Battery Power Storage System Market Value $16.21 Billion


Redding, California, Sept. 01, 2022 (GLOBE NEWSWIRE) — In accordance with a brand new market analysis report titled, Battery Power Storage System Market by Battery Kind (Lithium-ion Batteries, Nickel-cadmium (Ni-Cd) Batteries), Element, Connection Kind, Possession, Power Capability, Software, and Geography – International Forecast to 2029, the worldwide battery vitality storage system market is predicted to develop at a CAGR of 27.3% throughout the forecast interval to achieve $16.21 billion by 2029.

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The quick progress of this market is attributed to the growing demand for grid vitality storage techniques as a consequence of fast grid modernization, rising low-carbon and fewer fossil fuel-based economies, and the continued renewable vitality revolution. Nevertheless, the excessive capital requirement for putting in battery vitality storage techniques is predicted to restrain the expansion of this market. As well as, the surge within the variety of rural electrification initiatives worldwide and the decline in lithium-ion battery costs are anticipated to create important progress alternatives for the gamers working on this market. The complexities in putting in battery vitality storage techniques on islands or distant areas and overheating of lithium-ion batteries pose challenges to the expansion of this market.

Impression of COVID-19 on the Battery Power Storage System Market

The outbreak of the COVID-19 pandemic led to a worldwide financial downturn. A number of international locations imposed strict lockdowns to include the an infection, leading to a brief closure of producing services and disrupted provide chains & manufacturing schedules. Industries had been negatively impacted because of the disruption of provide chains and workforce limitations brought on by the nationwide lockdowns. Closure of factories and commerce restrictions additionally added to the prevailing challenges, severely impacting varied industries. Manufacturing vegetation had been shut down, affecting manufacturing and resulting in a major demand-supply hole.

International manufacturing industries witnessed acute labor shortages, suspension & cancellation of initiatives, and disrupted provide & logistics. The battery vitality storage techniques market additionally witnessed a decline in its set up in varied initiatives in 2021. Apart from, the shutdown of producing services globally was answerable for the decline within the progress of the market in 2020. A major discount within the demand for house battery storage merchandise impacted the worldwide financial system. As a result of low availability of uncooked supplies, manufacturing throughout industries was impeded.

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Nevertheless, varied governments set important targets to maneuver the inexperienced wave caused by the interferences of business processes leaning towards the trade panorama. Furthermore, supportive financial stimulus packages mixed with the persistent endeavors of trade gamers are set to spice up the curiosity in battery vitality storage techniques models. As an example, in August 2020, Hitachi ABB Energy Grids Ltd. (Switzerland) partnered with Zenobē Power Restricted., (U.Okay.), a number one proprietor and operator of battery vitality storage techniques, to offer superior traction energy options for the U.Okay. railroads. The affiliation plans to fabricate a 25 kilovolt (KV) rail traction energy system framework to convey yield by changing energy from batteries and supply steady energy provide to trains.

In December 2021, Samsung SDI Co., Ltd. (South Korea) launched a brand new battery model, PRiMX, trademarked in Korea and Europe and can quickly be registered within the U.S. Moreover, in December 2021, LG Power Options Co., Ltd. (South Korea) signed a Memorandum of Understanding (MoU) with Siemens AG (Germany) for collaboration within the discipline of battery manufacturing, significantly the digitization of the manufacturing course of. Via this strategic collaboration, LG Power Options Co., Ltd. applied sensible battery manufacturing processes at its factories with superior strategies. Such initiatives are anticipated to drive the expansion of the worldwide battery vitality storage system market throughout the forecast interval.

The worldwide battery vitality storage system market is segmented by battery kind (lithium-ion batteries, nickel-cadmium (Ni-Cd) batteries, nickel-metal hydride (Ni-MH) batteries, sodium-sulfur (Na-S) Batteries, and Redox Stream Batteries [RFB]), part (battery techniques, battery administration techniques [BMS], energy conversion techniques [PCS], and vitality administration techniques [EMS]), connection kind (on-grid connection, and off-grid connection), possession (customer-owned, third-party-owned, and utility-owned), vitality capability (beneath 100 MWh, 100 MWh to 500 MWh, and greater than 500 MWh), and utility (residential, industrial, and utility). The research additionally evaluates trade opponents and analyzes the market on the regional and nation ranges.

Primarily based on battery kind, the worldwide battery vitality storage system market is segmented into lithium-ion batteries, nickel-cadmium (Ni-Cd) batteries, nickel-metal hydride (Ni-MH) batteries, sodium-sulfur (Na-S) batteries, and redox move batteries (RFB). In 2022, the lithium-ion batteries section is predicted to account for the most important share of the worldwide battery vitality storage system market. The big market share of this section is attributed to the manifold benefits of the battery, akin to excessive vitality and energy density, resulting in low standby losses and a excessive life expectancy of about 5–15 years with 98% effectivity. This section can also be slated to register the best CAGR throughout the forecast interval.

Primarily based on part, the worldwide battery vitality storage system market is segmented into battery techniques, battery administration techniques (BMS), energy conversion techniques (PCS), and vitality administration techniques (EMS). In 2022, the battery administration techniques section is predicted to account for the most important share of the worldwide battery vitality storage system market. The big market share of this section is attributed to its means to observe the situation of battery cells, measure their parameters and states, akin to state-of-charge (SOC) and state-of-health (SOH), and shield batteries from hearth and different hazards. This section can also be slated to register the best CAGR throughout the forecast interval.

Primarily based on connection kind, the worldwide battery vitality storage techniques market is segmented into on-grid connection and off-grid connection. In 2022, the on-grid connection section is predicted to account for the most important share of the battery vitality storage system market. The big market share of this section is attributed to the demand for grid modernization from renewable vitality suppliers. As well as, new regulatory insurance policies for the vitality sector are additionally driving the expansion of the on-grid battery vitality storage techniques marketplace for utilities.

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Primarily based on possession, the worldwide battery vitality storage system market is segmented into customer-owned, third-party-owned, and utility-owned. In 2022, the customer-owned section is predicted to account for the most important share of the worldwide battery vitality storage system market. The big market share of this section is attributed to the huge utilization of battery storage techniques by clients for varied operations, together with charging stations, non-public automobiles & fleet operations, energy vegetation, and industrial areas. Nevertheless, the utility-owned section is slated to register the best CAGR throughout the forecast interval. The quick progress of this section is attributed to the growing electrification initiatives by varied governments and stakeholders to energy distant and distant places.

Primarily based on vitality capability, the worldwide battery vitality storage techniques market is segmented into beneath 100 MWh, 100 MWh to 500 MWh, and greater than 500 MWh. In 2022, the beneath 100 MWh section is predicted to account for the most important share of the worldwide battery vitality storage system market. The big market share of this section is attributed to the large-scale utilization of superior applied sciences to enhance the operational capabilities of grid networks. Nevertheless, the 100 MWh to 500 MWh section is slated to register the best CAGR throughout the forecast interval. The quick progress of this section is principally as a result of 100 MWh to 500 MWh energy capability batteries are extensively utilized in medium EVs akin to gentle industrial automobiles and utility automobiles.

Primarily based on utility, the worldwide battery vitality storage system market is segmented into residential, industrial, and utility. The industrial section is additional segmented into telecommunication, knowledge facilities, industrial, marine, medical, and EV charging infrastructure. The utility section is additional segmented into peak shaving, load shifting, black begin, microgrids, renewable integration, and grid companies. In 2022, the industrial section is predicted to account for the most important share of the worldwide battery vitality storage system market. The big market share of this section is principally attributed to the growing want for charging infrastructure in public locations, the fast growth of economic EV charging techniques in Europe, and the excessive demand for industrial EV charging stations in China because of the presence of enormous industrial storage parking areas and densely populated city areas. The industrial section can also be slated to register the best CAGR throughout the forecast interval.

Primarily based on geography, the Asia-Pacific (APAC) area is predicted to account for the most important share of the worldwide battery vitality storage system market in 2022. Power storage investments are anticipated to extend considerably within the APAC area as governments in rising economies are making new insurance policies to enhance the reliability and high quality of energy distribution services in residential areas. The governments of varied international locations on this area are specializing in minimizing the hostile results of vitality sector on the surroundings. These elements will result in the excessive deployment of battery vitality storage techniques for residential and public utility functions within the APAC area.

A few of the main gamers working on this market are ABB Ltd (Switzerland), Normal Electrical Firm (U.S.), BYD Firm Restricted (China), Delta Electronics, Inc. (Taiwan), Samsung SDI Co., Ltd. (South Korea), Panasonic Holdings Company (Japan), Siemens AG (Germany), Tesla Inc, (U.S.), Toshiba Company (Japan), LG Power Answer, Ltd. (South Korea), Honeywell Worldwide Inc. (U.S.), Hitachi, Ltd. (Japan), NEC Company (Japan), EnerDel, Inc. (U.S.), Kokam (South Korea), Johnson Controls Worldwide plc (Eire), Fluence Power, Inc. (U.S.), and NextEra Power, Inc. (U.S.).

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Scope of the Report:

Battery Power Storage System market, by Battery Kind                                         

  • Lithium-ion Batteries                         
  • Nickel-cadmium (Ni-Cd) Batteries
  • Nickel-metal Hydride (Ni-MH) Batteries                         
  • Sodium-sulfur (Na-S) Batteries
  • Redox Stream Batteries (RFB)                                            

Battery Power Storage System market, by Element                            

  • Battery Techniques
  • Battery Administration Techniques (BMS)
  • Energy Conversion Techniques (PCS)
  • Power Administration Techniques (EMS)

Battery Power Storage System market, by Connection Kind     

  • On-grid Connection
  • Off-grid Connection

Battery Power Storage System market, by Possession

  • Buyer-owned
  • Third-party-owned

Battery Power Storage System market, by Power Capability     

  • Beneath 100 MWh
  • 100 MWh to 500 MWh
  • Greater than 500 MWh

Battery Power Storage System market, by Software

  • Residential                          
  • Industrial                        
    • Telecommunication
    • Information Facilities
    • Industries
    • Marine
    • Healthcare
    • EV Charging Infrastructure
  • Utility                   
    • Peak Shaving
    • Load Shifting
    • Black Begin
    • Microgrids
    • Renewable Integration
    • Grid Providers

Battery Power Storage System market, by Geography

  • North America                    
  • Asia-Pacific                        
    • China
    • Japan
    • South Korea
    • India
    • Singapore
    • Thailand
    • Australia
    • Taiwan
    • Remainder of Asia-Pacific
  • Europe                  
    • Germany
    • U.Okay.
    • France
    • Netherlands
    • Norway
    • Italy
    • Spain
    • Switzerland
    • Sweden
    • Denmark
    • Remainder of Europe
  • Latin America
  • Center East & Africa

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