Battery Energy Storage System Market by Battery Type (Lithium-ion Batteries, Nickel-cadmium (Ni-Cd) Batteries), Component, Connection Type, Ownership, Energy Capacity, Application, and Geography - Global Forecast to 2029
Redding, California, Sept. 01, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Battery Energy Storage System Market by Battery Type (Lithium-ion Batteries, Nickel-cadmium (Ni-Cd) Batteries), Component, Connection Type, Ownership, Energy Capacity, Application, and Geography - Global Forecast to 2029’, the global battery energy storage system market is expected to grow at a CAGR of 27.3% during the forecast period to reach $16.21 billion by 2029.
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The fast growth of this market is attributed to the increasing demand for grid energy storage systems due to rapid grid modernization, rising low-carbon and less fossil fuel-based economies, and the ongoing renewable energy revolution. However, the high capital requirement for installing battery energy storage systems is expected to restrain the growth of this market. In addition, the surge in the number of rural electrification projects worldwide and the decline in lithium-ion battery prices are expected to create significant growth opportunities for the players operating in this market. The complexities in installing battery energy storage systems on islands or remote areas and overheating of lithium-ion batteries pose challenges to the growth of this market.
Impact of COVID-19 on the Battery Energy Storage System Market
The outbreak of the COVID-19 pandemic led to a global economic downturn. Several countries imposed strict lockdowns to contain the infection, resulting in a temporary closure of manufacturing facilities and disrupted supply chains & production schedules. Industries were negatively impacted due to the disruption of supply chains and workforce limitations caused by the nationwide lockdowns. Closure of factories and trade restrictions also added to the existing challenges, severely impacting various industries. Manufacturing plants were shut down, affecting production and leading to a significant demand-supply gap.
Global manufacturing industries witnessed acute labor shortages, suspension & cancellation of projects, and disrupted supply & logistics. The battery energy storage systems market also witnessed a decline in its installation in various projects in 2021. Besides, the shutdown of manufacturing facilities globally was responsible for the decline in the growth of the market in 2020. A significant reduction in the demand for home battery storage products impacted the global economy. Due to the low availability of raw materials, manufacturing across industries was impeded.
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However, various governments set significant targets to move the green wave brought about by the interferences of industrial processes leaning toward the industry landscape. Moreover, supportive economic stimulus packages combined with the persistent endeavors of industry players are set to boost the interest in battery energy storage systems units. For instance, in August 2020, Hitachi ABB Power Grids Ltd. (Switzerland) partnered with Zenobē Energy Limited., (U.K.), a leading owner and operator of battery energy storage systems, to provide advanced traction power solutions for the U.K. railroads. The association plans to manufacture a 25 kilovolt (KV) rail traction power system framework to convey yield by converting power from batteries and provide continuous power supply to trains.
In December 2021, Samsung SDI Co., Ltd. (South Korea) launched a new battery brand, PRiMX, trademarked in Korea and Europe and will soon be registered in the U.S. Additionally, in December 2021, LG Energy Solutions Co., Ltd. (South Korea) signed a Memorandum of Understanding (MoU) with Siemens AG (Germany) for collaboration in the field of battery manufacturing, particularly the digitization of the production process. Through this strategic collaboration, LG Energy Solutions Co., Ltd. implemented smart battery manufacturing processes at its factories with advanced techniques. Such initiatives are anticipated to drive the growth of the global battery energy storage system market during the forecast period.
The global battery energy storage system market is segmented by battery type (lithium-ion batteries, nickel-cadmium (Ni-Cd) batteries, nickel-metal hydride (Ni-MH) batteries, sodium-sulfur (Na-S) Batteries, and Redox Flow Batteries [RFB]), component (battery systems, battery management systems [BMS], power conversion systems [PCS], and energy management systems [EMS]), connection type (on-grid connection, and off-grid connection), ownership (customer-owned, third-party-owned, and utility-owned), energy capacity (below 100 MWh, 100 MWh to 500 MWh, and more than 500 MWh), and application (residential, commercial, and utility). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on battery type, the global battery energy storage system market is segmented into lithium-ion batteries, nickel-cadmium (Ni-Cd) batteries, nickel-metal hydride (Ni-MH) batteries, sodium-sulfur (Na-S) batteries, and redox flow batteries (RFB). In 2022, the lithium-ion batteries segment is expected to account for the largest share of the global battery energy storage system market. The large market share of this segment is attributed to the manifold advantages of the battery, such as high energy and power density, leading to low standby losses and a high life expectancy of about 5–15 years with 98% efficiency. This segment is also slated to register the highest CAGR during the forecast period.
Based on component, the global battery energy storage system market is segmented into battery systems, battery management systems (BMS), power conversion systems (PCS), and energy management systems (EMS). In 2022, the battery management systems segment is expected to account for the largest share of the global battery energy storage system market. The large market share of this segment is attributed to its ability to monitor the condition of battery cells, measure their parameters and states, such as state-of-charge (SOC) and state-of-health (SOH), and protect batteries from fire and other hazards. This segment is also slated to register the highest CAGR during the forecast period.
Based on connection type, the global battery energy storage systems market is segmented into on-grid connection and off-grid connection. In 2022, the on-grid connection segment is expected to account for the largest share of the battery energy storage system market. The large market share of this segment is attributed to the demand for grid modernization from renewable energy suppliers. In addition, new regulatory policies for the energy sector are also driving the growth of the on-grid battery energy storage systems market for utilities.
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Based on ownership, the global battery energy storage system market is segmented into customer-owned, third-party-owned, and utility-owned. In 2022, the customer-owned segment is expected to account for the largest share of the global battery energy storage system market. The large market share of this segment is attributed to the wide usage of battery storage systems by customers for various operations, including charging stations, private vehicles & fleet operations, power plants, and commercial spaces. However, the utility-owned segment is slated to register the highest CAGR during the forecast period. The fast growth of this segment is attributed to the increasing electrification initiatives by various governments and stakeholders to power distant and remote locations.
Based on energy capacity, the global battery energy storage systems market is segmented into below 100 MWh, 100 MWh to 500 MWh, and more than 500 MWh. In 2022, the below 100 MWh segment is expected to account for the largest share of the global battery energy storage system market. The large market share of this segment is attributed to the large-scale usage of advanced technologies to improve the operational capabilities of grid networks. However, the 100 MWh to 500 MWh segment is slated to register the highest CAGR during the forecast period. The fast growth of this segment is mainly because 100 MWh to 500 MWh power capacity batteries are widely used in medium EVs such as light commercial vehicles and utility vehicles.
Based on application, the global battery energy storage system market is segmented into residential, commercial, and utility. The commercial segment is further segmented into telecommunication, data centers, industrial, marine, medical, and EV charging infrastructure. The utility segment is further segmented into peak shaving, load shifting, black start, microgrids, renewable integration, and grid services. In 2022, the commercial segment is expected to account for the largest share of the global battery energy storage system market. The large market share of this segment is mainly attributed to the increasing need for charging infrastructure in public places, the rapid development of commercial EV charging systems in Europe, and the high demand for commercial EV charging stations in China due to the presence of large commercial garage parking spaces and densely populated urban areas. The commercial segment is also slated to register the highest CAGR during the forecast period.
Based on geography, the Asia-Pacific (APAC) region is expected to account for the largest share of the global battery energy storage system market in 2022. Energy storage investments are expected to increase substantially in the APAC region as governments in growing economies are making new policies to improve the reliability and quality of power distribution facilities in residential areas. The governments of various countries in this region are focusing on minimizing the adverse effects of energy sector on the environment. These factors will lead to the high deployment of battery energy storage systems for residential and public utility applications in the APAC region.
Some of the major players operating in this market are ABB Ltd (Switzerland), General Electric Company (U.S.), BYD Company Limited (China), Delta Electronics, Inc. (Taiwan), Samsung SDI Co., Ltd. (South Korea), Panasonic Holdings Corporation (Japan), Siemens AG (Germany), Tesla Inc, (U.S.), Toshiba Corporation (Japan), LG Energy Solution, Ltd. (South Korea), Honeywell International Inc. (U.S.), Hitachi, Ltd. (Japan), NEC Corporation (Japan), EnerDel, Inc. (U.S.), Kokam (South Korea), Johnson Controls International plc (Ireland), Fluence Energy, Inc. (U.S.), and NextEra Energy, Inc. (U.S.).
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Battery Energy Storage System market, by Battery Type
Redox Flow Batteries (RFB)
Battery Energy Storage System market, by Component
Battery Energy Storage System market, by Connection Type
Battery Energy Storage System market, by Ownership
Battery Energy Storage System market, by Energy Capacity
Battery Energy Storage System market, by Application
Battery Energy Storage System market, by Geography
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