Battery Energy Storage Market Size, Share, and Analysis, By Element (Hardware, Battery, Other Elements), By Type (Sodium–Sulphur Batteries, Lithium-Ion Batteries, Advanced Lead-Acid Batteries), By Application (On-Grid Connection, Off-Grid Connection), By End-User (Customer Owned, Utility Owned, Third-Party Owned), By Vertical (Residential, Non-Residential, Utilities, Others) and Regional Forecasts, 2022-2032
Battery Energy Storage Market Size, Share, and Analysis, By Element (Hardware, Battery, Other Elements), By Type (Sodium–Sulphur Batteries, Lithium-Ion Batteries, Advanced Lead-Acid Batteries), By Application (On-Grid Connection, Off-Grid Connection), By End-User (Customer Owned, Utility Owned, Third-Party Owned), By Vertical (Residential, Non-Residential, Utilities, Others) and Regional Forecasts, 2022-2032
PRODUCT OVERVIEW
Battery Energy Storage Market size was USD 7.21 billion in 2021 and projected t%li%grow from USD 10.6 billion in 2023 t%li%USD 61.5 billion by 2032, exhibiting a CAGR of 21.6% during the forecast period.
Battery energy storage system refers t%li%an electrochemical device which piles the energy from a power plant or the grid and then delivers that t%li%provide electricity when required. Battery storage is vital technology that improves the flexibility of power system. Battery energy storage systems generally involve computerized control systems & a built-in inverter which is simple t%li%install, effortless and maintenance-free. Battery energy storage systems have several uses in both residential and commercial purposes. Commercial applications include load shifting, peak shaving, different grid services and emergency backup. Residential applications involve off-grid homes, emergency backup, self-consumption etc.
MARKET HIGHLIGHTS
Battery Energy Storage Market is expected t%li%reach USD 61.5 billion, growing at a CAGR of 21.6% during forecast period owing t%li%the growing demand for authentic and effective solutions of energy storage. The huge increment in the installations of renewable energy sources, reducing battery costs, grid modernization efforts are expected t%li%boost the market growth.
Battery Energy Storage Market Segments:
Growth Drivers
Switching t%li%Low Carbon Energy Production is Expected t%li%Boost Market Growth
Increasing Demand for Energy Storage Systems is Expected t%li%Boost Market Growth
Restraint
High Cost May Restrain the Growth of the Market
Key Players
PRODUCT OVERVIEW
Battery Energy Storage Market size was USD 7.21 billion in 2021 and projected t%li%grow from USD 10.6 billion in 2023 t%li%USD 61.5 billion by 2032, exhibiting a CAGR of 21.6% during the forecast period.
Battery energy storage system refers t%li%an electrochemical device which piles the energy from a power plant or the grid and then delivers that t%li%provide electricity when required. Battery storage is vital technology that improves the flexibility of power system. Battery energy storage systems generally involve computerized control systems & a built-in inverter which is simple t%li%install, effortless and maintenance-free. Battery energy storage systems have several uses in both residential and commercial purposes. Commercial applications include load shifting, peak shaving, different grid services and emergency backup. Residential applications involve off-grid homes, emergency backup, self-consumption etc.
MARKET HIGHLIGHTS
Battery Energy Storage Market is expected t%li%reach USD 61.5 billion, growing at a CAGR of 21.6% during forecast period owing t%li%the growing demand for authentic and effective solutions of energy storage. The huge increment in the installations of renewable energy sources, reducing battery costs, grid modernization efforts are expected t%li%boost the market growth.
Battery Energy Storage Market Segments:
- Element
- Hardware
- Battery
- Other Elements
- Type
- Sodium–Sulphur Batteries
- Lithium-Ion Batteries
- Advanced Lead-Acid Batteries
- Application
- On-Grid Connection
- Off-Grid Connection
- End-User
- Customer Owned
- Utility Owned
- Third-Party Owned
- Vertical
- Residential
- Non-Residential
- Utilities
- Others
Growth Drivers
Switching t%li%Low Carbon Energy Production is Expected t%li%Boost Market Growth
Increasing Demand for Energy Storage Systems is Expected t%li%Boost Market Growth
Restraint
High Cost May Restrain the Growth of the Market
Key Players
- ABB
- Samsung SDI
- Nissan
- Enersys
- LG Chem Ltd.
- General Electric
- Panasonic Corporation
- Exide Technologies
- BYD Company Limited
- Tesla
- Contemporary Amperex Technology Co. Limited
- AES Energy Storage
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAG.R – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
- Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
- Provision of market value (USD Billion) data for each segment and sub-segment
- Indicates the region and segment that is expected t%li%witness the fastest growth as well as t%li%dominate the market
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
- Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
- The current as well as the future market outlook of the industry with respect t%li%recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
- Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
- Provides insight int%li%the market through Value Chain
- Market dynamics scenario, along with growth opportunities of the market in the years t%li%come
- 3-month post-sales analyst support.
1. EXECUTIVE SUMMARY
1.1.Regional Market Share
1.2. Business Trends
1.3. Battery Energy Storage Market: COVID-19 Outbreak
1.4.Regional Trends
1.5. Segmentation Snapshot
2. RESEARCH METHODOLOGY
2.1. Research Objective
2.2.Research Approach
2.3.Data Sourcing and Methodology
2.4. Primary Research
2.5. Secondary Research
2.5.1.Paid Sources
2.5.2. Public Sources
2.6.Market Size Estimation and Data Triangulation
3. MARKET CHARACTERISTICS
3.1. Market Definition
3.2.Battery Energy Storage Market: COVID-19 Impact
3.3.Key Segmentations
3.4. Key Developments
3.5. Allied Industry Data
4. BATTERY ENERGY STORAGE MARKET – INDUSTRY INSIGHTS
4.1.Industry Segmentation
4.2. COVID-19 overview on world economy
4.3. Industry ecosystem Channel analysis
4.4. Innovation & Sustainability
5. MACROECONOMIC INDICATORS
6. RECENT DEVELOPMENTS
7.MARKET DYNAMICS
7.1. Introduction
7.2.Growth Drivers
7.3.Market Opportunities
7.4. Market Restraints
7.5.Market Trends
8. RISK ANALYSIS
9. MARKET ANALYSIS
9.1. Porters Five Forces
9.2.PEST Analysis
9.2.1. Political
9.2.2.Economic
9.2.3.Social
9.2.4.Technological
10. BATTERY ENERGY STORAGE MARKET
10.1.Overview
10.2. Historical Analysis (2016-2021)
10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
11.BATTERY ENERGY STORAGE MARKET SIZE & FORECAST 2022A-2032F
11.1.Overview
11.2. Key Findings
11.3. Market Segmentation
11.3.1.By Element
11.3.1.1. Hardware
11.3.1.1.1. By Value (USD Million) 2022-2032F
11.3.1.1.2.Market Share (%) 2022-2032F
11.3.1.1.3.Y-o-Y Growth (%) 2022-2032F
11.3.1.2.Battery
11.3.1.2.1.By Value (USD Million) 2022-2032F
11.3.1.2.2. Market Share (%) 2022-2032F
11.3.1.2.3. Y-o-Y Growth (%) 2022-2032F
11.3.1.3.Other Elements
11.3.1.3.1.By Value (USD Million) 2022-2032F
11.3.1.3.2. Market Share (%) 2022-2032F
11.3.1.3.3. Y-o-Y Growth (%) 2022-2032F
11.3.2. By Type
11.3.2.1.Sodium–Sulphur Batteries
11.3.2.1.1.By Value (USD Million) 2022-2032F
11.3.2.1.2. Market Share (%) 2022-2032F
11.3.2.1.3. Y-o-Y Growth (%) 2022-2032F
11.3.2.2. Lithium-Ion Batteries
11.3.2.2.1. By Value (USD Million) 2022-2032F
11.3.2.2.2.Market Share (%) 2022-2032F
11.3.2.2.3.Y-o-Y Growth (%) 2022-2032F
11.3.2.3. Advanced Lead-Acid Batteries
11.3.2.3.1. By Value (USD Million) 2022-2032F
11.3.2.3.2.Market Share (%) 2022-2032F
11.3.2.3.3.Y-o-Y Growth (%) 2022-2032F
11.3.3. By Application
11.3.3.1.On-Grid Connection
11.3.3.1.1.By Value (USD Million) 2022-2032F
11.3.3.1.2. Market Share (%) 2022-2032F
11.3.3.1.3. Y-o-Y Growth (%) 2022-2032F
11.3.3.2. Off-Grid Connection
11.3.3.2.1. By Value (USD Million) 2022-2032F
11.3.3.2.2.Market Share (%) 2022-2032F
11.3.3.2.3.Y-o-Y Growth (%) 2022-2032F
11.3.4. By End-User
11.3.4.1.Customer Owned
11.3.4.1.1.By Value (USD Million) 2022-2032F
11.3.4.1.2. Market Share (%) 2022-2032F
11.3.4.1.3. Y-o-Y Growth (%) 2022-2032F
11.3.4.2. Utility Owned
11.3.4.2.1. By Value (USD Million) 2022-2032F
11.3.4.2.2.Market Share (%) 2022-2032F
11.3.4.2.3. Y-o-Y Growth (%) 2022-2032F
11.3.4.3. Third-Party Owned
11.3.4.3.1. By Value (USD Million) 2022-2032F
11.3.4.3.2. Market Share (%) 2022-2032F
11.3.4.3.3. Y-o-Y Growth (%) 2022-2032F
11.3.5. By Vertical
11.3.5.1.Residential
11.3.5.1.1.By Value (USD Million) 2022-2032F
11.3.5.1.2. Market Share (%) 2022-2032F
11.3.5.1.3. Y-o-Y Growth (%) 2022-2032F
11.3.5.2. Non-Residential
11.3.5.2.1. By Value (USD Million) 2022-2032F
11.3.5.2.2.Market Share (%) 2022-2032F
11.3.5.2.3.Y-o-Y Growth (%) 2022-2032F
11.3.5.3. Utilities
11.3.5.3.1. By Value (USD Million) 2022-2032F
11.3.5.3.2.Market Share (%) 2022-2032F
11.3.5.3.3.Y-o-Y Growth (%) 2022-2032F
11.3.5.4. Others
11.3.5.4.1.By Value (USD Million) 2022-2032F
11.3.5.4.2. Market Share (%) 2022-2032F
11.3.5.4.3. Y-o-Y Growth (%) 2022-2032F
12. NORTH AMERICA BATTERY ENERGY STORAGE MARKET SIZE & FORECAST 2022A-2032F
12.1. Overview
12.2. Key Findings
12.3. Market Segmentation
12.3.1. By Element
12.3.2.By Type
12.3.3.By Application
12.3.4.By End User
12.3.5.By Vertical
12.4. Country
12.4.1.United States
12.4.2. Canada
13. EUROPE BATTERY ENERGY STORAGE MARKET SIZE & FORECAST 2022A-2032F
13.1. Overview
13.2. Key Findings
13.3. Market Segmentation
13.3.1. By Element
13.3.2.By Type
13.3.3.By Application
13.3.4.By End User
13.3.5.By Vertical
13.4. Country
13.4.1.Germany
13.4.2. United Kingdom
13.4.3. France
13.4.4. Italy
13.4.5. Spain
13.4.6. Russia
13.4.7. Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
14. ASIA BATTERY ENERGY STORAGE MARKET SIZE & FORECAST 2022A-2032F
14.1.Overview
14.2. Key Findings
14.3. Market Segmentation
14.3.1. By Element
14.3.2.By Type
14.3.3.By Application
14.3.4. By End User
14.3.5.By Vertical
14.4. Country
14.4.1.India
14.4.2. China
14.4.3. South Korea
14.4.4. Japan
14.4.5. Rest of APAC
15. MIDDLE EAST AND AFRICA BATTERY ENERGY STORAGE MARKET SIZE & FORECAST 2022A-2032F
15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
15.3.1. By Element
15.3.2.By Type
15.3.3.By Application
15.3.4.By End User
15.3.5.By Vertical
15.4. Country
15.4.1.Israel
15.4.2. GCC
15.4.3. North Africa
15.4.4. South Africa
15.4.5. Rest of Middle East and Africa
16. LATIN AMERICA BATTERY ENERGY STORAGE MARKET SIZE & FORECAST 2022A-2032F
16.1. Overview
16.2. Key Findings
16.3. Market Segmentation
16.3.1. By Element
16.3.2.By Type
16.3.3.By Application
16.3.4.By End User
16.3.5.By Vertical
16.4. Country
16.4.1. Mexico
16.4.2. Brazil
16.4.3. Rest of Latin America
17. COMPETITIVE LANDSCAPE
17.1. Company market share, 2021
17.2.Key player overview
17.3. Key stakeholders
18. COMPANY PROFILES
18.1.ABB
18.1.1.Company Overview
18.1.2.Financial Overview
18.1.3.Key Product; Analysis
18.1.4.Company Assessment
18.1.4.1.Product Portfolio
18.1.4.2. Key Clients
18.1.4.3. Market Share
18.1.4.4. Recent News & Development (Last 3 Yrs.)
18.1.4.5. Executive Team
18.2. Samsung SDI
18.3. Nissan
18.4.Enersys
18.5. LG Chem Ltd.
18.6. General Electric
18.7. Panasonic Corporation
18.8.Exide Technologies
18.9. BYD Company Limited
18.10. Tesla
18.11.Contemporary Amperex Technology Co. Limited
18.12.AES Energy Storage
18.13.Other Prominent Players
19. APPENDIX
20.CONSULTANT RECOMMENDATION
1.1.Regional Market Share
1.2. Business Trends
1.3. Battery Energy Storage Market: COVID-19 Outbreak
1.4.Regional Trends
1.5. Segmentation Snapshot
2. RESEARCH METHODOLOGY
2.1. Research Objective
2.2.Research Approach
2.3.Data Sourcing and Methodology
2.4. Primary Research
2.5. Secondary Research
2.5.1.Paid Sources
2.5.2. Public Sources
2.6.Market Size Estimation and Data Triangulation
3. MARKET CHARACTERISTICS
3.1. Market Definition
3.2.Battery Energy Storage Market: COVID-19 Impact
3.3.Key Segmentations
3.4. Key Developments
3.5. Allied Industry Data
4. BATTERY ENERGY STORAGE MARKET – INDUSTRY INSIGHTS
4.1.Industry Segmentation
4.2. COVID-19 overview on world economy
4.3. Industry ecosystem Channel analysis
4.4. Innovation & Sustainability
5. MACROECONOMIC INDICATORS
6. RECENT DEVELOPMENTS
7.MARKET DYNAMICS
7.1. Introduction
7.2.Growth Drivers
7.3.Market Opportunities
7.4. Market Restraints
7.5.Market Trends
8. RISK ANALYSIS
9. MARKET ANALYSIS
9.1. Porters Five Forces
9.2.PEST Analysis
9.2.1. Political
9.2.2.Economic
9.2.3.Social
9.2.4.Technological
10. BATTERY ENERGY STORAGE MARKET
10.1.Overview
10.2. Historical Analysis (2016-2021)
10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
11.BATTERY ENERGY STORAGE MARKET SIZE & FORECAST 2022A-2032F
11.1.Overview
11.2. Key Findings
11.3. Market Segmentation
11.3.1.By Element
11.3.1.1. Hardware
11.3.1.1.1. By Value (USD Million) 2022-2032F
11.3.1.1.2.Market Share (%) 2022-2032F
11.3.1.1.3.Y-o-Y Growth (%) 2022-2032F
11.3.1.2.Battery
11.3.1.2.1.By Value (USD Million) 2022-2032F
11.3.1.2.2. Market Share (%) 2022-2032F
11.3.1.2.3. Y-o-Y Growth (%) 2022-2032F
11.3.1.3.Other Elements
11.3.1.3.1.By Value (USD Million) 2022-2032F
11.3.1.3.2. Market Share (%) 2022-2032F
11.3.1.3.3. Y-o-Y Growth (%) 2022-2032F
11.3.2. By Type
11.3.2.1.Sodium–Sulphur Batteries
11.3.2.1.1.By Value (USD Million) 2022-2032F
11.3.2.1.2. Market Share (%) 2022-2032F
11.3.2.1.3. Y-o-Y Growth (%) 2022-2032F
11.3.2.2. Lithium-Ion Batteries
11.3.2.2.1. By Value (USD Million) 2022-2032F
11.3.2.2.2.Market Share (%) 2022-2032F
11.3.2.2.3.Y-o-Y Growth (%) 2022-2032F
11.3.2.3. Advanced Lead-Acid Batteries
11.3.2.3.1. By Value (USD Million) 2022-2032F
11.3.2.3.2.Market Share (%) 2022-2032F
11.3.2.3.3.Y-o-Y Growth (%) 2022-2032F
11.3.3. By Application
11.3.3.1.On-Grid Connection
11.3.3.1.1.By Value (USD Million) 2022-2032F
11.3.3.1.2. Market Share (%) 2022-2032F
11.3.3.1.3. Y-o-Y Growth (%) 2022-2032F
11.3.3.2. Off-Grid Connection
11.3.3.2.1. By Value (USD Million) 2022-2032F
11.3.3.2.2.Market Share (%) 2022-2032F
11.3.3.2.3.Y-o-Y Growth (%) 2022-2032F
11.3.4. By End-User
11.3.4.1.Customer Owned
11.3.4.1.1.By Value (USD Million) 2022-2032F
11.3.4.1.2. Market Share (%) 2022-2032F
11.3.4.1.3. Y-o-Y Growth (%) 2022-2032F
11.3.4.2. Utility Owned
11.3.4.2.1. By Value (USD Million) 2022-2032F
11.3.4.2.2.Market Share (%) 2022-2032F
11.3.4.2.3. Y-o-Y Growth (%) 2022-2032F
11.3.4.3. Third-Party Owned
11.3.4.3.1. By Value (USD Million) 2022-2032F
11.3.4.3.2. Market Share (%) 2022-2032F
11.3.4.3.3. Y-o-Y Growth (%) 2022-2032F
11.3.5. By Vertical
11.3.5.1.Residential
11.3.5.1.1.By Value (USD Million) 2022-2032F
11.3.5.1.2. Market Share (%) 2022-2032F
11.3.5.1.3. Y-o-Y Growth (%) 2022-2032F
11.3.5.2. Non-Residential
11.3.5.2.1. By Value (USD Million) 2022-2032F
11.3.5.2.2.Market Share (%) 2022-2032F
11.3.5.2.3.Y-o-Y Growth (%) 2022-2032F
11.3.5.3. Utilities
11.3.5.3.1. By Value (USD Million) 2022-2032F
11.3.5.3.2.Market Share (%) 2022-2032F
11.3.5.3.3.Y-o-Y Growth (%) 2022-2032F
11.3.5.4. Others
11.3.5.4.1.By Value (USD Million) 2022-2032F
11.3.5.4.2. Market Share (%) 2022-2032F
11.3.5.4.3. Y-o-Y Growth (%) 2022-2032F
12. NORTH AMERICA BATTERY ENERGY STORAGE MARKET SIZE & FORECAST 2022A-2032F
12.1. Overview
12.2. Key Findings
12.3. Market Segmentation
12.3.1. By Element
12.3.2.By Type
12.3.3.By Application
12.3.4.By End User
12.3.5.By Vertical
12.4. Country
12.4.1.United States
12.4.2. Canada
13. EUROPE BATTERY ENERGY STORAGE MARKET SIZE & FORECAST 2022A-2032F
13.1. Overview
13.2. Key Findings
13.3. Market Segmentation
13.3.1. By Element
13.3.2.By Type
13.3.3.By Application
13.3.4.By End User
13.3.5.By Vertical
13.4. Country
13.4.1.Germany
13.4.2. United Kingdom
13.4.3. France
13.4.4. Italy
13.4.5. Spain
13.4.6. Russia
13.4.7. Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
14. ASIA BATTERY ENERGY STORAGE MARKET SIZE & FORECAST 2022A-2032F
14.1.Overview
14.2. Key Findings
14.3. Market Segmentation
14.3.1. By Element
14.3.2.By Type
14.3.3.By Application
14.3.4. By End User
14.3.5.By Vertical
14.4. Country
14.4.1.India
14.4.2. China
14.4.3. South Korea
14.4.4. Japan
14.4.5. Rest of APAC
15. MIDDLE EAST AND AFRICA BATTERY ENERGY STORAGE MARKET SIZE & FORECAST 2022A-2032F
15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
15.3.1. By Element
15.3.2.By Type
15.3.3.By Application
15.3.4.By End User
15.3.5.By Vertical
15.4. Country
15.4.1.Israel
15.4.2. GCC
15.4.3. North Africa
15.4.4. South Africa
15.4.5. Rest of Middle East and Africa
16. LATIN AMERICA BATTERY ENERGY STORAGE MARKET SIZE & FORECAST 2022A-2032F
16.1. Overview
16.2. Key Findings
16.3. Market Segmentation
16.3.1. By Element
16.3.2.By Type
16.3.3.By Application
16.3.4.By End User
16.3.5.By Vertical
16.4. Country
16.4.1. Mexico
16.4.2. Brazil
16.4.3. Rest of Latin America
17. COMPETITIVE LANDSCAPE
17.1. Company market share, 2021
17.2.Key player overview
17.3. Key stakeholders
18. COMPANY PROFILES
18.1.ABB
18.1.1.Company Overview
18.1.2.Financial Overview
18.1.3.Key Product; Analysis
18.1.4.Company Assessment
18.1.4.1.Product Portfolio
18.1.4.2. Key Clients
18.1.4.3. Market Share
18.1.4.4. Recent News & Development (Last 3 Yrs.)
18.1.4.5. Executive Team
18.2. Samsung SDI
18.3. Nissan
18.4.Enersys
18.5. LG Chem Ltd.
18.6. General Electric
18.7. Panasonic Corporation
18.8.Exide Technologies
18.9. BYD Company Limited
18.10. Tesla
18.11.Contemporary Amperex Technology Co. Limited
18.12.AES Energy Storage
18.13.Other Prominent Players
19. APPENDIX
20.CONSULTANT RECOMMENDATION
