Battery Energy Storage Systems (BESS) Global Market Overview 2024-2030 | Clean Energy Shift, Lower Battery Costs, and Rising Power Demand Drive Energy Storage Market Expansion - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Battery Energy Storage Systems (BESS) - A Global Market Overview" report has been added to ResearchAndMarkets.com's offering.

The global Battery Energy Storage Systems (BESS) market size is witnessing rapid growth, projected to expand at a CAGR of 21.3% from 2024 to 2030, reaching US$43.4 billion by 2030 from US$13.7 billion in 2024.

This global report on Battery Energy Storage Systems (BESS) analyzes the market based on Element/Component, Battery Type, Power Rating, Connection Type, Ownership Model and Application for the period 2021-2030 with forecasts from 2024 to 2030 in terms of value in US$. In addition to providing profiles of major companies operating in this space, the latest corporate and industrial developments have been covered to offer a clear panorama of how and where the market is progressing.

Key drivers include the global transition to clean energy, decreasing lithium-ion battery costs due to economies of scale and manufacturing efficiencies, and rising electricity demand fueled by population growth, urbanization, and industrialization.

BESS enables effective integration of intermittent renewable energy sources like solar and wind by providing critical grid services such as frequency regulation, voltage support, peak shaving, and load shifting. These systems also enhance grid resilience, support backup power during outages, and serve as vital components in microgrids and EV charging infrastructure, including vehicle-to-grid (V2G) applications.

Technological innovations, including AI-driven energy management systems and IoT-enabled monitoring, are further advancing BESS efficiency, performance, and predictive maintenance capabilities. New battery chemistries, such as sodium-ion, solid-state, and flow batteries, are being explored to address the limitations of lithium-ion, improve safety, and optimize resource use.

Governments worldwide are promoting BESS adoption through favorable policies, subsidies, and incentives to support decarbonization and grid modernization. Additionally, the repurposing of retired EV batteries for stationary storage is gaining momentum, reducing costs and extending battery utility. The growing participation of commercial, residential, and remote users underscores BESS's role in ensuring reliable, cost-effective, and sustainable energy solutions.

Battery Energy Storage Systems Market Analysis

• Asia-Pacific is the largest and fastest-growing market for Battery Energy Storage Systems (BESS), expected to hold a 42.2% share in 2024 and register a robust CAGR of 36.1% through 2030.
• In this report, Battery Energy Storage Systems (BESS) are analyzed by component type, including Battery Hardware and Balance of Plant (BoP)/Other Elements, with the latter commanding a larger estimated market share of 54.4% in 2024 and expected to grow faster at a CAGR of 23.7% from 2024 to 2030.
• In 2024, Lithium-ion (Li-ion) batteries are expected to dominate the global Battery Energy Storage Systems (BESS) market with a 66.7% share, driven by their high energy density (200-300 Wh/kg), efficiency (80-90%), long cycle life (1,000-5,000 cycles), fast charging capabilities, and declining costs-from about US$1,000/kWh in 2010 to US$139/kWh in 2023-due to economies of scale and EV-driven demand.
• Battery Energy Storage Systems (BESS) with power ratings of < 30 kVA are expected to hold the largest market share in 2024 at 71.1%, driven by demand from residential, small commercial, and institutional users for backup power, energy cost optimization, and solar and EV integration.
• On-grid Battery Energy Storage Systems (BESS) dominate the global market by connection type, with an estimated 88.2% share in 2024, and are projected to grow at the fastest CAGR of 26.3% from 2024 to 2030.
• In the global Battery Energy Storage Systems (BESS) market, Third Party-Owned systems lead by ownership type with a projected 44.1% share in 2024, driven by the popularity of the Energy Storage as a Service (ESaaS) model, where energy service companies (ESCOs) handle installation, operation, and maintenance, reducing upfront costs for customers.
• The Utility sector dominates the global Battery Energy Storage Systems (BESS) market by application, with an estimated 53.4% share in 2024 and the fastest projected CAGR of 28.1% from 2024 to 2030.

Key Attributes:

Report Attribute	Details
No. of Pages	470
Forecast Period	2024 - 2030
Estimated Market Value (USD) in 2024	$13.7 billion
Forecasted Market Value (USD) by 2030	$43.4 billion
Compound Annual Growth Rate	21.3%
Regions Covered	Global

Battery Energy Storage Systems Market Report Scope

Battery Energy Storage Systems (BESS) Companies Featured

• AB Volvo
• ABB Ltd
• AEG Power Solutions BV
• Alevo Group SA
• Beacon Power LLC
• Black & Veatch Holding Co
• BYD Co Ltd
• C&D Technologies, Inc.
• Contemporary Amperex Technology Co Ltd (CATL)
• Delta Electronics, Inc.
• East Penn Manufacturing Co
• Eaton Corp
• Enersys
• Enphase Energy
• ESS Tech, Inc.
• EVE Energy Co Ltd
• Exide Industries Ltd
• Fluence Energy, Inc.
• GE Vernova
• General Electric
• Honeywell International, Inc.
• Hoppecke Batteries, Inc.
• Johnson Controls International plc
• Kokam Co Ltd
• LG Energy Solutions Co Ltd
• Mitsubishi Heavy Industries Ltd.
• Narada Asia Pacific Pte Ltd
• NEC Corp
• NextEra Energy, Inc.
• NGK Insulators Ltd
• Nidec ASI
• Nissan Motors
• Panasonic Corp
• Primus Power Solutions
• RES Group
• Saft Group SA (Total Energies)
• Samsung SDI Co Ltd
• Schneider Electric SE
• Siemens Energy
• SMA Solar Technology AG
• SolarEdge
• Sonnen GmbH
• Sunverge Energy, Inc.
• Tata Power Co Ltd
• Tesla, Inc.
• Tesvolt AG
• The AES Corp
• Toshiba Corp
• TotalEnergies SE
• Trinabess
• Varta AG
• VRB Energy
• Wartsila Corp

Key Metrics

• Historical Period: 2021-2023
• Base Year: 2024
• Forecast Period: 2024-2030
• Units: Value market in US$
• Companies Mentioned: 50+

Battery Energy Storage Systems Market by Geographic Region

• North America (United States, Canada and Mexico)
• Europe (Germany, Italy, United Kingdom and Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea and Rest of Asia-Pacific)
• South America (Argentina, Brazil, Chile and Rest of Latin America)
• Middle East & Africa

Battery Energy Storage Systems Market by Element/Component

• Battery Hardware
• Balance of Plant (BoP)/Other Elements

Battery Energy Storage Systems Market by Battery Type

• Flow
• Lead-Acid
• Lithium-ion (Li-ion)
• Sodium-ion (Na-ion)
• Other Battery Types (Incl. Flywheel & Nickel-Based)

Battery Energy Storage Systems Market by Power Rating

• < 30 kVA
• 30 kVA-150 MVA
• > 150 MVA

Battery Energy Storage Systems Market by Connection Type

• Off-Grid
• On-Grid

Battery Energy Storage Systems Market by Ownership Model

• Customer-Owned
• Third Party-Owned
• Utility-Owned

Battery Energy Storage Systems Market by Application

• Commercial & Industrial
• Residential
• Utility

For more information about this report visit https://www.researchandmarkets.com/r/4y86lh

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