Battery Energy Storage Market Growing At A CAGR Of 16.3% And Expected To Reach USD 31.20 Billion By 2029 |  Industry Size, Growth, Share and Trends Forecast Analysis Report - GlobeNewswire

Battery Energy Storage Market Growing At A CAGR Of 16.3% And Expected To Reach USD 31.20 Billion By 2029 | Industry Size, Growth, Share and Trends Forecast Analysis Report – GlobeNewswire

Pune, India, May 30, 2022 (GLOBE NEWSWIRE) – Global Battery energy storage market size It is expected to reach US$31.20 billion by 2029 out of a market value of US$10.88 billion in 2022. Investing in the design and manufacturing of BESS devices to play an important role in industry dynamics. The increased penetration of lithium-ion batteries is likely to aid the growth of the industry. The expansion of infrastructure projects, along with the growth in the transportation sector, will encourage prominent companies to tap into the markets.

Going green amid pandemic to boost BESS adoption

While the COVID-19 pandemic has had a pressing impact on end-use industries, leading companies have shown a growing inclination towards sustainable energy sources. Besides, governments have introduced optimist policies to promote the adoption of battery energy storage solutions. Although the impact of the coronavirus will have an impact on the global outlook, stakeholders expect the market to show resilience during the assessment period.

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Report coverage details
prediction period 2022-2029
Forecast period from 2022 to 2029 CAGR 16.3%
2029 Value Drop 31.20 billion US dollars
base year 2020
Market size in 2021 9.21 billion US dollars
Historical data about 2017-2019
number of pages 309
Sectors covered By type (li-ion battery, lead acid battery, flow battery, other), By connection (off-grid, in-grid), By application (residential, non-residential, utility, other), By ownership (customer-owned, third-party owned, utilities owned), by capacity (small scale {<1 MW}, large scale {>1 MW})
growth engines The increasing demand for electricity and investment in solar energy is boosting the growth of the industry
Leading players are investing in portfolio expansion to boost footprint

Global Market Drivers and Constraints:

The increasing demand for electricity and investment in solar energy is boosting the growth of the industry

Stakeholders are preparing to boost the growth of the battery energy storage market due to investments in solar and wind energy. The marked shift towards low carbon power generation solutions will bode well for expanding the scale of the industry. To illustrate, in March 2021 Pacific Green announced the signing of an agreement with TUPA Energy to build a 1.1 gigawatt battery energy storage system in the UK, moreover, surge in energy demand across emerging and developed economies on the back of rising infrastructure projects could bode well for businesses prominent that enhances its penetration through untapped areas.

However, the sudden rise in capital expenditures (CAPEX) can present a challenge to stakeholders who are striving to expand their investment portfolios.

To learn more about the short-term and long-term impact of COVID-19 on this market, please visit:

Report coverage:

The report has been meticulously prepared through quantitative and qualitative assessments to provide a comprehensive view of the market. It should be noted that several preliminary interviews were conducted with key stakeholders and suppliers. Primary data was collected through questionnaires, telephone conversations, and emails. Furthermore, the report also includes secondary sources, such as government websites, Saudi Electricity Company filings, and press releases. The report also gives an in-depth view of market size, share, revenue, and volume, in-depth SWOT analysis.

Main Industry Development:

March 2020 French energy company Total has revealed its plans to build a new BESS project in Dunkirk, France.

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Regional insights:

Stakeholders seek to enhance return on investment in the Asia Pacific region by expanding electrification goals

Leading companies envision China, Australia, India and Japan as favorable investment centers in the wake of the manufacturing boom. Moreover, the deep attraction of renewable energy sources will boost regional growth. The Asia Pacific market was valued at $4.16 billion in 2021 and will witness a similar trend during the forecast period. This trend is mainly due to the presence of established and emerging players in the region.

The United States and Canada have emerged as profitable destinations on the back of emerging government policies and tax benefits. To illustrate, in September 2019, the Senate Energy and Natural Resources Committee submitted an amended draft of the Better Energy Storage Technology (BEST) Act to advance research into long-term BESS units. The share of the battery energy storage market in North America will notice significant gains in the following period, largely due to investment in renewable energy.

The outlook for the industry in Europe will be strong over the next few years, due to the increased installation of advanced power generation technologies. It is worth noting that the United Kingdom, France, Germany and Italy have shown a growing tendency for network infrastructure projects and strict energy security policies.

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Competitive scene

Leading players are investing in portfolio expansion to boost footprint

Established players and new entrants are likely to make more money on collaborations, product launches, technological advancements, and mergers and acquisitions. Major companies can inject more money into research and development activities to gain a competitive advantage.


  • In terms of type, the market is separated into lead acid battery, lithium ion battery, flow battery, and others.
  • Based on connectivity, the market is divided into on-grid and off-grid.
  • In terms of application, the market is segmented into utilities, residential, non-residential, and others.
  • On the basis of ownership, the market is divided into utility owned, third party owned, and customer owned.
  • In terms of capacity, the market is divided into large scale (greater than 1 MW) and small scale (less than 1 MW).
  • In terms of geography, the global market includes North America, Asia Pacific, Europe, and the rest of the world.

List of major manufacturers operating in the global market:

  • GE
  • ABB
  • Samsung SD
  • Hitachi Chemical Co., Ltd.
  • Siemens Energy
  • the total
  • LG Chem
  • fluence
  • Narada
  • VRB Energy
  • kocam
  • EVE Energy Co., Ltd.
  • Black and Fitch
  • Hitachi Power Networks ABB

content list:

1. an introduction

1.1 Scope of Research

1.2 Market segmentation

1.3 Research Methods

1.4 Definitions and Assumptions

2. Executive Summary

3. market dynamics

3.1 Market Drivers

3.2 Market Restrictions

3.3 Market Opportunities

4. the main ideas

4.1 Key emerging trends – for major countries

4.2 Latest Technological Advances

4.3 Insights into the organizational scenario

4.4 Industry SWOT Analysis

4.5 Porter’s Five Forces Analysis

4.6 Value Chain Analysis

5. Qualitative Analysis – Impact of COVID-19

5.1 Impact of COVID-19 on Battery Energy Storage Market

5.2 Steps the government has taken to counteract the impact

5.3 Key developments by industry players in response to COVID-19

5.4. Potential opportunities and challenges due to the COVID-19 outbreak

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

6.1 Main findings/summary

6.2 Market Analysis, Insights and Forecasts – By Type

6.2.1 Lithium-ion battery

6.2.2 Lead-acid battery

6.2.3 Flow Battery


6.3 Market analysis, insights and forecasts – by contact

6.3.1 Off grid


6.4 Market Analysis, Insights and Forecasts – By Application

6.4.1 Residential

6.4.2 Non-Residential



6.5. Market Analysis, Insights & Forecasts – By Ownership

6.5.1 Customer Owned

6.5.2 owned by a third party

6.5.3 Owned by Utilities

6.6. Market analysis, insights and forecasts – 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 Forecasts – By Region

6.7.1- North America

6.7.2 Europe

6.7.3. Asia Pacific

6.7.4 Rest of the world

7. North America Battery Energy Storage Market Analysis (megawatts, billion USD), insights and forecast, 2018-2029


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