Battery Energy Storage System Market-Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019-2029, Segmented By Storage System ; By Battery Type ; By Connection Type ; By Ownership ; By Energy Capacity ; By Application ; By Region

Description

Global Battery Energy Storage System Market Size More Than Triples to Reach USD 16.22 Billion by 2029

The global battery energy storage system market is gaining traction because of the increasing demand for grid energy storage systems, ongoing grid modernization, and deepening penetration of lithium-ion batteries in the renewable energy sector.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global battery energy storage system market size at USD 4.58 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global battery energy storage system market size to grow at a robust CAGR of 28.15% reaching a value of USD 16.22 billion by 2029. Expanding industrialization, a thriving service sector that includes telecom, medicine, data centers, and others, as well as a booming demand for renewable energy with declining costs, which is further fueling the demand for continuous power supply, are major growth factors for the robust expansion of the global battery energy storage system market during the period in analysis.

Global Battery Energy Storage System Market - Overview:

Battery energy storage systems (BESS) store energy from renewable energy sources, such as solar and wind, which may be held and then released when consumers need electricity the most. Energy purchased during off-peak hours can be stored using battery storage devices. When tariffs are highest, they can be turned on to distribute energy and lower energy costs. Businesses of all sizes may save a lot of money by avoiding "red tariffs," when costs are at their highest. Those who produce renewable energy or those who want to efficiently store energy now have the option to store this power in a network of batteries thanks to battery energy storage systems.

Global Battery Energy Storage System Market - By Ownership:

Based on ownership, the global battery energy storage system market is segmented into customer-owned, third-party owned, and utility-owned. The utility-owned segment accounts for the highest market share owing to rising energy needs and increasing focus on providing continuous power during peak demand periods. The governments of various countries are significantly investing in developing energy infrastructure in rural and remote areas under electrification initiatives which are projected to boost the demand for battery energy storage systems during the forecast period.

Impact of COVID-19 on Global Battery Energy Storage System Market

The COVID-19 pandemic disrupted the growth of the global battery energy storage system market. Strict lockdowns were implemented in many countries to limit the outbreak, which led to the temporary shutdown of manufacturing facilities as well as the disruption of supply networks and production schedules. Industries suffered as a result of supply chain disruptions and worker restrictions brought on by the widespread lockdowns. Many sectors, including battery energy storage system manufacturing and distribution, have been negatively impacted by factory closures and trade restrictions that were added to the already difficult situation. Manufacturing facilities were closed, which had an impact on output and created a huge imbalance between supply and demand in the market.

Competitive Landscape:

Major players operating in the global battery energy storage system market include: BYD Company Limited, Panasonic Corporation, LG Energy Solution Ltd, Contemporary Amperex Technology Co. Limited, Sony Corp., Varta AG, Tesla Inc., Samsung SDI Co. Ltd, Cellcube Energy Storage System Inc., Black & Veatch, Enersys, EVE Energy Co Ltd., GE, Kokam, Narada, Nissan, and Siemens Energy.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Battery Energy Storage System Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Battery Energy Storage System Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Product Code: BWC21110

1. Research Framework

1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation

2. Executive Summary

3. Global Battery Energy Storage System Market Insights

3.1. Industry Value Chain Analysis
- 3.1.1. DROC Analysis
- 3.1.2. Growth Drivers
  - 3.1.2.1. Increasing demand for Grid Energy Storage Systems Owing to Ongoing Grid Modernization
  - 3.1.2.2. Growing Penetration of Lithium-ion Batteries in Renewable Energy
- 3.1.3. Restraints
  - 3.1.3.1. High Investment Required in Installing Battery energy Storage Systems
- 3.1.4. Opportunities
  - 3.1.4.1. Rise in Number of Rural Electrification Projects Worldwide
- 3.1.5. Challenges
  - 3.1.5.1. Complexities in Installing Battery Energy Storage Systems
3.2. Technological Advancement/Recent Developments
3.3. Regulatory Framework
3.4. Porter's Five Forces Analysis
- 3.4.1. Bargaining Power of Suppliers
- 3.4.2. Bargaining Power of Buyers
- 3.4.3. Threat of New Entrants
- 3.4.4. Threat of Substitutes
- 3.4.5. Intensity of Rivalry

4. Global Battery Energy Storage System Market Overview

4.1. Market Energy Capacity & Forecast, 2019-2029
- 4.1.1. By Value (USD Billion)
4.2. Market Share & Forecast
- 4.2.1. By Storage System
  - 4.2.1.1. Front-of-the-meter
  - 4.2.1.2. Behind-the-meter
- 4.2.2. By Battery Type
  - 4.2.2.1. Lithium-Ion Batteries
  - 4.2.2.2. Advanced Lead-Acid Batteries
  - 4.2.2.3. Flow Batteries
  - 4.2.2.4. Others
- 4.2.3. By Connection Type
  - 4.2.3.1. On-grid
  - 4.2.3.2. Off-grid
- 4.2.4. By Ownership
  - 4.2.4.1. Customer-Owned
  - 4.2.4.2. Third-Part Owned
  - 4.2.4.3. Utility-Owned
- 4.2.5. By Energy Capacity
  - 4.2.5.1. Below 100 MWh
  - 4.2.5.2. Between 100 to 500 MWh
  - 4.2.5.3. Above 500 MWh
- 4.2.6. By Application
  - 4.2.6.1. Residential
  - 4.2.6.2. Commercial
  - 4.2.6.3. Utilities
- 4.2.7. By Region
  - 4.2.7.1. North America
  - 4.2.7.2. Europe
  - 4.2.7.3. Asia Pacific (APAC)
  - 4.2.7.4. Latin America (LATAM)
  - 4.2.7.5. Middle East and Africa (MEA)

5. North America Battery Energy Storage System Market

5.1. Market Energy Capacity & Forecast, 2019-2029
- 5.1.1. By Value (USD Billion)
5.2. Market Share & Forecast
- 5.2.1. By Storage System
- 5.2.2. By Battery Type
- 5.2.3. By Connection Type
- 5.2.4. By Ownership
- 5.2.5. By Energy Capacity
- 5.2.6. By Application
- 5.2.7. By Country
  - 5.2.7.1. United States
  - 5.2.7.1.1. By Storage System
  - 5.2.7.1.2. By Battery Type
  - 5.2.7.1.3. By Connection Type
  - 5.2.7.1.4. By Ownership
  - 5.2.7.1.5. By Energy Capacity
  - 5.2.7.1.6. By Application
  - 5.2.7.2. Canada
  - 5.2.7.2.1. By Storage System
  - 5.2.7.2.2. By Battery Type
  - 5.2.7.2.3. By Connection Type
  - 5.2.7.2.4. By Ownership
  - 5.2.7.2.5. By Energy Capacity
  - 5.2.7.2.6. By Application

6. Europe Battery Energy Storage System Market

6.1. Market Energy Capacity & Forecast, 2019-2029
- 6.1.1. By Value (USD Billion)
6.2. Market Share & Forecast
- 6.2.1. By Storage System
- 6.2.2. By Battery Type
- 6.2.3. By Connection Type
- 6.2.4. By Ownership
- 6.2.5. By Energy Capacity
- 6.2.6. By Application
- 6.2.7. By Country
  - 6.2.7.1. Germany
  - 6.2.7.1.1. By Storage System
  - 6.2.7.1.2. By Battery Type
  - 6.2.7.1.3. By Connection Type
  - 6.2.7.1.4. By Ownership
  - 6.2.7.1.5. By Energy Capacity
  - 6.2.7.1.6. By Application
  - 6.2.7.2. United Kingdom
  - 6.2.7.2.1. By Storage System
  - 6.2.7.2.2. By Battery Type
  - 6.2.7.2.3. By Connection Type
  - 6.2.7.2.4. By Ownership
  - 6.2.7.2.5. By Energy Capacity
  - 6.2.7.2.6. By Application
  - 6.2.7.3. Italy
  - 6.2.7.3.1. By Storage System
  - 6.2.7.3.2. By Battery Type
  - 6.2.7.3.3. By Connection Type
  - 6.2.7.3.4. By Ownership
  - 6.2.7.3.5. By Energy Capacity
  - 6.2.7.3.6. By Application
  - 6.2.7.4. France
  - 6.2.7.4.1. By Storage System
  - 6.2.7.4.2. By Battery Type
  - 6.2.7.4.3. By Connection Type
  - 6.2.7.4.4. By Ownership
  - 6.2.7.4.5. By Energy Capacity
  - 6.2.7.4.6. By Application
  - 6.2.7.5. Spain
  - 6.2.7.5.1. By Storage System
  - 6.2.7.5.2. By Battery Type
  - 6.2.7.5.3. By Connection Type
  - 6.2.7.5.4. By Ownership
  - 6.2.7.5.5. By Energy Capacity
  - 6.2.7.5.6. By Application
  - 6.2.7.6. Belgium
  - 6.2.7.6.1. By Storage System
  - 6.2.7.6.2. By Battery Type
  - 6.2.7.6.3. By Connection Type
  - 6.2.7.6.4. By Ownership
  - 6.2.7.6.5. By Energy Capacity
  - 6.2.7.6.6. By Application
  - 6.2.7.7. Russia
  - 6.2.7.7.1. By Storage System
  - 6.2.7.7.2. By Battery Type
  - 6.2.7.7.3. By Connection Type
  - 6.2.7.7.4. By Ownership
  - 6.2.7.7.5. By Energy Capacity
  - 6.2.7.7.6. By Application
  - 6.2.7.8. The Netherlands
  - 6.2.7.8.1. By Storage System
  - 6.2.7.8.2. By Battery Type
  - 6.2.7.8.3. By Connection Type
  - 6.2.7.8.4. By Ownership
  - 6.2.7.8.5. By Energy Capacity
  - 6.2.7.8.6. By Application
  - 6.2.7.9. Rest of Europe
  - 6.2.7.9.1. By Storage System
  - 6.2.7.9.2. By Battery Type
  - 6.2.7.9.3. By Connection Type
  - 6.2.7.9.4. By Ownership
  - 6.2.7.9.5. By Energy Capacity
  - 6.2.7.9.6. By Application

7. Asia Pacific Battery Energy Storage System Market

7.1. Market Energy Capacity & Forecast, 2019-2029
- 7.1.1. By Value (USD Billion)
7.2. Market Share & Forecast
- 7.2.1. By Storage System
- 7.2.2. By Battery Type
- 7.2.3. By Connection Type
- 7.2.4. By Ownership
- 7.2.5. By Energy Capacity
- 7.2.6. By Application
- 7.2.7. By Country
  - 7.2.7.1. China
  - 7.2.7.1.1. By Storage System
  - 7.2.7.1.2. By Battery Type
  - 7.2.7.1.3. By Connection Type
  - 7.2.7.1.4. By Ownership
  - 7.2.7.1.5. By Energy Capacity
  - 7.2.7.1.6. By Application
  - 7.2.7.2. India
  - 7.2.7.2.1. By Storage System
  - 7.2.7.2.2. By Battery Type
  - 7.2.7.2.3. By Connection Type
  - 7.2.7.2.4. By Ownership
  - 7.2.7.2.5. By Energy Capacity
  - 7.2.7.2.6. By Application
  - 7.2.7.3. Japan
  - 7.2.7.3.1. By Storage System
  - 7.2.7.3.2. By Battery Type
  - 7.2.7.3.3. By Connection Type
  - 7.2.7.3.4. By Ownership
  - 7.2.7.3.5. By Energy Capacity
  - 7.2.7.3.6. By Application
  - 7.2.7.4. South Korea
  - 7.2.7.4.1. By Storage System
  - 7.2.7.4.2. By Battery Type
  - 7.2.7.4.3. By Connection Type
  - 7.2.7.4.4. By Ownership
  - 7.2.7.4.5. By Energy Capacity
  - 7.2.7.4.6. By Application
  - 7.2.7.5. Australia & New Zealand
  - 7.2.7.5.1. By Storage System
  - 7.2.7.5.2. By Battery Type
  - 7.2.7.5.3. By Connection Type
  - 7.2.7.5.4. By Ownership
  - 7.2.7.5.5. By Energy Capacity
  - 7.2.7.5.6. By Application
  - 7.2.7.6. Indonesia
  - 7.2.7.6.1. By Storage System
  - 7.2.7.6.2. By Battery Type
  - 7.2.7.6.3. By Connection Type
  - 7.2.7.6.4. By Ownership
  - 7.2.7.6.5. By Energy Capacity
  - 7.2.7.6.6. By Application
  - 7.2.7.7. Malaysia
  - 7.2.7.7.1. By Storage System
  - 7.2.7.7.2. By Battery Type
  - 7.2.7.7.3. By Connection Type
  - 7.2.7.7.4. By Ownership
  - 7.2.7.7.5. By Energy Capacity
  - 7.2.7.7.6. By Application
  - 7.2.7.8. Singapore
  - 7.2.7.8.1. By Storage System
  - 7.2.7.8.2. By Battery Type
  - 7.2.7.8.3. By Connection Type
  - 7.2.7.8.4. By Ownership
  - 7.2.7.8.5. By Energy Capacity
  - 7.2.7.8.6. By Application
  - 7.2.7.9. Vietnam
  - 7.2.7.9.1. By Storage System
  - 7.2.7.9.2. By Battery Type
  - 7.2.7.9.3. By Connection Type
  - 7.2.7.9.4. By Ownership
  - 7.2.7.9.5. By Energy Capacity
  - 7.2.7.9.6. By Application
  - 7.2.7.10. Rest of APAC
  - 7.2.7.10.1. By Storage System
  - 7.2.7.10.2. By Battery Type
  - 7.2.7.10.3. By Connection Type
  - 7.2.7.10.4. By Ownership
  - 7.2.7.10.5. By Energy Capacity
  - 7.2.7.10.6. By Application

8. Latin America Battery Energy Storage System Market

8.1. Market Energy Capacity & Forecast, 2019-2029
- 8.1.1. By Value (USD Billion)
8.2. Market Share & Forecast
- 8.2.1. By Storage System
- 8.2.2. By Battery Type
- 8.2.3. By Connection Type
- 8.2.4. By Ownership
- 8.2.5. By Energy Capacity
- 8.2.6. By Application
- 8.2.7. By Country
  - 8.2.7.1. Brazil
  - 8.2.7.1.1. By Storage System
  - 8.2.7.1.2. By Battery Type
  - 8.2.7.1.3. By Connection Type
  - 8.2.7.1.4. By Ownership
  - 8.2.7.1.5. By Energy Capacity
  - 8.2.7.1.6. By Application
  - 8.2.7.2. Mexico
  - 8.2.7.2.1. By Storage System
  - 8.2.7.2.2. By Battery Type
  - 8.2.7.2.3. By Connection Type
  - 8.2.7.2.4. By Ownership
  - 8.2.7.2.5. By Energy Capacity
  - 8.2.7.2.6. By Application
  - 8.2.7.3. Argentina
  - 8.2.7.3.1. By Storage System
  - 8.2.7.3.2. By Battery Type
  - 8.2.7.3.3. By Connection Type
  - 8.2.7.3.4. By Ownership
  - 8.2.7.3.5. By Energy Capacity
  - 8.2.7.3.6. By Application
  - 8.2.7.4. Peru
  - 8.2.7.4.1. By Storage System
  - 8.2.7.4.2. By Battery Type
  - 8.2.7.4.3. By Connection Type
  - 8.2.7.4.4. By Ownership
  - 8.2.7.4.5. By Energy Capacity
  - 8.2.7.4.6. By Application
  - 8.2.7.5. Rest of LATAM
  - 8.2.7.5.1. By Storage System
  - 8.2.7.5.2. By Battery Type
  - 8.2.7.5.3. By Connection Type
  - 8.2.7.5.4. By Ownership
  - 8.2.7.5.5. By Energy Capacity
  - 8.2.7.5.6. By Application

9. Middle East & Africa Battery Energy Storage System Market

9.1. Market Energy Capacity & Forecast, 2019-2029
- 9.1.1. By Value (USD Billion)
9.2. Market Share & Forecast
- 9.2.1. By Storage System
- 9.2.2. By Battery Type
- 9.2.3. By Connection Type
- 9.2.4. By Ownership
- 9.2.5. By Energy Capacity
- 9.2.6. By Application
- 9.2.7. By Country
  - 9.2.7.1. Saudi Arabia
  - 9.2.7.1.1. By Storage System
  - 9.2.7.1.2. By Battery Type
  - 9.2.7.1.3. By Connection Type
  - 9.2.7.1.4. By Ownership
  - 9.2.7.1.5. By Energy Capacity
  - 9.2.7.1.6. By Application
  - 9.2.7.2. UAE
  - 9.2.7.2.1. By Storage System
  - 9.2.7.2.2. By Battery Type
  - 9.2.7.2.3. By Connection Type
  - 9.2.7.2.4. By Ownership
  - 9.2.7.2.5. By Energy Capacity
  - 9.2.7.2.6. By Application
  - 9.2.7.3. Qatar
  - 9.2.7.3.1. By Storage System
  - 9.2.7.3.2. By Battery Type
  - 9.2.7.3.3. By Connection Type
  - 9.2.7.3.4. By Ownership
  - 9.2.7.3.5. By Energy Capacity
  - 9.2.7.3.6. By Application
  - 9.2.7.4. Kuwait
  - 9.2.7.4.1. By Storage System
  - 9.2.7.4.2. By Battery Type
  - 9.2.7.4.3. By Connection Type
  - 9.2.7.4.4. By Ownership
  - 9.2.7.4.5. By Energy Capacity
  - 9.2.7.4.6. By Application
  - 9.2.7.5. South Africa
  - 9.2.7.5.1. By Storage System
  - 9.2.7.5.2. By Battery Type
  - 9.2.7.5.3. By Connection Type
  - 9.2.7.5.4. By Ownership
  - 9.2.7.5.5. By Energy Capacity
  - 9.2.7.5.6. By Application
  - 9.2.7.6. Nigeria
  - 9.2.7.6.1. By Storage System
  - 9.2.7.6.2. By Battery Type
  - 9.2.7.6.3. By Connection Type
  - 9.2.7.6.4. By Ownership
  - 9.2.7.6.5. By Energy Capacity
  - 9.2.7.6.6. By Application
  - 9.2.7.7. Algeria
  - 9.2.7.7.1. By Storage System
  - 9.2.7.7.2. By Battery Type
  - 9.2.7.7.3. By Connection Type
  - 9.2.7.7.4. By Ownership
  - 9.2.7.7.5. By Energy Capacity
  - 9.2.7.7.6. By Application
  - 9.2.7.8. Rest of MEA
  - 9.2.7.8.1. By Storage System
  - 9.2.7.8.2. By Battery Type
  - 9.2.7.8.3. By Connection Type
  - 9.2.7.8.4. By Ownership
  - 9.2.7.8.5. By Energy Capacity
  - 9.2.7.8.6. By Application

10. Competitive Landscape

10.1. List of Key Players and Their Offerings
10.2. Global Battery Energy Storage System Company Market Share Analysis, 2022
10.3. Competitive Benchmarking, By Operating Parameters
10.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)

11. Impact of Covid-19 on Global Battery Energy Storage System Market

12. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)

12.1. BYD Company Limited
12.2. Panasonic Corporation
12.3. LG Energy Solution Ltd
12.4. Contemporary Amperex Technology Co. Limited
12.5. Sony Corp.
12.6. Varta AG
12.7. Tesla Inc.
12.8. Samsung SDI Co. Ltd
12.9. Cellcube Energy Storage System Inc.
12.10. Black & Veatch
12.11. Enersys
12.12. EVE Energy Co Ltd.
12.13. GE
12.14. Kokam
12.15. Narada
12.16. Nissan
12.17. Siemens Energy
12.18. Other Prominent Players

13. Key Strategic Recommendations

14. Research Methodology

14.1. Qualitative Research
- 14.1.1. Primary & Secondary Research
14.2. Quantitative Research
14.3. Market Breakdown & Data Triangulation
- 14.3.1. Secondary Research
- 14.3.2. Primary Research
14.4. Breakdown of Primary Research Respondents, By Region
14.5. Assumptions & Limitations