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Battery Energy Storage Market Segmentation by Battery Type (Lithium-Ion, Lead-Acid, Flow Battery, and Others); by Connection (On Grid, and Off Grid); and by Application (Commercial, Residential, Utility, and Others) – Global Demand Analysis & Opportunity Outlook 2029

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Extensive insights into the Growth of Battery Energy Storage Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

·        November 3, 2019: AEG Power Solutions Group announced the joint venture with CMI Energy to provide battery energy storage systems for the MiRIS project in Seraing, Belgium.

·        April 20, 2021: Hitachi ABB Power Grids, a subsidiary of Hitachi Ltd., to deliver power solutions for Amprion, the largest transmission operator in Germany, as Germany is undergoing renewable energy transition.

Global Battery Energy Storage Market Highlights over 2020-2029

The global battery energy storage market is estimated to witness a robust CAGR over the forecast period, i.e., 2021–2029. The growth of the market can be attributed to the increasing modification in the traditional energy storage and distribution system, along with rapid adoption of smart grids around the world. The global investment in smart grid infrastructure, in the year 2019, accounted to more than USD 16.5 billion. Moreover, the various advantages of the battery energy storage systems, such as, peak shaving, load shifting, emergency backup, and renewable integration, are expected to drive the market growth. In addition to this, increasing adoption of renewable energy, especially solar and wind energy, among households, is estimated to boost the market growth as battery energy storage systems can store the energy generated by solar and wind power plants, and keep the supply uniform even in adverse climatic conditions.

Battery Energy Storage Market

The market is segmented by battery type into lithium-ion, lead-acid, flow battery, and others, out of which, the lithium-ion segment is anticipated to hold the major share in the market during the forecast period on account of its longest life, temperature tolerance, and safe and fast charging. On the basis of application, the market is segmented into commercial, residential, utility, and others, out of which, the utility segment is anticipated to witness notable revenue share in the market throughout the forecast period. This can be attributed to the need for constant and equal electric voltage in the electric grids for generation of electricity, which is achieved by installation of battery energy storage systems. Unequal or interrupted supply of electricity can cause damage to the equipment along with power outages.

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years. CLICK TO DOWNLOAD SAMPLE REPORT

Global Battery Energy Storage Market Regional Synopsis

Regionally, the global battery energy storage market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner the largest share over the forecast period on the back of increasing adoption of renewable energy in residential as well as non-residential applications. Moreover, increasing commercialization of solar farms in the countries, such as, the U.S. and Canada, is estimated to drive the growth of the regional market. According to the data provided by the U.S. Energy Information Administration (EIA), there were more than 2,500 utility scale solar power plants in the U.S. in 2018. Furthermore, many major companies in the region are focusing on increasing the use of renewable energy, which is further expected to promote the market growth.

The market in the Asia Pacific region is anticipated to attain highest CAGR over the forecast period owing to the rising government initiatives to provide access to electricity in remote areas, backed by the economic and infrastructural development in the region. Countries, such as, Japan, India, China, and Singapore, are the fastest growing economies in the world, which is estimated to positively impact the battery energy storage market in the region.

Global Battery Energy Storage Market

The global battery energy storage market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global battery energy storage market includes the following segments:

By Battery Type

  • Lithium-Ion Battery
  • Lead-Acid Battery
  • Flow Battery
  • Others

By Connection

  • On Grid
  • Off Grid

By Application

  • Commercial
  • Residential
  • Utility
  • Others

Growth Drivers

  • Increasing Implementation of Smart Grids Globally
  • Expanding Adoption of Renewable Energy

Challenges

  • Disrupted Supply-Chain in the Power Generation Industry
  • High Cost Associated with the Batteries

Top Featured Companies Dominating the Market

  • Delta Electronics, Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Hitachi, Ltd.
  • The General Electric Company
  • Samsung SDI Co., Ltd.
  • Siemens Aktiengesellschaft
  • Panasonic Corporation
  • ABB Ltd
  • NEC Energy Solutions, Inc.
  • AEG Power Solutions Group
  • Toshiba International Corporation

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