MW)), Application (Residential, Commercial, Utility), Storage System (Front-of-the-meter, Behind-the-meter), Ownership (Customer Owned, Third-Party Owned, Utility Owned), and Region
The Battery Energy Storage System market size was over USD 12 billion in 2023 and is anticipated to reach over USD 31.5 billion in 2033, growing at a rate of over 17.5% from 2024 to 2033.
A battery energy storage system is an electrochemical device that charges or collects energy from the grid or a powerplant and then discharges that energy at a later time to provide electricity or other grid services when needed. Battery storage is an important technology that can enhance power system flexibility and enable high levels of renewable energy integration. Modern battery energy storage systems usually include a built-in inverter and computerized control systems that make them simple to install, largely maintenance-free and do not require any effort or expertise from the user. Battery energy storage systems have a wide range of applications for both commercial and residential purposes. Commercial applications include peak shaving, load shifting, emergency backup, and various grid services. Residential applications include self-consumption, off-grid homes and emergency backup.
Key Trends and Drivers
Solar and wind energy are the most prominent renewable energy types that are stored in grids. However, concealing the sun by clouds or fluctuating wind currents leads to variations in the energy generation process. 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.
Restraints & Challenges
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.
Market Segments
The battery energy storage system market has been segmented into battery type, connectivity, capacity, application, storage system, ownership, and region. Based on battery type, the battery energy storage system market has been segmented into lithium-ion battery, lead acid battery, flow battery, and others. Based on connectivity, it is bifurcated into off-grid and on-grid. Based on capacity, it is bifurcated into small scale (less than 1 MW) and large scale (greater than 1 MW). On the basis of the application, the market is segmented into residential, commercial, and utility. Based on capacity, it is bifurcated into small scale (less than 1 MW) and large scale (greater than 1 MW). Based on storage system, it is bifurcated into front-of-the-meter and behind-the-meter. On the basis of ownership, the market is segmented into customer owned, third-party owned, and utility owned. Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and Rest of the World (ROW).
Key Players
The Battery Energy Storage System market report includes players such as
ABB Ltd
EVE Energy Co., Ltd.
General Electric Company
Hitachi Energy Ltd
Kokam
LG Energy Solution
Narada Power
Samsung SDI Co., Ltd.
Siemens Energy
VRB ENERGY
Please Note: This report will be delivered by publisher within 3-4 business days of order confirmation.
Table of Contents
309 Pages
- Chapter 1. Battery Energy Storage System Market Overview
- 1.1. Objectives of the Study
- 1.2. Market Definition and Research & Scope
- 1.3. Research Limitations
- 1.4. Research Methodologies
- 1.4.1. Secondary Research
- 1.4.2. Market Size Estimation Technique
- 1.4.3. Forecasting
- 1.4.4. Primary Research and Data Validation
- Chapter 2. Executive Summary
- 2.1. Summary
- 2.2. Key Highlights of the Market
- Chapter 3. Premium Insights on the Market
- 3.1. Market Attractiveness Analysis, by Region
- 3.2. Market Attractiveness Analysis, by Battery Type
- 3.3. Market Attractiveness Analysis, by Connectivity
- 3.4. Market Attractiveness Analysis, by Capacity
- 3.5. Market Attractiveness Analysis, by Application
- 3.6. Market Attractiveness Analysis, by Storage System
- 3.7. Market Attractiveness Analysis, by Ownership
- Chapter 4. Battery Energy Storage System Market Outlook
- 4.1. Battery Energy Storage System Market Segmentation
- 4.2. Market Dynamics
- 4.2.1. Market Drivers
- 4.2.1.1. Driver 1
- 4.2.1.2. Driver 2
- 4.2.1.3. Driver 3
- 4.2.2. Market Restraints
- 4.2.2.1. Restraint 1
- 4.2.2.2. Restraint 2
- 4.2.3. Market Opportunities
- 4.2.3.1. Opportunity 1
- 4.2.3.2. Opportunity 2
- 4.3. Porter’s Five Forces Analysis
- 4.3.1. Threat of New Entrants
- 4.3.2. Threat of Substitutes
- 4.3.3. Bargaining Power of Buyers
- 4.3.4. Bargaining Power of Supplier
- 4.3.5. Competitive Rivalry
- 4.4. PESTLE Analysis
- 4.5. Value Chain Analysis
- 4.5.1. Raw Material Suppliers
- 4.5.2. Manufacturers
- 4.5.3. Wholesalers and/or Retailers
- 4.6. Impact of COVID-19 on the Battery Energy Storage System Market
- 4.7. Impact of the Russia and Ukraine War on the Battery Energy Storage System Market
- 4.8. Case Study Analysis
- 4.9. Pricing Analysis
- Chapter 5. Battery Energy Storage System Market by Battery Type
- 5.1. Market overview
- 5.2. Lithium-ion Battery
- 5.2.1. Key Market Trends & Opportunity Analysis
- 5.2.2. Market size and forecast, by region
- 5.3. Lead Acid Battery
- 5.3.1. Key Market Trends & Opportunity Analysis
- 5.3.2. Market size and forecast, by region
- 5.4. Flow Battery
- 5.4.1. Key Market Trends & Opportunity Analysis
- 5.4.2. Market size and forecast, by region
- 5.5. Others
- 5.5.1. Key Market Trends & Opportunity Analysis
- 5.5.2. Market size and forecast, by region
- Chapter 6. Battery Energy Storage System Market by Connectivity
- 6.1. Market overview
- 6.2. Off-Grid
- 6.2.1. Key Market Trends & Opportunity Analysis
- 6.2.2. Market size and forecast, by region
- 6.3. On-Grid
- 6.3.1. Key Market Trends & Opportunity Analysis
- 6.3.2. Market size and forecast
- Chapter 7. Battery Energy Storage System Market by Capacity
- 7.1. Market overview
- 7.2. Small Scale (Less than 1 MW)
- 7.2.1. Key Market Trends & Opportunity Analysis
- 7.2.2. Market size and forecast, by region
- 7.3. Large Scale (Greater than 1 MW)
- 7.3.1. Key Market Trends & Opportunity Analysis
- 7.3.2. Market size and forecast, by region
- Chapter 8. Battery Energy Storage System Market by Application
- 8.1. Market overview
- 8.2. Residential
- 8.2.1. Key Market Trends & Opportunity Analysis
- 8.2.2. Market size and forecast, by region
- 8.3. Commercial
- 8.3.1. Key Market Trends & Opportunity Analysis
- 8.3.2. Market size and forecast, by region
- 8.4. Utility
- 8.4.1. Key Market Trends & Opportunity Analysis
- 8.4.2. Market size and forecast, by region
- Chapter 9. Battery Energy Storage System Market by Storage System
- 9.1. Market overview
- 9.2. Front-of-the-meter
- 9.2.1. Key Market Trends & Opportunity Analysis
- 9.2.2. Market size and forecast, by region
- 9.3. Behind-the-meter
- 9.3.1. Key Market Trends & Opportunity Analysis
- 9.3.2. Market size and forecast, by region
- Chapter 10. Battery Energy Storage System Market by Ownership
- 10.1. Market overview
- 10.2. Customer Owned
- 10.2.1. Key Market Trends & Opportunity Analysis
- 10.2.2. Market size and forecast, by region
- 10.3. Third-Party Owned
- 10.3.1. Key Market Trends & Opportunity Analysis
- 10.3.2. Market size and forecast, by region
- 10.4. Utility Owned
- 10.4.1. Key Market Trends & Opportunity Analysis
- 10.4.2. Market size and forecast, by region
- Chapter 11. Global Battery Energy Storage System Market, by Region
- 11.1. Overview
- 11.2. North America
- 11.2.1. Key market trends and opportunities
- 11.2.2. North America Battery Energy Storage System market size and forecast by Battery Type
- 11.2.3. North America Battery Energy Storage System market size and forecast by Connectivity
- 11.2.4. North America Battery Energy Storage System market size and forecast by Capacity
- 11.2.5. North America Battery Energy Storage System market size and forecast by Application
- 11.2.6. North America Battery Energy Storage System market size and forecast by Storage System
- 11.2.7. North America Battery Energy Storage System market size and forecast by Ownership
- 11.2.8. North America Battery Energy Storage System market size and forecast by Country
- 11.2.9. The U.S.
- 11.2.9.1. The U.S. Battery Energy Storage System market size and forecast by Battery Type
- 11.2.9.2. The U.S. Battery Energy Storage System market size and forecast by Connectivity
- 11.2.9.3. The U.S. Battery Energy Storage System market size and forecast by Capacity
- 11.2.9.4. The U.S. Battery Energy Storage System market size and forecast by Application
- 11.2.9.5. The U.S. Battery Energy Storage System market size and forecast by Storage System
- 11.2.9.6. The U.S. Battery Energy Storage System market size and forecast by Ownership
- 11.2.10. Canada
- 11.2.10.1. Canada Battery Energy Storage System market size and forecast by Battery Type
- 11.2.10.2. Canada Battery Energy Storage System market size and forecast by Connectivity
- 11.2.10.3. Canada Battery Energy Storage System market size and forecast by Capacity
- 11.2.10.4. Canada Battery Energy Storage System market size and forecast by Application
- 11.2.10.5. Canada Battery Energy Storage System market size and forecast by Storage System
- 11.2.10.6. Canada Battery Energy Storage System market size and forecast by Ownership
- 11.2.11. Mexico
- 11.2.11.1. Mexico Battery Energy Storage System market size and forecast by Battery Type
- 11.2.11.2. Mexico Battery Energy Storage System market size and forecast by Connectivity
- 11.2.11.3. Mexico Battery Energy Storage System market size and forecast by Capacity
- 11.2.11.4. Mexico Battery Energy Storage System market size and forecast by Application
- 11.2.11.5. Mexico Battery Energy Storage System market size and forecast by Storage System
- 11.2.11.6. Mexico Battery Energy Storage System market size and forecast by Ownership
- 11.3. Europe
- 11.3.1. Key market trends and opportunities
- 11.3.2. Europe Battery Energy Storage System market size and forecast by Battery Type
- 11.3.3. Europe Battery Energy Storage System market size and forecast by Connectivity
- 11.3.4. Europe Battery Energy Storage System market size and forecast by Capacity
- 11.3.5. Europe Battery Energy Storage System market size and forecast by Application
- 11.3.6. Europe Battery Energy Storage System market size and forecast by Storage System
- 11.3.7. Europe Battery Energy Storage System market size and forecast by Ownership
- 11.3.8. Europe Battery Energy Storage System market size and forecast by Country
- 11.3.9. Germany
- 11.3.9.1. Germany Battery Energy Storage System market size and forecast by Battery Type
- 11.3.9.2. Germany Battery Energy Storage System market size and forecast by Connectivity
- 11.3.9.3. Germany Battery Energy Storage System market size and forecast by Capacity
- 11.3.9.4. Germany Battery Energy Storage System market size and forecast by Application
- 11.3.9.5. Germany Battery Energy Storage System market size and forecast by Storage System
- 11.3.9.6. Germany Battery Energy Storage System market size and forecast by Ownership
- 11.3.10. France
- 11.3.10.1. France Battery Energy Storage System market size and forecast by Battery Type
- 11.3.10.2. France Battery Energy Storage System market size and forecast by Connectivity
- 11.3.10.3. France Battery Energy Storage System market size and forecast by Capacity
- 11.3.10.4. France Battery Energy Storage System market size and forecast by Application
- 11.3.10.5. France Battery Energy Storage System market size and forecast by Storage System
- 11.3.10.6. France Battery Energy Storage System market size and forecast by Ownership
- 11.3.11. U.K.
- 11.3.11.1. U.K. Battery Energy Storage System market size and forecast by Battery Type
- 11.3.11.2. U.K. Battery Energy Storage System market size and forecast by Connectivity
- 11.3.11.3. U.K. Battery Energy Storage System market size and forecast by Capacity
- 11.3.11.4. U.K. Battery Energy Storage System market size and forecast by Application
- 11.3.11.5. U.K. Battery Energy Storage System market size and forecast by Storage System
- 11.3.11.6. U.K. Battery Energy Storage System market size and forecast by Ownership
- 11.3.12. Spain
- 11.3.12.1. Spain Battery Energy Storage System market size and forecast by Battery Type
- 11.3.12.2. Spain Battery Energy Storage System market size and forecast by Connectivity
- 11.3.12.3. Spain Battery Energy Storage System market size and forecast by Capacity
- 11.3.12.4. Spain Battery Energy Storage System market size and forecast by Application
- 11.3.12.5. Spain Battery Energy Storage System market size and forecast by Storage System
- 11.3.12.6. Spain Battery Energy Storage System market size and forecast by Ownership
- 11.3.13. Italy
- 11.3.13.1. Italy Battery Energy Storage System market size and forecast by Battery Type
- 11.3.13.2. Italy Battery Energy Storage System market size and forecast by Connectivity
- 11.3.13.3. Italy Battery Energy Storage System market size and forecast by Capacity
- 11.3.13.4. Italy Battery Energy Storage System market size and forecast by Application
- 11.3.13.5. Italy Battery Energy Storage System market size and forecast by Storage System
- 11.3.13.6. Italy Battery Energy Storage System market size and forecast by Ownership
- 11.3.14. Russia
- 11.3.14.1. Russia Battery Energy Storage System market size and forecast by Battery Type
- 11.3.14.2. Russia Battery Energy Storage System market size and forecast by Connectivity
- 11.3.14.3. Russia Battery Energy Storage System market size and forecast by Capacity
- 11.3.14.4. Russia Battery Energy Storage System market size and forecast by Application
- 11.3.14.5. Russia Battery Energy Storage System market size and forecast by Storage System
- 11.3.14.6. Russia Battery Energy Storage System market size and forecast by Ownership
- 11.3.15. Rest of Europe
- 11.3.15.1. Rest of Europe Battery Energy Storage System market size and forecast by Battery Type
- 11.3.15.2. Rest of Europe Battery Energy Storage System market size and forecast by Connectivity
- 11.3.15.3. Rest of Europe Battery Energy Storage System market size and forecast by Capacity
- 11.3.15.4. Rest of Europe Battery Energy Storage System market size and forecast by Application
- 11.3.15.5. Rest of Europe Battery Energy Storage System market size and forecast by Storage System
- 11.3.15.6. Rest of Europe Battery Energy Storage System market size and forecast by Ownership
- 11.4. Asia Pacific
- 11.4.1. Key market trends and opportunities
- 11.4.2. Asia Pacific Battery Energy Storage System market size and forecast by Battery Type
- 11.4.3. Asia Pacific Battery Energy Storage System market size and forecast by Connectivity
- 11.4.4. Asia Pacific Battery Energy Storage System market size and forecast by Capacity
- 11.4.5. Asia Pacific Battery Energy Storage System market size and forecast by Application
- 11.4.6. Asia Pacific Battery Energy Storage System market size and forecast by Storage System
- 11.4.7. Asia Pacific Battery Energy Storage System market size and forecast by Ownership
- 11.4.8. Asia Pacific Battery Energy Storage System market size and forecast by Country
- 11.4.9. China
- 11.4.9.1. China Battery Energy Storage System market size and forecast by Battery Type
- 11.4.9.2. China Battery Energy Storage System market size and forecast by Connectivity
- 11.4.9.3. China Battery Energy Storage System market size and forecast by Capacity
- 11.4.9.4. China Battery Energy Storage System market size and forecast by Application
- 11.4.9.5. China Battery Energy Storage System market size and forecast by Storage System
- 11.4.9.6. China Battery Energy Storage System market size and forecast by Ownership
- 11.4.10. India
- 11.4.10.1. India Battery Energy Storage System market size and forecast by Battery Type
- 11.4.10.2. India Battery Energy Storage System market size and forecast by Connectivity
- 11.4.10.3. India Battery Energy Storage System market size and forecast by Capacity
- 11.4.10.4. India Battery Energy Storage System market size and forecast by Application
- 11.4.10.5. India Battery Energy Storage System market size and forecast by Storage System
- 11.4.10.6. India Battery Energy Storage System market size and forecast by Ownership
- 11.4.11. Japan
- 11.4.11.1. Japan Battery Energy Storage System market size and forecast by Battery Type
- 11.4.11.2. Japan Battery Energy Storage System market size and forecast by Connectivity
- 11.4.11.3. Japan Battery Energy Storage System market size and forecast by Capacity
- 11.4.11.4. Japan Battery Energy Storage System market size and forecast by Application
- 11.4.11.5. Japan Battery Energy Storage System market size and forecast by Storage System
- 11.4.11.6. Japan Battery Energy Storage System market size and forecast by Ownership
- 11.4.12. South Korea
- 11.4.12.1. South Korea Battery Energy Storage System market size and forecast by Battery Type
- 11.4.12.2. South Korea Battery Energy Storage System market size and forecast by Connectivity
- 11.4.12.3. South Korea Battery Energy Storage System market size and forecast by Capacity
- 11.4.12.4. South Korea Battery Energy Storage System market size and forecast by Application
- 11.4.12.5. South Korea Battery Energy Storage System market size and forecast by Storage System
- 11.4.12.6. South Korea Battery Energy Storage System market size and forecast by Ownership
- 11.4.13. Rest of APAC
- 11.4.13.1. Rest of APAC Battery Energy Storage System market size and forecast by Battery Type
- 11.4.13.2. Rest of APAC Battery Energy Storage System market size and forecast by Connectivity
- 11.4.13.3. Rest of APAC Battery Energy Storage System market size and forecast by Capacity
- 11.4.13.4. Rest of APAC Battery Energy Storage System market size and forecast by Application
- 11.4.13.5. Rest of APAC Battery Energy Storage System market size and forecast by Storage System
- 11.4.13.6. Rest of APAC Energy Storage System market size and forecast by Ownership
- 11.5. Rest of the World
- 11.5.1. Key market trends and opportunities
- 11.5.2. Rest of the World Battery Energy Storage System market size and forecast by Battery Type
- 11.5.3. Rest of the World Battery Energy Storage System market size and forecast by Connectivity
- 11.5.4. Rest of the World Battery Energy Storage System market size and forecast by Capacity
- 11.5.5. Rest of the World Battery Energy Storage System market size and forecast by Application
- 11.5.6. Rest of the World Battery Energy Storage System market size and forecast by Storage System
- 11.5.7. Rest of the World Battery Energy Storage System market size and forecast by Ownership
- 11.5.8. Rest of the World Battery Energy Storage System market size and forecast by Country
- 11.5.9. Latin America
- 11.5.9.1. Latin America Battery Energy Storage System market size and forecast by Battery Type
- 11.5.9.2. Latin America Battery Energy Storage System market size and forecast by Connectivity
- 11.5.9.3. Latin America Battery Energy Storage System market size and forecast by Capacity
- 11.5.9.4. Latin America Battery Energy Storage System market size and forecast by Application
- 11.5.9.5. Latin America Battery Energy Storage System market size and forecast by Storage System
- 11.5.9.6. Latin America Battery Energy Storage System market size and forecast by Ownership
- 11.5.10. Middle East
- 11.5.10.1. Middle East Battery Energy Storage System market size and forecast by Battery Type
- 11.5.10.2. Middle East Battery Energy Storage System market size and forecast by Connectivity
- 11.5.10.3. Middle East Battery Energy Storage System market size and forecast by Capacity
- 11.5.10.4. Middle East Battery Energy Storage System market size and forecast by Application
- 11.5.10.5. Middle East Battery Energy Storage System market size and forecast by Storage System
- 11.5.10.6. Middle East Battery Energy Storage System market size and forecast by Ownership
- 11.5.11. Africa
- 11.5.11.1. Africa Battery Energy Storage System market size and forecast by Battery Type
- 11.5.11.2. Africa Battery Energy Storage System market size and forecast by Connectivity
- 11.5.11.3. Africa Battery Energy Storage System market size and forecast by Capacity
- 11.5.11.4. Africa Battery Energy Storage System market size and forecast by Application
- 11.5.11.5. Africa Battery Energy Storage System market size and forecast by Storage System
- 11.5.11.6. Africa Battery Energy Storage System market size and forecast by Ownership
- Chapter 12. Competitive Landscape
- 12.1. Market overview
- 12.2. Market share analysis/key player positioning
- 12.3. Developmental strategy benchmarking
- 12.3.1. New product development
- 12.3.2. Product launches
- 12.3.3. Business expansions
- 12.3.4. Partnerships, joint ventures, and collaborations
- 12.3.5. Mergers and acquisitions
- Chapter 13. Company Profiles
- 13.1. ABB Ltd (Switzerland)
- 13.1.1. Company snapshot
- 13.1.2. Financial performance
- 13.1.3. Product offerings
- 13.1.4. Key strategic initiatives
- 13.1.5. SWOT analysis
- 13.2. EVE Energy Co., Ltd. (China)
- 13.2.1. Company snapshot
- 13.2.2. Financial performance
- 13.2.3. Product offerings
- 13.2.4. Key strategic initiatives
- 13.2.5. SWOT analysis
- 13.3. General Electric Company (U.S.)
- 13.3.1. Company snapshot
- 13.3.2. Financial performance
- 13.3.3. Product offerings
- 13.3.4. Key strategic initiatives
- 13.3.5. SWOT analysis
- 13.4. Hitachi Energy Ltd (Japan)
- 13.4.1. Company snapshot
- 13.4.2. Financial performance
- 13.4.3. Product offerings
- 13.4.4. Key strategic initiatives
- 13.4.5. SWOT analysis
- 13.5. Kokam (South Korea)
- 13.5.1. Company snapshot
- 13.5.2. Financial performance
- 13.5.3. Product offerings
- 13.5.4. Key strategic initiatives
- 13.5.5. SWOT analysis
- 13.6. LG Energy Solution (South Korea)
- 13.6.1. Company snapshot
- 13.6.2. Financial performance
- 13.6.3. Product offerings
- 13.6.4. Key strategic initiatives
- 13.6.5. SWOT analysis
- 13.7. Narada Power (China)
- 13.7.1. Company snapshot
- 13.7.2. Financial performance
- 13.7.3. Product offerings
- 13.7.4. Key strategic initiatives
- 13.7.5. SWOT analysis
- 13.8. Samsung SDI Co., Ltd. (South Korea)
- 13.8.1. Company snapshot
- 13.8.2. Financial performance
- 13.8.3. Product offerings
- 13.8.4. Key strategic initiatives
- 13.8.5. SWOT analysis
- 13.9. Siemens Energy (Germany)
- 13.9.1. Company snapshot
- 13.9.2. Financial performance
- 13.9.3. Product offerings
- 13.9.4. Key strategic initiatives
- 13.9.5. SWOT analysis
- 13.10. VRB ENERGY (Canada)
- 13.10.1. Company snapshot
- 13.10.2. Financial performance
- 13.10.3. Product offerings
- 13.10.4. Key strategic initiatives
- 13.10.5. SWOT analysis
- *The List of Company Is Subject To Change During The Final Compilation of The Report
Pricing
Currency Rates
Questions or Comments?
Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.