Global Battery Energy Storage System Market Key Players Analysis, Size, Growth, Trends and Forecast up to 2026

Battery energy storage system is a type of rechargeable battery system which stores the energy form the electric grid or solar arrays to provide energy to the business or homes. A battery energy storage system comprises of advanced technology which the regular batteries do not have and have the capability to perform certain tasks that used to be difficult such as load shifting and peak shaving. The modern battery storage system usually includes computerized control systems along with a built-in inverter and is known as the all-in-one turnkey system, which is simple to install, is weatherproof and largely maintenance-free. The battery technology for the energy storage devices can be differentiated based on the charge and discharge efficiency, lifespan, energy density, and eco-friendliness of the devices.

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The factors which are driving the growth of global energy storage system market include the growing demand for grid-connected solutions and the lithium-ion technology across the renewable energy industry owing to the reducing prices of the lithium-ion batteries. The rising focus on bringing electrical power to the rural areas in the developing countries will result in growth in the demand for the battery energy storage system during the forecast period. The improving cost of the system, the need to upgrade the ageing grid infrastructure coupled with various favorable markets and regulation are paving the way for the battery energy storage system in the market worldwide. Furthermore, the increasing demand for electricity generation and the adoption of grid technology are bolstering the growth of global battery energy storage system market. The need for high capital investments for the deployment of a battery energy storage system hinder the growth of global battery energy storage market.

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Based on battery type, the lithium-ion batteries are expected to increase at a higher compound annual growth rate in upcoming years due to their high power and energy densities, low weight along with increased life span leading to an increase in the adoption among the OEMs of battery energy storage systems. These batteries have various features which include the requirement of low maintenance along with the need for less space.

On the basis of connection type, an on-grid connection is anticipated to increase at a faster rate as it enhances the flexibility and reliability of the electricity supply system in terms of transmission, generation and distribution. This type of connection generates the power only on the availability of the utility power grid & must be connected to the grid for performing the function and it sends the excess power generated back to the grid when the power is being overproduced so that it can be credited for later use. It is able to provide the energy in the bad weather conditions when compared with the off-grid connection which can store only a certain amount of energy.

Based on application, utilities are expected to grow at higher rate during the forecast period owing to due to the increasing adoption of the system by the utility operators for their process of resource planning which leads to the reduction in the costs of the system and also increase the storage capacity.

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On the basis of region, Asia-Pacific is anticipated to grow at the highest compound annual growth rate during the forecast period due to the rising demand for the battery energy storage system from emerging countries such as India, Japan and China, among others. China is expected to be the leader in storage deployment owing to the increase in the demand for electricity as a result of the rising population in the country. The rising investments in the ageing grid infrastructure along with the population growth are some of the key factors propelling the growth of the market in India.

Various notable players operating in the global battery energy storage system market include LG Chem, Panasonic Corporation, ABB, NEC Corporation, Samsung SDI Co., Ltd., General Electric, Siemens AG, Hitachi, AEG Power Solutions, Tesla Inc., Toshiba Corporation, Exergonix Inc. and Mitsubishi Heavy Industries Ltd. among others.

Key Market Developments:

• In 2019, Panasonic Corporation launched a residential energy storage system, EverVolt and other products and enhancements. The EverVolt has a modular design and has the availability in DC and AC-coupled options and offers a flexible solution enhanced for the energy needs and budgets of the homeowners.
• In 2019, NEC Energy Solutions, a wholly-owned subsidiary of NEC Corporation, entered into a joint development agreement with Ambri Inc. In this agreement, NEC is responsible for developing and designing an energy storage system which is based on the Ambri’s Liquid Metal Battery Technology.

Global battery energy storage system market is segmented by element, battery type, connection type, ownership, application, and key regions. On the basis of element, the market is segmented into Battery, Hardware and Other Elements. Based on battery type, the market is segmented into sodium-sulfur batteries, lithium-ion batteries, advanced lead-acid batteries, flow batteries and others. The others segment is further categorized into nickel-cadmium battery, nickel metal hydride battery and nickel-iron battery. On the basis of connection type, the market is segmented into off-grid connection and on-grid connection. Based on ownership, the market is segmented into utility owned, customer owned and third-party owned. On the basis of application, the market is segmented into residential, non-residential, utilities and others.

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Key questions answered in this research report:

• • At what pace is global battery energy storage system market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in global battery energy storage system market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global battery energy storage system market?
  • What are the various application areas of global battery energy storage system market, and how they are poised to grow?

Market Segmentation

Global Battery Energy Storage System Market by Element

• Battery
• Hardware
• Other Elements

Global Battery Energy Storage System Market by Battery Type

• Sodium-Sulfur Batteries
• Lithium-Ion Batteries
• Advanced Lead-Acid Batteries
• Flow Batteries
• Others
• Nickel-Cadmium Battery
• Nickel Metal Hydride Battery
• Nickel-Iron Battery

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