The battery energy storage system market is estimated to grow from USD 1.98 Billion in 2018 to reach USD 8.54 Billion by 2023, at a CAGR of 33.9% between 2018 and 2023. The major factors driving the growth of the market include the 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. However, the installation of battery energy storage systems in remote locations is one of the challenges for the players in the market.

The battery energy storage system market for batteries is expected to grow at the highest CAGR between 2018 and 2023. The battery elements used in battery energy storage systems are in the form of modules and racks. The battery element alone constitutes 60% of the total battery energy storage systems. It is the major element whose functioning is regularized by hardware and software, which increase its efficiency. Lithium-ion and advanced lead-acid batteries are the main types of batteries used in the battery energy storage systems.

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The market for flow batteries is expected to grow at the highest CAGR between 2018 and 2023. The flow batteries are considered safer than most commonly used lithium-ion batteries as they can resist higher temperatures and longer periods of idleness. Compared with lithium-ion batteries, vanadium redox flow batteries (VRB) are non-flammable and environment-friendly, have a long lifespan, and maintain 90% of their capacity over 20 years, resulting into the reduction of the total cost of ownership.

The market for on-grid connection is expected to grow at a higher CAGR between 2018 and 2023. The on-grid connections have lower upfront costs than the off-grid systems as the surplus energy is sent to the grid, which can be used later on the meter basis. The reduction in the energy bills for the customers relying on utility grid for electricity drives the growth of this market. The demand from renewable energies suppliers for grid modernization and new regulatory policies for the energy sector are driving the on-grid battery energy storage system market for utilities.

The market for the customer-owned battery energy storage system is expected to grow at the highest CAGR between 2018 and 2023. The increasing adoption of wind and solar power has led to the increase in the use of customer-owned battery energy storage technologies to store electricity. Also, the need to reduce carbon emissions is propelling the transformation of the electrical systems and driving the demand for intermittent sources of power such as wind and solar energy.

The market for residential application is expected to grow at the highest CAGR between 2018 and 2023. The battery energy storage systems have the ability to store energy during the peak production period, leading to less wastage of energy. This is driving their adoption in the residential applications, as the residential sector worldwide is driving toward the adoption of renewable energy sources for accomplishing the routine tasks. The major companies offering battery energy storage systems for the residential application are Samsung SDI and Tesla.

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