Battery Energy Storage System (BESS) Market by Element (Hardware, and Battery), Battery Type (Sodium–Sulfur Batteries, Flow Batteries, Lithium-Ion Batteries and Advanced Lead-Acid Batteries), Connection Type (On-grid Connection and Off-grid Connection), Ownership (Customer Owned, Utility Owned, and Third-Party Owned), and Application (Residential, Utilities and Non-Residential) – Market Size & Forecast, 2019-2030
Report ID : 236 | Published Date : Jun 2020 | Pages : 180 | Region : Global | Report Code : ICT-20
Battery Energy Storage System (BESS) Market Overview and Introduction
Battery Energy Storage Systems (BESSs) is a technology which has been developed for storing energy, using specifically designed batteries. Growing focus on renewable sources of energy, such as wind & solar energy, have led to the adoption of BESSs to store the generated energy. BESSs assist in overcoming the challenges of large-scale grid integration of renewables, by storing excess of energy when demand is low and re-injecting the same, when consumption is at its peak. The advent of BESS has been a major contributor in balancing the supply & demand for power and simultaneously improving operational & performance features of novel battery technologies.
The growth of global BESS market can be attributed to several factors such as broad range of application of BESS across demand response, integration of renewable energy & microgrids, frequency regulation, and distribution & transmission infrastructure deferral among others. Moreover, rising focus on utilizing clean energy has significantly contributed to the adoption of battery energy storage systems, globally. Similarly, increasing demand for lithium-ion batteries by renewable energy industry coupled with decreasing costs of these batteries have been significant in propelling the growth of global Battery Energy Storage System (BESS) Market. However, requirement of high capital investment for deployment of BESS and difficulties while installing BESS in remote locations may hinder the growth of the market to a certain extent.
The global Battery Energy Storage Systems (BESSs) market is majorly classified into the following segments, viz., by element, battery type, connection type, ownership, application and region.
Battery Energy Storage System (BESS) Market by Element
The segment of element can be further categorized into, hardware, battery, and other elements.
Battery Energy Storage System (BESS) Market by Battery Type
On the basis of battery type, the battery energy storage system market is bifurcated into sodium–sulfur batteries, flow batteries, lithium-ion batteries advanced lead-acid batteries and other battery types. In 2019, the lithium-ion battery segment is anticipated to account for the largest share in the global Battery Energy Storage Systems (BESSs) market. The large share of this segment can be attributed to long life-span, high efficiency, high power & energy density, high life expectancy and low standby losses among others.
Battery Energy Storage System (BESS) Market by Connection Type
On the basis of connection type, the battery energy storage system market is bifurcated into the following segments, i.e., on-grid connection and off-grid connection.
Battery Energy Storage System (BESS) Market by Ownership
On the basis of ownership, the battery energy storage system market is bifurcated customer owned, utility owned, and third-party owned. The segment of utility owned BESS is projected to account for the highest share CAGR in the global battery energy storage system market during the forecast period. The growth of this segment can be attributed to ability of these operators to cater to multiple systems and reduce the overall costs of systems while simultaneously incrementing power storage capabilities.
Battery Energy Storage System (BESS) Market by Application
On the basis of application, battery energy storage system market has be classified into residential, utilities, non-residential and other applications.
Battery Energy Storage System (BESS) Market by Region
The global Battery Energy Storage System (BESS) market can be segmented into North America, Asia Pacific, Europe and Rest of World (ROW). The Asia Pacific region is projected to account for the highest CAGR during the forecast period, owing to factors such as, rising population, which in turn increases demand for electricity, supportive government regulations and increasing focus on clean energy among others.
Battery Energy Storage System (BESS) Market Prominent Players
The prominent players operating in the global Battery Energy Storage System (BESS) market are Tesla, Siemens, Hitachi Chemical Co., Ltd., GENERAL ELECTRIC, AEG, SAMSUNG SDI CO., LTD., NEC Energy Solutions, Inc., Panasonic Corporatio