Global Battery Storage Systems Market

Battery Storage Systems Market Size, Share, Growth Analysis, By Technology(lithium-ion batteries, lead-acid batteries), By Application(residential, commercial & industrial) - Industry Forecast 2024-2031

Report ID: SQMIG20D2159 | Region: Global | Published Date: March, 2024
Pages: 202 | Tables: 67 | Figures: 75

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Battery Storage Systems Market size was valued at USD 13.70 billion in 2022 and is poised to grow from USD 14.97 billion in 2023 to USD 30.50 billion by 2031, growing at a CAGR of 9.3% during the forecast period (2024-2031).

The battery storage systems market is highly competitive in nature, with a large number of companies operating in the market. Some of the key players in the market are engaged in various strategies such as partnerships, collaborations, mergers and acquisitions, and product launches to strengthen their market position. In addition to these players, there are also several regional and local players in the battery storage systems market. These players are also implementing various strategies to expand their market presence and compete with established players. 'Tesla, Inc. (US)', 'LG Chem Ltd. (South Korea)', 'BYD Company Ltd. (China)', 'Samsung SDI Co., Ltd. (South Korea)', 'Saft Groupe S.A. (France)', 'Panasonic Corporation (Japan)', 'Siemens AG (Germany)', 'General Electric (US)', 'Hitachi Ltd. (Japan)', 'ABB Ltd. (Switzerland)', 'Enphase Energy Inc. (US)', 'Kokam Co. Ltd. (South Korea)', 'Fluence Energy LLC (US)', 'Ecoult Energy Storage Solutions (Australia)', 'NEC Energy Solutions (US)', 'Toshiba Energy Systems & Solutions Corporation (Japan)', 'Aquion Energy Inc. (US)', 'Nidec ASI SpA (Italy)', 'Alpha Technologies (US)', 'Doosan GridTech (US)'

The push towards renewable energy sources such as solar and wind power is a major driver for the battery storage systems market. The intermittent nature of renewable energy generation means that battery storage systems are crucial for ensuring a stable supply of electricity. As the demand for renewable energy grows, so does the demand for battery storage systems. Tesla's MegaPack, which is a utility-scale battery storage system, has been installed in several renewable energy projects around the world, including in Australia, where it supports a 250 MW solar farm, and in California, where it helps to stabilize the grid during peak demand periods.

Growing Use of Lithium-Ion Batteries- The growing use of lithium-ion batteries in battery storage systems is a major trend in the market. Lithium-ion batteries are the most widely used type of battery in the market due to their high energy density, long cycle life, and low self-discharge rate. In 2021, AES announced plans to install a 1 GW battery storage system in Chile that will use lithium-ion batteries from Tesla. The project is expected to be one of the largest battery storage systems in the world and highlights the growing use of lithium-ion batteries in utility-scale projects.

Currently, Asia-Pacific dominates the battery storage systems market, accounting for the largest share of the market. The growth in this region can be attributed to the rising demand for battery storage solutions in countries such as China, India, and South Korea. The increasing adoption of electric vehicles, along with the growth in renewable energy generation, has created a significant demand for battery storage systems in these countries.

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