CHICAGO, July 8, 2024 /PRNewswire/ -- The global battery energy storage market [https://www.marketsandmarkets.com/Market-Reports/battery-energy-storage-system-market-112809494.html?utm_source=prnewswire&utm_medium=referral&utm_campaign=paidpr] size is estimated to be USD 7.8 billion in 2024 and is projected to reach USD 25.6 billion by 2029, at a CAGR of 26.9% during the forecast period according to a new report by MarketsandMarkets(TM). The battery energy storage system market is growing rapidly due to the increased use of renewable energy sources. The expansion of electric vehicles (EVs) is also boosting demand for efficient and reliable charging infrastructure, where battery energy storage systems [https://www.marketsandmarkets.com/Market-Reports/battery-energy-storage-system-market-112809494.html?utm_source=prnewswire&utm_medium=referral&utm_campaign=paidpr] are essential for managing peak loads and stabilizing the grid. Moreover, improvements in battery technology, cost reductions, and supportive government policies and incentives are making these systems more accessible and affordable for various uses, further driving market growth.
https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg [https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg]
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=112809494 [https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=112809494&utm_source=prnewswire&utm_medium=referral&utm_campaign=paidpr]
Browse in-depth TOC on "Battery Energy Storage System Market"
120 - Tables
50 - Figures
250 - Pages
Battery Energy Storage System Market Report Scope:
Report Coverage Details Market Revenue in 2024 $ 7.8 billion Estimated Value by 2029 $ 25.6 billion Growth Rate Poised to grow at a CAGR of 26.9% Market Size Available for 2020-2029 Forecast Period 2024-2029 Forecast Units Value (USD Million/Billion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Segments Covered By Battery Type, Energy Capacity, Connection Type, Ownership and Region Geographies Covered North America, Europe, Asia Pacific, and Rest of World Key Market Aging of lithium-ion batteries due to complex chemical reactions between Challenge electrodes and electrolytes Key Market Rapid adoption of battery energy storage systems in rural electrification Opportunities projects worldwide Key Market Drivers Renewable Energy Revolution and the Shift to a Low-Carbon Economy
Flow battery segment to grow at higher CAGR between 2024 and 2029.
A flow battery is a type of battery that can be recharged by the two chemical components dissolved in liquids contained in the system, separated by a membrane. The main difference between a conventional battery and a flow battery [https://www.marketsandmarkets.com/Market-Reports/flow-battery-market-82953888.html?utm_source=prnewswire&utm_medium=referral&utm_campaign=paidpr] is that the energy is stored in the electrode material in a conventional battery, while it is stored in the electrolyte in flow cells. Flow batteries have advantages over other battery chemistries, such as lithium-ion, lead-acid, and others. Unlike conventional batteries that store energy in an electrode material, flow batteries store energy as electrolytes in external tanks. As electrolytes can be easily replaced, it is among the major advantages that are increasing the use of flow batteries in battery energy storage systems. Their storage capacity is based on the size of the storage tank and thus can be scaled to suit a wide variety of energy needs in residential and grid storage applications. In flow batteries, power is determined by the size of the electrochemical cell, whereas the energy is proportional to the size of the storage tanks. These factors have helped the flow battery market gain traction over other battery types in energy storage solutions.
The off-grid connection type segment is estimated to hold a larger market share from 2024 to 2029.
The off-grid connection type is better for users who are unable to connect to the grid due to the geographic location or the high cost of bringing in the power supply. The main advantage of an off-grid system is that a user can have fixed energy costs and will not get a bill and can power remote places away from the grid. Off-grid connections are self-sustainable and do not depend on the grid, which makes them an independent source of energy. They are capable of avoiding power outages, especially in the interior locations of the countries. Off-grid connections help to keep the environment clean and safe as they are not burning fossil fuels and are connected to renewable energy sources such as solar or wind.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=112809494 [https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=112809494&utm_source=prnewswire&utm_medium=referral&utm_campaign=paidpr]
Asia Pacific region is likely to be the fastest-growing region in the global battery energy storage system industry [https://www.marketsandmarkets.com/PressReleases/battery-energy-storage-system.asp?utm_source=PRNewswire&utm_medium=Referal&utm_id=PaidPR] during the forecast period.
Power consumption has increased due to the fast growth of industry, cities, and money in the Asia Pacific area. Energy storage with batteries is getting more adopted due to the bigger need for power and the want for safe, green power. Remote islands in the area are undergoing electrification. Developing economies in the region are making laws to make energy more dependable and continuous for homes. Hence, as these efforts by the various governments in the region will boost the market for BESS in the coming years.
Key Players
Key players in the battery energy storage system companies [https://www.marketsandmarkets.com/ResearchInsight/battery-energy-storage-system-market.asp?utm_source=PRNewswire&utm_medium=Referal&utm_id=PaidPR] include BYD Company Ltd. (China), Samsung SDI Co., Ltd. (South Korea), LG Energy Solution (South Korea), Panasonic Corporation (Japan) and Tesla (US).
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=112809494 [https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=112809494&utm_source=PRNewswire&utm_medium=Referal&utm_id=PaidPR]
Browse Adjacent Market: Semiconductor and Electronics Market [https://www.marketsandmarkets.com/semiconductorand-electonics-market-research-87.html] Research Reports &Consulting
Related Reports:
Microgrid Market [https://www.marketsandmarkets.com/Market-Reports/micro-grid-electronics-market-917.html?utm_source=prnewswire&utm_medium=referral&utm_campaign=paidpr] by Connectivity (Grid Connected, Off-grid), Offering (Hardware (Power Generators, Controllers, Energy Storage Systems), Software, Services), Power Source, End User, Power Rating and Region - Global Forecast to 2029
Microgrid Controller Market [https://www.marketsandmarkets.com/Market-Reports/microgrid-controller-market-103650618.html?utm_source=prnewswire&utm_medium=referral&utm_campaign=paidpr] by Connectivity (Grid-connected, Off-grid), Offering (Hardware, Software & Services), End User (Commercial & Industrial, Military, Government, Institutes & Campuses, Healthcare) and Region - Global Forecast to 2029
Lithium-ion Battery Market [https://www.marketsandmarkets.com/Market-Reports/lithium-ion-battery-market-49714593.html?utm_source=prnewswire&utm_medium=referral&utm_campaign=paidpr] Size, Share, Statistics and Industry Growth Analysis Report by Type (NMC, LFP, LCO, LTO, LMO, NCA), Capacity (Below 3,000 mAh, 3,001 mAh-10,000 mAh, 10,001 mAh-60,000 mAh, Above 60,000 mAh), Voltage (Below 12V, 12V-36V, Above 36V), Application and Region - Global Forecast to 2032
HVDC Transmission Market [https://www.marketsandmarkets.com/Market-Reports/hvdc-grid-market-1225.html?utm_source=prnewswire&utm_medium=referral&utm_campaign=paidpr] Size, Share, Statistics and Industry Growth Analysis Report by Component (Converter Stations, Transmission Cables), Technology (CCC, VSC, LCC, HVDC, UHVDC), Project Type (point-to-point, back-to-back, multi-terminal), Application, Region - Global Growth Driver and Industry Forecast to 2028
Microgrid as a Service (MaaS) Market [https://www.marketsandmarkets.com/Market-Reports/microgrid-as-a-service-market-30653958.html?utm_source=prnewswire&utm_medium=referral&utm_campaign=paidpr] by Grid Type (Grid Connected, and Remote or Islanded), Service Type (Engineering & Design, SAAS, Monitoring & Control, and Operation & Maintenance), Vertical, and Geography - Global Forecast to 2022
About MarketsandMarkets(TM)
MarketsandMarkets(TM) has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets(TM) is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore(TM) (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets(TM).com [https://www.marketsandmarkets.com/] or follow us on Twitter [https://twitter.com/marketsmarkets], LinkedIn [https://www.linkedin.com/company/marketsandmarkets/about/] and Facebook [https://www.facebook.com/MarketsandMarkets].
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets(TM) INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com [mailto:sales@marketsandmarkets.com]
Visit Our Web Site: https://www.marketsandmarkets.com/ [https://www.marketsandmarkets.com/]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/battery-energy-storage-system-market.asp [https://www.marketsandmarkets.com/ResearchInsight/battery-energy-storage-system-market.asp?utm_source=PRNewswire&utm_medium=Referal&utm_id=PaidPR]
Content Source: https://www.marketsandmarkets.com/PressReleases/battery-energy-storage-system.asp [https://www.marketsandmarkets.com/PressReleases/battery-energy-storage-system.asp?utm_source=PRNewswire&utm_medium=Referal&utm_id=PaidPR]
Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg [https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg]
View original content:https://www.prnewswire.co.uk/news-releases/battery-energy-storage-system-market-worth-25-6-billion-by-2029---exclusive-report-by-marketsandmarkets-302190577.html [https://www.prnewswire.co.uk/news-releases/battery-energy-storage-system-market-worth-25-6-billion-by-2029---exclusive-report-by-marketsandmarkets-302190577.html]
Photo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg MarketsandMarkets
