The Battery Energy Storage System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Battery Energy Storage System Global Market Report 2024, The battery energy storage system market size has grown exponentially in recent years. It will grow from $5.51 billion in 2023 to $6.99 billion in 2024 at a compound annual growth rate (CAGR) of 26.8%. The growth in the historic period can be attributed to renewable energy integration, declining battery costs, energy independence, government incentives, electric vehicle growth, demand response programs.
The battery energy storage system market size is expected to see exponential growth in the next few years. It will grow to $17.14 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%. The growth in the forecast period can be attributed to renewable capacity expansion, decentralized energy systems, resilience planning, transition to electric mobility, energy storage mandates. Major trends in the forecast period include grid resilience and reliability, energy management systems (EMS), hybrid energy storage systems, microgrid development, innovation in battery technologies.
The ongoing renewable energy revolution is expected to propel the growth of battery energy storage system (BESS) market going forward. Renewable energy comes from natural resources that regenerate more quickly than they are depleted. Renewable energy is being used more frequently as it lowers emissions of pollutants and greenhouse gases that contribute to climate change. In BESS, energy is gathered from the electrical grid or renewable energy sources such as solar and wind and stored using battery storage technology. For instance, in December 2021, according to International Energy Agency, a France-based intergovernmental agency, global renewable electricity capacity is projected to increase by over 60% from 2020 to reach 4,800 GW by 2026, surpassing fossil fuels and nuclear power combined. Nearly 95% of the global power capacity growth by 2026 will come from renewables, with solar PV accounting for more than half, marking a 50% increase compared to 2015-2020. Therefore, the rising demand for clean and renewable energy is expected to drive the growth of the growth of the battery energy storage system market.
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The battery energy storage system market covered in this report is segmented –
1) By Storage System: Front-Of-The-Meter, Behind-The-Meter
2) By Connection Type: On-Grid, Off-Grid
3) By Battery Type: Lithium-Ion Batteries, Advanced Lead-Acid Batteries, Flow Batteries, Other Battery Types
4) By Application: Telecommunication, Data Center, Medical, Industrial, Marine, Other Applications
Major companies operating in the battery energy storage system market are developing new products such as integrated energy storage system solutions to gain a competitive edge in the market. Integrated Energy Storage Systems (ESS) refer to comprehensive solutions that combine various components and technologies into a unified system for storing electrical energy. For instance, in Caterpillar Inc., a US-based engineering equipment manufacturing company, launched the Cat ESS suite, an integrated Energy Storage System (ESS) solution. The suite offers scalable and modular designs for various energy system applications, including generator set transient assist, grid integration and support, energy time-shifting, power stabilization, power factor correction, and renewable energy integration. The standard module, serving as the foundational unit, is a 20-foot module equipped with lithium-ion batteries, Caterpillar’s bi-directional inverter, and an isolation transformer. The Cat ESS suite aims to provide customers with grid stabilization and energy time-shifting technologies to support site loads with scalability.
The battery energy storage system market report table of contents includes:
1. Executive Summary
2.Battery Energy Storage System Market Characteristics
3.Battery Energy Storage System Market Trends And Strategies
4.Battery Energy Storage System Market analysis
5.Battery Energy Storage System Market Size And Growth
6.Battery Energy Storage System Segmentation
7.Battery Energy Storage System Regional And Country Analysis
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27. Battery Energy Storage System Competitive Landscape And Company Profiles
28.Battery Energy Storage System Key Mergers And Acquisitions
29.Battery Energy Storage System Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- BYD Company Limited
- TotalEnergies SE
- Huawei Technologies Co. Ltd.
- Hitachi Ltd.
- Tesla Inc.
- General Electric Company,
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