Battery Energy Storage Market Size & Growth Analysis Report 2029

Research Nester published a report titled “Battery Energy Storage Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global battery energy storage market in terms of market segmentation by battery type, connection, application, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global battery energy storage market is estimated to witness a robust CAGR over the forecast period, i.e., 2021–2029. The market is segmented on the basis of battery type into lithium-ion, lead-acid, flow battery, and others. Out of these, the lithium-ion segment is projected to garner the major market share during the forecast period, owing to its advantageous features, such as, longer battery life, higher temperature tolerance, fast charging, and safety, as compared to other type of batteries.

The market is further segmented on the basis of application, into commercial, residential, utility, and others, out of which, the utility segment is projected to gain a notable share over the forecast period on the back of increasing need for stable, constant and uniform supply of electricity in the grids for power generation, which can be attained only by using battery energy storage systems, as they eliminate any fluctuations in the flow electricity and provide emergency backup.

The global battery energy storage market is estimated to grow owing to the modification and transition in the traditional power generation system, with the introduction of smart meters and grids, along with the need to harness renewable energy. Application of battery energy storage systems in storage of renewable energy, such as, solar and wind energy, is estimated to boost the market growth. Moreover, various advantages of these systems, including, peak shaving, emergency backup, and load shifting, among others, are further foreseen to drive the market growth.

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Regionally, the global battery energy storage market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is anticipated to lead the market share during the forecast period, owing to the rising implementation of renewable energy in commercial, as well as, domestic use. Additionally, the adoption of solar energy as a commercial activity in countries, such as, the U.S. is estimated to boost the market growth. The U.S. Energy Information Administration (EIA) stated that, in 2018, there were more than 2,500 utility scale solar power plants in the U.S. Moreover, awareness among people, along with government initiatives and increasing investment in renewable energy by major market players, is estimated to drive the market growth in the region.

The market in the Asia Pacific is estimated to the fastest growing market with the highest CAGR over the forecast period. this growth can be attributed to the growing access of electricity in villages and other remote areas, in countries including, India, Bangladesh, Thailand, China, Singapore, and others, backed by the economic development in the region. Moreover, increasing demand for power supply, backed by the exploding population, is estimated to boost the demand for battery energy storage system in the market, generating massive growth opportunities.

Transition in the Power Generation Sector likely to boost the Market Growth

With the advancement in technology, there is an ongoing transition from traditional power generation and distribution, to a modernized, digitalized, and renewable approach for energy generation. It includes government initiatives, such as, adoption of smart grids, optimization of power distribution, and promoting the use of renewable energy. In the year 2019, more than USD 16.5 billion was invested globally in the smart grid infrastructure. Additionally, government subsidy on solar cells, establishment of renewable energy-based power plants, and others, to promote the transition in the power generation sector, is estimated to boost the market growth. 

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However, high initial cost of batteries, and disruption in the supply-chain process of the power generation industry are expected to operate as key restraint to the growth of the market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of theglobal battery energy storage market which includes company profiling of Delta Electronics, Inc. (TPE: 2308), Hitachi, Ltd. (TYO: 6501), The General Electric Company (NYSE: GE), Samsung SDI Co., Ltd. (KRX: 006400), Siemens Aktiengesellschaft (ETR: SIE), Panasonic Corporation (TYO: 6752), ABB Ltd (SWX: ABBN), NEC Energy Solutions, Inc., AEG Power Solutions Group, and Toshiba International Corporation (TYO: 6502). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global battery energy storage market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     

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