The Battery Energy Storage System Market Size is expected to grow from USD 4.4 billion in 2022 to USD 15.1 billion by 2027, at a CAGR of 27.9%.

The growth of the market is attributed to the increasing demand for grid energy storage systems owing to ongoing grid modernization, growing penetration of lithium-ion batteries in renewable energy sector, and rising trend of adopting low-carbon and less fossil fuel-based economy and ongoing renewable energy revolution. However, high capital expenditure required for installing battery energy storage systems is restraining the market growth. On the flip side, surge in number of rural electrification projects worldwide, increase in need for continuous power supply attributed to rise in number of data centers, and decline in prices of lithium-ion batteries are expected to create huge opportunities for the adoption of battery energy storage system in the coming years

Increasing demand for grid energy storage systems owing to ongoing grid modernization

Solar and wind energy are the most prominent renewable energy types that are stored in grids. However, the concealing of the sun by clouds or fluctuating wind currents leads to variations in the process of energy generation. Such fluctuations create the requirement for flexible grid systems used to store energy. Battery energy storage systems are becoming an integral part of grid modernization. These systems help grid operators to save electricity when the electricity generated exceeds the electricity demand.

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Lithium-ion batteries to hold the largest share of Battery Energy Storage System Market in 2021

The market for the lithium-ion batteries held the largest share in 2021 and is estimated to remain the same during the forecast period. The growth of this segment is attributed to the advantages of the battery such as high energy and power density, which leads to low standby losses and a high life expectancy of about 5–15 years with 98% efficiency. Also, lithium-ion-sulfur battery energy storage systems support frequency regulation, demand charge reduction, grid-buffering, and renewable integration, which are suitable for on-grid connections.

Top Players in Battery Energy Storage System Market:

BYD Company Limited (China), SAMSUNG SDI Co., Ltd. (South Korea), LG Energy Solutions Co., Ltd. (South Korea), and Panasonic Corporation (Japan) are a few major players in Battery Energy Storage System Market.

BYD Company Limited

BYD Company Limited (BYD) is a top high-tech enterprise in China and a pioneer in battery technology. The company offers its products under three main segments: Rechargeable Batteries and Photovoltaic; Mobile Handset Components, Assembly Service and Other Products; and Automobiles and Related Products, and Other Products. Under its Rechargeable Batteries and Photovoltaic business, the company provides iron, nickel, and lithium-ion battery products, including energy storage stations and iron battery packs, which are widely used in electronic tools, mobile phones, and other portable electronic devices, energy storage products, photovoltaic products, and electric vehicles. BYD also offers large-scale energy storage systems, distributed energy storage systems, and micro-grid systems.

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SAMSUNG SDI Co., Ltd.

Samsung SDI Co., Ltd. is a leading manufacturer of rechargeable batteries used in the IT industry, automobiles, and ESS. The company leads technologically in the battery manufacturing market on the foundation of change and innovation. It operates through two business segments—Electronic Materials and Energy Solutions. The major product lines under the Energy Solutions business segment include automotive batteries, small-sized li-ion batteries, and ESS (Energy Storage Systems). In 2010, Samsung SDI started the lithium battery ESS business based on small-sized lithium-ion rechargeable battery technology. ESS integrated with these batteries are used for the latest mobile devices and electric cars. The company offers ESS from kWh to MWh for the residential, utilities, commercial, UPS, and base transceiver station applications. Samsung ESS have a long-lasting service life. They are safe to use and provide excellent performance.

LG Energy Solutions Co., Ltd.

LG Chem is a chemical company that provides advanced materials and business and energy solutions. The company operates through segments such as Petrochemicals, Life Sciences, Energy Solutions, Advanced Materials, and Common and Others. In December 2020, the company split off its Energy Solution business and formed LG Energy Solutions Co., Ltd. Energy Solutions Co., Ltd. is involved mainly in the manufacture and supply of batteries ranging from IT and new application batteries for laptops, mobile phones, and computers to automotive batteries for vehicles and energy storage systems (ESS). The company offers ESS to improve energy efficiency by enhancing the quality of renewable energy that stabilizes power supply systems. An ESS integrates a battery cell, a battery pack, a battery module, and a battery rack system. ESS are used in electric grids, homes, and UPS. Various ESS available in the market for residential, commercial, and UPS applications include RESU10H, RESU 7H, RESU 3.3, M48126P3S, M48128P6B, and others.

Panasonic Corporation

Panasonic Corporation is a Japan-based multinational electronics corporation (formerly known as Matsushita Electric Industrial Co., Ltd.). It is one of the leading companies in the development of innovative technologies and products for the consumer electronics and automotive industries, as well as the housing and industrial sectors. The company operates through the following business segments: Appliances, Life Solutions, Connected Solutions, Automotive, and Industrial Solutions. Automobiles, consumer electronics, home appliances, displays, HVAC, smart homes, industrial automation, and IoT devices are some of the key application areas of Panasonic Corporation’s products and services. The company offers Battery Energy Storage Systems under the portfolio of energy solutions. Moreover, the company also offers an extensive lineup of lithium-ion batteries, ranging from small applications, such as consumer batteries for laptops, to more extensive applications, such as automotive batteries.

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