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 Insights

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 rapid grid modernization, developing low-carbon and less fossil fuel-based economies, and the ongoing renewable energy revolution are all considered to be the primary factors of the market's rapid expansion. Also, the rise in power generation projects across the globe and the declining cost of lithium-ion batteries are anticipated to open up considerable potential prospects for market participants.

Many governments have implemented crucial objectives to promote the green wave that was brought about by industrial processes expanding on the industrial landscape. Also, encouraging economic stimulus plans along with the persistent efforts of industry participants are predicted to boost interest in battery energy storage systems.

For instance, in August 2020, Hitachi ABB Power Grids Ltd. (Switzerland), a prominent manufacturer and operator of battery energy storage systems, teamed up with Zenob Energy Limited., (U.K.), to offer cutting-edge traction power solutions for the U.K. railroads. The company intends to create a 25 kilovolt (KV) rail traction power system framework to power trains continuously while also converting energy from batteries to generate yield.

US Battery Energy Storage System Market is poised to grow at a sustainable CAGR for the next forecast year.

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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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Battery Energy Storage System Market

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