SAN FRANCISCO, Dec. 8, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Battery Energy Storage Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: November 2021
Executive Pool: 14997
Companies: 85 - Players covered include ABB Group; AEG Power Solutions BV; Alevo Group SA; Corvus Energy; East Penn Manufacturing Co., Inc.; EnerDel, Inc.; Exergonix; GE Power; Hitachi Ltd.; LG Chem Ltd.; Mitsubishi Heavy Industries Ltd.; NEC Energy Solutions; NGK Insulators Ltd.; Panasonic Corporation; Samsung SDI Co., Ltd; Siemens AG; Tesla, Inc.; The AES Corporation; Toshiba Infrastructure Systems & Solutions; TrinaBESS and Others.
Coverage: All major geographies and key segments
Segments: Element (Battery, Other Elements); Battery Chemistry (Lithium-Ion, Flow, Advanced Lead-Acid, Other Battery Chemistries); Application (Utilities, Residential, Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Battery Energy Storage Systems Market to Reach US$12.9 Billion by the Year 2026
Battery energy storage systems (BESS) store electricity produced by power plants, particularly renewable power units. This electricity is supplied to customers during fluctuation of renewable energy generation on account of weather conditions. Growing need for steady and reliable electricity and energy storage systems in important infrastructures, initiatives related to modernization of the grid, rising use of energy storage systems based on lithium-ion battery due to its exceptional attributes, and use of grid energy storage solutions are driving gains in the global battery energy storage systems market. Growing use of solar and wind energy for residential and commercial applications had provided impetus to battery energy storage solutions. Energy shifting, voltage management in renewable integration, peak shaving, and frequency control are some of the aspects stimulating the advancement of battery energy storage systems.
Amid the COVID-19 crisis, the global market for Battery Energy Storage Systems estimated at US$3.2 Billion in the year 2020, is projected to reach a revised size of US$12.9 Billion by 2026, growing at a CAGR of 26.1% over the analysis period. Battery, one of the segments analyzed in the report, is projected to grow at a 27.8% CAGR to reach US$11.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Other Elements segment is readjusted to a revised 22.3% CAGR for the next 7-year period. This segment currently accounts for a 33.6% share of the global Battery Energy Storage Systems market. Lithium-ion batteries dominate the market, mainly supported by their beneficial attributes such as low weight, less cost, significant energy density, deep cycle discharge, better efficiency, and restricted coverage area. Further, the increasing spending on infrastructure in commercial, industrial, and residential sectors is expected to drive demand for lithium-ion battery energy storage systems. Advanced lead-acid battery is another leading battery energy storage system. They have lesser cost in comparison to other batteries and can be produced easily using less advanced systems.
The U.S. Market is Estimated at $1 Billion in 2021, While China is Forecast to Reach $2.4 Billion by 2026
The Battery Energy Storage Systems market in the U.S. is estimated at US$1 Billion in the year 2021. The country currently accounts for a 27.61% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$2.4 Billion in the year 2026 trailing a CAGR of 32.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 20.5% and 25.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 24.3% CAGR while Rest of European market (as defined in the study) will reach US$709.3 Million by the end of the analysis period. North America is a key market for battery energy storage systems, stimulated by the growing adoption of renewable energy storage systems in the utility, non-residential, and residential sectors. In the region, lithium-ion battery storage systems are registering considerable demand, as they are increasingly being leveraged for storing energy from renewable energy sources. In the Asia-Pacific, the growing focus on distributed power generation, and increasing renewable energy penetration are likely to aid market growth. Investments in energy storage are likely to rise considerably across the region, with governments formulating novel policies to enhance the quality and reliability of power distribution facilities for households. More
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SOURCE Global Industry Analysts, Inc.