Battery Energy Storage Market to Grow at a CAGR of 20.88% over 2024 to 2032; Integration of Innovative Power Generation Technologies to Stimulate Market Growth: Fortune Business Insights™

The global battery energy storage market size was valued at USD 18.20 billion in 2023. The market is projected to expand from USD 25.02 billion in 2024 to USD 114.05 billion by 2032, exhibiting a CAGR of 20.88% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Battery Energy Storage Market Size, Share & Industry Analysis, By Type (Lithium-Ion Battery, Lead Acid Battery, Flow Battery, and Others), By Connectivity (Off-Grid, On-Grid), By Application (Residential, Non-Residential, Utility, and Others), By Ownership (Customer-Owned, Third-Party Owned, and Utility-Owned), By Capacity (Small Scale {Less than 1 MW} and Large Scale {Greater than 1 MW}), and Regional Forecast, 2024-2032”.

Battery energy storage uses multiple battery technologies, including lithium-ion, to store energy from renewable sources such as solar and wind. The integration of innovative power generation technologies and the modernization of infrastructure are driving the demand for more efficient grid systems. Battery energy storage systems are integral in facilitating reliable backup power and managing peak loads, thus bolstering their market demand.

 Despite the global business disruptions caused by the COVID-19 pandemic, governments are setting green targets and providing economic stimulus packages to boost BESS demand. In August 2020, Zenobē Energy Limited and ABB joined hands to create a 25 kV rail traction power system in the U.K., converting battery power to maintain a continuous power supply for trains.

Atlas Renewable Energy Partnered with ABB Power Grids to Deploy Utility-Scale Battery Energy Storage Systems

In April 2021, Atlas Renewable Energy teamed up with ABB Power Grids to implement utility-scale battery energy storage systems (BESS) across its renewable energy projects. This partnership involved incorporating energy storage systems into the design of initial development stage projects, with Hitachi ABB contributing expertise on technical solutions and interconnections.

Rising Supportive Policies and Investments to Encourage Market Growth

The global push toward lower emissions, exemplified by the decommissioning of nuclear power plants in April 2023 such as Emsland in Germany, is propelling investment in cleaner alternatives such as BESS. Moreover, government initiatives such as India's 'Viability Gap Funding' scheme in September 2023 and the significant investments highlighted by the IEA indicate a favorable regulatory environment and financial backing, fueling the battery energy storage market growth.

However, the initially higher cost of these products poses a significant barrier to market growth, particularly for large-scale deployment, impacting initial capital investments.

Industry Participants Focus on Providing a Wide Array of Products to Expand their Market Reach

In the global market, a handful of major players dominate alongside numerous others offering diverse products and solutions to bolster their market presence. LG Energy, a branch of LG's chemical company, ranks among the leading providers, revealing plans for ten grid-scale battery storage projects in January 2024. Additionally, key players such as Samsung SDI and GE deliver a range of advanced energy storage systems and solutions, emphasizing research and development efforts to expand their product portfolios and secure contracts for large-capacity projects.

List of Key Players Mentioned in the Report:

• GE (U.S.)


• ABB (Switzerland)


• Samsung SDI (South Korea)


• Hitachi Chemical Co., Ltd. (Japan)


• Siemens Energy (Germany)


• Total (France)


• LG Energy Solution (South Korea)


• Fluence (U.S.)


• Narada (China)


• VRB Energy (Canada)


• Kokam (South Korea)


• EVE Energy Co., Ltd. (China)


• Black & Veatch (U.S.)


• Hitachi Energy (Switzerland)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/battery-energy-storage-market-100489

Key Industry Development:

• February 2024 - LG Energy Solution entered into an agreement with WesCEF to enhance and expand its lithium supply chain for competitive procurement. Under the agreement, WesCEF will supply up to 85,000 tons of lithium concentrate, a crucial raw material for cathodes.

Further Report Findings

• The Asia Pacific held the key battery energy storage market share, attributed to the extensive uptake of battery energy storage systems within China. The substantial market demand stemming from China's adoption initiatives serves as a driving force behind the region's continued growth trajectory.


• The U.S. focuses on research and development efforts to explore alternatives to lithium-based batteries.

Table of Segmentation