Battery For Energy Storage Systems (ESS) Market to grow by USD 47.19 billion from 2023 to 2028; Growth Driven by changing the energy mix from fossil fuels to sustainable and renewable energy resources- Technavio

NEW YORK, Feb. 5, 2024 /PRNewswire/ -- The battery for energy storage systems (ESS) market is expected to grow by USD 47.19 billion from 2023 to 2028, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 37.62% during the forecast period. 

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Battery For Energy Storage Systems (ESS) Market 2024-2028: Company Analysis

The battery for energy storage systems (ESS) market is fragmented due to the presence of many global and regional players. The market comprises category-focused, industry-focused, and diversified major players. The global off-grid battery for energy storage systems (ESS) market is expected to grow rapidly during the forecast period due to the Changing energy mix from fossil fuels to stainable and renewable energy resources. Hence, the competition among companies is expected to intensify during the forecast. The report analyzes the market's competitive landscape and offers information on several market companies. ABB Ltd., AEG Power Solutions BV, Corvus Energy, dSPACE GmbH, East Penn Manufacturing Co. Inc., Exergonix Inc., General Electric Co., Hitachi Ltd., LG Electronics Inc., Mitsubishi Heavy Industries Ltd., NEC Corp., Panasonic Holdings Corp., Philadelphia Scientific LLC, Samsung SDI Co. Ltd., Siemens Energy AG, SolarEdge Technologies Inc., TDK Corp., Tesla Inc., The AES Corp., and Toshiba Corp.

Major Companies and Key Offerings:

dSPACE GmbH - The company offers batteries for energy storage such as HIL testing, SIL testing, and power HIL testing.

General Electric Co. - The company offers batteries for ESS for solar and wind systems, and thermal industries.

Battery For Energy Storage Systems (ESS) Market 2024-2028: Segmentation Analysis

Based on Connectivity

• The on-grid segment is estimated to witness significant growth during the forecast period. Batteries are used on the grid to store excess PV solar energy or hydropower at home and they can provide an essential source of power for On-grid battery storage. Furthermore, the launch of new on-grid batteries will also drive the growth of the battery for energy storage systems (ESS) market.

• APAC is estimated to contribute 58% to the growth of the global market during the forecast period. The key countries contributing to the market in APAC were South Korea, Japan, and Australia.  Due to population growth and increasing living standards, demand for energy in the region is rising at an exponential rate. 
• North America, Europe, Middle East and Africa, and South America
   

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Imperative Insights on the following aspects:

• What was the size of the global battery for energy storage systems (ESS) market by value?
• What will be the size of the global battery for energy storage systems (ESS) market in 2028?
• How has the industry performed over last 5 years?
• What factors are affecting the strength of competition in the global battery for energy storage systems (ESS) market?
• What main segments make up the global battery for energy storage systems (ESS) market?

Related Reports:

The battery market size is estimated to grow by USD 229.86 billion at a CAGR of 17.22% between 2022 and 2027. 

The flow battery market size is estimated to grow by USD 510.03 million at a CAGR of 22.16% between 2022 and 2027. 

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Connectivity 

Market Segmentation by Technology 

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio