Dublin, Aug. 15, 2024 (GLOBE NEWSWIRE) -- The "Battery Energy Storage System Market by Battery Type (Lithium-ion, Advanced Lead Acid, Flow, Nickel-based), Energy Capacity (Below 100 MWh, Between 100 MWh & 500 MWh, Above 500 MWh), Connection Type, Ownership and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global battery energy storage system market is estimated to grow from USD 7.8 billion in 2024 and is projected to reach USD 25.6 billion by 2029, at a CAGR of 26.9% during the forecast period.
Battery energy storage systems improve the quality of power by ensuring improved voltage and frequency regulation with minimum interruption. Besides, these systems provide power backup during disruption, save the operational cost of powering the grid, and increase the capabilities and efficiency of the grid.
This report offers detailed insights into the battery energy storage system market based on battery type (Lithium-ion, Advanced Lead-acid, Flow batteries, Other batteries), Connection Type (On-grid and Off-grid) Ownership (Customer-owned, Third-Party Owned, Utility Owned), Energy Capacity (Below 100 MWh, Between 100 to 500 MWh, Above 500 MWh), Application (Residential, Commercial, Utility) and region.
The report also comprehensively reviews the battery energy storage system market drivers, restraints, opportunities, and challenges. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Utility-owned BESS is expected to grow with a significant CAGR during the forecast period
The operators of the utility owned battery energy storage systems use renewable energy sources to a greater extent to deliver a large number of units of electricity. The customers of utility-owned battery energy storage systems need to pay monthly fees based on power usage. The utility-owned energy storage companies invest in energy storage to overcome the high cost of electrical T&D by fulfilling the growing electricity demand. The battery energy storage systems help improve grid reliability, manage T&D congestion while improving T&D performance, and help avoid the purchase of additional equipment for energy storage as well as increase the lifespan of assets.
Above 500 MWh energy capacity segment likely to gain a significant market share between 2024 and 2029
Battery energy storage systems with a capacity above 500 MWh exhibit high service life. The battery energy storage systems with high energy capacity can support peak shaving and valley filling in the future global energy interconnection. These systems help serve the energy demands, which can be used for peak load regulation in support of a large grid. High-energy storage systems can be used to smoothen fluctuations of large-scale clean energy generation. Large-scale battery storage systems align renewable energy production and rapidly respond to the output of wind and photovoltaic power, smoothen renewable energy generation fluctuations, and ensure real-time grid operations' safety.
Utility application segment to gain the largest market share during the forecast period
Public utility applications or utilities involve the electric grid, a system where the electricity generated at power plants is immediately used by the loads that are connected to it. The generation and consumption of electricity always need to match, as a mismatch can lead to voltage and frequency deviations and cause power outages or damage to equipment. In order to overcome this problem, a battery energy storage system is installed on electric grids to control the voltage and frequency deviations. The battery energy storage system is a cost-effective solution that helps substations and transmission and distribution (T&D) lines to meet the growing peak demand.
North America is anticipated to gain a substantial market share by 2029
The US, Canada, and Mexico are the major countries contributing to the growth of the North American battery energy storage system market. The growth of the battery energy storage system market in North America can be attributed to the increasing demand for renewable energy storage in the residential, non-residential, and utility sectors. Furthermore, the US has ample lithium deposits that can be derived in the future to produce lithium-ion batteries. These factors are expected to drive the demand for lithium-ion batteries in the manufacturing of energy storage systems in the region.
The report provides insights on the following:
- Analysis of key drivers (Accelerated deployment of grid energy storage systems in ongoing grid modernization projects, Adoption of lithium-ion batteries in the renewable energy sector, Renewable Energy Revolution and the Shift to a Low-Carbon Economy), restraints (High cost of installing battery energy storage systems), opportunities (Rapid adoption of battery energy storage systems in rural electrification projects worldwide, Increased demand for continuous power supply from data centers) and challenges (Difficulties pertaining to installation of battery energy storage systems in remote and isolated locations).
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the battery energy storage system market
- Market Development: Comprehensive information about lucrative markets - the report analyses the battery energy storage system market across varied regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the battery energy storage system market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players like BYD Company Ltd (China), Samsung SDI Co., Ltd. (South Korea), LG Energy Solution (South Korea), and Panasonic Corporation (Japan) among others.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 277 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $7.8 Billion |
| Forecasted Market Value (USD) by 2029 | $25.6 Billion |
| Compound Annual Growth Rate | 26.9% |
| Regions Covered | Global |
Key Topics Covered:
Premium Insights
- Attractive Opportunities for Players in Battery Energy Storage System Market
- Battery Energy Storage System Market, by Battery Type
- Battery Energy Storage System Market, by Energy Capacity
- North America Battery Energy Storage System Market, by Application and Country
- Battery Energy Storage System Market, by Country
Market Dynamics
Drivers
- Increasing Installations of Battery Energy Storage Systems in Grids to Support Grid Modernization Projects
- Increasing Global Investments in Innovation of Grid Infrastructure
- Lithium-Ion Battery Scalability in Renewable Energy Sector
- Renewable Energy Revolution and Shift to a Low-Carbon Economy
Restraints
- High Installation and Maintenance Costs Associated With Battery Energy Storage Systems
Opportunities
- Increasing Opportunities in Rural Electrification Projects Worldwide
- Rising Demand for Power Supply from Data Centers
- Decline in Prices of Lithium-Ion Batteries
Challenges
- Installation of Battery Energy Storage Systems in Remote Locations
- Overheating and Aging Challenges
Case Study Analysis
- Tesla Delivered Megapacks to Gambit Energy Storage Plant
- General Electric to Deliver Battery Energy Storage Systems to Convergent
- Adoption of Battery Energy Storage Systems By Utility Provider Company
- ABB to Install Battery Energy Storage Systems in Philippines
- Exide Industries, Leclanche, and Tpddl Join Hands to Launch Grid-Connected Li-Ion Battery-Powered Community Energy Storage System
Major Input Energy Sources and Recent Trends Related to Battery Energy Storage Systems
Input Energy Sources
- Solar Panels
- Wind Turbines
- Grid Power
- Diesel Generators
Recent Trends Related to Market
- Renewable Energy Sources
- Advancements in Battery Technologies
- AI and ML
- Microgrids
- Hybrid Energy Storage Systems
Types of Systems for Battery Energy Storage
- Front-Of-The-Meter (FTM) System
- Behind-The-Meter (BTM) System
Companies Featured
- BYD Company Ltd.
- LG Energy Solution
- Panasonic
- Samsung SDI Co. Ltd.
- Tesla
- ABB
- Delta Electronics, Inc.
- GE Vernova
- Hitachi Energy Ltd.
- Honeywell International, Inc.
- Johnson Controls
- NGK Insulators, Ltd.
- Siemens
- Toshiba
- Ab Volvo
- AEG
- East Penn Manufacturing Company
- ESS Tech, Inc.
- Kore Power Inc.
- Primus Power Solutions
- Saft
- Solaredge
- The AES Corporation
- Trinasolar
- VRB Energy
For more information about this report visit https://www.researchandmarkets.com/r/c10tbo
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