Battery Energy Storage System Market

Global Battery Energy Storage System Market Size, Share, Growth Analysis, By Application(Telecommunication, Data Center), By Battery Type(Flywheel battery, Lead acid battery) - Industry Forecast 2024-2031

Report ID: SQMIG55C2005 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 67 | Figures: 75

Global Battery Energy Storage System Market Dynamics

Battery Energy Storage System Market Drivers

Rising Demand for Grid Energy Storage System to Bring Lucrative Opportunities

  • Grid energy storage, sometimes referred to as large-scale energy storage, refers to a group of techniques utilized for large-scale energy storage within an electrical power grid. When electricity is cheap and readily available, especially from intermittent power sources like renewable electricity from wind, tidal, and solar power, electrical energy is stored.
  • The operating dynamics of the power system change dramatically as renewable energy sources become more prevalent, necessitating a modification to the system architecture. Energy storage will be a fundamental component of the new power system architecture since it reduces the need to send extra electricity back into the grid, allows users to absorb a large share of self-generated renewable energy, and helps balance out generation fluctuation.

Battery Energy Storage System Market Restraints

High Capital Expenditure to Hinder Market Growth

  • Lithium-ion batteries offer high energy output, require less maintenance, and have a low rate of self-discharge owing to which the cost of the installation of these batteries are witnessed to be the highest. But due to the high cost of investment and manufacturing the demand for these batteries are anticipated to decline and cause a major hindrance to the growth of the market.
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Battery Energy Storage System Market size was valued at USD 3.44 billion in 2019 and is poised to grow from USD 4.4 billion in 2023 to USD 31.51 billion by 2031, growing at a CAGR of 27.9% in the forecast period (2024-2031).

The global market is witnessing a sizable number of firms offering a broad range of goods & services to strengthen their positions. A number of small and medium-sized system integrators as well as important regional and worldwide players have consistently participated in the market. The Swedish company ABB is offering its comprehensive portfolio of BESS products and solutions to numerous energy generating facilities across the world. A smart modern park in Thailand, for instance, was announced by the company's joint venture association, Hitachi ABB Power Grids, in May 2021 due to its innovative BESS units and controls. 'Tesla Inc.', 'LG Chem Ltd.', 'BYD Company Ltd.', 'Samsung SDI Co., Ltd.', 'ABB Ltd.', 'General Electric Company', 'Hitachi Ltd.', 'Siemens AG', 'Johnson Controls International plc', 'Saft Groupe S.A.', 'Panasonic Corporation', 'Toshiba Corporation', 'Fluence Energy LLC', 'Enel X S.r.l.', 'EnerSys', 'Contemporary Amperex Technology Co. Ltd.', 'RES Group', 'Greensmith Energy Management Systems', 'NEC Corporation', 'VRB Energy Inc.'

Grid energy storage, sometimes referred to as large-scale energy storage, refers to a group of techniques utilized for large-scale energy storage within an electrical power grid. When electricity is cheap and readily available, especially from intermittent power sources like renewable electricity from wind, tidal, and solar power, electrical energy is stored.

The exponential demand for energy resources in both developing and developed nations, along with the expansion of policies to ensure energy security, are expected to drive market expansion.

In 2021, the Asia Pacific region dominated the battery energy storage system market accounting for the highest revenue. T In developing economies, rapid population development has raised the demand for electricity. Over the forecast period, grid operators will increase grid flexibility and reduce power disruptions by installing battery energy storage devices.

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