Global Battery Energy Storage System Market Size, Share, Growth, Trends, and Forecast (2024 - 2031)
Global Battery Energy Storage System Market Scope: Historical Data (2021 – 2022), Base Year (2023), Forecast Period (2024 – 2031)
Market Segmentation: By Type (Lithium-ion Batteries, Lead-acid Batteries, Nickel Metal Hydride, and Other Types (Sodium-sulfur Batteries and Flow Batteries)), Application (Residential, Commercial and Industrial, and Utility-scale), and Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)
Market Overview
The Global Battery Energy Storage System Market was valued at USD 6,594.8 million in 2023 and is expected to reach USD 42,971.2 million by 2031 while growing at a CAGR of 26.4% during the forecast period (2024-2031).
*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report
Market Dynamics
This section of the report will analyze various driving and restraining factors that are expected to have a significant impact on the global battery energy storage system market growth. A Battery Energy Storage System (BESS) stores electrical energy for later use, crucial for modernizing power grids, integrating renewables, and ensuring a reliable energy supply.
Increasing energy storage capacity and supportive government policies drive the growth of the battery energy storage system (BESS) market. Despite these positive factors, obstacles such as high initial costs, as well as technology and performance concerns, may impede the expansion of the market.
Furthermore, the global battery energy storage system industry will be analyzed through various tools including PESTLE analysis, and Porter’s analysis.
Segmentation – By Type Analysis
The Global Battery Energy Storage System Market is segmented among Lithium-ion Batteries, Lead-acid Batteries, Nickel Metal Hydride, and Other Types, based on Type. In 2023, Lithium-ion Batteries accounted for the majority of the market share*.
*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report
Segmentation – By Application Analysis
The Global Battery Energy Storage System Market is segmented among Residential, Commercial and Industrial, and Utility-scale, based on Application. In 2023, Residential accounted for the majority of the market share*.
*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report
Global Battery Energy Storage System Market: Regional Analysis
Based on region, the market is divided into six regions including North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. In 2023, Asia Pacific dominated the market with the highest market share, while North America is expected to grow with the highest CAGR during the forecast period (2024 – 2031).
*Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report
Competitive Landscape
Some of the key players operating in the market are BYD Company Limited, Panasonic Corporation, LG Energy Solution Ltd, Contemporary Amperex Technology Co. Limited, Sony Corp., Varta AG, Tesla Inc., Samsung SDI Co. Ltd, and Cellcube Energy Storage System Inc.
Table of Contents:
1. Research Methodology and Market Scope
Research Methodology
Market Scope
2. Executive Summary
3. Global Battery Energy Storage System Market Dynamics
Drivers
Restraints
Opportunity
4. Global Battery Energy Storage System Industry Analysis
PEST Analysis
Porter's Five Force Analysis
Recent Deals Analysis
5. Global Battery Energy Storage System Market Segmentation, By Type
Global Battery Energy Storage System Market Share Analysis, By Type
Global Battery Energy Storage System Market Growth Analysis, By Type
Global Battery Energy Storage System Market Trends, By Type
o Lithium-ion Batteries
o Lead-acid Batteries
o Nickel Metal Hydride
o Other Types (Sodium-sulfur Batteries and Flow Batteries)
6. Global Battery Energy Storage System Market Segmentation, By Application
Global Battery Energy Storage System Market Share Analysis, By Application
Global Battery Energy Storage System Market Growth Analysis, By Application
Global Battery Energy Storage System Market Trends, By Application
o Residential
o Commercial and Industrial
o Utility-scale
7. Global Battery Energy Storage System Market Segmentation, By Region
Global Battery Energy Storage System Market Share Analysis, By Region
Global Battery Energy Storage System Market Growth Analysis, By Region
Global Battery Energy Storage System Market Trends, By Region
o North America
o Europe
o Asia Pacific
o Latin America
o Middle East
o Africa
8. Competitive Landscape
BYD Company Limited*
o Company Overview
o Financial Performance
o Key Development/Strategies
o SWOT Analysis
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
*Similar analysis will be provided for each company listed above.