Press release
Battery Energy Storage System Market Top Companies Study- GE Vernova, Hitachi Energy Ltd., Honeywell International, Inc., Johnson Controls, NGK Insulators, Ltd.
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Battery Energy Storage System Market Size, Share & Trends Analysis Report By Battery (Lithium-Ion Batteries, Advanced Lead-Acid Batteries, Flow Batteries, Others), Connection Type (On-grid, Off-grid), Ownership (Customer-Owned, Third-Party Owned, Utility-Owned), Energy Capacity (Below 100 MWh, Between 100 to 500 MWh, above 500 MWh), Application (Residential, Commercial, Utility)- Market Outlook And Industry Analysis 2031"
The Global Battery Energy Storage System Market is valued at US$ 6.41 Bn in 2023, and it is expected to reach US$ 39.43 Bn by 2031, with a CAGR of 25.8% during the forecast period of 2024-2031.
Get Free Access to Demo Report, Excel Pivot and ToC: https://www.insightaceanalytic.com/request-sample/2852
The rapid growth of the BESS market is expected as the world steadily shifts toward adopting renewable energy solutions. BESS technology unlocks RE sources, such as solar and wind energy, by storing surplus energy in rechargeable batteries and releasing it when the energy is more in demand or at low production times. The flexibility improves the robustness of the grid and facilitates greater degrees of renewable energy integration into current infrastructures. BESS applications range from electricity grid supply-demand balancing up to frequency regulation and peak shaving. Technology is also applied in residences as a form of reduction of electricity costs by storing energy to be used in peak demand as well as for commercial applications for backup power and the efficiency of energy use.
The significance of the BESS market lies in its ability to address key energy management challenges. Given the increasing worldwide demand for energy, coupled with the expected growth of renewables, BESS offers a very efficient means of storing and distributing energy, helping it to wisely navigate the intermittency of renewables while at the same time reducing greenhouse gas emissions through reliance diminution on fossil fuels. Continued advancements in the comprehension of battery technology are reducing costs and improving performance, thereby making BESS a more viable source of diversification of supply utilities, businesses, and consumers alike. Therefore, it places BESS at the center of clean and sustainable energy future.
List of Prominent Players in the Battery Energy Storage System Market:
• BYD Company Ltd.
• LG Energy Solution
• Panasonic Corporation
• Samsung SDI Co., Ltd.
• Tesla
• ABB
• Delta Electronics, Inc.
• Ge Vernova
• Hitachi Energy Ltd.
• Honeywell International, Inc.
• Johnson Controls
• NGK Insulators Ltd.
• Siemens
• Toshiba Corporation
• AB Volvo
• Other Prominent Players
o AEG
o East Penn Manufacturing Company
o ESS Tech, Inc.
o Kore Power Inc.
o Primus Power Solutions
o Saft
o Solaredge
o The AES Corporation
o Trinasolar
o VRB Energy
Expert Knowledge, Just a Click Away: https://calendly.com/insightaceanalytic/30min?month=2025-01
Market Dynamics:
Drivers-
The BESS market is experiencing tremendous growth due to various key factors. All governments are investing in the deployment of BESS systems in line with policies that include incentives, such as subsidies and tax breaks, to encourage the integration of renewable energies and supplement grid reliability. The need for substantial amounts of renewable energy, primarily solar and wind, makes it self-evident that there must be cost-effective ways to store that energy. Indeed, one of the first steps toward stabilized grids is the use of BESS, storing extra energy generated when it is not needed. Since the start of economies of scale in lithium-ion batteries, unit cost has dramatically reduced, ensuring investments from utility companies as well as private consumers. Besides, the sharply growing electric vehicle market is the primary driver of overall market growth and hence creates a high demand for battery storage, which subsequently creates further inorganic growth in the market. The improvement in the performance, safety, and life of a battery opens opportunities across residential, commercial, and industrial sectors.
Challenges:
The Battery Energy Storage System (BESS) market faces several key challenges that could hinder its growth. One such key challenge is high upfront investment, particularly in large capacity installations, though the battery prices have dropped in recent times. Further complication of these issues is the lack of clarity over the regulatory and policy environment, particularly due to the frameworks not matching and not well-defined market rules, making matters complex for investment decisions as well as for project development. The monetization opportunities for BESS services are limited since only a fraction of them are recognized and, therefore, monetized, leading to highly restricted profitability levels in markets such as India.
Regional Trends:
With a sound performance in economic growth, positive government policies, the growing demand for renewable energy, and the trend of technological advancements, the Asia-Pacific region is now at the forefront in this rapidly growing market for battery energy storage systems. With such an increase in the consumption of energy in some of these nations, including China, India, and Japan, the urge to adopt efficient storage solutions also accelerated. Regional governments have been offering subsidies, tax incentives, and funding for various renewable energy projects that support the sector. As the region transitions towards solar and wind, it is expected that BESS will play an important role in storing excess energy and improving the resilience of the grid. In parallel efforts, BYD and LG Energy Solution are industry leaders in that area with the aim to develop lithium-ion technology and bring it down in terms of pricing, paving the road for wide adoption across various sectors with BESS.
Unlock Your GTM Strategy:https://www.insightaceanalytic.com/customisation/2852
Recent Developments:
• In Sep 2024, ABB signed an MoU with EVE Energy Co., Ltd. to support the development of sustainable lithium battery factories globally. The partnership leverages EVE's "Global Manufacturing, Global Delivery, Global Cooperation" system to improve efficiency, meet project timelines, and boost productivity and profitability, addressing the evolving demands of the lithium-ion battery industry.
• In Nov 2021, Panasonic announced the EverVoltTM 2.0, its latest solar energy innovation. Designed for greater customization, it features a modular, weatherproof design, further advancing Panasonic's commitment to solar and energy storage solutions.
Segmentation of Battery Energy Storage System Market-
By Battery:
• 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
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 551 226 6109
Asia: +91 79 72967118
info@insightaceanalytic.com
The Global Battery Energy Storage System Market is valued at US$ 6.41 Bn in 2023, and it is expected to reach US$ 39.43 Bn by 2031, with a CAGR of 25.8% during the forecast period of 2024-2031.
Get Free Access to Demo Report, Excel Pivot and ToC: https://www.insightaceanalytic.com/request-sample/2852
The rapid growth of the BESS market is expected as the world steadily shifts toward adopting renewable energy solutions. BESS technology unlocks RE sources, such as solar and wind energy, by storing surplus energy in rechargeable batteries and releasing it when the energy is more in demand or at low production times. The flexibility improves the robustness of the grid and facilitates greater degrees of renewable energy integration into current infrastructures. BESS applications range from electricity grid supply-demand balancing up to frequency regulation and peak shaving. Technology is also applied in residences as a form of reduction of electricity costs by storing energy to be used in peak demand as well as for commercial applications for backup power and the efficiency of energy use.
The significance of the BESS market lies in its ability to address key energy management challenges. Given the increasing worldwide demand for energy, coupled with the expected growth of renewables, BESS offers a very efficient means of storing and distributing energy, helping it to wisely navigate the intermittency of renewables while at the same time reducing greenhouse gas emissions through reliance diminution on fossil fuels. Continued advancements in the comprehension of battery technology are reducing costs and improving performance, thereby making BESS a more viable source of diversification of supply utilities, businesses, and consumers alike. Therefore, it places BESS at the center of clean and sustainable energy future.
List of Prominent Players in the Battery Energy Storage System Market:
• BYD Company Ltd.
• LG Energy Solution
• Panasonic Corporation
• Samsung SDI Co., Ltd.
• Tesla
• ABB
• Delta Electronics, Inc.
• Ge Vernova
• Hitachi Energy Ltd.
• Honeywell International, Inc.
• Johnson Controls
• NGK Insulators Ltd.
• Siemens
• Toshiba Corporation
• AB Volvo
• Other Prominent Players
o AEG
o East Penn Manufacturing Company
o ESS Tech, Inc.
o Kore Power Inc.
o Primus Power Solutions
o Saft
o Solaredge
o The AES Corporation
o Trinasolar
o VRB Energy
Expert Knowledge, Just a Click Away: https://calendly.com/insightaceanalytic/30min?month=2025-01
Market Dynamics:
Drivers-
The BESS market is experiencing tremendous growth due to various key factors. All governments are investing in the deployment of BESS systems in line with policies that include incentives, such as subsidies and tax breaks, to encourage the integration of renewable energies and supplement grid reliability. The need for substantial amounts of renewable energy, primarily solar and wind, makes it self-evident that there must be cost-effective ways to store that energy. Indeed, one of the first steps toward stabilized grids is the use of BESS, storing extra energy generated when it is not needed. Since the start of economies of scale in lithium-ion batteries, unit cost has dramatically reduced, ensuring investments from utility companies as well as private consumers. Besides, the sharply growing electric vehicle market is the primary driver of overall market growth and hence creates a high demand for battery storage, which subsequently creates further inorganic growth in the market. The improvement in the performance, safety, and life of a battery opens opportunities across residential, commercial, and industrial sectors.
Challenges:
The Battery Energy Storage System (BESS) market faces several key challenges that could hinder its growth. One such key challenge is high upfront investment, particularly in large capacity installations, though the battery prices have dropped in recent times. Further complication of these issues is the lack of clarity over the regulatory and policy environment, particularly due to the frameworks not matching and not well-defined market rules, making matters complex for investment decisions as well as for project development. The monetization opportunities for BESS services are limited since only a fraction of them are recognized and, therefore, monetized, leading to highly restricted profitability levels in markets such as India.
Regional Trends:
With a sound performance in economic growth, positive government policies, the growing demand for renewable energy, and the trend of technological advancements, the Asia-Pacific region is now at the forefront in this rapidly growing market for battery energy storage systems. With such an increase in the consumption of energy in some of these nations, including China, India, and Japan, the urge to adopt efficient storage solutions also accelerated. Regional governments have been offering subsidies, tax incentives, and funding for various renewable energy projects that support the sector. As the region transitions towards solar and wind, it is expected that BESS will play an important role in storing excess energy and improving the resilience of the grid. In parallel efforts, BYD and LG Energy Solution are industry leaders in that area with the aim to develop lithium-ion technology and bring it down in terms of pricing, paving the road for wide adoption across various sectors with BESS.
Unlock Your GTM Strategy:https://www.insightaceanalytic.com/customisation/2852
Recent Developments:
• In Sep 2024, ABB signed an MoU with EVE Energy Co., Ltd. to support the development of sustainable lithium battery factories globally. The partnership leverages EVE's "Global Manufacturing, Global Delivery, Global Cooperation" system to improve efficiency, meet project timelines, and boost productivity and profitability, addressing the evolving demands of the lithium-ion battery industry.
• In Nov 2021, Panasonic announced the EverVoltTM 2.0, its latest solar energy innovation. Designed for greater customization, it features a modular, weatherproof design, further advancing Panasonic's commitment to solar and energy storage solutions.
Segmentation of Battery Energy Storage System Market-
By Battery:
• 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
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 551 226 6109
Asia: +91 79 72967118
info@insightaceanalytic.com
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage
to this press release on woodPRI. woodPRI disclaims liability for any content contained in
this release.
Recommend
/newsMicroencapsulation Market Deep Analysis on Key Players - Dow Corning, Encapsys, Syngenta Crop Protection, Evonik Industries, 3M and Bayer
Market Study Report Adds Global Microencapsulation Market Size, Status and Forecast 2024 added to its database. The report provides key statistics on the current state of the industry and other analytical data to understand the market.
Extensive research is required for choosing the appropriate cor...
/newsGermany Airbag Market Size 2023: Global Share, Industry And Report Analysis By 2030 | Hyundai Mobis Co., Ltd. Key Safety Systems, Inc. Robert Bosch GmbH
Germany airbag market is expected to grow at a CAGR of around 6% during the forecast period. Germany Airbag Market research report refers to gathering and analyzing significant market data serve as best medium for various industry players to launch novel product or service. It is vital for key firms...
/newsSecurities Brokerages And Stock Exchanges Market Outlook 2021: Big Things are Happening
A new intelligence report released by HTF MI with title "Global Securities Brokerages And Stock Exchanges Market Survey & Outlook" is designed covering micro level of analysis by Insurers and key business segments, offerings and sales channels. The Global Securities Brokerages And Stock Exchange...
/newsRenewable Chemicals Market Emerging Trends and Competitive Landscape Forecast to 2028
The renewable chemicals market was valued at US$ 80,566.30 million in 2021 and is projected to reach US$ 1,76,750.76 million by 2028 it is expected to grow at a CAGR of 11.9% from 2021 to 2028. The research report focuses on the current market trends, opportunities, future potential of the market, a...
/newsHow Coronavirus is Impacting Cold Brew Coffee, Global Market Volume Analysis, Size, Share and Key Trends 2020-2026
"Market Latest Research Report 2020:
Los Angles United States, February 2020: The Cold Brew Coffee market has been garnering remarkable momentum in the recent years. The steadily escalating demand due to improving purchasing power is projected to bode well for the global market. QY Research's lates...
/newsCorporate E-Learning Market - Global Industry Size, Share, Key Players Analysis that are Infor, SkillSoft Corporation, Adrenna, CERTPOINT Systems and others with Regional Forecast to 2022
Overview:
E-Learning is used to enhance the learning procedures for newer job requirements and to make employees sound about the internal and external changes in the market and respective organizations. This method has created considerable differences in the ways of training and developing employee...
