CHICAGO, July 8, 2024 /PRNewswire/ -- The global battery energy storage market size is estimated to be 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 according to a new report by MarketsandMarkets™. The battery energy storage system market is growing rapidly due to the increased use of renewable energy sources. The expansion of electric vehicles (EVs) is also boosting demand for efficient and reliable charging infrastructure, where battery energy storage systems are essential for managing peak loads and stabilizing the grid. Moreover, improvements in battery technology, cost reductions, and supportive government policies and incentives are making these systems more accessible and affordable for various uses, further driving market growth.

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Battery Energy Storage System Market Report Scope:

Flow battery segment to grow at higher CAGR between 2024 and 2029.

A flow battery is a type of battery that can be recharged by the two chemical components dissolved in liquids contained in the system, separated by a membrane. The main difference between a conventional battery and a flow battery is that the energy is stored in the electrode material in a conventional battery, while it is stored in the electrolyte in flow cells. Flow batteries have advantages over other battery chemistries, such as lithium-ion, lead-acid, and others. Unlike conventional batteries that store energy in an electrode material, flow batteries store energy as electrolytes in external tanks. As electrolytes can be easily replaced, it is among the major advantages that are increasing the use of flow batteries in battery energy storage systems. Their storage capacity is based on the size of the storage tank and thus can be scaled to suit a wide variety of energy needs in residential and grid storage applications. In flow batteries, power is determined by the size of the electrochemical cell, whereas the energy is proportional to the size of the storage tanks. These factors have helped the flow battery market gain traction over other battery types in energy storage solutions.

The off-grid connection type segment is estimated to hold a larger market share from 2024 to 2029.

The off-grid connection type is better for users who are unable to connect to the grid due to the geographic location or the high cost of bringing in the power supply. The main advantage of an off-grid system is that a user can have fixed energy costs and will not get a bill and can power remote places away from the grid. Off-grid connections are self-sustainable and do not depend on the grid, which makes them an independent source of energy. They are capable of avoiding power outages, especially in the interior locations of the countries. Off-grid connections help to keep the environment clean and safe as they are not burning fossil fuels and are connected to renewable energy sources such as solar or wind.

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Asia Pacific region is likely to be the fastest-growing region in the global battery energy storage system industry during the forecast period.

Power consumption has increased due to the fast growth of industry, cities, and money in the Asia Pacific area. Energy storage with batteries is getting more adopted due to the bigger need for power and the want for safe, green power. Remote islands in the area are undergoing electrification. Developing economies in the region are making laws to make energy more dependable and continuous for homes. Hence, as these efforts by the various governments in the region will boost the market for BESS in the coming years.

Key Players

Key players in the battery energy storage system companies include BYD Company Ltd. (China), Samsung SDI Co., Ltd. (South Korea), LG Energy Solution (South Korea), Panasonic Corporation (Japan) and Tesla (US).

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