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Battery Energy Storage Market

Battery Energy Storage Market

Battery Energy Storage Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:


Base Year:



Dec - 2023



Report Code:


Segments Covered
  • By Element By Element Battery, Others
  • By Battery Type By Battery Type Lithium-Ion Batteries, Advanced Lead Acid Batteries, Flow Batteries, Others
  • By Connection Type By Connection Type On-grid, Off-grid
  • By Ownership By Ownership Customer-Owned, Third-Party Owned, Utility-Owned
  • By Energy Capacity By Energy Capacity Below 100 MWh, Between 100 to 500 MWh, Above 500 MWh
  • By Application By Application Residential, Commercial, Utility
  • By Region By Region North America, Europe, Asia Pacific, Latin America, MIddle East & Africa
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 4.23 Billion
Revenue 2030Revenue 2030: USD 21.81 Billion
Revenue CAGRRevenue CAGR (2023 - 2030): 25.9%
Fastest Growing Region Fastest Growing Region (2023 - 2030) North America
Largest Region Largest Region (2022): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Battery Energy Storage Market Share

The global Battery Energy Storage Market is valued at USD 4.23 Billion in 2022 and is projected to reach a value of USD 21.81 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 25.9% between 2023 and 2030.

Premium Insights

The market is being influenced by the global shift towards renewable energy sources like solar and wind, which requires effective energy storage solutions to handle intermittent power generation. The growing energy consumption and the need for grid stability also drive the demand for battery energy storage systems that can provide ancillary services, peak shaving, and grid balancing capabilities. The widespread adoption of lithium-ion batteries and their advancements enhance the efficiency, energy density, and cost-effectiveness of energy storage solutions. The increasing popularity of electric vehicles and the subsequent need for reliable charging infrastructure also contribute significantly to the Battery Energy Storage market, as these systems help manage grid demand and optimize energy usage.

Battery Energy Storage Market Size, 2022 To 2030 (USD Billion)

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  • As the world focuses on decarbonization and improving energy resilience, these factors emphasize the critical role of battery energy storage in shaping the future of the global energy landscape
  • Asia pacific generated more than 32.5% of revenue share in 2022
  • North America is expected to grow at the quickest rate from 2023 to 2030
  • Lithium-Ion Batteries segment accounted for the largest market growth. It contributed over 37.8% of the total revenue share in 2022
  • Utility-Owned segment accounts for the most significant market share of 35.5% in 2022
  • Above 500 MWh segment lead the market with market share of 40.2% in 2022

Economic Insights

Economic growth and industrial development globally drive the market due to the increasing need for efficient and reliable storage solutions to meet growing energy demands. The market is also shaped by government incentives, subsidies, and regulatory frameworks, which influence investment decisions and market expansion. Regions where battery energy storage systems are manufactured and deployed experience job creation and economic development.

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Top Market Trends

  • Increasing Penetration of Renewable Energy: The incorporation of battery energy storage systems (BESS) with renewable energy sources like solar and wind. The purpose of utilizing energy storage solutions was to tackle the problem of intermittency and improve the dependability of generating renewable energy.
  • Advancements in Battery Technologies: Battery energy storage was being increasingly adopted due to advancements in battery technologies, such as enhanced energy density, efficiency, and reduced costs. While lithium-ion batteries remained popular, there were ongoing research and development endeavors aimed at investigating alternative chemistries.
  • Grid Stabilization and Resilience: Battery energy storage systems have gained recognition for their contributions to grid stabilization, ancillary service provision, and grid resilience. They have the ability to promptly adapt to changes in demand and supply, thereby promoting a power grid that is more secure and consistent.
  • Rise of Behind-the-Meter Applications: Energy storage systems, such as residential and commercial applications, known as behind-the-meter, were becoming increasingly popular. These systems granted consumers the ability to store surplus energy, which could then be utilized during peak demand times or in the event of a power failure, thus contributing to achieving energy self-sufficiency.
  • Expansion of Microgrid Deployments: There has been a rising trend in deploying microgrids, often accompanied by battery energy storage. These microgrids offer localized and decentralized power generation, which greatly improves energy reliability, particularly in remote or off-grid regions.
  • Growth in Electric Vehicle (EV) Charging Infrastructure: The increasing prevalence of electric cars is fueling the need for energy storage solutions to accommodate EV charging infrastructure. Battery energy storage systems were employed to handle high demand periods and optimize the charging process for electric vehicles.

Market Segmentation

The globel Battery Energy Storage market can be categorized into Element, Battery Type, Connection Type, Ownership, Energy Capacity, Application , Region. The Market can be categorized into Battery, Others based on Element. The Market can be categorized into Lithium-Ion Batteries, Advanced Lead Acid Batteries, Flow Batteries, Others based on Battery Type. The Market can be categorized into On-grid, Off-grid based on Connection Type. The Market can be categorized into Customer-Owned, Third-Party Owned, Utility-Owned based on Ownership. The Market can be categorized into Below 100 MWh, Between 100 to 500 MWh, Above 500 MWh based on Energy Capacity. The Market can be categorized into Residential, Commercial, Utility based on Application . The Market can be categorized into North America, Europe, Asia Pacific, Latin America, MIddle East & Africa based on Region.

Below tree is interactive. You can click the nodes to get more information.

Based on Battery Type

Lithium-Ion Batteries holds the largest share

Lithium-ion batteries are leading the global market because widespread use of lithium-ion technology in various applications such as electric vehicles, consumer electronics, and energy storage systems. Lithium-ion batteries are preferred due to their high energy density, longer lifespan, and lightweight nature, making them suitable for various energy storage needs. The market's dependence on lithium-ion batteries is further strengthened by ongoing advancements in battery chemistry and manufacturing processes, leading to improved performance and cost-effectiveness.

Based on Ownership

Utility-Owned will account for largest market share

The largest share in the market is expected to be held by the utilities segment in 2022 because utilities are increasingly investing in battery energy storage as a strategic way to improve the reliability of the grid, manage high demand periods, and effectively integrate renewable energy sources. These utility-owned energy storage projects are primarily utilized for large-scale grid applications, providing services such as regulating frequency, reducing peak demand, and supplying backup power.

Based on Energy Capacity

Above 500 MWh lead the market

Above 500 MWh lead the market due to a growing need for larger storage solutions to handle high electrical loads and support grid-scale applications. These high-capacity systems are crucial for utility-scale projects, ensuring reliable power during peak demand, improving grid stability, and accommodating intermittent renewable energy sources. The preference for such solutions is driven by the increasing size of energy infrastructure projects and the focus on deploying robust and scalable systems to meet the evolving needs of modern energy grids.

Based on Region

Asia Pacific will lead the market

Asia Pacific is expected to dominate the market due to various factors such as rapid industrialization, urbanization, and the growing emphasis on adopting renewable energy in countries across Asia Pacific. Governments in the region have actively promoted energy storage solutions to meet rising energy demands, improve grid reliability, and effectively incorporate renewable sources. Furthermore, significant investments in battery manufacturing infrastructure in the Asia Pacific region have greatly contributed to the widespread use of battery energy storage systems.

Competitive Landscape

The market is highly competitive, and major companies in this industry are focused on continuously improving battery technologies to make them more efficient and affordable. Market players are closely monitoring developments in battery technology, changing energy trends, and emerging applications to position themselves for success in this dynamic industry.

The players in the global market include SK Innovation, Funeng Technology, Samsung SDI, Guoxuan High-Tech, BYD, LG Chem, CATL, Eve Energy, TerraE Holding, Tesla, Parker Hannifin. among others.

Recent Market Developments

  • 2023: The New York Power Authority (NYPA) and the New York State Energy Research and Development Authority (NYSERDA) have introduced a unique battery energy storage system (BESS) that utilizes a patented, high-safety lithium-ion (Li-ion) superCell technology. This system is being employed as a demonstration project to offer energy peak-shaving capabilities to NYPA's White Plains offices.
  • 2022: Fluence Energy GmbH and TransnetBW GmbH have revealed their intentions to implement the most extensive battery-powered energy storage-as-transmission initiative across the globe. By enhancing the efficiency of the current grid infrastructure, this project aims to bolster energy security and substantially aid Germany's energy transition efforts. The ambitious project entails the establishment of a 250 MW battery-powered energy storage system, which will be dispatched by Fluence and situated at the pivotal grid hub of Kupferzell. It is projected to be fully operational by 2025.
  • 2022: Saft, a battery manufacturer, has recently won a contract from Neoen to provide a complete 8MW/8 MWh battery energy storage system (BESS) in the Antugnac region of Southern France. This project will mark the country's inaugural co-located BESS and solar farm that is connected to Réseau de Transport d'Électricité's (RTE) high-voltage transmission grid. Saft is responsible for constructing the new energy storage system (ESS) on an engineering, procurement, and construction (EPC) basis, with an expected completion date in spring 2022, achieved within 10 months of signing the contract.

Segmentation of the Global Market

Parameter Details
Segments Covered
  • Element (Battery, Others)
  • Battery Type (Lithium-Ion Batteries, Advanced Lead Acid Batteries, Flow Batteries, Others)
  • 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 (Residential, Commercial, Utility)
  • Region (North America, Europe, Asia Pacific, Latin America, MIddle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • SK Innovation
  • Funeng Technology
  • Samsung SDI
  • Guoxuan High-Tech
  • BYD
  • LG Chem
  • CATL
  • Eve Energy
  • TerraE Holding
  • Tesla
  • Parker Hannifin.
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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Frequently Asked Question
  • The global Battery Energy Storage valued at USD 4.23 Billion in 2022 and is expected to reach USD 21.81 Billion in 2030 growing at a CAGR of 25.9%.

  • The prominent players in the market are SK Innovation, Funeng Technology, Samsung SDI, Guoxuan High-Tech, BYD, LG Chem, CATL, Eve Energy, TerraE Holding, Tesla, Parker Hannifin..

  • The market is project to grow at a CAGR of 25.9% between 2023 and 2030.

  • The driving factors of the Battery Energy Storage include

    • Renewable Energy Integration and Grid Stability

  • Asia Pacific was the leading regional segment of the Battery Energy Storage in 2022.

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