Chicago, June 25, 2024 (GLOBE NEWSWIRE) -- The global Battery Energy Storage System Market Size is estimated to be worth USD 5.4 Billion in 2023 and is projected to reach USD 17.5 Billion by 2028, at a CAGR of 26.4% during the forecast period.
The market is expanding due to several factors. These include the rising demand for grid energy storage systems as part of ongoing grid modernization efforts, the increasing use of lithium-ion batteries, and the growing adoption of low-carbon and less fossil fuel-dependent economies. Additionally, the ongoing revolution in renewable energy is contributing to this battery energy storage system industry growth.
To know about the assumptions considered for the study
Major Battery Energy Storage System Companies Include:
Battery Energy Storage System Market Segmentation Analysis:
The Battery Energy Storage System (BESS) market is segmented based on several key factors, including battery type, connection type, ownership, energy capacity, and application. Here's an overview of the segmentation analysis:
By Region, Asia Pacific is the highest growing region for battery energy storage system market during forecast period
Asia Pacific rapid economic growth, urbanization, and industrialization have resulted in higher energy consumption. This increased demand for energy, along with the need for reliable and sustainable power supply, has driven the adoption of battery energy storage systems. The use of residential energy storage technology will enable to increase access to electricity for these remote and island communities in the region. Energy storage investments are expected to increase substantially within the region as the governments in growing economies are making new policies to improve the reliability and quality of the power distribution facilities to the residential customers. The growth of the market in the region is driven by several factors, including the increasing demand for renewable energy, growing concerns about climate change, improvements in battery technology, and government policies and regulations.
China is a major player in the market, with significant investments in large-scale battery energy storage projects to complement its massive renewable energy capacity. The Chinese government's supportive policies and ambitious targets for renewable energy adoption are key factors fueling market growth.
Japan is also making substantial strides, driven by its energy policies focusing on renewable energy integration and disaster resilience. The country’s focus on technological advancements and innovation in battery storage solutions further boosts its market position.
South Korea’s market growth is propelled by its strong manufacturing base for battery technologies and supportive government policies aimed at promoting clean energy and reducing carbon emissions.