Battery Energy Storage System Market to Reach $43.7 Billion by 2030, Driven by Government Funding for Battery Energy Storage Systems - Exclusive Report by Meticulous Research®

REDDING, Calif., Sept. 19, 2024 /PRNewswire/ -- According to a new market research report titled, 'Battery Energy Storage System Market by Battery Type, Offering, Connection Type, Ownership, Energy Capacity, and Application (Residential, Commercial, and Utilities)?Global Forecast to 2030.

The battery energy storage system market is projected to reach $43.7 billion by 2030, at a CAGR of 28.8% from 2023 to 2030.

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Government funding for battery energy storage systems and the growing benefits of these systems for EV charging are key factors driving the market's growth. However, the high capital required for installing them is a factor restraining its growth.

Furthermore, the growing demand for battery energy storage systems for commercial applications and the decline in the prices of lithium-ion batteries are expected to generate growth opportunities for the market players. However, the lack of standardization in storage systems and overheating of lithium-ion batteries are major challenges impacting market growth.

Government Funding for Battery Energy Storage System

In recent years, governments have been allocating funds to implement battery energy storage systems.

Following are some of the important government initiatives supporting the implementation of battery energy storage systems:

• In February 2023, the Government of Canada and the Ontario provincial government initiated collaboration on the development of Canada's largest battery storage project. The 250-megawatt Oneida Energy storage project is being advanced in partnership with the Six Nations of the Grand River Development Corporation, Northland Power, NRStor, and Aecon Group. The federal government has allocated an additional USD 50 million in funding. At the same time, the Canada Infrastructure Bank has been instrumental in supporting the project and has entered into an investment agreement with the Oneida Energy storage initiative.
• In July 2022, the public sector undertakings of India invested in the commercial-scale implementation of Battery Energy Storage Systems along with Solar PV Projects. The Government of India is also supporting some of the storage projects through grant support:
  • A 1.4 MW Solar PV Project with a 1.4 MWh Battery Energy Storage System was started in Kavaratti Island, Lakshadweep (supported through MNRE Grant)
  • A 50 MWp SPV Project with 20 MW/50 MWh BESS initiated at Phyang, Leh, Ladakh (supported by the grant of the Indian government under the PMDP 2015)
  • A 100 MW SPV Project with 40 MW/120 MWh BESS started in Rajnandgaon, Chhattisgarh

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• In September 2021, the U.S. Department of Energy (DOE) allocated USD 17.9 million in funding for four research and development projects aimed at scaling up domestic manufacturing of flow batteries and long-duration storage systems. Additionally, DOE launched a USD 9 million initiative, the Energy Storage for Social Equity Initiative, to support 15 underserved and frontline communities in utilizing energy storage to enhance resilience and reduce energy costs. This funding is intended to facilitate the procurement of materials for expanding the grid with new clean energy sources, provide affordable electricity to disadvantaged communities, and contribute to the government's goal of achieving net-zero carbon emissions by 2050.

Battery Energy Storage System Market Analysis: Key Segmental Findings

• By Battery Type: In 2023, the lithium-ion battery segment accounted for the largest share of 69.0% of the battery energy storage system market. This segment is also projected to register the highest CAGR of 29.9% during the forecast period from 2023 to 2030.
• By Offering: In 2023, the components segment accounted for the larger share of the battery energy storage system market. However, the services segment is expected to register the highest CAGR during the forecast period from 2023 to 2030.
• By Connection Type: In 2023, the on-grid connection segment accounted for the dominant share of 70.2% of the battery energy storage system market and also expected to register the highest CAGR of 29.6% during the forecast period from 2023 to 2030.
• By Ownership: In 2023, the third party-owned segment is expected to account for the major share of 41.5% of the battery energy storage system market. However, the utility-owned segment is expected to register a higher CAGR of 31.4% during the forecast period from 2023 to 2030.
• By Energy Capacity: In 2023, the more than 500 MWh segment is expected to account for a large share of the battery energy storage system market and also expected to register the highest CAGR of 30.0% during the forecast period from 2023 to 2030.
• By Application: In 2023, the utility segment accounted for the dominant share of 53.6% of the battery energy storage system market and also expected to register the highest CAGR during the forecast period from 2023 to 2030.

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Geographic Analysis:

By geography, the battery energy storage system market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific accounted for the largest share of 38.4% of the battery energy storage system market. This market is projected to reach $19.2 billion by 2030.

The Asia-Pacific (APAC) region is anticipated to implement electrification projects in remote and off-grid areas across several countries. The adoption of residential energy storage technology is expected to enhance electricity access for these isolated and island communities. Investment in energy storage is projected to rise significantly in APAC as governments in emerging economies introduce new policies aimed at improving the reliability and quality of power distribution for residential users.

Governments in the region are also concentrating on reducing the environmental impact of the energy sector. For example, in December 2022, the Australian government unveiled plans to deploy eight large-scale batteries to store renewable energy, supporting the grid and stabilizing energy prices. The Australian Renewable Energy Agency (ARENA) will allocate nearly USD 176 million in funding for these projects. The batteries will be installed in Gnarwarre, Moorabool, and Mortlake in Victoria, Mount Fox and Western Downs in Queensland, Liddell in New South Wales, and Bungama and Blyth in South Australia. Each battery will have a capacity ranging from 200 to 300 MWh, feature grid-forming inverter technology, and is expected to be operational by 2025.

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In March 2022, Indonesia's state-owned utility, PLN, entered into an agreement with the Indonesia Battery Corporation (IBC) to initiate a 5 MW battery energy storage system (BESS) pilot project. Similarly, in July 2021, the Chinese government revealed plans to install over 30 GW of power storage capacity by 2025. In October 2021, as part of its green energy initiative, the Government of India launched a 1,000 MWh BESS pilot project. This project, a collaborative effort between the Ministry of New and Renewable Energy and the Ministry of Power, aims to establish a framework for expanding energy storage systems across the country. These developments are expected to drive significant growth in the deployment of battery energy storage systems for both residential and public utility applications during the forecast period.

China Continues to Dominate the Battery Energy Storage System Market in Asia-Pacific

In Asia-Pacific, China is projected to register the highest CAGR during the forecast period. In 2023, China accounted for the largest share of the battery energy storage system market in Asia-Pacific.

China has emerged as the leading country in the Asia-Pacific region for battery energy storage deployment. The market for battery energy storage in China is poised for growth, driven by decreasing technology costs and technological advancements. Increased investment in renewable energy projects, supported by favorable government policies such as subsidies, tax incentives, reduced customs duties, and pricing incentives, is expected to further stimulate growth in the energy storage system market during the forecast period.

In October 2022, the Chinese government outlined plans to substantially increase the country's energy storage capacity by 2030 as part of its broader strategy to achieve net-zero emissions by 2060. According to the China Energy Storage Alliance, the government aims to boost battery storage systems by over 100 GW and expand pumped hydro storage capacity by an additional 100 GW.

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Additionally, in June 2021, the world's first 1MWh sodium-ion (Na-ion) battery energy storage system was launched in Taiyuan, Shanxi Province, demonstrating China's leadership in Na-ion battery technology and its commercialization. This system integrates Na-ion batteries with municipal electricity, photovoltaic, and charging infrastructure to create a microgrid capable of smart interaction with public networks.

China is a global leader in battery production. In 2022, China's power battery production reached 545.9 GWh, with an installed capacity of 294.6 GWh, representing 53.96% of the production. After accounting for 108.1 GWh of battery exports, the production-to-installation ratio stands at 73.77%. Furthermore, in March 2022, Chinese battery manufacturers announced plans to expand their capacity to over 3,000 GWh by 2030 and to establish an additional 200 plants by the same year. These developments are expected to drive the growth of the battery energy storage systems market in China.

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Battery Energy Storage System Market: Competition Analysis

This report offers a competitive analysis based on an extensive assessment of the leading players' product portfolios, geographic presence, and key growth strategies adopted over the past three to four years. Major companies in the battery energy storage system market have implemented various strategies to expand their product offerings and global footprints and augment their market shares. The key strategies followed by most companies in the battery energy storage system market were product launches, expansions, mergers & acquisitions, agreements, collaborations, and partnerships.

The key players operating in the battery energy storage system market include General Electric Company (U.S.), ABB Ltd. (Switzerland), Panasonic Life Solutions India Pvt. Ltd. (India) (A Part of Panasonic Holdings Corporation), Siemens AG (Germany), JinkoSolar Holding Co., Ltd. (China), Honeywell International Inc. (U.S.), Tesla Inc. (U.S.), Toshiba Corporation (Japan), Johnson Controls International plc (Ireland), NEC Corporation (Japan), Delta Electronics, Inc. (Taiwan), Sensata Technologies, Inc. (U.S.), Fluence Energy, Inc. (U.S.), Nextera Energy, Inc. (U.S.), Beacon Power, LLC (U.S.), and Urja Solutions (India).

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Battery Energy Storage System Industry Overview: Latest Developments from Key Industry Players

• In May 2023, Delta launched its Prefabricated Energy Storage System (ESS) for industrial and commercial enterprises and EV charging stations. The ESS is designed to help businesses meet their ESG, carbon reduction, and power stability needs. It also solves peak shaving and load shifting issues with solar power systems or EV charging facilities.
• In April 2023, Siemens partnered with FREYR Battery (Norway), an industrial-scale clean battery solution provider, to scale battery cell gigafactory production with Siemens Xcelerator. Siemens and FREYR will join forces along the entire battery design and manufacturing process, from production design, planning and simulation, product design, and simulation to the automation of the entire production process. Siemens will provide a broad range of solutions from the Siemens Xcelerator portfolio, including Product Lifecycle Management (PLM), Manufacturing Execution Systems (MES), industrial Edge computing, and IT/OT connectivity tools.
• In March 2023, Fluence launched its Ultrastack, an advanced energy storage product designed to transform the way transmission and distribution networks operate worldwide by addressing some of the main challenges created by the energy transition, such as weakening system stability, network infrastructure congestion, and low visibility into distributed assets.
• In December 2022, Fluence signed an MoU with the Electricity Generating Authority of Thailand (EGAT) (Thailand), a state enterprise managed by the Ministry of Energy responsible for electric power generation and transmission and bulk electric energy sales in Thailand, to develop the battery-based energy storage market in Thailand.
• In November 2022, Fluence expanded its network of product testing facilities by opening a new lab in Pennsylvania. With three labs globally, Fluence is uniquely equipped to accelerate product development and support energy storage customers with increased speed, expertise, and flexible support throughout the product lifecycle.
• In July 2022, Fluence partnered with Rich Electric Co., Ltd. (Taiwan), a Taiwanese company with expertise in power conversion and battery-based energy storage systems. Through this partnership, Fluence and Rich Electric will deploy a 100 MW battery-based energy storage system in Hualien to support Taipower's automatic frequency control (AFC) services. With a target completion of mid-2023, the project will be the first 100 MW level system in Taiwan and is anticipated to be one of Fluence's largest AFC projects in the country.
• In May 2022, JinkoSolar signed an agreement with Must (South Africa), one of the biggest distributors of photovoltaic modules, inverters, batteries, and energy storage systems in the African distribution market, to supply over 100MWh of its ESS products to Must, including lithium iron phosphate battery system units for residential use and LFP container storage system for C&I power demand.
• In January 2022, Honeywell collaborated with FREYR Battery (Norway), an industrial-scale clean battery solution provider, to leverage its leading technology offerings, including integrated automation, field instrumentation, and security integration solutions, in its manufacturing process. As part of the collaboration, Honeywell will purchase 19 GWh of battery cells produced by FREYR from 2023 through 2030 for a multitude of energy storage systems applications.

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Scope of the Report:

Battery Energy Storage System Market Assessment?by Battery Type

• Lithium-ion Batteries
• Sodium-sulfur (Na-S) Batteries
• Nickel-cadmium (Ni-Cd) Batteries
• Redox Flow Batteries (RFB)
• Nickel-metal Hydride (Ni-MH) Batteries
• Other Battery Types

Battery Energy Storage System Market Assessment?by Offering

• Components
  • Battery system
  • Power Conversion System
  • Energy Management system
  • Heating, Ventilation, and Air Conditioning
  • Supervisory Control and Data Acquisition
  • Battery Management system
  • Other Components
• Services

Battery Energy Storage System Market Assessment?by Connection Type

• On-grid Connection
• Off-grid Connection

Battery Energy Storage System Market Assessment?by Ownership

• Third-party-owned
• Customer-owned
• Utility-owned

Battery Energy Storage System Market Assessment?by Ownership

• Below 100 MWh
• 100 MWh to 500 MWh
• More than 500 MWh

Battery Energy Storage System Market Assessment?by Application

• Utilities
  • Black Start
  • Microgrids
  • Renewable Integration
  • Peak Shaving
  • Load Shifting
  • Grid Services
• Residential
• Commercial
  • Industries
  • EV Charging Infrastructure
  • Data Centers
  • Marine
  • Telecommunications
  • Healthcare

Battery Energy Storage System Market Assessment?by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
  • Poland
  • Ireland
  • Sweden
  • Other RoE Countries
• Asia-Pacific
  • China
  • India
  • South Korea
  • Japan
  • Rest of Asia-Pacific
  • Malaysia
  • Singapore
  • Other RoAPAC Countries
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Israel
  • Rest of the Middle East & Africa

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