Published Date: 12-May-22
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According to a new report, published by KBV research, The Global Battery Energy Storage System Market size is expected to reach $14.5 billion by 2027, rising at a market growth of 25.2% CAGR during the forecast period.
The Utility-Owned segment is leading the Global Battery Energy Storage System Market by Ownership in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $6.0 billion by 2027. This is because of rising investments from public and private utility organizations, as well as government backing. To encourage the usage of renewable energy through the development of battery energy storage systems, some countries are launching new development programs, raising cash, or forming public-private partnerships. In China, for example, the government is pushing the development of upcoming battery energy storage system technologies to aid microgrid development and renewables integration.
The Advanced Lead-Acid Batteries segment has shown a growth rate of 26.6% during (2021 - 2027). This is because Lead-acid batteries are less expensive than other types of batteries and can be easily made using low-tech equipment. However, the segment's growth is likely to be hampered by the advent of alternative battery technology like Li-ion and variable raw material prices during the forecasting period.
The On-grid segment acquired the maximum revenue share in the Global Battery Energy Storage System Market by Connection Type in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $9.7 billion by 2027. Because surplus energy is sent to the grid and can be utilized later on a metered basis, on-grid connections have lower upfront costs than off-grid systems. The segment's growth is likely to be fueled by lower energy bills for clients who rely on the utility system for electricity. Moreover, the demand for grid modernization from renewable energy sources, as well as new energy regulatory rules, are propelling the on-grid battery energy storage system market.
The Commercial segment is showcasing a CAGR of 26% during (2021 - 2027). This is because of the ongoing construction of new and advanced industrial and commercial infrastructure, as well as growing concerns about the availability of reliable power supplies. Moreover, project developers have just begun to investigate the commercial market, which they see as a potential growth possibility. In the next years, key issues such as rising energy bills and price instability are projected to drive the segment's expansion.
Asia Pacific is the fastest growing region in the Global Battery Energy Storage System Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $5.8 billion by 2027. The Europe market is estimated to witness a CAGR of 24.6% during (2021 - 2027). Additionally, The North America market would experience a CAGR of 24.4% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of General Electric (GE) Co., Honeywell International, Inc., Panasonic Corporation, Hitachi, Ltd., Siemens AG, Johnson Controls International PLC, Toshiba Corporation, LG Energy Solutions Ltd., and Samsung SDI Co., Ltd.
By Battery Type
By Energy Capacity
By Connection type
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