Meticulous Research®—a leading global market research company, published a 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.’

According to the latest publication from Meticulous Research®, the Battery Energy Storage System Market is slated to register a CAGR of 27.3% during the forecast period 2022–2029 to reach $16.21 billion. 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 economy, 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.

The global battery energy storage system market is segmented by battery type, component, connection type, ownership, energy capacity, application, and geography.

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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.

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.

Based on connection type, the global battery energy storage system 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 system 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

Based on energy capacity, the global battery energy storage system 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.

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.

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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.

Key Players:

The key players operating in the battery energy storage system 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.).

Key questions answered in the report-

Which are the high-growth market segments in terms of battery type, component, connection type, ownership, energy capacity, and application?
What was the historical market for battery energy storage system market?
What are the market forecasts and estimates for the period 2022–2029?
What are the major drivers, restraints, opportunities, and challenges in the global battery energy storage system market?
Who are the major players, and what percentage shares do they hold in the global battery energy storage system market?
How is the competitive landscape in the global battery energy storage system market?
What are the recent developments in the global battery energy storage system market?
What are the different strategies adopted by the major players in the global battery energy storage system market?
What are the key geographic trends, and which are the high-growth countries?
Author:
Mr. Khushal Bombe
Meticulous Market Research Inc.
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