Battery Energy Storage Systems Market - Global Forecast to 2030: Lithium-ion Battery Segment to Record Highest Growth, Driven by Demand for BESS with Extended Cycle Life and High Specific Energy

DUBLIN, Sept. 28, 2023 /PRNewswire/ -- The "Battery Energy Storage Systems Market by Battery Type, Offering, Connection Type, Ownership, Energy Capacity, and Application - Global Forecast to 2030" report has been added to  ResearchAndMarkets.com's offering.

The global battery energy storage systems market is projected to reach $43.7 billion by 2030, at a CAGR of 28.8% during the forecast period of 2023-2030.

The growth of the battery energy storage systems market is driven by government initiatives for battery energy storage systems and the growing benefits of battery energy storage systems for EV charging. Moreover, the growing demand for battery energy storage systems for commercial applications and the decline in prices of lithium-ion batteries provide significant opportunities in the global battery energy storage systems market.

However, the high capital required for installing battery energy storage systems restrains the market's growth to some extent. Additionally, the lack of standardization in storage systems and overheating of lithium-ion batteries poses challenges for the battery energy storage systems market growth.

Asia-Pacific is expected to register the highest CAGR during the forecast period. This market's growth is attributed to prominent players offering advanced BESS components & services and residential energy storage technology, government policies to improve the reliability and quality of the power distribution facilities to the residential customers, and access to electricity for remote and island communities.

Furthermore, the lower technology costs and increased technological advancement across the region encourage consumers to install battery energy storage systems.

Report Highlights

• Lithium-ion battery segment expected to achieve the highest CAGR, driven by demand for BESS with extended cycle life and high specific energy.
• Services segment to register the highest CAGR, with increasing demand for support, integration, and consulting services for BESS.
• On-grid connection segment to show the highest CAGR due to growing demand for high power consumption and energy storage for utility-scale applications.
• Utility-owned segment to record the highest CAGR, driven by demand for utility-scale ancillary services and peak load delivery via ESS.
• More than 500 MWh segment expected to achieve the highest CAGR, offering benefits like smart energy consumption and pollution-free operations.
• Utilities segment to register the highest CAGR, with increasing adoption of flow batteries for grid service applications and peak shaving.

Key questions answered in the report:

• Which are the high growth market segments in terms of battery type, offering, connection type, ownership, energy capacity, application, and countries?
• What is the historical market for battery energy storage systems across the globe?
• What are the market forecasts and estimates from 2023 to 2030?
• What are the major drivers, restraints, and opportunities in the global battery energy storage systems market?
• Who are the major players in the global battery energy storage systems market, and what shares of the market do they hold?
• Who are the major players in various countries, and what shares of the market do they hold?
• How is the competitive landscape?
• What are the recent developments in the global battery energy storage systems market?
• What are the different strategies adopted by the major players in the global battery energy storage systems market?
• What are the geographical trends and high growth countries?
• Who are the local emerging players in the global battery energy storage systems market, and how do they compete with the other players?

Company Profiles (Company Overview, Financial Overview, Product Portfolio, Strategic Development, and SWOT Analysis of Top 5 Companies)

• General Electric Company (U.S.)
• ABB Ltd. (Switzerland)
• Panasonic Life Solutions India Pvt. Ltd. (India) (A Part of Panasonic Holdings Corporation)
• Siemens AG (Germany)
• JinkoSolar Holding Co. Ltd. (China)
• Honeywell International Inc. (U.S.)
• Tesla Inc. (U.S.)
• Toshiba Corporation (Japan)
• Johnson Controls International plc (Ireland)
• NEC Corporation (Japan)
• Delta Electronics Inc. (Taiwan)
• Sensata Technologies Inc. (U.S.)
• Fluence Energy Inc. (U.S.)
• Nextera Energy Inc. (U.S.)
• Beacon Power LLC (U.S.)
• Urja Solutions (India).

Competition Analysis

• Key Growth Strategies
• Competitive Dashboard
• Industry Leaders
• Market Differentiator
• Emerging Companies
• Vendor Market Positioning

Market Share Analysis

• General Electric Company (U.S.)
• Siemens AG (Germany)
• ABB Ltd. (Switzerland)
• Panasonic Life Solutions India Pvt. Ltd. (A Subsidiary of Panasonic Holdings Corporation)

Scope of the report:

Global Battery Energy Storage Systems Market Assessment - By Battery Type

• Lithium-ion Batteries
• Sodium-sulfur (Na-S) Batteries
• Nickel-cadmium (Ni-Cd) Batteries
• Redox Flow Batteries (RFB)
• Nickel-metal Hydride (Ni-MH) Batteries
• Other Battery Types

Global Battery Energy Storage Systems Market Assessment - By Offering

• Components
• Battery Systems
• Power Conversion Systems
• Energy Management Systems
• Heating, Ventilation, and Air Conditioning
• Supervisory Control and Data Acquisition
• Battery Management Systems
• Other Components
• Services

Global Battery Energy Storage Systems Market Assessment - By Connection Type

• On-grid Connection
• Off-grid Connection

Global Battery Energy Storage Systems Market Assessment - By Ownership

• Third-party-owned
• Customer-owned
• Utility-owned

Global Battery Energy Storage Systems Market Assessment - By Energy Capacity

• Below 100 MWh
• 100 MWh to 500 MWh
• More than 500 MWh

Global Battery Energy Storage Systems Market - By Application

• Utilities
• Black Start
• Microgrids
• Renewable Integration
• Peak Shaving
• Load Shifting
• Grid Services
• Residential
• Commercial
• Industries
• EV Charging Infrastructure
• Data Centers
• Marine
• Telecommunications
• Healthcare

Global Battery Energy Storage Systems Market Assessment - By Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
• Asia-Pacific
• China
• India
• South Korea
• Japan
• Rest of Asia-Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
• UAE
• Israel
• Rest of the Middle East & Africa

For more information about this report visit https://www.researchandmarkets.com/r/2iu4np

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