Global Battery Energy Storage System Market Size More Than Triples to Reach USD 16.22 Billion by 2029

Published | 19 May 2023

The global battery energy storage system market is gaining traction because of the increasing demand for grid energy storage systems, ongoing grid modernization, and deepening penetration of lithium-ion batteries in the renewable energy sector.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global battery energy storage system market size at USD 4.58 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global battery energy storage system market size to grow at a robust CAGR of 28.15% reaching a value of USD 16.22 billion by 2029. Expanding industrialization, a thriving service sector that includes telecom, medicine, data centers, and others, as well as a booming demand for renewable energy with declining costs, which is further fueling the demand for continuous power supply, are major growth factors for the robust expansion of the global battery energy storage system market during the period in analysis.

Global Battery Energy Storage System Market – Overview

Battery energy storage systems (BESS) store energy from renewable energy sources, such as solar and wind, which may be held and then released when consumers need electricity the most. Energy purchased during off-peak hours can be stored using battery storage devices. When tariffs are highest, they can be turned on to distribute energy and lower energy costs. Businesses of all sizes may save a lot of money by avoiding "red tariffs," when costs are at their highest. Those who produce renewable energy or those who want to efficiently store energy now have the option to store this power in a network of batteries thanks to battery energy storage systems.

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Global Battery Energy Storage System Market – By Ownership

Based on ownership, the global battery energy storage system market is segmented into customer-owned, third-party owned, and utility-owned. The utility-owned segment accounts for the highest market share owing to rising energy needs and increasing focus on providing continuous power during peak demand periods. The governments of various countries are significantly investing in developing energy infrastructure in rural and remote areas under electrification initiatives which are projected to boost the demand for battery energy storage systems during the forecast period.

Impact of COVID-19 on Global Battery Energy Storage System Market

The COVID-19 pandemic disrupted the growth of the global battery energy storage system market. Strict lockdowns were implemented in many countries to limit the outbreak, which led to the temporary shutdown of manufacturing facilities as well as the disruption of supply networks and production schedules. Industries suffered as a result of supply chain disruptions and worker restrictions brought on by the widespread lockdowns. Many sectors, including battery energy storage system manufacturing and distribution, have been negatively impacted by factory closures and trade restrictions that were added to the already difficult situation. Manufacturing facilities were closed, which had an impact on output and created a huge imbalance between supply and demand in the market.

Competitive Landscape

Major players operating in the global battery energy storage system market include BYD Company Limited, Panasonic Corporation, LG Energy Solution Ltd, Contemporary Amperex Technology Co. Limited, Sony Corp., Varta AG, Tesla Inc., Samsung SDI Co. Ltd, Cellcube Energy Storage System Inc., Black & Veatch, Enersys, EVE Energy Co Ltd., GE, Kokam, Narada, Nissan, and Siemens Energy.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Global Battery Energy Storage System Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Battery Energy Storage System Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Battery Energy Storage System Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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