Description
Four main tasks are included in the study to estimate the market size for battery energy storage systems. Thorough secondary research was carried out to gather market-related data. The next step involved doing primary research to validate these conclusions, hypotheses, and sizing with industry professionals along the value chain. The market for battery energy storage systems was estimated using both top-down and bottom-up methods. Following that, techniques for data triangulation and market breakdown were employed to ascertain the size of various market segments and subsegments.To gather qualitative and quantitative data for this report, a wide range of sources from the supply and demand sides were questioned during the primary research phase. Key opinion leaders, research organizations, distributors, professional and managed service providers, industry associations, and battery energy storage system providers, including BYD Company Limited (China), SAMSUNG SDI Co., Ltd. (South Korea), LG Energy Solutions Co., Ltd. (South Korea), and Panasonic Corporation (Japan), were among the primary sources from the supply-side. These industry experts included Chief X Officers (CXOs), Vice Presidents (VPs), and Directors from business development, marketing, and product development/innovation teams, as well as related key executives. The supply side participated in about 75% and the demand side in about 25% of the initial interviews. Corporate filings (annual reports, investor presentations, and financial statements), trade, business, and professional associations, white papers, certified publications, articles by renowned writers, directories, and databases are examples of secondary sources used in this research study. The total market size was estimated using secondary data collection and analysis, which was then confirmed by primary research.The segmentation coverage of the study is provided below.Battery Energy Storage System Market based on Type:• Lithium-ion Batteries• Lead-acid Batteries• Nickel Metal Hydride• Other Types (Sodium-sulfur Batteries and Flow Batteries)Battery Energy Storage System Market based on Application:• Residential• Commercial and Industrial• Utility-scaleBattery Energy Storage System Market based on Geography:• North Americao USo Canada• Europeo Germanyo UKo Franceo Italyo Spaino Rest of Europe (RoE)• Asia Pacific (APAC)o Chinao Japano Indiao Australiao South Koreao Rest of Asia Pacific (RoAPAC)• Latin America (LATAM)o Brazilo Argentinao Rest of South America• Middle East and Africa (MEA)o UAEo Turkeyo Saudi Arabiao South Africao Rest of Middle East & AfricaDue to continuous efforts to modernize grids, the increasing use of lithium-ion batteries, and the worldwide shift toward low-carbon and less fossil fuel-dependent economies, there is a rise in demand for battery energy storage systems. Moreover, the market expansion of battery energy storage systems is greatly aided by the current revolution in renewable energy. Expected increases in household electricity use are fueled by rising disposable incomes and the global trend of remote employment.Systems for storing energy are essential for maintaining power throughout outages and peak times. Government incentive schemes, like California's Self-Generation Incentive Program (SGIP), which is intended to stimulate the household storage industry, provide assistance for them. The market for home energy storage is anticipated to grow as a result of improving energy storage technologies, which will lower the cost of batteries and encourage the wider use of renewable energy sources. This need is mostly driven by solar energy, which makes household battery energy storage devices necessary.Large-scale BESS initiatives enable manufacturing and deployment economies of scale. Due to bulk purchasing and streamlined manufacturing procedures made possible by the sheer amount of batteries and components required for large-scale projects, cost reductions are made possible, which in turn raises demand overall in the worldwide BESS market.The battery energy storage system (BESS) market is expanding significantly due to the global shift to low-carbon energy, which is being supported by investments that meet green energy targets. It is clear that solar and wind power storage is being used in the residential, non-residential, and utility sectors. Energy storage is being made easier by important technologies like thermal energy storage, pumped hydro storage, solid-state batteries, and flow batteries. It is anticipated that initiatives from organizations to build large-scale, low-emission storage infrastructures and new plants will accelerate the growth of the battery energy storage systems market.Because of their high energy density and performance characteristics, battery energy storage technologies including lithium-ion, flow, and lead-acid batteries demand a significant initial investment, particularly in electric vehicles. Electric vehicles (EVs) primarily use lithium-ion batteries because of their lightweight design and high capacity, even at first. There are still issues, especially with flow batteries where growth is impeded by high manufacturing costs. System expenses are increased by supporting infrastructure, particularly for small and medium-sized businesses. In 2020, the Energy Subsidy Reform Facility (ERSF) evaluated the efficacy of its programs, which included thematic reports and a database on energy subsidy reforms in 77 nations. Notwithstanding obstacles, continuous research and development attempts to improve battery performance and lower capital needs, overcoming market expansion barriers for battery energy storage systems.• This report illustrates the most vital attributes of the Battery Energy Storage System Market, which are driving and providing opportunities.• This research gives an in-depth analysis of the Battery Energy Storage System Market growth on the basis of several segments in the market.• This report presents the predictions of the past and present trends of the Battery Energy Storage System Market.• This study also presents the competitive analysis, such as key strategies and capabilities of major players of the Battery Energy Storage System Market.