According to a market report by Lucintel, the future of the battery energy storage system market looks promising with opportunities in the residential, non-residential, and utility industries. The battery energy storage system market is expected to grow with a CAGR of 33% from 2019 to 2024. The major drivers for this market are increasing demand for grid-connected solutions, high demand for the lithium-ion technology in the renewable energy industry, and declining prices of lithium-ion batteries.
In this market, lithium-ion batteries, sodium–sulfur batteries, flow batteries, and advanced lead-acid batteries are the major battery types. Within the battery energy storage system market, residential, non-residential, and utilities are the major end use industries. APAC will remain the largest region over the forecast period.
ABB, LG Chem, NEC, Panasonic, Samsung SDI, AEG Power Solutions, General Electric, Hitachi, Siemens AG, Tesla are among the major manufacturers of battery energy storage system.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the battery energy storage system market by element, connection type, battery type, ownership, application, end use industry, and region. Lucintel has prepared a comprehensive research report entitled “Battery Energy Storage System Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” This Lucintel report serves as a catalyst for growth strategy as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the battery energy storage system market by element, connection type, battery type, ownership, end use industry, and region as follows:
By Battery Type [$M shipment analysis for 2013 - 2024]:
• Lithium-Ion Batteries
• Sodium–Sulfur Batteries
• Flow Batteries
• Advanced Lead-Acid Batteries
• Others
By Element [$M shipment analysis for 2013 - 2024]:
• Battery
• Hardware
• Other Elements
By Ownership [$M shipment analysis for 2013 - 2024]:
• Utility Owned
• Customer Owned
• Third-Party Owned
By Connection Type [$M shipment analysis for 2013 - 2024]:
• On-Grid Connection
• Off-Grid Connection
By End Use Industry [$M shipment analysis for 2013 - 2024]:
• Residential
• Non-Residential
• Utilities
• Other Applications
By Region [$M shipment analysis for 2013 – 2024]:
• North America
– United States
– Canada
– Mexico
• Europe
– Germany
– UK
– Italy
• Asia Pacific
– China
– Japan
– India
• Rest of the World

A more than 150 pages research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or visit us at [email protected].
About Lucintel
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision makers in a variety of industries. For further information, visit www.lucintel.com.

This report answers following 11 key questions:
Q.1 What are some of the most promising potential, high-growth opportunities for the battery energy storage system market by element (battery, hardware), by battery type (lithium-ion batteries, sodium–sulfur batteries, flow batteries, advanced, lead-acid batteries), by ownership (utility owned, customer owned, third-party owned), by connection type (on-grid, connection, off-grid connection), end use industry (residential, non-residential, utilities, and others), and by region (North America, Europe, APAC, ROW)?
Q.2 which segments will grow at a faster pace and why?
Q.3 which regions will grow at a faster pace and why?
Q.4 what are the key factors affecting market dynamics? What are the drivers and challenges of the Battery energy storage system market?
Q.5 what are the business risks and threats to the battery energy storage system market?
Q.6 What are emerging trends in this battery energy storage system market and the reasons behind them?
Q.7 What are some changing demands of customers in the battery energy storage system market?
Q.8 What are the new developments in the battery energy storage system market? Which companies are leading these developments?
Q.9 Who are the major players in this battery energy storage system market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this battery energy storage system area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this battery energy storage system market?