The battery energy storage system market is expected to grow at a CAGR of 37.0% between 2016 and 2022 and is expected to reach USD 6.81 Billion by 2022. The growth of the market is driven by the increasing demand for grid connected solutions, growing electric vehicle market, high requirement of lithium-ion batteries in various applications, and government support.

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There is a growing market for battery energy storage system in residential, non-residential, and transportation application. The residential battery energy storage systems are gaining popularity owing to interest in the use of natural energy and as a power source at the time of emergency. Moreover, lithium-ion batteries are expected to become mainstream technology for residential battery energy storage systems as it supports cutting down the amount of power lost from AC-DC conversion.

The battery energy storage system in non-residential application supports electricity bills savings, thereby reducing the peak hour demand. This factor is expected to drive the growth of non-residential sector of this market. Additionally, the increasing market of electric vehicles is supporting the growth of the battery energy storage system market for the transportation sector.

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The battery energy storage system market on the basis of battery type is segmented into advanced-lead acid batteries, flow batteries, lithium-ion batteries, and sodium-sulfur (NAS) batteries among others. The lithium-ion batteries (LIBs) are currently used in a majority of BEVs and PHEVs, and it is likely that they would continue to lead throughout the next decade. Furthermore, the increasing advancement in flow batteries which are considered safer than lithium-ion batteries are expected to support the growth of battery energy storage system. The flow batteries can resist greater temperatures and periods of idleness, which makes them suitable for storing and releasing renewable energy such as that from solar panels and wind turbines. The most popular flow batteries include vanadium redox flow battery and hybrid flow batteries which include zinc-bromine, zinc-cerium, and lead-acid among others. These factors are driving the growth of the market for battery energy storage system based on the flow battery technology.

In 2015, the utility application held the largest market in Asia-Pacific, whereas the residential application is expected to grow at a high CAGR between 2016 and 2022. The major reasons driving the growth of the battery energy storage system market in the APAC region is the large number energy storage installations in countries such as China, Japan, and India.

The ecosystem of the battery energy storage system market includes the raw material provider and component manufacturer, battery energy storage system manufacturers, system integrators, and distributors. The key players in the market include ABB Ltd. (Switzerland), AEG Power Solutions (The Netherland), General Electric Co. (U.S.), Hitachi ltd (Japan), LG Chem. (South Korea), NEC Corporation (Japan), Panasonic Corporation (Japan), Samsung SDI Co., ltd. (South Korea), Siemens AG (Germany), and Tesla Motors Ltd. (U.S.) among others.

Key Target Audience:

Battery energy storage system developers
Grid connected solution providers
Research organizations
Technology investors
Technology standards organizations
Associations, forums, and alliances related to battery energy storage system
Government bodies such as regulating authorities and policy makers
“Study answers several questions for the stakeholders, primarily which market segments to focus in the next two to five years for prioritizing the efforts and investments.”

Scope of the Report

The research report segments the battery energy storage system market into the following submarkets:

By Battery Type:

Lithium-Ion Batteries
Advanced Lead-Acid Batteries
Flow Batteries
Sodium-Sulfur (NAS) Batteries
Others
By Connection Type:

On-Grid
Off-Grid
By Ownership:

Customer-Owned
Utility-Owned
Third-Party-Owned
By Revenue Source:

Hardware
Software & Services
By Application:

Residential
Non-Residential
Utility
Transportation
Others
By Geography:

Americas
Europe
Asia-Pacific
Rest of the World
Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players
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