The global battery energy storage system market size is expected to reach USD 28.67 billion by 2030, according to a new study by Polaris Market Research. The report “Battery Energy Storage System Market Share, Size, Trends, Industry Analysis Report, By Battery Type; By Connection Type (On-grid, Off-grid); By Energy Capacity; By Application (Residential, Commercial, Utility); By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
One of the factors responsible for the market's growth is rising investment. For instance, in April 2021, ACEN announced a plan to invest in developing solar, wind, and BESS projects to expand its renewable power portfolio. ACEN is already making investments in BESS through its renewable power research lab in Mariveles, Bataan, where different solar and battery power storage systems methods will be tested.
Also, in September 2021, the U.S. Department of Energy (DOE) announced USD 17.9 million in funding for multiple research & development efforts aimed at increasing American manufacturing of flow batteries and prolonged storage systems. DOE also announced a new USD 9 million initiative, the Energy Storage for Social Equity Initiative, to help many as 15 under-privileged and frontline societies use power storing to increase resilience and reduce power pressures.
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As per IEA, in 2020, total investment in battery storing is expected to increase by nearly 40% to USD 5.5 billion. In the U.S., Congress approved a USD 900 billion Covid-19 reprieve bill in December 2020, which included a two-year augmentation of the solar investment tax credit as well as the "Better Energy Storage Technology Act." Thus, capital investment in BESS and renewable power fuels the acceptance rate of battery power storing systems, pushing the market share during the forecast period.
Based on the application, the utility segment accounted for the leading share in the market. Some need to meet peak power requirements is a crucial factor driving the growth of the utility industry. In sudden volatility in the power supply, the utility BESS generates electricity quality, frequency, and voltage control services. The continued growth for an adequate and stable supply of electricity in most regions and the increasing demands for renewable power is driving the huge market for battery power storage in the utility sector.
Market players such as AES Corporation, ABB, BYD Company, General Electric, Hitachi, Ltd., Honeywell Corporation, Contemporary Amperex Technology, LG Energy Solutions CO., Ltd., Panasonic Corporation, NEC Energy Solutions, Saft America, Siemens AG, Samsung SDI, Sunverge Energy, Tesla Inc., and Toshiba Corporation are key players operating in the global market. In December 2021, LG Energy Solution (LGES) had agreed to a Memorandum of Understanding (MoU) with the German-based technology company Siemens AG for collaboration in battery manufacturing, specifically the digitalization of the manufacturing process.
Polaris market research has segmented the battery energy storage system market report based on battery type, connection, energy capacity, application, and region:
Battery Energy Storage System, Battery Type Outlook (Revenue - USD Billion, 2018 - 2030)
Battery Energy Storage System, Connection Outlook (Revenue - USD Billion, 2018 - 2030)
Battery Energy Storage System, Energy Capacity Outlook (Revenue - USD Billion, 2018 - 2030)
Battery Energy Storage System, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Battery Energy Storage System, Regional Outlook (Revenue - USD Billion, 2018 - 2030)