Battery Energy Storage Market Size Expected to Rise $31.20 billion at CAGR 16.3% by 2029


Battery Energy Storage Market to Reach USD 31.20 Billion by 2029: Fortune Business Insights

Pune, India, July 10, 2023 (GLOBE NEWSWIRE) — The global Battery Energy Storage market size was USD 9.21 billion in 2021. The market is expected to grow from USD 10.88 billion in 2022 to USD 31.20 billion by 2029 at a CAGR of 16.3% in the 2022-2029 period. This information is provided by Fortune Business Insights, in its report titled, “Battery Energy Storage Market, 2022-2029.”

According to the analysis, commercial, private, and industrial sectors will continue to exhibit the demand for Battery Energy Storage Systems (BESS). The rising penetration of lithium-ion batteries is likely to aid the industry growth. Expansion of infrastructure projects, along with the growth in the transportation sector, will encourage prominent companies to tap markets.


Key Industry Development: 

March 2020 – French energy company Total unveiled its plans to establish a new BESS project in Dunkirk, France.

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Report Coverage Details
Forecast Period 2022-2029
Forecast Period 2022 to 2029 CAGR 16.3%
2029 Value Projection USD 31.20 Billion
Base Year 2021
Market Size in 2021 USD 9.21 Billion
Historical Data for 2018-2020
No. of Pages 309
Segments covered Battery Energy Storage Market Size, Share & COVID-19 Impact Analysis, By Battery Type (Lithium-Ion Battery, Lead Acid Battery, Flow Battery, and Others), By Connectivity (Off-Grid and On-Grid), By Application (Residential, Non-Residential, Utility, and Others), By Ownership (Customer-Owned, Third-Party Owned, and Utility-Owned), and Regional
Growth Drivers Burgeoning Electricity Demand and Investment in Solar Energy Boost Industry Growth 
  Stakeholders Seek to Bolster RoI in Asia Pacific with Expanding Electrification Targets

Drivers and Restraints:

Burgeoning Electricity Demand and Investment in Solar Energy Boost Industry Growth

Stakeholders are poised to boost the battery energy storage market growth due to investments in solar power and wind energy. A notable transition toward low carbon energy generation solutions will augur well for the industry size expansion. To illustrate, in March 2021, Pacific Green announced to ink an agreement with TUPA Energy to establish a battery energy storage system with a capacity of 1.1 GW in the U.K. Moreover, escalating energy demand across the emerging and advanced economies on the back of rising infrastructure projects could bode well for prominent companies fostering their penetration across untapped areas.

Different governments have set significant goals to increase the use of sustainable energy technologies, which is expected to boost the market. To ensure peak power use supply, BESS devices may be easily incorporated into residential, commercial, and industrial-scale solar and wind energy generating techniques. Global renewable power generation was predicted at 2,805.5 Terawatt-hours (TWh) in 2019, up 13.7 percent from 2,468.0 TWh in 2018, according to the Statistical Review of World Energy 2020 published by BP in June 2020.

However, the surge in CAPEX (capital expenditure) could challenge stakeholders striving to expand their portfolios.

COVID-19 Impact:

Go-green Trend amidst Pandemic to Foster BESS Adoption

While the COVID-19 pandemic had a pressing influence across end-use industries, wherein leading companies have shown an increased inclination for sustainable energy sources. Besides, governments have introduced bullish policies to foster the adoption of battery energy storage solutions. Even though the impact of coronavirus will have an influence on the global outlook, stakeholders expect the market to exhibit resilience during the assessment period.

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Report Coverage:

The report has been prepared meticulously through quantitative and qualitative assessments to offer a comprehensive market view. Notably, many primary interviews have been conducted with major stakeholders and suppliers. Primary data has been collected through questionnaires, telephonic conversations and emails. Moreover, the report also includes secondary sources, such as government websites, SEC filings and press releases. The report also gives an in-depth view of market size, share, revenue, volume and delves into SWOT analysis.

Segmentation Analysis:

Based on battery type, the market is categorized into lithium-ion battery, lead-acid battery, flow battery, and others. Based on connectivity, the market is divided into off-grid and on-grid.

Based on application, residential, non-residential, utility, and others are the four key segments present across this industry.

Based on ownership, the market can be primarily separated into customer-owned, third-party-owned, and utility-owned.

Geographically, the market is classified into North America, Asia Pacific, Europe, and the rest of the world.

Regional Insights:

Stakeholders Seek to Bolster RoI in Asia Pacific with Expanding Electrification Targets

Leading companies envisage China, Australia, India, and Japan as favorable investment hubs on the heels of flourishing industrialization. Moreover, profound traction for renewable energy sources will foster regional growth. The Asia Pacific market size was valued at USD 4.16 billion in 2021 and will witness a similar trend during the forecast period. The trend is mainly attributed to the presence of well-established and emerging players in the region.

The U.S. and Canada have emerged as lucrative destinations on the back of bullish government policies and tax benefits. To illustrate, in September 2019, the Senate Energy and Natural Resources Committee presented an amended draft of the Better Energy Storage Technology (BEST) Act to boost research on long-duration BESS units. North America battery energy storage market share will observe a notable gain in the ensuing period, largely due to investment in renewable energy.

Europe industry outlook will be strong over the next few years, owing to rising installation of advanced power generation technologies. It is worth mentioning that the U.K., France, Germany, and Italy have exhibited an increased inclination for grid infrastructure projects and strict energy security policies.

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Competitive Landscape:

Leading Players Invest in Portfolio Expansion to Bolster Footprint

Well-established players and new entrants are likely to increase their funds into collaborations, product launches, technological advancements, and mergers & acquisitions. Key companies could further inject funds into research and development activities to gain a competitive edge.

A List of Key Manufacturers Operating in the Global Market:

  • GE (U.S.)
  • ABB (Switzerland)
  • Samsung SDI (South Korea)
  • Hitachi Chemical Co., Ltd. (Japan)
  • Siemens Energy (Germany)
  • Total (France)
  • LG Chem (South Korea)
  • Fluence (U.S.)
  • Narada (China)
  • VRB Energy (Canada)
  • Kokam (South Korea)
  • EVE Energy Co., Ltd. (China)
  • Black & Veatch (U.S.)
  • Hitachi ABB Power Grids (Switzerland)

Battery Energy Storage Market Segmentation:

By Type:

  • Lithium-ion Battery
  • Lead Acid Battery
  • Flow Battery
  • Others

By Connectivity:

  • Off-Grid
  • On-Grid

By Application:

  • Residential
  • Non-Residential
  • Utility
  • Others

By Ownership:

  • Customer Owned
  • Third-Party Owned
  • Utility Owned

By Capacity:

  • Small Scale (Less than 1 MW)
  • Large Scale (Greater than 1 MW)

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Table of Content:

1.       Introduction

1.1.    Research Scope

1.2.    Market Segmentation

1.3.    Research Methodology

1.4.    Definitions and Assumptions

2.       Executive Summary

3.       Market Dynamics

3.1.    Market Drivers

3.2.    Market Restraints

3.3.    Market Opportunities

4.       Key Insights

4.1.    Key Emerging Trends – For Major Countries

4.2.    Latest Technological Advancement

4.3.    Insights on Regulatory Scenario

4.4.    Industry SWOT Analysis

4.5.    Porters Five Forces Analysis

4.6.    Value Chain Analysis

5.       Qualitative Analysis – Impact of COVID-19

5.1.    Impact of COVID-19 on the Battery Energy Storage Market

5.2.    Steps Taken by the Government to Overcome the Impact

5.3.    Key Developments by the Industry Players in Response to COVID-19

5.4.    Potential Opportunities and Challenges due to COVID-19 Outbreak

6.       Global Battery Energy Storage Market Analysis (MW, USD Billion), Insights and Forecast, 2018-2029  

6.1.    Key Findings / Summary

6.2.    Market Analysis, Insights and Forecast – By Type

6.2.1.  Lithium-Ion Battery

6.2.2.  Lead Acid Battery

6.2.3.  Flow Battery

6.2.4.  Others

6.3.    Market Analysis, Insights and Forecast – By Connectivity

6.3.1.  Off-Grid

6.3.2.  On-Grid

6.4.    Market Analysis, Insights and Forecast – By Application

6.4.1.  Residential

6.4.2.  Non-Residential

6.4.3.  Utility

6.4.4.  Others

6.5.    Market Analysis, Insights and Forecast – By Ownership

6.5.1.  Customer-Owned

6.5.2.  Third-Party Owned

6.5.3.  Utility-Owned

6.6.    Market Analysis, Insights and Forecast – By Capacity

6.6.1. Small Scale (Less than 1 MW)

6.6.2. Large Scale (Greater Than 1 MW)

6.7.    Market Analysis, Insights and Forecast – By Region

6.7.1.  North America

6.7.2.  Europe

6.7.3.  Asia Pacific

6.7.4.  Rest of the World


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