At 27.68% CAGR, Battery Storage Market is Expected to Reach USD 49.28 Billion by 2028, Says Brandessence Market Research

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Brandessence Market Research and Consulting Private Limited

Aug 09, 2022, 10:30 ET

LONDON, Aug. 9, 2022 /PRNewswire/ -- The Battery Storage Market is valued at USD 6.98 Billion in 2021 and is expected to reach USD 49.28 Billion by 2028 with a CAGR of 27.68% over the forecast.

Battery Storage Market Size, Share & Trends Analysis Report by Storage System (Front-Of-The-Meter, Behind-The-Meter) By Battery Type (Lithium-Ion Batteries, Advanced Lead-Acid Batteries, Flow Batteries, Others) By Connection Type (On-Grid, Off-Grid) By Ownership (Customer-Owned, Third-Party Owned, Utility-Owned) By Energy Capacity (Below 100 MWh, Between 100 To 500 MWh, Above 500 MWh) By Application (Residential, Commercial, Utility), Based On Region, And Segment Forecasts, 2022 – 2028

Battery Storage Market: Market Scope

The global battery storage market is going to grow at an increasing rate in the coming years with the growth in the demand for the storage systems due to the ongoing modernizations of the grid, penetration of the lithium-ion batteries growing and the rise in the trend of the low-carbon adoption and less economy based out of fossil fuel and the ongoing energy revolution with the renewable energy being at the core. Though, the higher expenditure required for the installation of the battery storage systems is going to restrain the growth in the market.

On the contrary, the rise in the number of the rural projects all over the world where the focus is to electrify the rural villages is increasing the need for a continuous power supply and that has attributed to the rise in the number of data centers as well as a decline in the prices of the lithium-ion batteries has been expected to create a great opportunity for adopting the battery storage system in the coming years. Furthermore, the battery storage systems are facing a challenge because of the factors like complexity in the installation of the battery storage systems at the islands or in the remote areas.

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Battery Storage Market: Competitive Analysis 

Some of the major battery storage companies 2021 are BYD Company Limited, SAMSUNG SDI Co., Ltd., LG Energy Solutions Co., Ltd., and Panasonic Corporation. The global battery storage key players are working hard to innovate and increase their capacity in terms of the storage. This will help them in storing and making use of the storage.

  • ABB
  • LG Chem Ltd.
  • Panasonic Corporation
  • Samsung SDI
  • BYD Company Limited
  • Contemporary Amperex Technology Co. Limited
  • Exide Technologies
  • General Electric
  • Enersys
  • Nissan
  • AES Energy Storage
  • Hoppecke Batteries Inc.
  • Tesla
  • others

Battery Storage Market: Key Drivers

Battery storage growth drivers include the need for renewable energy resources. The solar and wind energy are among the most important types of the renewable energy which will be stored in grids. However, they are subject to the uncontrollable factors such as the sun concealed by clouds or the fluctuations in the wind conditions and that leads to the variations in generation of energy. The fluctuations therefore create a requirement for the variations in the process of the generation of energy. These are systems which help the operators to save the electricity when the electricity generated exceeds the demand for electricity. An adoption of these systems improves the flexibility and reliability of the supply systems of electricity when it comes to generation, distribution and transmission of the electric power.

The rural electrification is a process where the electrical power is made accessible in the remote or rural areas. The battery storage systems are very effective for the rural electrification. Many countries all over the world are developing the remote areas and the isolated rural and per-urban areas. This is happening in particular in the developing countries where there is a need for the uninterrupted power supply from the reliable and renewable sources of energy which increases the efficiency of the system and ensures the savings in terms of life cycle. The installation of these systems in the rural areas also serves the businesses and the local communities with a safe and reliable power supply.

Battery Storage Market: Key Trends

Battery storage trends suggest that the pandemic has had an effect on every industry and economy all over the world. The governments of many countries have made an imposition of lockdowns for containing the spread of this epidemic. The complete lockdown saw the supply chains breaking down completely in many countries. This was a major factor which caused a decline in the exports and disruptions in the supply chains. This is a market that was significantly affected by the covid outbreak. The shutdown of the facilities of manufacturing all over the world also led to a major operational decline in the market but the future looks good as the governments are now looking forward to the growth in the market with the battery storage 2022 market showing great development in the coming years as the energy requirements increasing.

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Battery Storage Market: Segmentation Analysis

In terms of segmentation, the lithium-ion batteries are going to hold the highest battery storage market share and it is going to stay the same in the coming years. The growth in this segment is going to be due to the advantages of the batteries like the high energy and power density. This leads to the low standby losses and a higher expectancy of life. The lithium-ion-sulfur battery storage system is going to support the regulation of frequency, demand charge reduction, renewable integration, grid-buffering. Tis is going to be suitable for the on-grid connections.

In terms of segmentation, the on-grid segment is going to be the largest market and it is going to hold the greatest growth rate too. They exhibit lower upfront costs than the off-grid contemporary. The reduction in the bills of energy for the consumers will be the major driving force for this segment as the surplus energy gets sent to grid. This can also be used later on the metered basis. There is a major reduction in the bills which is going to drive this segment. The demand for the modernization of grid from the renewable energy suppliers and a newer regulatory policy for the energy sector is going to drive the growth of the global battery storage market.

By Storage System:

  • Front-of-the-meter
  • Behind-the-meter

By Battery Type:

  • Lithium-Ion Batteries
  • Advanced Lead-Acid Batteries
  • Flow Batteries
  • Others

By Connection Type:

  • On-grid
  • Off-grid

By Ownership:

  • Customer-Owned
  • Third-Party Owned
  • Utility-Owned

By Energy Capacity:

  • Below 100 MWh
  • Between 100 to 500 MWh
  • Above 500 MWh

By Application:

  • Residential
  • Commercial
  • Utility

Battery Storage Market: Regional Analysis

Battery storage statistics suggest that the Asia Pacific market is going to grow at the greatest rate. This is a region which is going to hold the biggest share in the market with the battery storage system showing a great amount of growth here. The Asia Pacific is a region which has become the hub for the energy storage industry and that is because of the need for rural electrification in the remote areas. This is mostly taking place in the countries such as India and China. The use of the technology has been aided with the government initiatives and the growth in the economies with the new policies taking place and initiatives making this market a great prospect in the Asia Pacific.

On Special Requirement Battery Storage Market Report is also available for below region:

North America

  • U.S, Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

Recent Developments

  • Finnish Utility Deployed 90MW Storage System with Hitachi ABB Power Grids

On June 24th, 2021; Finnish nuclear power company Teollisuuden Voima (TVO) selected Hitachi ABB Power Grids for the provision and installation of what is claimed to be one of Europe's largest battery energy storage projects.

  • Atlas Renewable Energy Partnered with Hitachi Abb Power Grids to Integrate Battery Energy Storage Systems in Renewable Projects

On April 21st, 2021; Atlas Renewable Energy, a leading renewable energy company in the Americas, signed a Collaboration Agreement with Hitachi ABB Power Grids, to jointly develop and execute Battery Energy Storage Systems (BESS) at a utility scale level for Atlas' renewable projects.

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