Battery Energy Storage Market - Forecasts from 2019 to 2024
The battery energy storage market is projected to grow at a CAGR of 32.76% during the forecast period. Battery energy storage system comprises the use of battery technology to store the energy to be used at a later time. Companies are investing heavily in the R&D to store renewable energy owing to the huge demand for storage batteries, which shows a significant increase in the growth of this market during the forecasted period. By battery type, the battery energy storage market is segmented as lithium-ion battery, flow battery, lead acid battery, and others. The market for lithium-ion battery is expected to grow significantly as these have lighter weight than batteries with other metals. Extreme demand for the lithium-ion technology in the renewable energy industry and declining costs of these batteries are escalating the growth of Li-ion battery energy storage market. Geographically, the market is segmented as North America, South America, Europe, Middle East and Africa, and the Asia Pacific.
DRIVERS
Rising share of variable renewable energy.
Supportive government policies and measures.
RESTRAINTS
Insufficient energy density for specific applications.
INDUSTRY UPDATE
In March 2018, French state-owned energy company, EDF, announced to invest €8 million in energy storage technology between 2018 and 2035.
Recently in February 2019, Siemens launched its first battery storage to be used in private homes for the storage and use of self-generated energy.
The major players profiled in the Battery Energy Storage market include ABB, Siemens, General Electric, LG Chem, SEC Battery, Con Edison Solutions, Duke Energy Corporation, E.ON, Vivint Solar Developer, LLC, Sonnen, and Sunverge Energy Inc. among others.
Segmentation
The battery energy storage system market has been analyzed through the following segments:
By Battery Type
Li-Ion Battery
Flow Battery
Lead Acid Battery
Others
By Application
Residential
Commercial
Utilities
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
China
Japan
Australia
India
Others
DRIVERS
Rising share of variable renewable energy.
Supportive government policies and measures.
RESTRAINTS
Insufficient energy density for specific applications.
INDUSTRY UPDATE
In March 2018, French state-owned energy company, EDF, announced to invest €8 million in energy storage technology between 2018 and 2035.
Recently in February 2019, Siemens launched its first battery storage to be used in private homes for the storage and use of self-generated energy.
The major players profiled in the Battery Energy Storage market include ABB, Siemens, General Electric, LG Chem, SEC Battery, Con Edison Solutions, Duke Energy Corporation, E.ON, Vivint Solar Developer, LLC, Sonnen, and Sunverge Energy Inc. among others.
Segmentation
The battery energy storage system market has been analyzed through the following segments:
By Battery Type
Li-Ion Battery
Flow Battery
Lead Acid Battery
Others
By Application
Residential
Commercial
Utilities
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
China
Japan
Australia
India
Others
1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Currency
1.5. Assumptions
1.6. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Secondary Sources
3. KEY FINDINGS
4. MARKET DYNAMICS
4.1. Market Segmentation
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Porter’s Five Forces Analysis
4.5.1. Bargaining Power of Suppliers
4.5.2. Bargaining Power of Buyers
4.5.3. Threat of New Entrants
4.5.4. Threat of Substitutes
4.5.5. Competitive Rivalry in the Industry
4.6. Life Cycle Analysis - Regional Snapshot
4.7. Market Attractiveness
5. BATTERY ENERGY STORAGE SYSTEM MARKET BY BATTERY TYPE
5.1. Li-Ion Battery
5.2. Flow Battery
5.3. Lead Acid Battery
5.4. Others
6. BATTERY ENERGY STORAGE SYSTEM MARKET BY APPLICATION
6.1. Residential
6.2. Commercial
6.3. Utilities
7. BATTERY ENERGY STORAGE SYSTEM MARKET BY GEOGRAPHY
7.1. North America
7.1.1. USA
7.1.2. Canada
7.1.3. Mexico
7.2. South America
7.2.1. Brazil
7.2.2. Argentina
7.2.3. Others
7.3. Europe
7.3.1. United Kingdom
7.3.2. Germany
7.3.3. France
7.3.4. Spain
7.3.5. Others
7.4. Middle East and Africa
7.4.1. Saudi Arabia
7.4.2. Israel
7.4.3. Others
7.5. Asia Pacific
7.5.1. China
7.5.2. Japan
7.5.3. Australia
7.5.4. India
7.5.5. Others
8. COMPETITIVE INTELLIGENCE
8.1. Competitive Benchmarking and Analysis
8.2. Recent Investments and Deals
8.3. Strategies of Key Players
9. COMPANY PROFILES
9.1. ABB
9.2. Siemens
9.3. General Electric
9.4. LG Chem
9.5. SEC Battery
9.6. Con Edison Solutions
9.7. Duke Energy Corporation
9.8. E.ON
9.9. Vivint Solar Developer, LLC
9.10. Sonnen
9.11. Sunverge Energy Inc.
LIST OF FIGURES
LIST OF TABLES
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Currency
1.5. Assumptions
1.6. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Secondary Sources
3. KEY FINDINGS
4. MARKET DYNAMICS
4.1. Market Segmentation
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Porter’s Five Forces Analysis
4.5.1. Bargaining Power of Suppliers
4.5.2. Bargaining Power of Buyers
4.5.3. Threat of New Entrants
4.5.4. Threat of Substitutes
4.5.5. Competitive Rivalry in the Industry
4.6. Life Cycle Analysis - Regional Snapshot
4.7. Market Attractiveness
5. BATTERY ENERGY STORAGE SYSTEM MARKET BY BATTERY TYPE
5.1. Li-Ion Battery
5.2. Flow Battery
5.3. Lead Acid Battery
5.4. Others
6. BATTERY ENERGY STORAGE SYSTEM MARKET BY APPLICATION
6.1. Residential
6.2. Commercial
6.3. Utilities
7. BATTERY ENERGY STORAGE SYSTEM MARKET BY GEOGRAPHY
7.1. North America
7.1.1. USA
7.1.2. Canada
7.1.3. Mexico
7.2. South America
7.2.1. Brazil
7.2.2. Argentina
7.2.3. Others
7.3. Europe
7.3.1. United Kingdom
7.3.2. Germany
7.3.3. France
7.3.4. Spain
7.3.5. Others
7.4. Middle East and Africa
7.4.1. Saudi Arabia
7.4.2. Israel
7.4.3. Others
7.5. Asia Pacific
7.5.1. China
7.5.2. Japan
7.5.3. Australia
7.5.4. India
7.5.5. Others
8. COMPETITIVE INTELLIGENCE
8.1. Competitive Benchmarking and Analysis
8.2. Recent Investments and Deals
8.3. Strategies of Key Players
9. COMPANY PROFILES
9.1. ABB
9.2. Siemens
9.3. General Electric
9.4. LG Chem
9.5. SEC Battery
9.6. Con Edison Solutions
9.7. Duke Energy Corporation
9.8. E.ON
9.9. Vivint Solar Developer, LLC
9.10. Sonnen
9.11. Sunverge Energy Inc.
LIST OF FIGURES
LIST OF TABLES
