Battery Energy Storage System Market is Segmented by Type (Lithium-Ion Batteries, Lead-Acid Batteries, Nickel Metal Hydride, and Other Types (Sodium-Sulfur Batteries and Flow Batteries)), Application (Residential, Commercial, and Industrial (C&I), Utility-scale) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Battery Energy Storage System (BESS) Market Overview
The global Battery Energy Storage System (BESS) market size was estimated at USD 5.4 billion in 2023 and is projected to reach USD 26.9 billion in 2030 at a CAGR of 25.8% during the forecast period 2023-2030.
Battery energy storage systems are a type of technology that allows electricity suppliers to store excess power for later use. This technology is important because it improves the flexibility and reliability of the power grid in terms of power generation, transmission, and distribution. By storing excess power, electricity suppliers can better manage fluctuations in demand and supply, which can help prevent blackouts and other disruptions. Battery energy storage systems are particularly useful in areas where renewable energy sources like wind and solar are used, as these sources can be intermittent and unpredictable. The demand for uninterrupted power is expected to grow exponentially in the coming years due to factors like population growth, infrastructure development, and rapid industrialization.
Lithium-ion batteries are preferred over other battery technologies because they are lightweight, and lithium is one of the lightest elements in the world. This makes them ideal for use in portable devices and electric vehicles. Another advantage of lithium-ion batteries is that they use non-aqueous electrolytes, which provide high operating voltages as compared to other products. This means that they can deliver more power and last longer than other types of batteries. However, the high cost of lithium-ion batteries has been a restraint on the growth of the market. In the past, only a few manufacturers could afford to produce them, and they were mainly used in high-end products. With new technologies and developments, manufacturers have been able to bring down the cost of lithium-ion batteries to affordable levels. This has made them more accessible to a wider range of consumers and has led to an increase in demand for battery energy storage systems.
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The spread of the COVID-19 pandemic resulted negative but the market has reached pre-pandemic levels such as declining prices of lithium-ion batteries are expected to drive the growth of the battery energy storage systems market. This is because lithium-ion batteries are the most commonly used type of battery in energy storage systems due to their high energy density, long cycle life, and low maintenance requirements. As the prices of these batteries continue to decrease, it becomes more cost-effective for businesses and households to invest in energy storage systems.
Delvens Industry Expert's Standpoint
The presence of other battery energy storage technologies in the market can be a major obstacle to market growth means that the existence of other types of energy storage technologies can hinder the growth of the battery energy storage systems market. Energy storage can be performed in a variety of ways such as electrical, thermal, and mechanical energy. Electrical energy storage devices include capacitors and superconductors, while mechanical energy storage includes technologies such as hydropower, pumped storage, flywheel, and compressed air storage (CAES). Pumped Storage is a technology that uses electricity to pump water into elevated tanks, which can be used to drive hydroelectric turbines when electricity is needed. The United States has more hydroelectric pumped storage capacity than the battery storage capacity, which means that this technology is more widely used in the US than battery storage. Flywheels can be used to store energy by accelerating the rotating mass using an electric motor and later rotate the turbine to generate electricity. This means that the energy is stored in the rotational motion of the flywheel. To reduce loss, the mass rotates in a housing with little friction. This means that the flywheel is designed to minimize friction and other forms of energy loss, so that the stored energy can be efficiently converted back into electricity. Flywheels are ideal for performance-oriented applications that require many charge and discharge cycles. This means that flywheels are well-suited for applications where energy storage and retrieval is required frequently and rapidly, such as in electric vehicles or grid-scale energy storage systems.
Key Findings
• On the basis of Type, the demand for lithium-ion batteries for energy storage systems is expected to increase in the future due to several reasons. One of the primary reasons is the low weight of lithium-ion batteries, which makes them easy to transport and install. This feature is particularly useful in remote areas where heavy equipment cannot be easily transported. Another reason for the increasing demand for lithium-ion batteries is their low cost. As the technology for manufacturing these batteries has improved, the cost of production has decreased, making them more affordable for consumers. Additionally, lithium-ion batteries have a limited coverage area, which means they can be used in small spaces where other types of batteries may not be suitable. This feature makes them ideal for use in residential, industrial, and commercial sectors. The growing infrastructural spending in these sectors is expected to further boost the demand for lithium-ion batteries. As more buildings and facilities are constructed, the need for reliable and efficient energy storage systems will increase, and lithium-ion batteries are well-suited for this purpose.
• On the basis of Application, Irregularities in power supply, such as energy dips and spikes, can cause damage to the equipment at data centers, leading to losses. To prevent such damage, a line-interactive UPS (Uninterruptible Power Supply) system can be used. This system acts as a filter that refines the power coming into the UPS, adjusting the output to provide a consistent and uninterrupted supply to the internal systems. The use of highly efficient batteries in the telecom industry is expected to boost the growth of the battery energy storage systems market. This is because batteries can replace diesel generators, which are less efficient and more polluting. Market players in the telecom industry have contracts with battery energy storage systems manufacturers to ensure continuous and cost-effective power supply.
• The Asia-Pacific region, this region has two main types of power grids, each with unique characteristics and opportunities for energy storage systems. There are highly developed countries like Japan, South Korea, New Zealand, and Australia, which have advanced power grids that work well and use the latest technologies. These countries have high electricity demand and are investing heavily in renewable energy sources, which creates opportunities for battery energy storage systems to support the integration of renewable energy into the grid.
Battery Energy Storage System (BESS) Market Regional Analysis
North America to Dominate the Market
• The Asia-Pacific region is expected to continue leading the market for battery energy storage in the coming years.
• The Asia-Pacific region presents significant opportunities for the growth of the battery energy storage system market, driven by the need to integrate renewable energy sources and support the development of more distributed power grids.
Battery Energy Storage System (BESS) Market Competitive Landscape
• BYD Company Limited
• Contemporary Amperex Technology Co. Limited
• Tesla Inc
• Panasonic Corporation
• LG Energy Solution, Ltd.
• ABB
• Samsung SDI
• Exide Technologies
• General Electric
• Enersys
• Nissan
• AES Energy Storage
• Hoppecke Batteries Inc.
• Hitachi
• Sony Corp.
• Varta AG
• Cellcube energy storage system
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Battery Energy Storage System (BESS) Market Recent Developments
• In February 2023, The New York Power Authority and the New York State Energy Research and Development Authority have implemented a battery energy storage system using high-safety lithium-ion technology for peak-shaving capabilities at NYPA's White Plains offices.
• In October 2023, Fluence Energy and TransnetBW will deploy the world's largest battery-based energy storage project in Kupferzell, Germany, by 2025, improving energy security and supporting the country's energy transition.
Reasons to Acquire in the Battery Energy Storage System (BESS) Market
• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for the Battery Energy Storage System (BESS) Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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