Battery Energy Storage Market, Update 2019 - Global Market Size, Competitive Landscape and Key Country Analysis to 2023
The global battery energy storage market is forecast to grow to $13.13bn by 2023. Fall in technology prices and increasing pace of development in the power market are the primary driving factors for the battery energy storage market.
Asia-Pacific was the largest market for battery energy storage systems and it accounted for 45% of the global market installed capacity in 2018 and the region is also expected to maintain its top position in the forecast period. With the number of grid-connected renewable electricity generation plants increasing tremendously, countries such as China, India, Japan, South Korea, and the Philippines will focus on frequency regulation in the electric grid to normalize the variation in power generation from renewables.
APAC will continue to be the largest market reaching $6.05bn in 2023, as countries are increasing investments for improving their grid infrastructure and improving the market structure to attract foreign investments. With respect to technology, Lithium-ion is and will continue to be, the preferred technology for market deployment.
The Americas battery energy storage market registered a market value of approximately $1.97bn in 2018 and it accounted for 28% in 2018. The battery energy storage market in the region is growing, with countries such as the US, Chile, Canada and Brazil promoting battery storage installations across consumer segments.
The US has been the largest market for Battery Energy Storage System (BESS) both in terms of cumulative installed capacity and by market value for projects installed up to 2018 and is likely to continue to lead the market at the country level. Some US states have robust incentive programs, most notably California, which adopted an ambitious target for 1.3GW of energy storage by 2020, which it surpassed and a new target is awaiting approval. The US market for battery energy storage is estimated to reach $2.96bn in 2023, accounting for 23% of the global market.
The EMEA battery energy storage market registered a market value of approximately $1.73bn in 2018 and it accounted for 26% of the global market. The region has strong demand for flexibility, due to technological advancements, evolving market conditions, strong research facilities, and supportive policies. Middle East and Africa are small markets with demand for storage expected to increase once renewable power generation gains significant traction in the market.
With countries aggressively promoting the modernization of grids, and developing their capability to handle the demands of the present and future, batteries are being deployed to support smart grids, integrate renewables, create responsive electricity markets, provide ancillary services, and enhance both system resilience and energy self-sufficiency.
Market conditions are improving and more companies are moving into a decentralized generation, leading to an increase in the onsite deployment of renewables and batteries; as in with micro or mini girds. Supportive policies and high electricity charges are also nudging the market towards renewables and/or storage plus renewables at the end consumer level. As the power sector evolves to accommodate new technologies and adapt to varying market trends, energy storage will play a central role in the transition and transformation of the power sector.
The latest analytical report Battery Energy Storage Market, Update 2019 - Global Market Size, Competitive Landscape and Key Country Analysis to 2023, offers comprehensive information on the battery energy storage market. The report offers in depth analysis of the market at global, regional (Asia-Pacific, Americas, Europe, and Middle East and Africa) and key country (the US, Chile, China, India, Japan, Australia, Republic of Korea, Germany, Italy, the UK, France) level.
The report analyzes the battery energy storage market in terms of value and volume for cumulative installations up to volume for cumulative installations up to 2013, up to 2018, and up to 2023, covering electrochemical energy storage technologies such as lead-acid batteries, flow batteries, sodium-sulphur batteries, lithium-ion batteries, and other advanced batteries.
An overview of the market share classified by technologies and application for installations up to 2018 are provided. The report provides an overview of different battery technologies, layout of battery storage systems, and costs. The drivers and restraints influencing the market and contracts issued are provided at the global level. Competitive landscape, policies and initiatives, key projects, and market share by technologies are provided at the country level. In addition, the top battery manufacturers are profiled.
The report assesses the battery energy storage market. Its scope includes -
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook