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Pulished Date November, 2019
ID: 8841
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Battery Energy Storage Systems Market Analysis – By Element (Battery, Hardware, Other Elements), By Battery Type (Lithium-Ion Batteries, Sodium–Sulfur Batteries, Flow Batteries, Advanced Lead-Acid Batteries, Others), By Ownership (Utility Owned, Customer Owned, Third-Party Owned), By Connection Type (On-Grid Connection Off-Grid Connection), By Application (Residential, Non-Residential, Utilities, Other Applications), By Region ((North America (U.S., Canada), Europe (UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of EU), Asia Pacific (India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC), Latin America (Brazil, Mexico, Argentina, Chile), Middle East and Africa (KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA)) - Global Industry Analysis on Size, Share, Trends, Growth, Forecast | 2019 – 2024

Pulished: November, 2019
ID: 8841
Pages: 100

Battery Energy Storage Systems Market Size & Growth (2019-2024)

As per the report published, the market size for the Battery Energy Storage Systems is anticipated to grow with a CAGR of 34.01% from USD 1.53 Billion in 2019 to USD 8.62 Billion by 2024 during the forecast period 2019-2024.

Storage systems for battery power can store energy from renewable sources such as sun and wind. It ensures that it is possible to supply the power grid using renewable, natural sources, saving on energy generation costs and preventing pollutant dispersion into the atmosphere. Power storage is an asset due to its rapid response and, compared to any fossil fuel, storage technologies can provide energy rapidly and efficiently. If demand is lower than supply, storage devices store energy and then return back the power to the grid at periods of high demand. This energy storage system saves a lot of money on bills for energy and prevents the dispersion of electricity. Energy storage systems, particularly for those structures away from the main power grid, are becoming fundamental.

KEY MARKET GROWTH DRIVERS

Growing global energy consumption along with increased energy efficiency requirements in the electricity supply process has resulted in the growth of battery energy storage systems demand. The demand for advanced battery storage has various applications, like solar (household solar PV) and wind (wind turbine) applications. In recent years, the growing demand for renewable energy has led to the growth of the developed market for battery energy storage, and so this growth is anticipated to continue throughout the forecast period.

MAJOR CHALLENGES

However, there are some factors that are challenging the growth of the market. One of the main obstacles faced is the system’s high cost and implementation costs. Although there are alternative cheap storage techniques, the management costs are huge compared to any other alternative system. In addition, shortage of vendors and lack of project financing are the other key factors hindering the growth of the market.

POTENTIAL OPPORTUNITIES

The battery-powered storage systems used for the utilities are a cost-effective alternative to replacing traditional infrastructure, particularly to help substations and the transmission and distribution (T&D) line meet those demands. Such factors provide growth opportunities for the demand for battery power storage systems.

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2018 – 2024

Base Year

2018

Forecast Period

2019 - 2024

Segments Covered

By Product, End-User, Application, Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

GS Yuasa, Hitachi, Mitsubishi, NEC, Panasonic, and Toshiba for lithium-ion; GS Yuasa and Shin-Kobe Electric Machinery, NGK Insulators and Sumitomo Electric.

 

This research report on the Global Battery Energy Storage System Market has been segmented & sub-segmented into the following categories and evaluated market size & forecast for each segment until 2024.

 Battery Energy Storage System Market – By Element

  • Battery
  • Hardware
  • Other Elements

Based on the element, the battery segment led the global battery energy storage system market in the review period as it is a vital component of that system. The availability of various battery models according to the requirement fuels the expansion in the worldwide business.

Battery Energy Storage System Market – By Battery Type

  • Lithium-Ion Batteries
  • Sodium–Sulfur Batteries
  • Flow Batteries
  • Advanced Lead-Acid Batteries
  • Others

Based on the battery type, the Lithium-ion batteries hold the large size of battery energy storage systems market due its features like high energy density, less weight, self-discharge capability and high life expectancy. The increasing application of Li-ion batteries in consumer electronics and automotive industries spike their demand.

Battery Energy Storage System Market – By Ownership

  • Utility Owned
  • Customer Owned
  • Third-Party Owned

By ownership, the customer-owned segment is predicted to expand with a considerable growth rate in the coming years, owing to its benefits like reduction of electricity bills.

Battery Energy Storage System Market – By Connection Type

  • On-Grid Connection
  • Off-Grid Connection

Depending on the connection type, the on-grid connection segment is likely to expand with the highest CAGR in the foreseen years as it is used for power supply to consumers and decrease the utility expenses. Several features like power management, load levelling, peak shaving and so on are boosting the demand for the on-grid connection sector.

Battery Energy Storage System Market – By Application

  • Residential
  • Non-Residential
  • Utilities
  • Other Applications

By application, utilities hold a large capacity of battery storage systems as they reduce the cost of the system and also increases large storage capacity. 

Battery Energy Storage System Market – By Region

The Battery Energy Storage System Market Report includes the segmentation of Regions with their respective Countries.

  • North America Battery Energy Storage System Market includes U.S, Canada

  • Europe Battery Energy Storage System Market includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe

  • Asia Pacific Battery Energy Storage System Market includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC

  • Latin America Battery Energy Storage System Market includes Brazil, Mexico, Argentina, Chile & Rest of LATAM

  • Middle East & Africa Battery Energy Storage System Market  includes KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA

Regionally, Japan has resulted in a huge contribution to the market amongst the other major APAC countries. The Japanese government aims to allow Japanese firms to control around 50% of the world's battery storage market by 2020. Due to the increasing demand for energy in the area due to rapid population growth and progress in customer living standards, the region is projected to contribute the highest revenue to the market.

It is expected that the demand for battery power storage systems in APAC will rise at the highest CAGR during the forecast period. In the last few years, rural electrification has become one of the core areas for the advanced battery energy sector, which is receiving a great deal of support from the government, particularly in developing economies like China and India.

Promising Companies leading the Global Battery storage Systems Market Profiled in the Report are GS Yuasa, Hitachi, Mitsubishi, NEC, Panasonic, and Toshiba for lithium-ion; GS Yuasa and Shin-Kobe Electric Machinery,  NGK Insulators and Sumitomo Electric.

 

 

  • Global, Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • The segment-level analysis in terms of raw materials, by application, along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

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