Global Renewable Battery Storage Market Highlights Over 2019-2028
The global renewable battery storage market is estimated to garner a revenue of USD 14984 Million by the end of 2028 from USD 902.7 Million in 2019 by growing at a CAGR of 37.29% over the forecast period, i.e., 2021 – 2028. The growth of the market can be attributed to increasing use of renewable energy worldwide and the rising adoption of battery storage systems. Battery energy storage systems are evolving as one of the major solutions for the effective integration of solar and wind power renewables in the power systems across the world. Thus, the rapidly increasing demand for power has influenced the increased adoption of renewable battery energy storage systems in various end-use sectors. According to the statistics by the United States Energy Information Administration (EIA), electricity generated from non-hydroelectric renewables around the world grew from 271.71 Billion kWh in 2000 to 2588.14 Billion kWh in 2018.
Moreover, increasing government incentives for renewable energy storage systems and the rising trends for energy-storage-as-a-service (ESaaS) services are also anticipated to contribute to the market growth during the forecast period. The market is further anticipated to reach a value of USD 1630.2 Million by the end of 2021.
Global Renewable Battery Storage Market Regional Synopsis
Regionally, the global renewable battery storage market is segmented into four major regions including North America, Europe, Asia Pacific, and Rest of the World. The market in the Asia Pacific region is estimated to hold the largest market share throughout the forecast period and further reach a value of USD 6110.48 Million by the end of 2028 by growing at the highest CAGR of 37.84% over the forecast period. On the other hand, the market in North America is anticipated to register a revenue of USD 164.18 Million by the end of 2021. The market in North America is growing on account of the rising demand for renewable energy sources and the increasing need for uninterrupted power sources, backed by the concern for the aging grid infrastructure. Moreover, growing awareness on reducing the congestion on grid power by the use of renewable battery storage systems amongst the end users, is also anticipated to drive the growth of the market in the region. Further, there is growing demand for renewable battery storage systems amongst the end-users for use in applications, such as e-mobility, utility scales, and others, which is also anticipated to contribute to the growth of the market in North America. The market in North America is further segmented by country into the U.S. and Canada, out of which the market in the U.S. is anticipated to grab the largest market share of 94.54% by the end of 2028. Alternatively, the market in Canada is projected to grow with the largest CAGR of 37.04% during the forecast period.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Growth Drivers and Challenges Impacting the Growth of the Global Renewable Battery Storage Market
Growth Drivers
- Rapidly Growing Adoption of Lithium-Ion Battery in Renewable Energy Sector
- Growing Demand for Renewable Battery Energy Storage Systems
Challenges
- High Upfront Cost of Investment
- High Maintenance Cost of Renewable Battery Storage Systems
Global Renewable Battery Storage Market Segmentation Synopsis
The global renewable battery storage market is segmented on the basis of battery type into lithium-ion batteries, lead-acid batteries, flow batteries, and others. Amongst these segments, the lithium-ion batteries segment is anticipated to hold the largest market share throughout the forecast period and further attain a market revenue of USD 9928.25 Million by the end of 2028 by growing at a CAGR of 27.53% during the forecast period. Lithium-ion batteries are known to have high energy efficiency, long life cycle, and high energy density. Further, the lowering price of lithium-ion batteries over the years is also anticipated to contribute to the growth of the segment in the coming years. The market is further segmented by element into battery and other element, out of which, the battery segment is anticipated to hold the largest market share throughout the forecast period.
On the basis of connection type, the market is segmented into on-grid and off-grid connection, out of which, the on-grid connection segment is anticipated to grow with the highest CAGR of 37.66% during the forecast period. Further, the market is segmented by ownership into customer-owned, third-party owned, and utility-owned. Amongst these three segments, the customer-owned segment is projected to grab the largest market revenue of USD 998.0 Million by the end of 2021. By energy capacity, the market is segmented into below 100MWh, between 100 and 500MWh, and above 500MWh, out of which, the below 100MWh segment is projected to grow at a significant rate during the forecast period. Moreover, the market is also segmented by application into residential, commercial, and utilities, out of which, the utilities segment is anticipated to attain the largest revenue of USD 6538.25 Million by the end of 2028.
Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global renewable battery storage market that are included in our report are ABB, Delta Electronics, Inc., Toshiba Corporation, General Electric, Hitachi, Ltd., Siemens Energy, LG Chem, Samsung SDI Co., Ltd., Panasonic Corporation, Tesla, Inc., AEG Power Solutions Group, and others.
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