Battery Energy Storage Market Size, Share and Trends Analysis by Region, Technology, Installed Capacity, Key Players and Forecast to 2027
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Explore actionable market insights from the following data in the ‘Battery Energy Storage Market’ report:
- Analysis of the battery energy storage system market growth with a focus on market value at a global level, split regionally – Asia-Pacific, Americas, Europe, and the Middle East and Africa.
- Market analysis by key countries, including the US, Chile, China, India, Japan, Australia, the Republic of Korea, Germany, the UK, and France.
- Market value (up to 2018, up to 2022, and up to 2027) and volume (up to 2018, up to 2022, and up to 2027) at Global, regional and country level. Also, the market share by technology installations up to 2022.
- Qualitative analysis of key market drivers and restraints, and analysis of their impacts on the battery energy storage system market are discussed.
- An insightful competitive landscape at the country level for the year 2022. The report also covers key policies and initiatives, key deals, and key projects.
How is the ‘Battery Energy Storage Market’ report different from other reports in the market?
Businesses need to have a deeper understanding of the market dynamics to gain a competitive edge in the coming decade.
The report will enhance your decision-making capability in a more rapid and time-sensitive manner. It will allow you to –
- Facilitate decision-making by analyzing market data on battery energy storage systems.
- Develop strategies based on developments in the battery energy storage system market.
- Identify key partners and business-development avenues, based on an understanding of the movements of the major competitors in the battery energy storage system market.
- Respond to your competitors’ business structure, strategies, and prospects.
We recommend this valuable source of information to anyone involved in:
- Original Equipment Manufacturers
- EPC Contractors and vendors
- Power generation companies
- Transmission & distribution players
- Management consultants and Investment Banks
- Technology Leaders and Startups
- Business Development and Market Intelligence
- Investment Analysts and Portfolio Managers
- Professional Services – Investment Banks, PE/VC firms
- M&A/Investment, Management Consultants, and Consulting Firms
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Battery Energy Storage Market Report Overview
The battery energy storage market size was $6.91 billion in 2022. During the forecast period, the market is likely to grow significantly owing to factors such as increasing share of renewables in the energy sector. The increase in smart grid deployment, fall in battery prices, and bill management requirements for commercial and industrial customers are also expected to propel the market for battery energy storage.
Battery Energy Storage Market Outlook, 2022-2027 ($ Billion)
Buy the Full Report to Know More About Battery Energy Storage Market Forecast
The battery energy storage market research report offers comprehensive information and understanding of the global battery energy storage market. The report offers an in-depth analysis of the battery energy storage market at the global, regional, and country levels. The report also offers a qualitative analysis of key market drivers and restraints, and an analysis of their impacts on the battery energy storage system market.
Market Size (2022) | $6.91 Billion |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Regions | • Americas
• Europe, Middle East & Africa (EMEA) • Asia-Pacific (APAC) |
Key Drivers | • Adoption of renewables that would require flexible technologies to maintain grid reliability
• Increasing retail tariffs and decline in incentives to complement self-sufficiency measures |
Key Challenges | • Cost perception in price-sensitive markets could impede growth
• Lack of robust regulatory framework and market standardization |
Key Technology Segments | • Lithium-ion Battery
• Lithium Iron Phosphate Battery • Sodium-based Battery • Flow Battery • Others |
Key Countries | • The US
• Chile • India • China • Japan • Australia • Republic of Korea • Germany • The UK |
Leading Companies | • Tesla Inc
• LG Chem Ltd • Samsung SDI Co Ltd • NGK Insulators Ltd • Fluence Energy Inc |
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Battery Energy Storage Market Dynamics
The adoption of renewable energy, increasing retail tariffs and the decline in incentives are some of the factors driving the battery energy storage market.
Renewable energy, complemented by favorable market conditions and government policies, is being deployed on a large scale. Renewable technologies are at the center of energy sector transformations, with deployments carried out along the value chain. Economic progress will help increase electricity consumption, as more consumers come online, due to their increased purchasing capacity and usage of more electronic equipment. These factors are likely to increase the variability of power flow within the grid network, potentially raising safety concerns. Under such conditions, it becomes necessary to address fluctuations in load and demand. Battery storage offers the flexibility to address the gap between generation and load curves, preventing major grid failures.
However, factors such as cost perception in price-sensitive markets and lack of robust regulatory framework and market standardization may hamper the market growth. For instance, with no common manufacturing codes or standards developed for energy storage devices, each manufacturer is free to develop its internal standards, which could lead to compatibility issues during installations and maintenance.
Battery Energy Storage Market Segmentation by Technology
The key segments by technology in the battery energy storage market are lithium-ion battery, lithium-iron phosphate battery, sodium-based battery, flow battery, and others. In 2022, lithium-ion battery was the primary technology for battery storage deployment. Lithium-ion’s cost and performance advantages, deep discharge cycle life, energy and power density, and other attributes proved more suitable for storage than those of other types of batteries.
Although lithium-ion leads in market deployments, flow battery systems will also find a place in the coming years due to the technology’s ability to handle large energy capacity and offer better cycle durability.
Battery Energy Storage Market Analysis, by Technology Segments, 2022 (%)
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Battery Energy Storage Market Segmentation by Regions
The key regions and countries in the battery energy storage market are the Americas, APAC, and EMEA. APAC led the market for battery energy storage in 2022 and is expected to continue to lead the market in terms of cumulative installed capacity in 2027, accounting for more than 74% of the global market. China, South Korea, Australia, and India are the top four countries in the region.
The EMEA region was the second-largest market, with Germany and the UK being the top markets in Europe for battery energy storage. The US was undoubtedly the largest market in the Americas region in 2022. The deployment of storage in front-of-the-meter for grid applications contributed to the growth in the US market.
Battery Energy Storage Market Analysis, by Regions, 2022 (%)
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Battery Energy Storage Market – Competitive Landscape
The leading companies making their mark in the battery energy storage market are Tesla Inc, LG Chem Ltd, Samsung SDI Co Ltd, NGK Insulators Ltd, and Fluence Energy Inc among others. Tesla Inc led the battery energy storage market in 2022, followed by LG Chem Ltd. As the energy storage industry progresses, companies must strive for technological advancement to stay up to date with industry trends.
Battery Energy Storage Market Analysis, by Companies, 2022 (%)
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Segments Covered in the Report
Battery Energy Storage Market Technology Outlook (Value, $ Billion, 2018-2027)
- Lithium-ion Battery
- Lithium Iron Phosphate Battery
- Sodium-based Battery
- Flow Battery
- Others
Battery Energy Storage Market Regions Outlook (Value, $ Billion, 2018-2027)
- Americas
- APAC
- EMEA
Battery Energy Storage Market Countries Outlook (Value, $ Billion, 2018-2027)
- The US
- Chile
- India
- China
- Japan
- Australia
- Republic of Korea
- Germany
- The UK
Scope
The report analyses battery energy storage system market. Its scope includes –
• Analysis of the growth of battery energy storage system market with a focus on market value in global and regional level including Asia-Pacific, Americas, Europe, and Middle East and Africa.
• The report provides battery energy storage system market analysis for key countries including the US, Chile, China, India, Japan, Australia, Republic of Korea, Germany, the UK, and France.
• The report offers global, regional, and country level battery energy storage system market value (up to 2018, up to 2022, and up to 2027) and volume (up to 2018, up to 2022, and up to 2027). Market share by technology is also discussed in the report for installations up to 2022.
• Qualitative analysis of key market drivers and restraints, and analysis of their impacts on battery energy storage system market are discussed.
• The report provides competitive landscape at country level for the year 2022. It also covers key policies and initiatives, key deals, and key projects.
Reasons to Buy
The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to –
• Facilitate decision-making by analyzing market data on battery energy storage systems
• Develop strategies based on developments in the battery energy storage system market
• Identify key partners and business-development avenues, based on an understanding of the movements of the major competitors in the battery energy storage system market
• Respond to your competitors’ business structure, strategies, and prospects
ABB Ltd
Amperex Technology Limited
Belectric Solar & Battery GmbH
BlueSolutions SA
BYD Co Ltd
Contemporary Amperex Technology Ltd
Dalian Rongke Power Co Ltd
Doosan Gridtech Inc
Ecoult
Exide Industries Ltd
Fiamm
Fluence Energy Inc
General Electric Co
GS Yuasa Corp
Guangdong Dynavolt Renewable Energy Technology Co Ltd
Hyundai Electric and Energy Systems Co Ltd
Invinity Energy Systems Plc
Kokam America Inc.
Kokam Co Ltd
Leclanche SA
LG Chem Ltd
LG Corp
Maxwell Technologies Inc
Narada Power Source Co Ltd
NEC Chile SA
NEC Corp
NEC Energy Solutions Inc
NGK Insulators Ltd
Nidec ASI SpA
NR Electric Co Ltd
Robert Bosch GmbH
Saft Groupe SA
SAMSUNG
Samsung SDI Co Ltd
Shenzhen Cubenergy Co Ltd
Shenzhen Sinexcel Electric Co Ltd
Shin Kobe Electric Machinery Co Ltd
Showa Denko Materials Co Ltd
Siemens AG
SMA Solar Technology AG
Sumitomo Electric Industries Ltd
Sungrow-Samsung SDI Energy Storage Power Supply Co Ltd
Tesla Inc
Toshiba Corp
Wartsila Corp
Xtreme Power Inc.
Younicos GmbH
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Frequently asked questions
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What was the size of the global battery energy storage market in 2022?
The global battery energy storage market size was valued at $6.91 billion in 2022.
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Which technology segment accounted for the largest battery energy storage market share?
In 2022, the lithium-ion battery was the preferred technology for market deployment.
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Which region dominated the battery energy storage market?
APAC had the largest battery storage market because of the vast number of developed and developing countries transitioning to low-carbon technologies.
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Which country led the battery energy storage market in 2022?
China was the largest battery energy storage market in 2022, followed by South Korea.
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Which are the key companies operating in the battery energy storage market?
The key companies in the battery energy storage market are Tesla Inc, LG Chem Ltd, Samsung SDI Co Ltd, NGK Insulators Ltd, and Fluence Energy Inc among others.
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