logo image
search icon
Battery Energy Storage System Market

Battery Energy Storage System Market Size, Share & Trends Analysis Distribution by Battery (Lithium-Ion Batteries, Advanced Lead-Acid Batteries, Flow Batteries), Connection Type (On-grid, Off-grid), Ownership (Customer-Owned, Third-Party Owned, Utility-Owned), Energy Capacity (Below 100 MWh, Between 100 to 500 MWh, above 500 MWh), Application and Segment Forecasts, 2024-2031

Report ID : 2852 | Published : 2024-10-15 | Pages: 165 | Format: PDF/EXCEL/Power BI Dashbord

The Battery Energy Storage System Market Size is valued at USD 6.41 Bn in 2023 and is predicted to reach USD 39.43 Bn by the year 2031 at an 25.8% CAGR during the forecast period for 2024-2031.

 battery

Battery Energy Storage System (BESS) is emerging rapidly into the key player's list in the global energy landscape. The technology of BESS uses batteries to store electrical energy to dispense it later. Energy from sources like solar power and wind can fluctuate greatly, from very high to very low. To manage this, BESS is crucial for capturing and storing this energy, ensuring it's available when needed. Through the action of releasing stored energy in periods of high demand and low production, BESS improves grid reliability and supports the integration of renewables into the power supply. Its applications range from stabilizing electricity grids to peak shaving, backup power, supporting microgrids, and energy arbitrage—storing energy when prices are low and selling it back to the grid when prices increase.

The growth of the BESS market is primarily attributed to an increasing demand for renewable energy sources. As countries strive toward ambitious climate goals and look to reduce greenhouse gas emissions, efficient energy storage solutions are crucial in tackling the performance variance of renewables. This not only helps countries achieve energy independence but also boosts the resilience and sustainability of global power systems, putting BESS at the cornerstone for future energy infrastructure.

Competitive Landscape

Some of the Key Players in Battery Energy Storage System Market:

  • BYD Company Ltd.
  • LG Energy Solution
  • Panasonic Corporation
  • Samsung SDI Co., Ltd.
  • Tesla
  • ABB
  • Delta Electronics, Inc.
  • Ge Vernova
  • Hitachi Energy Ltd.
  • Honeywell International, Inc.
  • Johnson Controls
  • NGK Insulators Ltd.
  • Siemens
  • Toshiba Corporation
  • AB Volvo
  • Other Prominent Players
  • AEG
  • East Penn Manufacturing Company
  • ESS Tech, Inc.
  • Kore Power Inc.
  • Primus Power Solutions
  • Saft
  • Solaredge
  • The AES Corporation
  • Trinasolar
  • VRB Energy

Market Segmentation:

The battery energy storage system market is segmented by battery, connection type, ownership, energy capacity, application. By battery the market is segmented into lithium-ion batteries, advanced lead-acid batteries, flow batteries, others, by connection type market is categorized into on-grid, off-grid. By ownership the market is categorized into customer-owned, third-party owned, utility-owned. By energy capacity the market is categorized into below 100 MWh, between 100 to 500 MWh, above 500 MWh. By application the market is segmented into residential, commercial, utility.

Lithium-Ion Batteries Segment is Expected to Drive the Battery Energy Storage System Market

Major contributors to the growth in the BESS market have been associated with Lithium-ion batteries, which are efficient in performance, high in energy density, and cost-effective. These batteries can store relatively large quantities of energy within a tight space-the key reason why they are readily applicable for the stabilization of electric grids and in adding to renewable energy. With advanced technology, the cost of the Lithium-ion battery continues to reduce, thus constantly increasing their role within energy storage systems. They can also significantly contribute towards the support of renewable energy as they can store leftover power generated during peak times for later usage. The growing demand for electric vehicles also propels the expansion of BESS on a further basis as adoption by way of EV is increasing the need for related energy storage solutions.

On-grid is Growing at the Highest Rate in the Battery Energy Storage System Market.

The on-grid market for the BESS is likely to expand rapidly, led by its enabling capability to support the integration of renewable resources, declining costs, supportive government policies, and utility-scale applications. Indeed, with an increasing use of solar and wind-based renewables as prime resources, an on-grid BESS becomes ever more essential in charging surplus energy generated and releasing it at times of peak demand, ensuring grid stability. Increased economies of scale have lowered the prices of lithium-ion batteries, and it becomes relatively easy for utilities and enterprises to invest in such systems. In addition, with good policies, such as government subsidies and tax incentives, there will be investment in this area. Furthermore, on-grid BESS is suitable for utility-scale applications because they provide means to meet the increasing demands for electricity while improving infrastructure for renewable energy integration.

Regionally, Asia-Pacific Led the Battery Energy Storage System Market.

The Asia-Pacific region happens to lead the Battery Energy Storage System (BESS) market due to rapid urbanization, population growth, government-friendly policies, technological progress, and robust investment in renewable energy. Economies such as China and India are fast-developing nations who concentrate on upgrading energy infrastructure in support of growing demand. Renewable energy and energy storage are encouraged by favorable policies by governments aiming at improving the power distribution system and ensuring electricity is extended to the most remote areas. Advances in lithium-ion battery technology are making BESS more efficient and cost-effective. Therefore, the region is receiving encouraging investments. This region has made significant investments in solar and wind energy and BESS is essential for storing and integrating renewable energy into the grid.

Battery Energy Storage System Market Report Scope

Report Attribute

Specifications

Market Size Value In 2023

USD 6.41 Bn

Revenue Forecast In 2031

USD 39.43 Bn

Growth Rate CAGR

CAGR of 25.8% from 2024 to 2031

Quantitative Units

Representation of revenue in US$ Bn and CAGR from 2024 to 2031

Historic Year

2019 to 2023

Forecast Year

2024-2031

Report Coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments Covered

By Battery, Connection Type, Ownership, Energy Capacity, Application and By Region

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country Scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South Korea; Southeast Asia

Competitive Landscape

BYD Company Ltd., LG Energy Solution, Panasonic Corporation, Samsung SDI Co., Ltd., Tesla, ABB, Delta Electronics, Inc., GE Vernova, Hitachi Energy Ltd., Honeywell International, Inc., Johnson Controls, NGK Insulators, Ltd., Siemens, Toshiba Corporation, AB Volvo

Customization Scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Geographic competitive landscape.                     

Pricing and Available Payment Methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1.          Methodology and Scope

1.1.        Research Methodology

1.2.        Research Scope & Assumptions

Chapter 2.          Executive Summary

Chapter 3.          Global Battery Energy Storage System Market Snapshot

Chapter 4.          Global Battery Energy Storage System Market Variables, Trends & Scope

4.1.        Market Segmentation & Scope

4.2.        Drivers

4.3.        Challenges

4.4.        Trends

4.5.        Investment and Funding Analysis

4.6.        Porter's Five Forces Analysis

4.7.        Incremental Opportunity Analysis (US$ MN), 2024-2031

4.8.        Global Battery Energy Storage System Market Penetration & Growth Prospect Mapping (US$ Mn), 2023-2031

4.9.        Competitive Landscape & Market Share Analysis, By Key Player (2023)

4.10.     Use/impact of AI on Battery Energy Storage System Industry Trends

Chapter 5.          Battery Energy Storage System Market Segmentation 1: By Battery, Estimates & Trend Analysis

5.1.        Market Share by Battery, 2023 & 2031

5.2.        Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Battery

5.2.1.    Lithium-Ion Batteries

5.2.2.    Advanced Lead-Acid Batteries

5.2.3.    Flow Batteries

5.2.4.    Others

Chapter 6.          Battery Energy Storage System Market Segmentation 2: By Connection Type, Estimates & Trend Analysis

6.1.        Market Share by Connection Type, 2023 & 2031

6.2.        Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Connection Types:

6.2.1.    On-grid

6.2.2.    Off-grid

Chapter 7.          Battery Energy Storage System Market Segmentation 3: By Ownership, Estimates & Trend Analysis

7.1.        Market Share by Ownership, 2023 & 2031

7.2.        Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Ownership:

7.2.1.    Customer-Owned

7.2.2.    Third-Party Owned

7.2.3.    Utility-Owned

Chapter 8.          Battery Energy Storage System Market Segmentation 4: By Energy Capacity, Estimates & Trend Analysis

8.1.        Market Share by Energy Capacity, 2023 & 2031

8.2.        Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Energy Capacity:

8.2.1.    Below 100 MWh

8.2.2.    Between 100 to 500 MWh

8.2.3.    Above 500 MWh

Chapter 9.          Battery Energy Storage System Market Segmentation 5: By Application, Estimates & Trend Analysis

9.1.        Market Share by Application, 2023 & 2031

9.2.        Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Application:

9.2.1.    Residential

9.2.2.    Commercial

9.2.3.    Utility

Chapter 10.        Battery Energy Storage System Market Segmentation 6: Regional Estimates & Trend Analysis

10.1.     Global Battery Energy Storage System Market, Regional Snapshot 2023 & 2031

10.2.     North America

10.2.1.  North America Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031

10.2.1.1.             US

10.2.1.2.             Canada

10.2.2.  North America Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Battery, 2024-2031

10.2.3.  North America Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Connection Type, 2024-2031

10.2.4.  North America Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Ownership, 2024-2031

10.2.5.  North America Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Energy Capacity, 2024-2031

10.2.6.  North America Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031

10.3.     Europe

10.3.1.  Europe Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031

10.3.1.1.             Germany

10.3.1.2.             U.K.

10.3.1.3.             France

10.3.1.4.             Italy

10.3.1.5.             Spain

10.3.1.6.             Rest of Europe

10.3.2.  Europe Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Battery, 2024-2031

10.3.3.  Europe Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Connection Type, 2024-2031

10.3.4.  Europe Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Ownership, 2024-2031

10.3.5.  Europe Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Energy Capacity, 2024-2031

10.3.6.  Europe Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031

10.4.     Asia Pacific

10.4.1.  Asia Pacific Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031

10.4.1.1.             India

10.4.1.2.             China

10.4.1.3.             Japan

10.4.1.4.             Australia

10.4.1.5.             South Korea

10.4.1.6.             Hong Kong

10.4.1.7.             Southeast Asia

10.4.1.8.             Rest of Asia Pacific

10.4.2.  Asia Pacific Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Battery, 2024-2031

10.4.3.  Asia Pacific Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Connection Type, 2024-2031

10.4.4.  Asia Pacific Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Ownership, 2024-2031

10.4.5.  Asia Pacific Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts By Energy Capacity, 2024-2031

10.4.6.  Asia Pacific Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031

10.5.     Latin America

10.5.1.  Latin America Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031

10.5.1.1.             Brazil

10.5.1.2.             Mexico

10.5.1.3.             Rest of Latin America

10.5.2.  Latin America Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Battery, 2024-2031

10.5.3.  Latin America Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Connection Type, 2024-2031

10.5.4.  Latin America Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Ownership, 2024-2031

10.5.5.  Latin America Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Energy Capacity, 2024-2031

10.5.6.  Latin America Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031

10.6.     Middle East & Africa

10.6.1.  Middle East & Africa Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

10.6.1.1.             GCC Countries

10.6.1.2.             Israel

10.6.1.3.             South Africa

10.6.1.4.             Rest of Middle East and Africa

10.6.2.  Middle East & Africa Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Battery, 2024-2031

10.6.3.  Middle East & Africa Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Connection Type, 2024-2031

10.6.4.  Middle East & Africa Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Ownership, 2024-2031

10.6.5.  Middle East & Africa Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Energy Capacity, 2024-2031

10.6.6.  Middle East & Africa Battery Energy Storage System Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031

Chapter 11.        Competitive Landscape

11.1.     Major Mergers and Acquisitions/Strategic Alliances

11.2.     Company Profiles

 

11.2.1.  BYD COMPANY LTD

11.2.1.1.             Business Overview

11.2.1.2.             Key Product/Service Offerings

11.2.1.3.             Financial Performance

11.2.1.4.             Geographical Presence

11.2.1.5.             Recent Developments with Business Strategy

11.2.2.  LG ENERGY SOLUTION

11.2.3.  PANASONIC CORPORATION

11.2.4.  SAMSUNG SDI CO., LTD.

11.2.5.  TESLA

11.2.6.  ABB

11.2.7.  DELTA ELECTRONICS, INC.

11.2.8.  GE VERNOVA

11.2.9.  HITACHI ENERGY LTD.

11.2.10.              HONEYWELL INTERNATIONAL, INC.

11.2.11.              JOHNSON CONTROLS

11.2.12.              NGK INSULATORS, LTD.

11.2.13.              SIEMENS

11.2.14.              TOSHIBA CORPORATION

11.2.15.              AB VOLVO

11.2.16.              Other Prominent Players

11.2.16.1.           AEG

11.2.16.2.           EAST PENN MANUFACTURING COMPANY

11.2.16.3.           ESS TECH, INC.

11.2.16.4.           KORE POWER INC.

11.2.16.5.           PRIMUS POWER SOLUTIONS

11.2.16.6.           SAFT

11.2.16.7.           SOLAREDGE

11.2.16.8.           THE AES CORPORATION

11.2.16.9.           TRINASOLAR

11.2.16.10.         VRB ENERGY

Segmentation of Battery Energy Storage System Market -

Battery Energy Storage System Market by Battery -

  • Lithium-Ion Batteries
  • Advanced Lead-Acid Batteries
  • Flow Batteries
  • Others

 battery

Battery Energy Storage System Market by Connection Type -

  • On-grid
  • Off-grid

 Battery Energy Storage System Market by Ownership -

  • Customer-Owned
  • Third-Party Owned
  • Utility-Owned

Battery Energy Storage System Market by Energy Capacity -

  • Below 100 MWh
  • Between 100 to 500 MWh
  • Above 500 MWh

Battery Energy Storage System Market by Application -

  • Residential
  • Commercial
  • Utility

Battery Energy Storage System Market by Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa

 

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

user icon
office icon
mail icon
call icon

This website is secure, and we do not share your personal information with any third party. Privacy Policy

Need Customization
Need specific information/chapter from the report of the custom data table, graph or complete report? Tell us more.

Frequently Asked Questions

How big is the Battery Energy Storage System Market Size?

The Battery Energy Storage System Market is expected to grow at an 25.8% CAGR during the forecast period for 2024-2031.

BYD Company Ltd., LG Energy Solution, Panasonic Corporation, Samsung SDI Co., Ltd., Tesla, ABB, Delta Electronics, Inc., GE Vernova, Hitachi Energy Lt

The Battery Energy Storage System Market has five segments Battery, Connection Type, Ownership, Energy Capacity, and Application.

North American region is leading the Battery Energy Storage System Market.

Our Clients

  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo

Media Citations

  • media citation logo
  • media citation logo
  • media citation logo
  • media citation logo
  • media citation logo
  • media citation logo
  • media citation logo
  • media citation logo
  • media citation logo

Growth opportunities and latent adjacency in Energy and Power

Report License Selection

Determine the appropriate license for your report

Get Your GTM Strategy

Navigate market entry with channel selection, launch strategy & timeline, and pricing model support.

Equip yourself with the insights needed to develop a winning go-to-market strategy

Get real-time updates and joint control over project direction with our collaborative approach