Covina, July 23, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the study concludes that the global battery energy storage market size and share is expected to grow at a CAGR of 28.6% between 2024 and 2034. The market revenue of USD 9.68 billion in 2024 is expected to grow up to USD 95.56 Billion by 2034.
Battery Energy Storage Market Report Overview
BESS technology acts like a kind of reusable battery for the electrical grid, allowing the energy it captures from multiple sources to be reused later. A BESS can be charged by renewable energy sources such as solar and wind power, which is available only when weather conditions permit. A BESS could also be charged through the grid during off-peak periods when demand is low and prices are more favorable. This is able to provide stable electricity by quickly and reliably releasing the stored energy back into the grid as and when required at peak demand. The BESS brings with it the benefits associated with reduced emissions, increased renewable energy source penetration, grid stability, and lower costs. Lithium-ion batteries are currently the most popular choice for large-scale storage due to their efficiency and falling costs.
The rapidly growing battery energy storage industry seeks to capture the energy produced by renewable energy sources such as the sun and the wind and store it for later use. The innovative technologies, much like rechargeable batteries, capture energy during times of plenty and release it at times of greater demand. They are critical to a stable and reliable electrical system. Two large market segments are the BTM and FTM systems. BTM systems are small units with solar panels set up in homes and businesses to control the amount of energy use and, therefore, decrease dependence on the main grid. On the other hand, FTM systems are large utility-scale facilities dealing with peak demand times and stability within the grid.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Battery Energy Storage Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- LG Chem Ltd
- Panasonic Corporation
- Tesla
- BYD Company Limited
- Siemens
- ABB Ltd
- General Electric
- Samsung SDI
- Toshiba
- AES
- Contemporary Amperex Technology Co. Limited
- Johnson Controls International PLC
- Fluence
- Hitachi Ltd
- Bloom Energy
- EnerSys
- EXIDE TECHNOLOGIES
- NEC CORPORATION
- NextEra Energy
- Amara Raja Group
- Black & Veatch
- Delta Electronics
- Exide Industries Ltd
- Kokam
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Analyst View:
Battery energy storage is a growing business that captures renewable energy, typically from solar and wind, and stores this energy for later use. The batteries are charged either by renewable sources of energy or from the grid during off-peak periods. It provides stable electricity by releasing this stored energy back into the grid as may be required at peak demand. BESS offers a variety of reduced-emission-related, increased-penetration-of-renewable-energy-sourced, grid stability, and lower-cost-related benefits. This includes two market segments: BTM and FTM systems. BTM systems are small solar panels used to control energy use and decrease dependence on the main grid, while FTM systems are large utility-scale facilities dealing with peak demand times and grid stability. Lithium-ion batteries have come to be very prominent in energy storage due to their high energy density, long cycle life, and reasonable price. Independent scaling of energy/capacity and power can be possible through the application of flow batteries on a large scale due to the high cycle life.
Market Dynamics:
Drivers:
Growing Uptake of Renewable Energy
- As such technologies become more and more economical, with increasing shares of the mix, the need to handle the intermittency of solar and wind is becoming paramount. To this end, BESS can store excess renewable energy when it is at peak generation and deliver it as required for a more reliable power supply.
Utility Needs Are Changing
- Traditional power systems were designed to move electricity from large power plants to end-users in a centralized, one-way fashion. However, a more nimble grid is required with the rise of distributed power—like rooftop solar—and the evolving expectations of consumers. BESS will help utilities integrate distributed energy resources, enhance grid stability, and manage peak demand.
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Market Trends:
Increasing the Choice and Involvement of Customers
- Customers are increasingly looking to control their energy bills and self-manage their energy consumption. With a BESS system, homes and businesses are able to store the solar energy produced during the day for later use at night, reducing their reliance on the grid and potential savings on power.
Segmentation:
Battery Energy Storage Market is segmented based on Battery Type, Connectivity, Application, and Region.
Battery Type Insights
- Prominent technology in energy storage is Lithium-ion batteries, having high energy density, long cycle life, and a comparatively reasonable price. Having been an energy storage industry veteran, LAB provides a reliable yet affordable device for stand-alone and off-grid power applications. Flow batteries are suitable for large-scale applications on account of their high cycle life and independent scalability. Newcomers, like nickel-cadmium and sodium-sulfur batteries, find niche markets with specialized needs. Battery technology is changing, and some such alternatives may become more favored.
Connectivity Insights
- Off-grid systems work in remote locations, on islands, or where grid access is safe. They become stand-alone power sources coupled with renewable energy sources like windmills or solar panels. The off-grid BESSs deliver additional independence in energy to different industries, such as critical infrastructure, business, and residential applications. Although lithium-ion batteries are gaining popularity, as they offer higher energy densities, lead-acid remains in wide use due to its reliability and lower cost. On-grid systems may be developed at various scales, which reach from residential and commercial to big utility-owned projects. They are grid-connected and maintain their efficiency and stability.
Application Insights
- Given the need to reduce electricity expenses and the requirement of securing a stable house, business, or industry power supply, increasing numbers of households, companies, and industries are looking toward BESS. These BESS devices can enable self-consumption of sun energy and standby power supply in case of failure. They are thus often combined with photovoltaic systems. Lithium-ion batteries are used because of their long service life and high energy density. There are 348 BESSs in use today in commercial and industrial buildings to cope with peak demand costs and ensure that, in the case of an outage, critical operations continue without an impact.
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Recent Development:
- In July 2024, US developer Pacific Green gets planning consent for 1.5GWh ‘Energy Park’ battery storage in South Australia. Pacific Green Technologies has been granted planning consent by the South Australian government to build its first two grid-scale battery energy storage systems (BESS) on the Limestone Coast. The Limestone Coast Energy Park will consist of 500MW/1.5GWh of BESS, which will be developed and constructed in two phases over a 36-month period.
- In July 2024, Sungrow’s Latest Liquid Cooled Energy Storage System PowerTitan 2.0 Accelarates Energy Transition. Sungrow, the global leading inverter and energy storage system provider, has its latest liquid-cooled energy storage system PowerTitan 2.0 installed worldwide. The next-generation system is designed to support grid stability, improve power quality, and offer an optimized LCOS for future projects.
Regional Insights
- North America: North America, one of the leading adopters of BESS, is driven by a number of factors: the creation of more favorable legislative frames, increasing integration of renewable energy sources, and deteriorating grid infrastructure. The greater part of top battery storage companies is situated in this area, which has a potential market for both residential and non-residential applications. The US is an enormous market for utility-scale BESSs that modernize grids and integrate renewable energy.
- Asia Pacific: This is expected to be the fastest-growing regional market for battery energy storage. Aggressive renewable targets for the developing economies, coupled with fiscal incentives, are raising market prices in China, Japan, and South Korea. The need for grid stability by the utility industry, driven by the integration of renewable energies in these countries, in conjunction with the expanding residential market, will act as a booster for BESS.
Browse Detail Report on "Battery Energy Storage Market Size, Share, By Battery Type (Lithium-Ion Battery, Lead Acid Battery, Flow Battery, and Others), By Connectivity (Off-Grid and On-Grid), By Application (Residential, Non-Residential, Utility, and Others), Region - Trends, Analysis and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/battery-energy-storage-market-5514
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