Battery Energy Storage System Market - Global Forecast To 2029
| 出版年月 | 2024年7月 |
| ページ数 | 277 |
| 図表数 | 273 |
| 価格タイプ | シングルユーザライセンス |
| 価格 | USD 4,950 |
| 種別 | 英文調査報告書 |
Report Overview
The global battery energy storage system market is estimated to grow from USD 7.8 billion in 2024 and is projected to reach USD 25.6 billion by 2029, at a CAGR of 26.9% during the forecast period.
世界のバッテリーエネルギー貯蔵システム市場は、2024年の78億米ドルから成長すると推定され、予測期間中のCAGRは26.9%で、2029年までに256億米ドルに達すると予測されています。
Battery energy storage systems improve the quality of power by ensuring improved voltage and frequency regulation with minimum interruption. Besides, these systems provide power backup during disruption, save the operational cost of powering the grid, and increase the capabilities and efficiency of the grid.
“Utility-owned BESS is expected to grow with a significant CAGR during the forecast period.”
The operators of the utility owned battery energy storage systems use renewable energy sources to a greater extent to deliver a large number of units of electricity. The customers of utility-owned battery energy storage systems need to pay monthly fees based on power usage. The utility-owned energy storage companies invest in energy storage to overcome the high cost of electrical T&D by fulfilling the growing electricity demand. The battery energy storage systems help improve grid reliability, manage T&D congestion while improving T&D performance, and help avoid the purchase of additional equipment for energy storage as well as increase the lifespan of assets.
“Above 500 MWh energy capacity segment likely to gain a significant market share between 2024 and 2029.”
Battery energy storage systems with a capacity above 500 MWh exhibit high service life. The battery energy storage systems with high energy capacity can support peak shaving and valley filling in the future global energy interconnection. These systems help serve the energy demands, which can be used for peak load regulation in support of a large grid. High-energy storage systems can be used to smoothen fluctuations of large-scale clean energy generation. Large-scale battery storage systems align renewable energy production and rapidly respond to the output of wind and photovoltaic power, smoothen renewable energy generation fluctuations, and ensure real-time grid operations’ safety.
“Utility application segment to gain the largest market share during the forecast period.”
Public utility applications or utilities involve the electric grid, a system where the electricity generated at power plants is immediately used by the loads that are connected to it. The generation and consumption of electricity always need to match, as a mismatch can lead to voltage and frequency deviations and cause power outages or damage to equipment. In order to overcome this problem, a battery energy storage system is installed on electric grids to control the voltage and frequency deviations. The battery energy storage system is a cost-effective solution that helps substations and transmission and distribution (T&D) lines to meet the growing peak demand.
“North America is anticipated to gain a substantial market share by 2029.”
The US, Canada, and Mexico are the major countries contributing to the growth of the North American battery energy storage system market. The growth of the battery energy storage system market in North America can be attributed to the increasing demand for renewable energy storage in the residential, non-residential, and utility sectors. Furthermore, the US has ample lithium deposits that can be derived in the future to produce lithium-ion batteries. These factors are expected to drive the demand for lithium-ion batteries in the manufacturing of energy storage systems in the region.
Breakdown of primaries
A variety of executives from key organizations operating in the battery energy storage system market were interviewed in-depth, including CEOs, marketing directors, and innovation and technology directors.
- By Company Type: Tier 1 = 45%, Tier 2 = 30%, and Tier 3 = 25%
- By Designation: C-level Executives = 35%, Directors = 45%, and Others (sales, marketing, and product managers, as well as members of various organizations) = 20%
- By Region: North America = 30%, Europe = 25%, Asia Pacific =35%, and RoW = 10%
Key players profiled in this report
BYD Company Ltd (China), Samsung SDI Co., Ltd. (South Korea), LG Energy Solution (South Korea), and Panasonic Corporation (Japan) are the key players in the battery energy storage system market. These leading companies possess a robust portfolio of products and establish a strong presence in established and emerging markets. The study provides a comprehensive competitive analysis of these key players in the battery energy storage system market, presenting their company profiles, recent developments, and key market strategies.
Research Coverage
This report offers detailed insights into the battery energy storage system market based on battery type (Lithium-ion, Advanced Lead-acid, Flow batteries, Other batteries), Connection Type (On-grid and Off-grid) Ownership (Customer-owned, Third-Party Owned, Utility Owned), Energy Capacity (Below 100 MWh, Between 100 to 500 MWh, Above 500 MWh), Application (Residential, Commercial, Utility) and region (North America, Europe, Asia Pacific, and RoW which includes the Middle East, Africa and South America.)
The report also comprehensively reviews the battery energy storage sysrem market drivers, restraints, opportunities, and challenges. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Reasons to buy the report:
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the battery energy storage system market’s pulse and provides information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Analysis of key drivers ( Accelerated deployment of grid energy storage systems in ongoing grid modernization projects, Adoption of lithium-ion batteries in the renewable energy sector, Renewable Energy Revolution and the Shift to a Low-Carbon Economy), restraints (High cost of installing battery energy storage systems), opportunities (Rapid adoption of battery energy storage systems in rural electrification projects worldwide, Increased demand for continuous power supply from data centers) and challenges (Difficulties pertaining to installation of battery energy storage systems in remote and isolated locations).
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the battery energy storage system market
- Market Development: Comprehensive information about lucrative markets – the report analyses the battery energy storage system market across varied regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the battery energy storage system market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players like BYD Company Ltd (China), Samsung SDI Co., Ltd. (South Korea), LG Energy Solution (South Korea), and Panasonic Corporation (Japan) among others.
Table of Contents
1 INTRODUCTION 26
1.1 STUDY OBJECTIVES 26
1.2 MARKET DEFINITION 26
1.3 STUDY SCOPE 27
1.3.1 MARKETS COVERED 27
1.3.2 YEARS CONSIDERED 28
1.3.3 INCLUSIONS AND EXCLUSIONS 28
1.3.4 CURRENCY CONSIDERED 29
1.3.5 UNITS CONSIDERED 29
1.4 LIMITATIONS 29
1.5 STAKEHOLDERS 29
1.6 SUMMARY OF CHANGES 30
1.7 IMPACT OF RECESSION 30
2 RESEARCH METHODOLOGY 31
2.1 RESEARCH APPROACH 31
2.1.1 SECONDARY AND PRIMARY RESEARCH 32
2.1.2 SECONDARY DATA 33
2.1.2.1 List of major secondary sources 33
2.1.2.2 Key data from secondary sources 33
2.1.3 PRIMARY DATA 34
2.1.3.1 List of participants in interviews with experts 34
2.1.3.2 Key data from primary sources 35
2.1.3.3 Key industry insights 35
2.1.3.4 Breakdown of interviews with experts 36
2.2 MARKET SIZE ESTIMATION METHODOLOGY 36
2.2.1 BOTTOM-UP APPROACH 36
2.2.1.1 Approach to derive market size using bottom-up analysis
(demand side) 36
2.2.2 TOP-DOWN APPROACH 37
2.2.2.1 Approach to derive market size using top-down analysis (supply side) 38
2.3 DATA TRIANGULATION 39
2.4 RESEARCH ASSUMPTIONS 40
2.5 RESEARCH LIMITATIONS 40
2.6 PARAMETERS CONSIDERED TO ANALYZE IMPACT OF RECESSION ON
BATTERY ENERGY STORAGE SYSTEM MARKET 41
2.7 RISK ASSESSMENT 41
3 EXECUTIVE SUMMARY 42
4 PREMIUM INSIGHTS 46
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN BATTERY ENERGY
STORAGE SYSTEM MARKET 46
4.2 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE 46
4.3 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY 47
4.4 NORTH AMERICA BATTERY ENERGY STORAGE SYSTEM MARKET,
BY APPLICATION AND COUNTRY 47
4.5 BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY 48
5 MARKET OVERVIEW 49
5.1 INTRODUCTION 49
5.2 MARKET DYNAMICS 49
5.2.1 DRIVERS 50
5.2.1.1 Increasing installations of battery energy storage systems in grids to support grid modernization projects 50
5.2.1.2 Increasing global investments in innovation of grid infrastructure 50
5.2.1.3 Lithium-ion battery scalability in renewable energy sector 51
5.2.1.4 Renewable energy revolution and shift to a low-carbon economy 52
5.2.2 RESTRAINTS 53
5.2.2.1 High installation and maintenance costs associated with
battery energy storage systems 53
5.2.3 OPPORTUNITIES 54
5.2.3.1 Increasing opportunities in rural electrification projects worldwide 54
5.2.3.2 Rising demand for power supply from data centers 55
5.2.3.3 Decline in prices of lithium-ion batteries 55
5.2.4 CHALLENGES 56
5.2.4.1 Installation of battery energy storage systems in remote locations 56
5.2.4.2 Overheating and aging challenges 57
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 58
5.4 VALUE CHAIN ANALYSIS 58
5.5 ECOSYSTEM ANALYSIS 61
5.6 INVESTMENT AND FUNDING SCENARIO 63
5.7 TECHNOLOGY ANALYSIS 63
5.7.1 KEY TECHNOLOGIES 64
5.7.1.1 Sodium-sulfur battery 64
5.7.1.2 Cobalt-free battery 64
5.7.1.3 Zinc-bromine battery 64
5.7.2 COMPLEMENTARY TECHNOLOGIES 65
5.7.2.1 Metal-air battery 65
5.7.2.2 Liquid metal battery 65
5.7.2.3 Lithium-sulfur battery 65
5.8 PATENT ANALYSIS 66
5.9 TRADE ANALYSIS 68
5.9.1 IMPORT SCENARIO 68
5.9.2 EXPORT SCENARIO 69
5.10 KEY CONFERENCES AND EVENTS, 2024–2025 69
5.11 CASE STUDY ANALYSIS 70
5.11.1 TESLA DELIVERED MEGAPACKS TO GAMBIT ENERGY STORAGE PLANT 70
5.11.2 GENERAL ELECTRIC TO DELIVER BATTERY ENERGY STORAGE
SYSTEMS TO CONVERGENT 70
5.11.3 ADOPTION OF BATTERY ENERGY STORAGE SYSTEMS
BY UTILITY PROVIDER COMPANY 70
5.11.4 ABB TO INSTALL BATTERY ENERGY STORAGE SYSTEMS IN PHILIPPINES 71
5.11.5 EXIDE INDUSTRIES, LECLANCHE, AND TPDDL JOIN HANDS TO LAUNCH
GRID-CONNECTED LI-ION BATTERY-POWERED COMMUNITY
ENERGY STORAGE SYSTEM 71
5.12 REGULATORY LANDSCAPE 71
5.12.1 REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 71
5.12.2 STANDARDS AND REGULATIONS RELATED TO BATTERY ENERGY STORAGE SYSTEM MARKET 74
5.13 PORTER’S FIVE FORCES ANALYSIS 77
5.13.1 THREAT OF NEW ENTRANTS 78
5.13.2 THREAT OF SUBSTITUTES 78
5.13.3 BARGAINING POWER OF SUPPLIERS 78
5.13.4 BARGAINING POWER OF BUYERS 79
5.13.5 INTENSITY OF COMPETITIVE RIVALRY 79
5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 79
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS 79
5.14.2 BUYING CRITERIA 80
5.15 PRICING ANALYSIS 81
5.15.1 AVERAGE SELLING PRICE TREND 81
5.15.2 AVERAGE SELLING PRICE OF LITHIUM-ION BATTERY PACK, BY KEY PLAYER 83
5.15.3 AVERAGE SELLING PRICE TREND, BY REGION 84
6 MAJOR INPUT ENERGY SOURCES AND RECENT TRENDS RELATED TO BATTERY ENERGY STORAGE SYSTEMS 85
6.1 INTRODUCTION 85
6.2 INPUT ENERGY SOURCES 85
6.2.1 SOLAR PANELS 85
6.2.2 WIND TURBINES 85
6.2.3 GRID POWER 86
6.2.4 DIESEL GENERATORS 86
6.2.5 OTHERS 86
6.3 RECENT TRENDS RELATED TO MARKET 86
6.3.1 RENEWABLE ENERGY SOURCES 86
6.3.2 ADVANCEMENTS IN BATTERY TECHNOLOGIES 87
6.3.3 AI AND ML 87
6.3.4 MICROGRIDS 87
6.3.5 HYBRID ENERGY STORAGE SYSTEMS 87
6.4 ANALYSIS OF VARIOUS BATTERY TECHNOLOGIES AND
BATTERY ENERGY STORAGE SYSTEMS 87
6.4.1 COMPREHENSIVE ANALYSIS OF VARIOUS TYPES OF BATTERY TECHNOLOGIES 87
6.4.2 COMPREHENSIVE ANALYSIS OF VARIOUS TYPES OF
ENERGY STORAGE SYSTEMS 96
6.5 TYPES OF SYSTEMS FOR BATTERY ENERGY STORAGE 99
6.5.1 FRONT-OF-THE-METER (FTM) SYSTEM 99
6.5.2 BEHIND-THE-METER (BTM) SYSTEM 100
7 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT 101
7.1 INTRODUCTION 101
7.2 BATTERY 101
7.2.1 USE IN BUILDING SUSTAINABLE AND RESILIENT ENERGY
INFRASTRUCTURE TO DRIVE SEGMENT 101
7.3 OTHER ELEMENTS 102
7.3.1 HARDWARE 102
7.3.1.1 Facilitation of required communication and functioning
to boost demand 102
8 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE 104
8.1 INTRODUCTION 105
8.2 LITHIUM-ION BATTERIES 108
8.2.1 HIGH ENERGY DENSITY AND EFFICIENCY TO DRIVE DEMAND 108
8.3 ADVANCED LEAD-ACID BATTERIES 111
8.3.1 EXTENSIVE ADOPTION IN GRID ENERGY STORAGE TO PROPEL DEMAND 111
8.4 FLOW BATTERIES 113
8.4.1 VARIOUS ADVANTAGES OVER CONVENTIONAL BATTERIES TO BOOST DEMAND 113
8.5 OTHER BATTERY TYPES 116
8.5.1 SODIUM-SULFUR BATTERY 118
8.5.2 NICKEL-CADMIUM BATTERY 119
8.5.3 NICKEL-METAL HYDRIDE BATTERY 120
8.5.4 NICKEL-IRON BATTERY 120
8.5.5 FLYWHEEL BATTERY 120
9 BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE 121
9.1 INTRODUCTION 122
9.2 ON-GRID CONNECTIONS 124
9.2.1 INCREASE IN DEMAND FOR ELECTRICITY TO DRIVE MARKET GROWTH 124
9.3 OFF-GRID CONNECTIONS 127
9.3.1 EMERGING ADOPTION IN PROVIDING ENERGY SUPPLY TO
REMOTE AREAS TO PROPEL SEGMENT 127
10 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP 130
10.1 INTRODUCTION 131
10.2 CUSTOMER-OWNED 133
10.2.1 REDUCED ELECTRICITY COSTS IN RESIDENTIAL APPLICATIONS
TO DRIVE ADOPTION 133
10.3 THIRD-PARTY-OWNED 135
10.3.1 REDUCTION IN ELECTRICITY BILLS WITH USE OF SOLAR ENERGY
SYSTEMS TO PROPEL DEMAND 135
10.4 UTILITY-OWNED 136
10.4.1 RISE IN DEMAND FOR RENEWABLE ENERGY SOURCES TO DRIVE MARKET 136
11 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY 138
11.1 INTRODUCTION 139
11.2 BELOW 100 MWH 141
11.2.1 HIGH DEMAND FROM RESIDENTIAL APPLICATIONS TO DRIVE MARKET 141
11.3 BETWEEN 100 AND 500 MWH 142
11.3.1 INCREASED ADOPTION TO MANAGE UNCERTAINTIES IN POWER SYSTEMS TO PROPEL DEMAND 142
11.4 ABOVE 500 MWH 143
11.4.1 EXTENSIVE USE IN SMOOTHENING ENERGY FLUCTUATIONS WHILE
SERVING ENERGY DEMANDS TO BOOST ADOPTION 143
12 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION 145
12.1 INTRODUCTION 146
12.2 RESIDENTIAL 147
12.2.1 GOVERNMENT INITIATIVES ENCOURAGING VARIOUS RESIDENTIAL ENERGY STORAGE PROJECTS TO BOOST DEMAND 147
12.3 COMMERCIAL 152
12.3.1 INCREASED DEMAND FOR UPS SYSTEMS TO PROPEL MARKET 152
12.4 UTILITIES 155
12.4.1 INCREASED DEMAND FOR RENEWABLE ENERGY SOURCES IN ELECTRIC GRIDS TO DRIVE MARKET 155
13 BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION 159
13.1 INTRODUCTION 160
13.1.1 IMPACT OF RECESSION ON GLOBAL MARKET 160
13.2 NORTH AMERICA 162
13.2.1 IMPACT OF RECESSION ON MARKET IN NORTH AMERICA 162
13.2.2 US 165
13.2.2.1 Hotspot of value chain of innovative battery and energy storage technologies to drive market 165
13.2.3 CANADA 165
13.2.3.1 Government investments and tax credits for development of battery technology to drive market 165
13.2.4 MEXICO 166
13.2.4.1 Commitments to clean generation and emission reductions to
propel market growth 166
13.3 EUROPE 167
13.3.1 IMPACT OF RECESSION ON MARKET IN EUROPE 167
13.3.2 GERMANY 170
13.3.2.1 Growing emphasis on energy storage in residential applications to drive market 170
13.3.3 UK 171
13.3.3.1 Increase in government initiatives for energy storage to drive market 171
13.3.4 FRANCE 171
13.3.4.1 Growing use of renewable energy resources across sectors
to fuel market growth 171
13.3.5 REST OF EUROPE 172
13.4 ASIA PACIFIC 172
13.4.1 IMPACT OF RECESSION ON MARKET IN ASIA PACIFIC 173
13.4.2 CHINA 176
13.4.2.1 Rising demand for energy and continuing battery energy storage projects to drive market 176
13.4.3 JAPAN 177
13.4.3.1 Growing investments in solar and wind energy projects to
drive market 177
13.4.4 INDIA 178
13.4.4.1 Substantial government investments in development of renewables to propel market 178
13.4.5 AUSTRALIA 178
13.4.5.1 Government subsidies aimed at facilitating deployment of large-scale battery storage projects to bolster market 178
13.4.6 SOUTH KOREA 179
13.4.6.1 Rise in adoption of battery energy storage systems in electric grids to fuel market 179
13.4.7 REST OF ASIA PACIFIC 179
13.5 REST OF THE WORLD (ROW) 180
13.5.1 IMPACT OF RECESSION ON MARKET IN ROW 180
13.5.2 MIDDLE EAST 183
13.5.2.1 Increasing investments in renewable energy projects to drive market 183
13.5.2.2 GCC countries 183
13.5.2.3 Rest of Middle East 183
13.5.3 AFRICA 183
13.5.3.1 Growing deployment of battery energy storage system projects to drive market 183
13.5.4 SOUTH AMERICA 184
13.5.4.1 Government investments to deploy renewable energy to
support market 184
14 COMPETITIVE LANDSCAPE 185
14.1 INTRODUCTION 185
14.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2020–2023 185
14.3 REVENUE ANALYSIS, 2019–2023 187
14.4 MARKET SHARE ANALYSIS, 2023 188
14.5 COMPANY VALUATION AND FINANCIAL METRICS 191
14.6 BRAND/PRODUCT COMPARISON 192
14.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 192
14.7.1 STARS 192
14.7.2 EMERGING LEADERS 193
14.7.3 PERVASIVE PLAYERS 193
14.7.4 PARTICIPANTS 193
14.7.5 KEY PLAYERS: OVERALL COMPANY FOOTPRINT, 2023 195
14.7.5.1 Company footprint 195
14.7.5.2 Application footprint 196
14.7.5.3 Connection type footprint 197
14.7.5.4 Battery type footprint 198
14.7.5.5 Ownership footprint 199
14.7.5.6 Region footprint 200
14.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 201
14.8.1 PROGRESSIVE COMPANIES 201
14.8.2 RESPONSIVE COMPANIES 201
14.8.3 DYNAMIC COMPANIES 201
14.8.4 STARTING BLOCKS 201
14.8.5 COMPETITIVE BENCHMARKING, STARTUPS/SMES, 2023 203
14.8.5.1 Detailed list of key startups/SMEs 203
14.8.5.2 Competitive benchmarking of key startups/SMEs 203
14.9 COMPETITIVE SCENARIO 204
14.9.1 PRODUCT LAUNCHES 204
14.9.2 DEALS 206
14.9.3 OTHER DEVELOPMENTS 210
15 COMPANY PROFILES 211
15.1 KEY PLAYERS 211
15.1.1 BYD COMPANY LTD. 211
15.1.1.1 Business overview 211
15.1.1.2 Products/Solutions/Services offered 212
15.1.1.3 Recent developments 213
15.1.1.3.1 Deals 213
15.1.1.4 MnM view 213
15.1.1.4.1 Right to win 213
15.1.1.4.2 Strategic choices 213
15.1.1.4.3 Weaknesses and competitive threats 214
15.1.2 LG ENERGY SOLUTION 215
15.1.2.1 Business overview 215
15.1.2.2 Products/Solutions/Services offered 216
15.1.2.3 Recent developments 217
15.1.2.3.1 Product launches 217
15.1.2.3.2 Deals 217
15.1.2.3.3 Others 218
15.1.2.4 MnM view 218
15.1.2.4.1 Right to win 218
15.1.2.4.2 Strategic choices 218
15.1.2.4.3 Weaknesses and competitive threats 218
15.1.3 PANASONIC CORPORATION 219
15.1.3.1 Business overview 219
15.1.3.2 Products/Solutions/Services offered 220
15.1.3.3 Recent developments 221
15.1.3.3.1 Product launches 221
15.1.3.3.2 Deals 221
15.1.3.4 MnM view 221
15.1.3.4.1 Right to win 221
15.1.3.4.2 Strategic choices 222
15.1.3.4.3 Weaknesses and competitive threats 222
15.1.4 SAMSUNG SDI CO., LTD. 223
15.1.4.1 Business overview 223
15.1.4.2 Products/Solutions/Services offered 224
15.1.4.3 Recent developments 225
15.1.4.3.1 Product launches 225
15.1.4.4 MnM view 225
15.1.4.4.1 Right to win 225
15.1.4.4.2 Strategic choices 225
15.1.4.4.3 Weaknesses and competitive threats 225
15.1.5 TESLA 226
15.1.5.1 Business overview 226
15.1.5.2 Products/Solutions/Services offered 227
15.1.5.3 MnM view 228
15.1.5.3.1 Right to win 228
15.1.5.3.2 Strategic choices 228
15.1.5.3.3 Weaknesses and competitive threats 228
15.1.6 ABB 229
15.1.6.1 Business overview 229
15.1.6.2 Products/Solutions/Services offered 230
15.1.6.3 Recent developments 231
15.1.6.3.1 Deals 231
15.1.7 DELTA ELECTRONICS, INC. 233
15.1.7.1 Business overview 233
15.1.7.2 Products/Solutions/Services offered 234
15.1.8 GE VERNOVA 235
15.1.8.1 Business overview 235
15.1.8.2 Products/Solutions/Services offered 235
15.1.8.3 Recent developments 236
15.1.8.3.1 Product launches 236
15.1.8.3.2 Deals 236
15.1.9 HITACHI ENERGY LTD. 237
15.1.9.1 Business overview 237
15.1.9.2 Products/Solutions/Services offered 237
15.1.9.3 Recent developments 238
15.1.9.3.1 Deals 238
15.1.10 HONEYWELL INTERNATIONAL, INC. 239
15.1.10.1 Business overview 239
15.1.10.2 Products/Solutions/Services offered 240
15.1.10.3 Recent developments 241
15.1.10.3.1 Deals 241
15.1.10.3.2 Product launches 242
15.1.11 JOHNSON CONTROLS 243
15.1.11.1 Business overview 243
15.1.11.2 Products/Solutions/Services offered 244
15.1.12 NGK INSULATORS, LTD. 245
15.1.12.1 Business overview 245
15.1.12.2 Products/Solutions/Services offered 247
15.1.12.3 Recent developments 247
15.1.12.3.1 Product launches 247
15.1.12.3.2 Deals 248
15.1.13 SIEMENS 249
15.1.13.1 Business overview 249
15.1.13.2 Products/Solutions/Services offered 250
15.1.13.3 Recent developments 251
15.1.13.3.1 Product launches 251
15.1.14 TOSHIBA CORPORATION 252
15.1.14.1 Business overview 252
15.1.14.2 Products/Solutions/Services offered 253
15.1.15 AB VOLVO 254
15.1.15.1 Business overview 254
15.1.15.2 Products/Solutions/Services offered 255
15.2 OTHER PLAYERS 256
15.2.1 AEG 256
15.2.2 EAST PENN MANUFACTURING COMPANY 257
15.2.3 ESS TECH, INC. 258
15.2.4 KORE POWER INC. 259
15.2.5 PRIMUS POWER SOLUTIONS 260
15.2.6 SAFT 261
15.2.7 SOLAREDGE 262
15.2.8 THE AES CORPORATION 263
15.2.9 TRINASOLAR 264
15.2.10 VRB ENERGY 265
16 ADJACENT AND RELEVANT MARKETS 266
16.1 INTRODUCTION 266
16.2 BATTERY MANAGEMENT SYSTEM MARKET, BY APPLICATION 266
16.2.1 RENEWABLE ENERGY 267
16.2.1.1 High adoption of renewable energy sources to drive market 267
17 APPENDIX 269
17.1 INSIGHTS FROM INDUSTRY EXPERTS 269
17.2 DISCUSSION GUIDE 270
17.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 273
17.4 CUSTOMIZATION OPTIONS 275
17.5 RELATED REPORTS 275
17.6 AUTHOR DETAILS 276
LIST OF TABLES
TABLE 1 BATTERY ENERGY STORAGE SYSTEM MARKET: ECOSYSTEM ANALYSIS 62
TABLE 2 CHARACTERISTICS OF TECHNOLOGIES IN BATTERY ENERGY STORAGE SYSTEMS 64
TABLE 3 LIST OF PATENTS RELATED TO BATTERY ENERGY STORAGE SYSTEM MARKET 67
TABLE 4 BATTERY ENERGY STORAGE SYSTEM MARKET: KEY CONFERENCES AND EVENTS 69
TABLE 5 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 71
TABLE 6 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 72
TABLE 7 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 73
TABLE 8 REST OF THE WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 73
TABLE 9 REGULATIONS AND STANDARDS FOR BATTERY ENERGY STORAGE SYSTEMS 74
TABLE 10 BATTERY ENERGY STORAGE SYSTEM MARKET: PORTER’S FIVE FORCES ANALYSIS 78
TABLE 11 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR
TOP THREE APPLICATIONS (%) 80
TABLE 12 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS 80
TABLE 13 AVERAGE SELLING PRICE OF BATTERY PACK, BY BATTERY TYPE (USD/KWH) 82
TABLE 14 AVERAGE SELLING PRICE OF LITHIUM-ION BATTERY PACK, BY KEY PLAYER 83
TABLE 15 AVERAGE SELLING PRICE OF LITHIUM-ION BATTERY PACK, BY REGION 84
TABLE 16 TYPES OF BATTERY TECHNOLOGIES 88
TABLE 17 TYPES OF ENERGY STORAGE SYSTEMS 97
TABLE 18 COMPARISON BETWEEN LITHIUM-ION AND LEAD-ACID BATTERIES 106
TABLE 19 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE,
2020–2023 (USD MILLION) 107
TABLE 20 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE,
2024–2029 (USD MILLION) 107
TABLE 21 LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY CONNECTION TYPE, 2020–2023 (USD MILLION) 109
TABLE 22 LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY CONNECTION TYPE, 2024–2029 (USD MILLION) 109
TABLE 23 LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY ENERGY CAPACITY, 2020–2023 (USD MILLION) 109
TABLE 24 LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY ENERGY CAPACITY, 2024–2029 (USD MILLION) 110
TABLE 25 LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY REGION, 2020–2023 (USD MILLION) 110
TABLE 26 LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY REGION, 2024–2029 (USD MILLION) 110
TABLE 27 ADVANCED LEAD-ACID BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2020–2023 (USD MILLION) 112
TABLE 28 ADVANCED LEAD-ACID BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2024–2029 (USD MILLION) 112
TABLE 29 ADVANCED LEAD-ACID MARKET, BY ENERGY CAPACITY,
2020–2023 (USD MILLION) 112
TABLE 30 ADVANCED LEAD-ACID BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2024–2029 (USD MILLION) 112
TABLE 31 ADVANCED LEAD-ACID BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2020–2023 (USD MILLION) 113
TABLE 32 ADVANCED LEAD-ACID BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2024–2029 (USD MILLION) 113
TABLE 33 FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY CONNECTION TYPE, 2020–2023 (USD MILLION) 114
TABLE 34 FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY CONNECTION TYPE, 2024–2029 (USD MILLION) 115
TABLE 35 FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY ENERGY CAPACITY, 2020–2023 (USD MILLION) 115
TABLE 36 FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY ENERGY CAPACITY, 2024–2029 (USD MILLION) 115
TABLE 37 FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2020–2023 (USD MILLION) 115
TABLE 38 FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2024–2029 (USD MILLION) 116
TABLE 39 OTHER BATTERY TYPES: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY CONNECTION TYPE, 2020–2023 (USD MILLION) 116
TABLE 40 OTHER BATTERY TYPES: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY CONNECTION TYPE, 2024–2029 (USD MILLION) 117
TABLE 41 OTHER BATTERY TYPES: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY ENERGY CAPACITY, 2020–2023 (USD MILLION) 117
TABLE 42 OTHER BATTERY TYPES: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY ENERGY CAPACITY, 2024–2029 (USD MILLION) 117
TABLE 43 OTHER BATTERY TYPES: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY REGION, 2020–2023 (USD MILLION) 117
TABLE 44 OTHER BATTERY TYPES: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY REGION, 2024–2029 (USD MILLION) 118
TABLE 45 BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE,
2020–2023 (USD MILLION) 124
TABLE 46 BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE,
2024–2029 (USD MILLION) 124
TABLE 47 ON-GRID CONNECTIONS: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY BATTERY TYPE, 2020–2023 (USD MILLION) 126
TABLE 48 ON-GRID CONNECTIONS: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY BATTERY TYPE, 2024–2029 (USD MILLION) 126
TABLE 49 ON-GRID CONNECTIONS: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY APPLICATION, 2020–2023 (USD MILLION) 126
TABLE 50 ON-GRID CONNECTIONS: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY APPLICATION, 2024–2029 (USD MILLION) 127
TABLE 51 OFF-GRID CONNECTIONS: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY BATTERY TYPE, 2020–2023 (USD MILLION) 128
TABLE 52 OFF-GRID CONNECTIONS: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY BATTERY TYPE, 2024–2029 (USD MILLION) 128
TABLE 53 OFF-GRID CONNECTIONS: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY APPLICATION, 2020–2023 (USD MILLION) 129
TABLE 54 OFF-GRID CONNECTIONS: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY APPLICATION, 2024–2029 (USD MILLION) 129
TABLE 55 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP,
2020–2023 (USD MILLION) 132
TABLE 56 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP,
2024–2029 (USD MILLION) 132
TABLE 57 CUSTOMER-OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY APPLICATION, 2020–2023 (USD MILLION) 134
TABLE 58 CUSTOMER-OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY APPLICATION, 2024–2029 (USD MILLION) 135
TABLE 59 THIRD-PARTY-OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY APPLICATION, 2020–2023 (USD MILLION) 135
TABLE 60 THIRD-PARTY-OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY APPLICATION, 2024–2029 (USD MILLION) 136
TABLE 61 UTILITY-OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2020–2023 (USD MILLION) 136
TABLE 62 UTILITY-OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2024–2029 (USD MILLION) 137
TABLE 63 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY,
2020–2023 (USD MILLION) 140
TABLE 64 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY,
2024–2029 (USD MILLION) 140
TABLE 65 BATTERY ENERGY STORAGE SYSTEM MARKET, BY INSTALLED CAPACITY,
2020–2023 (MWH) 140
TABLE 66 BATTERY ENERGY STORAGE SYSTEM MARKET, BY INSTALLED CAPACITY,
2024–2029 (MWH) 140
TABLE 67 BELOW 100 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY APPLICATION, 2020–2023 (USD MILLION) 141
TABLE 68 BELOW 100 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY APPLICATION, 2024–2029 (USD MILLION) 142
TABLE 69 BETWEEN 100 MWH AND 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2020–2023 (USD MILLION) 142
TABLE 70 BETWEEN 100 MWH AND 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2024–2029 (USD MILLION) 143
TABLE 71 ABOVE 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2020–2023 (USD MILLION) 144
TABLE 72 ABOVE 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2024–2029 (USD MILLION) 144
TABLE 73 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,
2020–2023 (USD MILLION) 147
TABLE 74 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,
2024–2029 (USD MILLION) 147
TABLE 75 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2020–2023 (USD MILLION) 149
TABLE 76 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2024–2029 (USD MILLION) 149
TABLE 77 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY CONNECTION TYPE, 2020–2023 (USD MILLION) 149
TABLE 78 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY CONNECTION TYPE, 2024–2029 (USD MILLION) 150
TABLE 79 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY ENERGY CAPACITY, 2020–2023 (USD MILLION) 150
TABLE 80 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY ENERGY CAPACITY, 2024–2029 (USD MILLION) 150
TABLE 81 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2020–2023 (USD MILLION) 151
TABLE 82 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2024–2029 (USD MILLION) 151
TABLE 83 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,
2020–2023 (USD MILLION) 151
TABLE 84 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,
2024–2029 (USD MILLION) 151
TABLE 85 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2020–2023 (USD MILLION) 152
TABLE 86 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2024–2029 (USD MILLION) 153
TABLE 87 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY CONNECTION TYPE, 2020–2023 (USD MILLION) 153
TABLE 88 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY CONNECTION TYPE, 2024–2029 (USD MILLION) 153
TABLE 89 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY ENERGY CAPACITY, 2020–2023 (USD MILLION) 153
TABLE 90 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET,
BY ENERGY CAPACITY, 2024–2029 (USD MILLION) 154
TABLE 91 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2020–2023 (USD MILLION) 154
TABLE 92 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2024–2029 (USD MILLION) 154
TABLE 93 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,
2020–2023 (USD MILLION) 154
TABLE 94 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,
2024–2029 (USD MILLION) 155
TABLE 95 UTILITIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2020–2023 (USD MILLION) 156
TABLE 96 UTILITIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2024–2029 (USD MILLION) 156
TABLE 97 UTILITIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2020–2023 (USD MILLION) 156
TABLE 98 UTILITIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2024–2029 (USD MILLION) 156
TABLE 99 UTILITIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2020–2023 (USD MILLION) 157
TABLE 100 UTILITIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2024–2029 (USD MILLION) 157
TABLE 101 UTILITIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP,
2020–2023 (USD MILLION) 157
TABLE 102 UTILITIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP,
2024–2029 (USD MILLION) 157
TABLE 103 UTILITIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,
2020–2023 (USD MILLION) 158
TABLE 104 UTILITIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,
2024–2029 (USD MILLION) 158
TABLE 105 BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,
2020–2023 (USD MILLION) 161
TABLE 106 BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,
2024–2029 (USD MILLION) 161
TABLE 107 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2020–2023 (USD MILLION) 164
TABLE 108 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2024–2029 (USD MILLION) 164
TABLE 109 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2020–2023 (USD MILLION) 164
TABLE 110 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2024–2029 (USD MILLION) 164
TABLE 111 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY,
2020–2023 (USD MILLION) 169
TABLE 112 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY,
2024–2029 (USD MILLION) 169
TABLE 113 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,
2020–2023 (USD MILLION) 170
TABLE 114 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,
2024–2029 (USD MILLION) 170
TABLE 115 ASIA PACIFIC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY,
2020–2023 (USD MILLION) 175
TABLE 116 ASIA PACIFIC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY,
2024–2029 (USD MILLION) 175
TABLE 117 ASIA PACIFIC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2020–2023 (USD MILLION) 176
TABLE 118 ASIA PACIFIC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2024–2029 (USD MILLION) 176
TABLE 119 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,
2020–2023 (USD MILLION) 181
TABLE 120 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,
2024–2029 (USD MILLION) 181
TABLE 121 MIDDLE EAST: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2020–2023 (USD MILLION) 182
TABLE 122 MIDDLE EAST: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2024–2029 (USD MILLION) 182
TABLE 123 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,
2020–2023 (USD MILLION) 182
TABLE 124 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION,
2024–2029 (USD MILLION) 182
TABLE 125 BATTERY ENERGY STORAGE SYSTEM MARKET: OVERVIEW OF
STRATEGIES ADOPTED BY KEY PLAYERS, JANUARY 2020–JUNE 2024 185
TABLE 126 BATTERY ENERGY STORAGE SYSTEM MARKET SHARE ANALYSIS OF TOP PLAYERS VS. OTHER PLAYERS, 2023 189
TABLE 127 BATTERY ENERGY STORAGE SYSTEM MARKET: APPLICATION FOOTPRINT 196
TABLE 128 BATTERY ENERGY STORAGE SYSTEM MARKET: CONNECTION TYPE FOOTPRINT 197
TABLE 129 BATTERY ENERGY STORAGE SYSTEM MARKET: BATTERY TYPE FOOTPRINT 198
TABLE 130 BATTERY ENERGY STORAGE SYSTEM MARKET: OWNERSHIP FOOTPRINT 199
TABLE 131 BATTERY ENERGY STORAGE SYSTEM MARKET: REGION FOOTPRINT 200
TABLE 132 BATTERY ENERGY STORAGE SYSTEM MARKET: LIST OF KEY STARTUPS/SMES 203
TABLE 133 BATTERY ENERGY STORAGE SYSTEM MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 203
TABLE 134 BATTERY ENERGY STORAGE SYSTEM MARKET: PRODUCT LAUNCHES,
JANUARY 2020–JUNE 2024 204
TABLE 135 BATTERY ENERGY STORAGE SYSTEM MARKET: DEALS, JANUARY 2020–JUNE 2024 206
TABLE 136 BATTERY ENERGY STORAGE SYSTEM MARKET: OTHER DEVELOPMENTS,
JANUARY 2020–JUNE 2024 210
TABLE 137 BYD COMPANY LTD.: COMPANY OVERVIEW 211
TABLE 138 BYD COMPANY LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 212
TABLE 139 BYD COMPANY LTD.: DEALS, JANUARY 2020−JUNE 2024 213
TABLE 140 LG ENERGY SOLUTION: COMPANY OVERVIEW 215
TABLE 141 LG ENERGY SOLUTION: PRODUCTS/SOLUTIONS/SERVICES OFFERED 216
TABLE 142 LG ENERGY SOLUTION: PRODUCT LAUNCHES, JANUARY 2020−JUNE 2024 217
TABLE 143 LG ENERGY SOLUTION: DEALS, JANUARY 2020−JUNE 2024 217
TABLE 144 LG ENERGY SOLUTION: OTHER DEALS/DEVELOPMENTS,
JANUARY 2020−JUNE 2024 218
TABLE 145 PANASONIC CORPORATION: COMPANY OVERVIEW 219
TABLE 146 PANASONIC CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED 220
TABLE 147 PANASONIC CORPORATION: PRODUCT LAUNCHES, JANUARY 2020−JUNE 2024 221
TABLE 148 PANASONIC CORPORATION: DEALS, JANUARY 2020−JUNE 2024 221
TABLE 149 SAMSUNG SDI CO., LTD.: COMPANY OVERVIEW 223
TABLE 150 SAMSUNG SDI CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 224
TABLE 151 SAMSUNG SDI CO., LTD.: PRODUCT LAUNCHES, JANUARY 2020−JUNE 2024 225
TABLE 152 TESLA: COMPANY OVERVIEW 226
TABLE 153 TESLA: PRODUCTS/SOLUTIONS/SERVICES OFFERED 227
TABLE 154 ABB: COMPANY OVERVIEW 229
TABLE 155 ABB: PRODUCTS/SOLUTIONS/SERVICES OFFERED 230
TABLE 156 ABB: DEALS, JANUARY 2020−JUNE 2024 231
TABLE 157 DELTA ELECTRONICS, INC.: COMPANY OVERVIEW 233
TABLE 158 DELTA ELECTRONICS, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 234
TABLE 159 GE VERNOVA: COMPANY OVERVIEW 235
TABLE 160 GE VERNOVA: PRODUCTS/SOLUTIONS/SERVICES OFFERED 235
TABLE 161 GE VERNOVA: PRODUCT LAUNCHES, JANUARY 2020−JUNE 2024 236
TABLE 162 GE VERNOVA: DEALS, JANUARY 2020−JUNE 2024 236
TABLE 163 HITACHI ENERGY LTD.: COMPANY OVERVIEW 237
TABLE 164 HITACHI ENERGY LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 237
TABLE 165 HITACHI ENERGY LTD.: DEALS, JANUARY 2020−JUNE 2024 238
TABLE 166 HONEYWELL INTERNATIONAL, INC.: COMPANY OVERVIEW 239
TABLE 167 HONEYWELL INTERNATIONAL, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 240
TABLE 168 HONEYWELL INTERNATIONAL, INC.: DEALS, JANUARY 2020−JUNE 2024 241
TABLE 169 HONEYWELL INTERNATIONAL, INC.: PRODUCT LAUNCHES,
JANUARY 2020−JUNE 2024 242
TABLE 170 JOHNSON CONTROLS: COMPANY OVERVIEW 243
TABLE 171 JOHNSON CONTROLS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 244
TABLE 172 NGK INSULATORS, LTD.: COMPANY OVERVIEW 245
TABLE 173 NGK INSULATORS, LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 247
TABLE 174 NGK INSULATORS, LTD.: PRODUCT LAUNCHES, JANUARY 2020−JUNE 2024 247
TABLE 175 NGK INSULATORS, LTD.: DEALS, JANUARY 2020−JUNE 2024 248
TABLE 176 SIEMENS AG: COMPANY OVERVIEW 249
TABLE 177 SIEMENS AG: PRODUCTS/SOLUTIONS/SERVICES OFFERED 250
TABLE 178 SIEMENS AG: PRODUCT LAUNCHES, JANUARY 2020−JUNE 2024 251
TABLE 179 TOSHIBA CORPORATION: COMPANY OVERVIEW 252
TABLE 180 TOSHIBA CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED 253
TABLE 181 AB VOLVO: COMPANY OVERVIEW 254
TABLE 182 AB VOLVO: PRODUCTS/SOLUTIONS/SERVICES OFFERED 255
TABLE 183 BATTERY MANAGEMENT SYSTEM MARKET, BY APPLICATION,
2020–2023 (USD MILLION) 266
TABLE 184 BATTERY MANAGEMENT SYSTEM MARKET, BY APPLICATION,
2024–2029 (USD MILLION) 266
TABLE 185 RENEWABLE ENERGY: BATTERY MANAGEMENT SYSTEM MARKET, BY TOPOLOGY, 2020–2023 (USD MILLION) 267
TABLE 186 RENEWABLE ENERGY: BATTERY MANAGEMENT SYSTEM MARKET, BY TOPOLOGY, 2024–2029 (USD MILLION) 268
TABLE 187 RENEWABLE ENERGY: BATTERY MANAGEMENT SYSTEM MARKET, BY REGION, 2020–2023 (USD MILLION) 268
TABLE 188 RENEWABLE ENERGY: BATTERY MANAGEMENT SYSTEM MARKET, BY REGION, 2024–2029 (USD MILLION) 268
LIST OF FIGURES
FIGURE 1 MARKET SEGMENTATION & REGIONS COVERED 27
FIGURE 2 BATTERY ENERGY STORAGE SYSTEM MARKET: RESEARCH DESIGN 31
FIGURE 3 BATTERY ENERGY STORAGE SYSTEM MARKET: RESEARCH APPROACH 32
FIGURE 4 BATTERY ENERGY STORAGE SYSTEM MARKET: BOTTOM-UP APPROACH 37
FIGURE 5 BATTERY ENERGY STORAGE SYSTEM MARKET: TOP-DOWN APPROACH 38
FIGURE 6 METHODOLOGY FOR BATTERY ENERGY STORAGE SYSTEM MARKET SIZE ESTIMATION: SUPPLY-SIDE ANALYSIS 38
FIGURE 7 DATA TRIANGULATION 39
FIGURE 8 BATTERY ENERGY STORAGE SYSTEM MARKET, 2020–2029 (USD MILLION) 42
FIGURE 9 LITHIUM-ION BATTERIES SEGMENT TO DOMINATE MARKET
BETWEEN 2024 AND 2029 43
FIGURE 10 ON-GRID CONNECTION TYPE SEGMENT TO DOMINATE MARKET IN 2029 43
FIGURE 11 UTILITIES APPLICATION SEGMENT TO GROW AT HIGHEST CAGR
BETWEEN 2024 AND 2029 44
FIGURE 12 ASIA PACIFIC TO REGISTER HIGHEST CAGR IN BATTERY ENERGY STORAGE SYSTEM MARKET DURING FORECAST PERIOD 45
FIGURE 13 INCREASING ADOPTION OF RENEWABLE ENERGY SOURCES TO
FOSTER MARKET GROWTH 46
FIGURE 14 LITHIUM-ION BATTERY TYPE SEGMENT TO HOLD LARGEST
MARKET SHARE IN 2029 46
FIGURE 15 ABOVE 500 MWH SEGMENT TO ACCOUNT FOR LARGEST SHARE OF
MARKET IN 2029 47
FIGURE 16 UTILITIES APPLICATION SEGMENT AND US TO HOLD LARGEST SHARES OF
NORTH AMERICAN BATTERY ENERGY STORAGE SYSTEM MARKET IN 2029 47
FIGURE 17 INDIA TO REGISTER HIGHEST CAGR IN BATTERY ENERGY STORAGE SYSTEM MARKET FROM 2024 TO 2029 48
FIGURE 18 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN BATTERY ENERGY STORAGE SYSTEM MARKET 49
FIGURE 19 GLOBAL INVESTMENTS IN ELECTRICAL GRIDS, 2018–2022 51
FIGURE 20 BATTERY ENERGY STORAGE SYSTEM MARKET: IMPACT ANALYSIS OF DRIVERS 53
FIGURE 21 BATTERY ENERGY STORAGE SYSTEM MARKET: IMPACT ANALYSIS OF RESTRAINTS 54
FIGURE 22 BATTERY ENERGY STORAGE SYSTEM MARKET: IMPACT ANALYSIS
OF OPPORTUNITIES 56
FIGURE 23 BATTERY ENERGY STORAGE SYSTEM MARKET: IMPACT ANALYSIS OF CHALLENGES 57
FIGURE 24 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 58
FIGURE 25 BATTERY ENERGY STORAGE SYSTEM MARKET: VALUE CHAIN ANALYSIS 59
FIGURE 26 BATTERY ENERGY STORAGE SYSTEM: ECOSYSTEM ANALYSIS 61
FIGURE 27 BATTERY ENERGY STORAGE SYSTEM MARKET: INVESTMENT
AND FUNDING SCENARIO 63
FIGURE 28 BATTERY ENERGY STORAGE SYSTEM, PATENT ANALYSIS 66
FIGURE 29 IMPORT DATA, BY KEY COUNTRY, 2018–2022 (USD MILLION) 68
FIGURE 30 EXPORT DATA, BY KEY COUNTRY, 2018–2022 (USD MILLION) 69
FIGURE 31 BATTERY ENERGY STORAGE SYSTEM MARKET: PORTER’S FIVE FORCES ANALYSIS 77
FIGURE 32 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR
TOP THREE APPLICATIONS 79
FIGURE 33 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS 80
FIGURE 34 BATTERY ENERGY STORAGE SYSTEM: PRICING BREAKDOWN 81
FIGURE 35 AVERAGE PRICE OF LITHIUM-ION BATTERY PACK 82
FIGURE 36 AVERAGE SELLING PRICE OF LITHIUM-ION BATTERY PACK, BY KEY PLAYER 83
FIGURE 37 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT 101
FIGURE 38 CRITERIA FOR BATTERY SELECTION 102
FIGURE 39 LAYOUT OF BATTERY ENERGY STORAGE SYSTEM 103
FIGURE 40 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE 105
FIGURE 41 LITHIUM-ION BATTERIES SEGMENT TO DOMINATE MARKET
DURING FORECAST PERIOD 106
FIGURE 42 COMPARISON OF SODIUM-SULFUR BATTERIES WITH OTHER BATTERY TYPES 119
FIGURE 43 IMPORTANCE OF BATTERY ENERGY STORAGE SYSTEMS IN GRID CONNECTIONS 122
FIGURE 44 APPLICATIONS OF BATTERY ENERGY STORAGE SYSTEMS ON GRIDS 123
FIGURE 45 ON-GRID CONNECTIONS SEGMENT TO REGISTER HIGHER CAGR
DURING FORECAST PERIOD 123
FIGURE 46 ON-GRID CONNECTIONS 125
FIGURE 47 BASIC OFF-GRID SYSTEMS 128
FIGURE 48 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP 131
FIGURE 49 UTILITY-OWNED SEGMENT TO HOLD LARGEST SHARE DURING FORECAST PERIOD 132
FIGURE 50 LAYOUT OF BATTERY ENERGY STORAGE SYSTEM INSTALLATION
IN RESIDENTIAL AREA 134
FIGURE 51 ENERGY CAPACITY RANGES OF BATTERY ENERGY STORAGE SYSTEMS 139
FIGURE 52 BATTERY ENERGY STORAGE SYSTEMS MARKET FOR ABOVE 500 MWH ENERGY CAPACITY TO REGISTER HIGHEST CAGR BETWEEN 2024 AND 2029 139
FIGURE 53 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION 146
FIGURE 54 UTILITIES TO BE LARGEST SEGMENT DURING FORECAST PERIOD 146
FIGURE 55 TESLA POWERWALL INSTALLED FOR RESIDENTIAL APPLICATIONS 148
FIGURE 56 BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION 160
FIGURE 57 BATTERY ENERGY STORAGE SYSTEM MARKET IN INDIA TO REGISTER HIGHEST CAGR BETWEEN 2024 AND 2029 161
FIGURE 58 NORTH AMERICA: SNAPSHOT OF BATTERY ENERGY STORAGE SYSTEM MARKET 163
FIGURE 59 US TO DOMINATE MARKET DURING FORECAST PERIOD 163
FIGURE 60 EUROPE: SNAPSHOT OF BATTERY ENERGY STORAGE SYSTEM MARKET 168
FIGURE 61 GERMANY TO LEAD EUROPE BATTERY ENERGY STORAGE SYSTEM MARKET 169
FIGURE 62 ASIA PACIFIC: SNAPSHOT OF BATTERY ENERGY STORAGE SYSTEM MARKET 174
FIGURE 63 MARKET IN INDIA TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 175
FIGURE 64 SOUTH AMERICA TO HOLD MAJOR SHARE IN BATTERY ENERGY STORAGE SYSTEM MARKET IN ROW DURING FORECAST PERIOD 181
FIGURE 65 BATTERY ENERGY STORAGE SYSTEM MARKET: REVENUE ANALYSIS OF
KEY PLAYERS, 2019–2023 187
FIGURE 66 BATTERY ENERGY STORAGE SYSTEM MARKET SHARE ANALYSIS, 2023 188
FIGURE 67 COMPANY VALUATION (USD MILLION), 2023 191
FIGURE 68 FINANCIAL METRICS (EV/EBITDA), 2023 191
FIGURE 69 BATTERY ENERGY STORAGE SYSTEM MARKET: BRAND/PRODUCT COMPARISON 192
FIGURE 70 BATTERY ENERGY STORAGE SYSTEM MARKET: COMPANY EVALUATION MATRIX, KEY PLAYERS, 2023 194
FIGURE 71 BATTERY ENERGY STORAGE SYSTEM MARKET: OVERALL COMPANY FOOTPRINT 195
FIGURE 72 BATTERY ENERGY STORAGE SYSTEM MARKET: COMPANY EVALUATION MATRIX, STARTUPS/SMES, 2023 202
FIGURE 73 BYD COMPANY LTD.: COMPANY SNAPSHOT 212
FIGURE 74 LG ENERGY SOLUTION: COMPANY SNAPSHOT 216
FIGURE 75 PANASONIC CORPORATION: COMPANY SNAPSHOT 220
FIGURE 76 SAMSUNG SDI CO., LTD.: COMPANY SNAPSHOT 224
FIGURE 77 TESLA: COMPANY SNAPSHOT 227
FIGURE 78 ABB: COMPANY SNAPSHOT 230
FIGURE 79 DELTA ELECTRONICS, INC.: COMPANY SNAPSHOT 234
FIGURE 80 HONEYWELL INTERNATIONAL, INC.: COMPANY SNAPSHOT 240
FIGURE 81 JOHNSON CONTROLS: COMPANY SNAPSHOT 244
FIGURE 82 NGK INSULATORS, LTD.: COMPANY SNAPSHOT 246
FIGURE 83 SIEMENS AG: COMPANY SNAPSHOT 250
FIGURE 84 TOSHIBA CORPORATION: COMPANY SNAPSHOT 253
FIGURE 85 AB VOLVO: COMPANY SNAPSHOT 255
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ライセンスタイプ1
| シングルユーザ | マルチユーザ | コーポレート | エンタープライズサイト |
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| シングルユーザ | マルチユーザ | コーポレート | エンタープライズサイト |
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| シングルユーザ | マルチユーザ | コーポレート | エンタープライズサイト |
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| シングルユーザ | コーポレート |
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