Battery Energy Storage System Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Lithium Ion and Others), Connection Type (On-Grid and Off-Grid), End User (Commercial, Utilit

Battery Energy Storage System Market size was valued at US$ 41.97 million in 2024 and is expected to reach US$ 143.28 billion by 2031. Global Battery Energy Storage System Market is estimated to record a CAGR of 17.91% from 2025 to 2031.

The Global Battery Energy Storage System Market is segmented into North America, Europe, Asia Pacific, and Rest of World. According to the Global Wind Energy Council (GWEC) report, Asia Pacific is set to become a leader in offshore wind, with an estimated growth in its share in power generation capacity from 24% in 2019 to 42% by 2025. As per the Wood Makenzie projections, Asia Pacific is likely to add 122 GW of new wind capacity by 2030, surpassing Europe and the US's estimated new wind capacity. Furthermore, Taiwan, South Korea, Japan, Vietnam, and India are projected to rank among the world’s top 20 largest offshore wind markets, with a combined new capacity of 29 GW from 2021 to 2030. Moreover, the Karara Wind Farm involves the construction of a wind farm with a capacity of 103 MW and an investment of US$ 183 million, which is expected to be completed by Q4 2024. Similarly, in Q3 of 2021, the Golmud Solar CSP Power Plant 3,300 MW project started in China with an investment of US$ 3,030 million. The project is estimated to be completed by Q4 2024.

China is expanding its battery energy storage capacities across the country. The country is already 6 years ahead with the completed installation in 2023 of the scheduled capacity of renewables that was expected to be completed by the end of 2030. This has boosted a sudden increase in the installation of BESS in China. Furthermore, rural areas in countries such as India, Indonesia, and Australia often face critical power supply challenges, which results in rising demand for the adoption of energy storage systems for emergencies. This is further driving the growth of the battery energy storage system market in Asia Pacific.

Based on end users, the Global Battery Energy Storage System Market is segmented into residential, commercial, and utilities. Utility-scale battery storage is also known as large-scale battery storage or grid battery storage. These enable the transition to a global energy mix that includes an increased share of renewable energy generation. Utility-scale battery energy storage systems (BESS) enable greater penetration of variable renewable power into the grid by storing excess energy generated and smoothing energy output during capacity hardening. Combined with renewable energy producers such as wind, hydro, or solar photovoltaic (PV) energy, BESS unlocks the full potential of renewable power by providing more reliable and far more cost-effective electricity on isolated and off-grid networks.

BYD Co. Ltd; Saft America Inc.; CATL; Tesla Inc.; Samsung SDI Co Ltd; Panasonic Holdings Corp; AES Corp; NextEra Energy, Inc.; Ameresco Inc.; ESS, Inc.; Siemens AG; EOS Energy Enterprises Inc.; KORE Power Inc.; General Electric Co; LG Chem Ltd.; SAFT Groupe SA; and ESS Inc. are among the prominent players profiled in Global Battery Energy Storage System Market report. Several other major players were also studied and analyzed in Global Battery Energy Storage System Market report to get a holistic view of the market and its ecosystem.

The overall Global Battery Energy Storage System Market share has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Global Battery Energy Storage System Market. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in Global Battery Energy Storage System Market.

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