Battery Energy Storage System Market to Cross USD 54.28 Billion at 26.61% CAGR by 2032, Driven by Renewable Energy Adoption | Report By SNS Insider
The surge in demand for energy storage solutions is primarily driven by the increasing adoption of renewable energy sources, the need for grid stability, and the rising deployment of electric vehicles.
Pune, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Market Size and Growth Outlook:
The Battery Energy Storage System Market was valued at USD 6.50 Billion in 2023 and is projected to reach USD 54.28 Billion by 2032, growing at a CAGR of 26.61% during the forecast period from 2024 to 2032.
The growth of the battery energy storage systems market is due to its growing focus on renewable energy, electrification, and the importance of effective energy management. The global trend towards decarbonization and cleaner energy has had a significant impact on the BESS market. Many countries and industries have developed aggressive objectives for reducing carbon emissions, and storage of renewable energy is required to reach these goals. The United States government has made several important steps to reduce carbon emissions, such as the sanction of the Paris Agreement, where it pledged to decrease greenhouse gases by 52% from 2005 levels by 2030. The Infrastructure Investment and Jobs Act and the Inflation Reduction Act provided substantial funding to clean energy worth USD 1.2 trillion and USD 369 billion, respectively. The clean energy initiatives will focus on EV infrastructure and renewable energy procurement. The state of California aims to achieve 100% clean electricity by 2045 and New York aims to achieve 70% renewable energy by 2030. Renewable energy, such as solar and wind energy, is not uniform. BESS overcomes this limitation by storing energy when it is plentiful and releasing it when it is scarce to ensure the efficient use of renewable energy and prevent waste.
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Dominant Industry Players Listed in this Research Report are:
Tesla (Powerwall, Powerpack)
LG Energy Solution (RESU, E-House Solutions)
Samsung SDI (Energy Storage Systems, Lithium-ion Battery Packs)
Panasonic (Tesla Gigafactory Batteries, Residential Energy Storage Systems)
Siemens (Siemens SIESTORAGE, Siestorage Advanced Battery Storage)
GE Renewable Energy (Reservoir, Grid Solutions)
Fluence (Advancion, SunFlex Energy Storage)
ABB (ABB Ability Energy Storage, ABB PowerStore)
Honeywell (Honeywell Energy Storage, GridFlex)
Schneider Electric (EcoBlade, Conext Core XC)
BYD (BYD B-Box, BYD Energy Storage System)
Saft (IntelliHedge, Lithium-ion Battery Solutions)
JinkoSolar (Jinko Smart Storage, JinkoEnergy Storage)
Eaton (Energy Storage System, Eaton xStorage)
VARTA (VARTA pulse, VARTA Storage)
NGK Insulators (NAS Battery System, NAS Battery Modules)
CATL (Energy Storage System, Lithium-ion Battery Pack)
Duracell (Duracell PowerSource, Duracell Portable Power)
Kraftpowercon (Kraftpowercon Energy Storage, Hybrid Energy Solutions)
Engie (Engie Storage Solutions, Engie Grid Storage)
Battery Energy Storage System (BESS) Market Report Scope:
Report Attributes | Details |
Market Size in 2023 | USD 6.50 Billion |
Market Size by 2032 | USD 54.28 Billion |
CAGR | CAGR of 26.61% From 2024 to 2032 |
Key Segments | • By Battery (Lithium-Ion Batteries, Advanced Lead-Acid Batteries, Flow Batteries, Others) |
Key Drivers | • The rise of battery energy storage systems in renewable energy integration. |
“Segment Analysis: Driving Factors and Emerging Trends”
By Battery
The lithium-ion battery segment accounted for 35% of the market in 2023 and led the market, due to its powerful energy storage capacity, efficiency, and lowering costs. Lithium-ion batteries are used in major areas, such as consumer electronics, electric vehicles, and large-scale energy storage systems. Thanks to lithium-ion technology, Tesla and other similar companies improve energy autonomy in residential and commercial energy storage solutions using Powerwall and Powerpack systems.
By Connection Type
The off-grid sector held the largest market share by more than 50% in 2023. Off-grid systems are widely used in the desert, countryside, and many remote regions that are poorly linked to the grid. Off-grid systems increase in popularity by improving energy self-sufficiency and cutting costs while ensuring better reliability and reducing the risk of power outages. Off-grid systems are also applicable in the field of telecommunications, for remote mining companies, and are a great emergency solution.
By Application
The residential sector dominated the market with more than 41% of the market share in 2023 owing to the growing popularity of renewable energy sources such as solar panels. Besides, as the price of lithium-ion batteries decreases, homeowners are enabled to obtain battery storage systems to maximize the use of energy, reduce the electric bill, and ensure the ability to generate power even in a blackout.
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"Navigating Regional Analysis: Key Drivers and Challenges in Market Expansion"
In 2023, the APAC region was the market leader with a 38% market share owing to rapid industrial expansion and urbanization. Countries such as China, Japan, and India are spending significant sums on energy storage solutions to stabilize the grid and integrate renewable sources of power. In China, the key players in this regard include CATL and BYD, who are making strides in lithium-ion technologies for large storage projects. In Japan, the trauma of the Fukushima disaster created a necessity to ensure the safety of energy supplies resulting in intensive work on battery storage systems, with Panasonic being a key contributor to success.
North America is expected to have the highest CAGR during 2024-2032, as more and more resources are being invested in renewable power sources by the U.S. and more laws facilitate this tendency, such as the decision by the State of New York to set the goal of creating 3,000 MW of power storage by 2030. The companies that are growing the fastest due to their energy storage solutions such as Powerwall and utility-scale systems include Tesla and Fluence. At the same time, the demand for reliable energy storage solutions to keep the balance between supply and demand stable in the U.S., especially in Texas and California, is another driver of this growth.
Recent Developments
In April 2023, Tesla launched the Megapack, a large battery for commercial use that helps the customer to have a more stable and increased energy storage capacity on the grid.
In June 2023, LG Chem announced the new production facility in the U.S., where the company will expand its lithium-ion battery output.
In August 2023, Fluence Energy launched a new storage platform that offers clients higher efficiencies in integrating renewable energy systems at 2% of increased performance.
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Key Takeaways
The Battery Energy Storage System Market is experiencing significant growth, driven by the increasing adoption of renewable energy and the need for grid stability.
Lithium-ion batteries dominate the market due to their high efficiency and declining costs, making them the preferred choice for various applications.
North America and Asia-Pacific are key regions, with North America leading in market share and Asia-Pacific exhibiting the fastest growth.
Recent technological advancements and product launches indicate a dynamic market, with major players continuously innovating to enhance energy storage capabilities.
Table of Contents - Key Points Analysis
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Battery Energy Storage System Capacity Installations, 2020-2032, by Region
5.2 Battery Energy Storage System Adoption Rates, in 2023
5.3 Battery Energy Storage System Cost Per kWh, in 2023
5.4 Supply Chain Analysis
6. Competitive Landscape
7. Battery Energy Storage System Market Segmentation, by Battery
8. Battery Energy Storage System Market Segmentation, by Connection Type
9. Battery Energy Storage System Market Segmentation, by Ownership
10. Battery Energy Storage System Market Segmentation, by Energy Capacity
11. Battery Energy Storage System Market Segmentation, by Application
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
16. Conclusion
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