Battery Energy Storage Market

The global Battery Energy Storage market was valued at USD 2.9 Billion in 2020 and is projected to reach USD 12.1 Billion by 2028, growing at a CAGR of 32.8% from 2021 to 2028.

Battery storage, or battery energy storage systems (BESS), are devices that enable energy from renewables, like solar and wind, to be stored and then released when customers need power most.

The global Battery Energy Storage market report provides a thorough analysis of each segment, region, and country. All the segments are studied considering historical and future trends across geographies. All the segments are analyzed based on trends, market size, and forecasts, and the data is provided for the years 2016–2028. Several growth factors and opportunities impacting various segments have been incorporated in the report. In addition to that, the report will cover a thorough analysis of major players operating in the market based on company overview, product portfolio, recent developments, business strategies, financial performance, and market share among others. Cumulatively, the report will cover all aspects regarding the global Battery Energy Storage market. 

In 2020, swift spread of COVID-19 largely impacted the global business operations, disrupting the supply chain and impairing various industries. The global trading activities were declined severely owing to the nationwide lockdowns, international border seals, and strict social distancing measures. This had a drastic impact on the global economy, as the companies across the globe were forced to either fully close or partially close their operations, leading to disruption in the supply-demand ratio. Moreover, in 2021 several key markets such as U.S., India, and Brazil among others witnessed a second wave of COVID-19 that further disrupted the market. However, it is expected that reopening of trade activities, the market will witness steady growth in demand in the coming years. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

The report includes an exhaustive analysis of Battery Energy Storage industry that includes drivers, restraints/challenges, opportunities, and segmental/regional trends among others. Apart from that, it will also cover extensive information on various marketing tools such as PEST Analysis, Porter’s Five Forces Analysis, pricing trends,  SWOT analysis, and value chain among others.

The surging requirement of continuous power supply from critical infrastructures in wake of COVID-19 and increasing demand for grid energy storage systems owing to ongoing grid modernization is expected to fuel the growth of the battery energy storage market in the years to come. 

The growing adoption of lithium-ion batteries in renewable energy sector owing to their low costs and improved performance along with prevailing trend of adopting low-carbon and less fossil fuel-based economy and ongoing renewable energy revolution is further anticipated to support the growth of the market in the near future.

The high capital expenditure required for installation of battery energy storage systems and increasing complexity in terms of installation of battery energy storage systems at islands or in remote areas is expected to hamper the growth of the battery energy storage market over the forecast period.

Product  Analysis: Preview

On the basis of Product, the market is segmented into Lithium-Ion, Advanced Lead Acid, Flow Batteries, Sodium Sulfur,. Lithium-Ion held the highest share in the global Battery Energy Storage market and is projected to witness the same trend during the forecast period.

Application Analysis: Preview

Based on Application, the market is segmented into Residential, Industrial Manufacturing, Others,. Commercial accounted for the highest market share and is expected to grow at a significant CAGR from 2021 to 2028.

Analysis: Preview

Based on , the market is segmented into . dominates the global Battery Energy Storage market and is expected to continue the same trend from 2021 to 2028. 

Geographically, the global Battery Energy Storage market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. The report covers a thorough segmental analysis for each region comprising of market size and estimations for each segment by region for the years 2016–2028. In addition to that the report analyses Battery Energy Storage market at country-level hence the regional study is further bifurcated into key country-level markets from each region. Asia Pacific is anticipated to dominate the global market during upcoming years. This is accredited to the presence of key market players combined with rising demand from the end-users.  Some of the prominent country-level markets are U.S., China, Germany, France, India, and Japan.   

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA

Major players in the global Battery Energy Storage market are SK Innovation, Funeng Technology, Samsung SDI, Guoxuan High-Tech, BYD, LG Chem, CATL, Eve Energy, TerraE Holding, Tesla, Parker Hannifin. The global Battery Energy Storage market report covers an exhaustive analysis of all the key players in the industry. This includes a business overview, extensive portfolio, business strategies, news, financial performance, length of distribution network,  and geographical presence among others. In addition to that, the report also covers company market share along with in-depth strategic developments.   

• The global Battery Energy Storage market was valued at USD 2.9 Billion in 2020
• The global Battery Energy Storage Market is projected to reach USD 12.1 Billion by 2028
• Asia Pacific held the highest share of the Battery Energy Storage market in 2020
• Some of the major companies operating in the Battery Energy Storage market are SK Innovation, Funeng Technology, Samsung SDI, Guoxuan High-Tech, BYD, LG Chem, CATL, Eve Energy, TerraE Holding, Tesla, Parker Hannifin