Dublin, March 31, 2023 (GLOBE NEWSWIRE) — The “Battery Energy Storage Systems: Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for Battery Energy Storage Systems estimated at US$4.7 Billion in the year 2022, is projected to reach a revised size of US$34.1 Billion by 2030, growing at a CAGR of 27.9% over the analysis period 2022-2030.
Battery, one of the segments analyzed in the report, is projected to record 29.5% CAGR and reach US$25.7 Billion by the end of the analysis period.
Taking into account the ongoing post pandemic recovery, growth in the Other Elements segment is readjusted to a revised 24% CAGR for the next 8-year period.
The U.S. Market is Estimated at $1.3 Billion, While China is Forecast to Grow at 33.9% CAGR
The Battery Energy Storage Systems market in the U.S. is estimated at US$1.3 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$7.5 Billion by the year 2030 trailing a CAGR of 33.9% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 21.8% and 27.1% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 25.9% CAGR.
Select Competitors (Total 85 Featured) –
- ABB Ltd
- AEG Power Solutions
- Amara Raja Group
- BYD Co. Ltd.
- Delta Electronics, Inc.
- Exide Industries Limited
- General Electric Company
- Hitachi, Ltd.
- Johnson Controls, Inc.
- LG Chem Ltd.
- NEC Corporation
- Panasonic Corporation
- Primus Power Corporation
- Samsung SDI Co., Ltd.
- Siemens AG
- Tesla, Inc.
- The AES Corporation
- Toshiba Corporation
What`s New for 2023?
- Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies – Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and Research Platform
- Complimentary updates for one year
|No. of Pages||427|
|Forecast Period||2022 – 2030|
|Estimated Market Value (USD) in 2022||$4.7 Billion|
|Forecasted Market Value (USD) by 2030||$34.1 Billion|
|Compound Annual Growth Rate||28.1%|
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
- As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
- World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
- Disruption to Supply Chains Impacts Battery Materials Market Prospects
- COVID-19 Crisis Underlines the Need for Sustainable Development
- A World in the Midst of a Pandemic Throws Energy Demand into Crisis & Leaves Energy Investments in Shambles: Percentage Share of Energy Use Impacted by Lockdowns
- Total Electrical Energy Stored Over Lifetime (ESOI) of Storage Technology
- Post Pandemic Period Presents Robust Growth for Energy Storage Technologies
- Battery Energy Storage Systems – Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- An Introduction to Battery Energy Storage Systems
- The Technologies
- Key Applications of BESS
- Global Market Prospects & Outlook
- Grid Modernization Initiatives Drive the World Battery Energy Storage Systems Market
- Pandemic Impacts the Market Over the Short Term
- Analysis by Battery Chemistry
- World Battery Energy Storage Systems Market by Battery Chemistry (2021 & 2027): Percentage Breakdown of Sales for Lithium-Ion, Flow, Advanced Lead-Acid, and Other Battery Chemistries
- Analysis by Application
- World Battery Energy Storage Systems Market by Application (2021 & 2027): Percentage Breakdown of Sales for Utilities, Residential, and Other Applications
- Regional Analysis
- World Battery Energy Storage Systems Market by Region (2021 & 2027): Percentage Breakdown of Sales for Developed and Developing Regions
- World Battery Energy Storage Systems Market – Geographic Regions Ranked by CAGR (Sales) for 2020-2027: China, Asia-Pacific, Rest of World, Canada, USA, Europe, and Japan
- Competitive Scenario
- Recent Market Activity
- Select Innovations & Advancements
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Key Trends Driving the Battery Energy Storage Systems Market
- Growth of Intermittent Renewable Energy Sources and the Resulting Need for Energy Storage: A Key Opportunity for Battery Energy Storage Systems
- Global Energy Production by Energy Source (2017, 2020, 2030 and 2040): Breakdown of Electricity (Billion Kilowatt Hours) and Percentage Share for Petroleum, Nuclear, Natural Gas, Coal and Renewables
- Targets for Electricity Production from Renewable Energy Sources in Select Countries
- Investment Scenario on Renewable Energy Remains Impacted
- Global Investments in Clean Energy & Efficiency Technologies (In US$ Billion) for the Years 2018, 2019 & 2020
- Inevitable Rise in Energy Demand Post COVID-19 to Throw Spotlight on Renewable Energy & Energy Storage Technologies
- Burgeoning Global Population Propels Demand for Electric Power
- World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
- Growing Investments in Renewable Energy to Trigger Growth in Energy Storage Domain
- Optimization of Plant Efficiency Using Smart Solutions for Energy Storage
- Established Image of Lithium-ion Batteries to Drive Market Momentum
- Li-ion Batteries Vs Flow Batteries
- Flow Batteries: One of the Key Battery Chemistries of BESS
- World Flow Battery by Geographic Region – Annual Sales in US$ Million for Years 2021 and 2027
- Growing Opportunities for Flow Batteries in Clean Energy Space
- New Solar Flow Battery with Increased Energy Conversion Efficiency
- Pandemic Impact on the Vanadium Redox Battery Market
- World Vanadium Redox Battery by Geographic Region – Annual Sales in US$ Million for Years 2021 and 2027
- Vanadium Redox Flow Batteries Face Stiff Challenge in Replacing Li-ion Batteries for Utility-Scale Storage
- Utilities: The Major End-Use Market for Battery Energy Storage Systems
- Need for Improved Energy Management amidst Increasing Demand for Electricity Benefits Market Expansion
- Global Energy Demand & Growth (In Million Tonnes of Oil Equivalent (Mtoe)) for the Years 1990, 2000, 2010, 2020, 2030 and 2040
- Grid Modernization Programs Emphasize Grid Connected Energy Storage
- Global Investments in Electricity Networks and Storage (In US$ Billion): 2000, 2008, 2012, 2016, and 2019
- Smart Grids Elevate the Prospects for BESS
- Global Market for Smart Grids (in US$ Billion) by Region for the Years 2018 and 2020
- Residential Applications to Witness Increased Penetration of BESS in the Long Run
- Robust Outlook for EVs Opens New Avenues of Growth for EV Batteries & BESS Integrated EVCS Market
- With COVID-19 Pandemic Affecting EV Sales, Prospects Hit for Battery Materials and BESS Market
- Global Electric Vehicle Sales % Change in 2020
- Increasing Importance of Batteries in the Modern World Presents Opportunities for Cathode Materials
- Global Cathode Materials Market by Application (in %) for 2020E
- Recycling of Battery Systems
- Challenges Confronting the Global Battery Storage System Market
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/xm44wz
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- Global Market for Battery Energy Storage Systems