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배터리 에너지 저장 시장 : 2028년까지의 세계 예측

조사회사 : MarketsandMarkets (마켓츠앤마켓츠)   조사년월 : 2023년06월

배터리 에너지 저장 시장 : 요소, 배터리 유형 (리튬 이온, 고성능 납 축전지, 흐름), 연결 유형 (온 그리드 및 오프 그리드), 소유권 (고객 소유, 타사 소유, 전력 회사 소유), 에너지 용량 – 2028년까지의 세계 예측
Battery Energy Storage Market by Element, Battery Type (Lithium-ion, Advanced Lead Acid, Flow), Connection Type (On-Grid and Off-Grid), Ownership (Customer Owned, Third-Party Owned, Utility Owned), Energy Capacity – Global Forecast to 2028

페이지수 279
도표수 279
구성 영문조사보고서
가격

리포트목차    주문/문의    납기/라이센스안내

 

The battery energy storage system market is estimated to be worth USD 5.4 billion in 2023 and is projected to reach USD 17.5 billion by 2028, at a CAGR of 26.4% during the forecast period. The growth of this market is attributed to the rising demand for renewable energy and the growing concerns related to climate change.

배터리 에너지 저장 시장 : 요소, 배터리 유형 (리튬 이온, 고성능 납 축전지, 흐름), 연결 유형 (온 그리드 및 오프 그리드), 소유권 (고객 소유, 타사 소유, 전력 회사 소유), 에너지 용량 - 2028년까지의 세계 예측
Battery Energy Storage Market by Element, Battery Type (Lithium-ion, Advanced Lead Acid, Flow), Connection Type (On-Grid and Off-Grid), Ownership (Customer Owned, Third-Party Owned, Utility Owned), Energy Capacity - Global Forecast to 2028

배터리 에너지 저장 시장 : 요소, 배터리 유형 (리튬 이온, 고성능 납 축전지, 흐름), 연결 유형 (온 그리드 및 오프 그리드), 소유권 (고객 소유, 타사 소유, 전력 회사 소유), 에너지 용량 - 2028년까지의 세계 예측
Battery Energy Storage Market by Element, Battery Type (Lithium-ion, Advanced Lead Acid, Flow), Connection Type (On-Grid and Off-Grid), Ownership (Customer Owned, Third-Party Owned, Utility Owned), Energy Capacity - Global Forecast to 2028“Lithium-ion batteries to dominate the battery energy storage system market in 2022.”
In 2022, lithium-ion batteries emerged as the dominant force in the battery energy storage market. Their exceptional qualities and wide availability contribute to their success. Lithium-ion batteries offer high energy density, efficiency, and performance, making them a dependable and efficient solution for energy storage. They also boast a long cycle life, guaranteeing durability and longevity for various energy storage applications. Moreover, their decreasing costs, well-established manufacturing infrastructure, and mature technology have solidified their position as the preferred choice for energy storage projects.

 

배터리 에너지 저장 시장 : 요소, 배터리 유형 (리튬 이온, 고성능 납 축전지, 흐름), 연결 유형 (온 그리드 및 오프 그리드), 소유권 (고객 소유, 타사 소유, 전력 회사 소유), 에너지 용량 - 2028년까지의 세계 예측
Battery Energy Storage Market by Element, Battery Type (Lithium-ion, Advanced Lead Acid, Flow), Connection Type (On-Grid and Off-Grid), Ownership (Customer Owned, Third-Party Owned, Utility Owned), Energy Capacity - Global Forecast to 2028
“On-grid connection type to hold the largest share of battery energy storage system market in 2022.”
On-grid connection allows battery energy storage systems to seamlessly integrate with the existing electrical grid infrastructure, providing numerous benefits. These systems can support grid stability and reliability by regulating frequency, voltage, and power quality, ensuring a consistent and uninterrupted power supply. On-grid connected battery energy storage systems also have the flexibility to participate in grid services and ancillary markets, such as frequency regulation and peak shaving, enabling additional revenue generation opportunities. Moreover, on-grid connection allows for the efficient management of surplus energy, which can be fed back to the grid, reducing energy bills for customers, and enhancing overall grid efficiency.

배터리 에너지 저장 시장 : 요소, 배터리 유형 (리튬 이온, 고성능 납 축전지, 흐름), 연결 유형 (온 그리드 및 오프 그리드), 소유권 (고객 소유, 타사 소유, 전력 회사 소유), 에너지 용량 - 2028년까지의 세계 예측
Battery Energy Storage Market by Element, Battery Type (Lithium-ion, Advanced Lead Acid, Flow), Connection Type (On-Grid and Off-Grid), Ownership (Customer Owned, Third-Party Owned, Utility Owned), Energy Capacity - Global Forecast to 2028
“Asia Pacific is anticipated to contribute the largest share of the market during the forecast period.”
Asia Pacific consists of some of the fastest-growing economies—such as China, Japan, and India. The region is witnessing rapid industrialization, urbanization, and economic growth, leading to an increased demand for reliable and sustainable energy solutions. Governments in countries like China, Japan, and South Korea have implemented supportive policies and incentives to promote the adoption of energy storage technologies, driving market growth. Additionally, Asia Pacific is home to some of the world’s largest battery manufacturers, benefiting from established supply chains, economies of scale, and technological expertise. The region has also been at the forefront of renewable energy deployment, particularly in solar and wind power, and battery energy storage systems are essential for grid integration and energy balancing.

배터리 에너지 저장 시장 : 요소, 배터리 유형 (리튬 이온, 고성능 납 축전지, 흐름), 연결 유형 (온 그리드 및 오프 그리드), 소유권 (고객 소유, 타사 소유, 전력 회사 소유), 에너지 용량 - 2028년까지의 세계 예측
Battery Energy Storage Market by Element, Battery Type (Lithium-ion, Advanced Lead Acid, Flow), Connection Type (On-Grid and Off-Grid), Ownership (Customer Owned, Third-Party Owned, Utility Owned), Energy Capacity - Global Forecast to 2028
The break-up of the profiles of primary participants:
• By Company Type – Tier 1 – 45%, Tier 2 – 30%, and Tier 3 – 25%
• By Designation – C-level Executives – 35%, Directors – 45%, and Others – 20%
• By Region – North America – 30%, Europe – 25%, Asia Pacific – 35%, and Rest of the World – 10%
Major players in the battery energy storage system market include BYD Company Limited (China), SAMSUNG SDI Co., Ltd. (South Korea), LG Energy Solutions Co., Ltd. (South Korea), and Panasonic Corporation (Japan).

배터리 에너지 저장 시장 : 요소, 배터리 유형 (리튬 이온, 고성능 납 축전지, 흐름), 연결 유형 (온 그리드 및 오프 그리드), 소유권 (고객 소유, 타사 소유, 전력 회사 소유), 에너지 용량 - 2028년까지의 세계 예측
Battery Energy Storage Market by Element, Battery Type (Lithium-ion, Advanced Lead Acid, Flow), Connection Type (On-Grid and Off-Grid), Ownership (Customer Owned, Third-Party Owned, Utility Owned), Energy Capacity - Global Forecast to 2028
Research Coverage
The report segments the battery energy storage system market by element, battery type, connection type, ownership, energy capacity, application, and region. The report also comprehensively reviews drivers, restraints, opportunities, and challenges influencing market growth. The report also covers qualitative aspects in addition to the quantitative aspects of the market.
Reasons to buy the report:
The report will help the market leaders/new entrants with information on the closest approximate revenues for the overall battery energy storage system market and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
• Analysis of key drivers (Accelerating deployment of grid energy storage systems in ongoing grid modernization, Adoption of lithium-ion batteries in renewable energy sector to fuel market growth, growing adoption of low carbon and less fossil fuel based economy and continuous renewable energy revolution is driving the market), restraints (high initial investment cost for installing battery energy storage systems is hindering the growth of the market), opportunities (rapid integration of battery energy storage system for rural electrification projects worldwide, growing demand for continuous power supply from data centers to fuel the demand for battery energy storage systems, reduction in prices of lithium-ion batteries), and challenges (installation challenges for battery energy storage systems in remote and isolated locations, overheating of lithium-ion batteries due to abnormal discharges and short circuits, aging of lithium-ion batteries due to complex chemical reactions between electrodes and electrolyte) influencing the growth of the battery energy storage system market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research and 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 Limited (China), SAMSUNG SDI Co., Ltd. (South Korea), LG Energy Solutions Co., Ltd. (South Korea), and Panasonic Corporation (Japan).


목차

1 INTRODUCTION 35
1.1 STUDY OBJECTIVES 35
1.2 MARKET DEFINITION 35
1.3 INCLUSIONS AND EXCLUSIONS 36
1.4 STUDY SCOPE 36
1.4.1 MARKETS COVERED 36
FIGURE 1 BATTERY ENERGY STORAGE SYSTEM MARKET: SEGMENTATION 36
1.4.2 REGIONAL SCOPE 37
1.4.3 YEARS CONSIDERED 37
1.5 CURRENCY 37
1.6 STAKEHOLDERS 38
1.7 SUMMARY OF CHANGES 38
2 RESEARCH METHODOLOGY 40
2.1 RESEARCH DATA 40
FIGURE 2 BATTERY ENERGY STORAGE SYSTEM MARKET: RESEARCH DESIGN 41
2.1.1 SECONDARY DATA 41
2.1.1.1 List of major secondary sources 41
2.1.1.2 Key data from secondary sources 42
2.1.2 PRIMARY DATA 42
2.1.2.1 Primary interviews with experts 42
2.1.2.2 Breakdown of primaries 43
2.1.2.3 Key data from primary sources 43
2.1.3 SECONDARY AND PRIMARY RESEARCH 44
2.1.3.1 Key industry insights 45
2.2 MARKET SIZE ESTIMATION 45
2.2.1 BOTTOM-UP APPROACH 45
2.2.1.1 Approach to derive market size using bottom-up analysis (demand side) 45
FIGURE 3 BATTERY ENERGY STORAGE SYSTEM MARKET: BOTTOM-UP APPROACH 46
2.2.2 TOP-DOWN APPROACH 46
2.2.2.1 Approach to derive market size using top-down analysis (supply side) 46
FIGURE 4 BATTERY ENERGY STORAGE SYSTEM MARKET: TOP-DOWN APPROACH 47
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH (SUPPLY SIDE): REVENUE FROM PRODUCTS/SOLUTIONS/SERVICES IN BATTERY ENERGY STORAGE SYSTEM MARKET 47
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 49
FIGURE 6 DATA TRIANGULATION 49
2.4 RESEARCH ASSUMPTIONS 50
2.5 PARAMETERS CONSIDERED TO ANALYZE IMPACT OF RECESSION ON MARKET 50
2.6 LIMITATIONS 50
2.7 RISK ASSESSMENT 51
3 EXECUTIVE SUMMARY 52
FIGURE 7 BATTERY ENERGY STORAGE SYSTEM MARKET 52
FIGURE 8 LITHIUM-ION BATTERIES LARGEST SEGMENT OF BATTERY ENERGY STORAGE SYSTEM MARKET IN 2022 53
FIGURE 9 BATTERY SEGMENT TO CONTRIBUTE LARGER SHARE TO MARKET IN 2023 53
FIGURE 10 UTILITY APPLICATION SEGMENT ACCOUNTED FOR LARGEST MARKET SIZE IN 2022 54
FIGURE 11 ASIA PACIFIC HELD LARGEST MARKET SHARE IN 2022 54
4 PREMIUM INSIGHTS 56
4.1 ATTRACTIVE GROWTH OPPORTUNITIES IN BATTERY ENERGY STORAGE SYSTEM MARKET 56
FIGURE 12 GROWING DEMAND FOR CONTINUOUS POWER SUPPLY AND RISING ADOPTION OF BATTERY ENERGY STORAGE SYSTEMS FOR ELECTRIFICATION IN RURAL AREAS TO DRIVE MARKET 56
4.2 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE 56
FIGURE 13 LITHIUM-ION BATTERIES SEGMENT HELD LARGEST SHARE IN 2022 56
4.3 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY 57
FIGURE 14 ABOVE 500 MWH ENERGY CAPACITY SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD 57
4.4 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION 57
FIGURE 15 UTILITY TO BE LARGEST APPLICATION SEGMENT OF MARKET IN 2023 57
4.5 BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION 58
FIGURE 16 MARKET IN INDIA TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 58
5 MARKET OVERVIEW 59
5.1 INTRODUCTION 59
5.2 MARKET DYNAMICS 59
FIGURE 17 BATTERY ENERGY STORAGE SYSTEM MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 59
5.2.1 DRIVERS 60
5.2.1.1 Accelerated deployment of grid energy storage systems in ongoing grid modernization projects 60
5.2.1.2 Adoption of lithium-ion batteries in renewable energy sector 60
5.2.1.3 Renewable energy revolution and transition toward low carbon-based economy 61
FIGURE 18 BATTERY ENERGY STORAGE SYSTEM MARKET: IMPACT ANALYSIS OF DRIVERS 62
5.2.2 RESTRAINTS 62
5.2.2.1 High cost of installing battery energy storage systems 62
FIGURE 19 BATTERY ENERGY STORAGE SYSTEM MARKET: IMPACT ANALYSIS OF RESTRAINTS 63

5.2.3 OPPORTUNITIES 63
5.2.3.1 Rapid adoption of battery energy storage systems in rural electrification projects worldwide 63
5.2.3.2 Increased demand for continuous power supply from data centers 64
5.2.3.3 Reduction in price of lithium-ion batteries 64
FIGURE 20 BATTERY ENERGY STORAGE SYSTEM MARKET: IMPACT ANALYSIS OF OPPORTUNITIES 65
5.2.4 CHALLENGES 65
5.2.4.1 Difficulties pertaining to installation of battery energy storage systems in remote and isolated locations 65
5.2.4.2 Overheating of lithium-ion batteries due to abnormal discharges and short circuits 66
5.2.4.3 Aging of lithium-ion batteries due to complex chemical reactions between electrodes and electrolytes 66
FIGURE 21 BATTERY ENERGY STORAGE SYSTEM MARKET: IMPACT ANALYSIS OF CHALLENGES 67
5.3 VALUE CHAIN ANALYSIS 67
FIGURE 22 BATTERY ENERGY STORAGE SYSTEM MARKET: VALUE CHAIN ANALYSIS 68
5.4 ECOSYSTEM ANALYSIS 69
FIGURE 23 BATTERY ENERGY STORAGE SYSTEM MARKET: ECOSYSTEM ANALYSIS 70
FIGURE 24 BATTERY TECHNOLOGIES: ECOSYSTEM ANALYSIS 71
TABLE 1 BATTERY ENERGY STORAGE SYSTEM MARKET: ECOSYSTEM ANALYSIS 72
5.5 PRICING ANALYSIS 73
5.5.1 AVERAGE SELLING PRICE TREND 73
FIGURE 25 BATTERY ENERGY STORAGE SYSTEM: PRICING BREAKDOWN 73
FIGURE 26 AVERAGE PRICE OF LITHIUM-ION BATTERY PACKS FOR ENERGY STORAGE 74
TABLE 2 AVERAGE SELLING PRICE OF LITHIUM-ION BATTERY PACKS FOR ENERGY STORAGE, BY REGION 74
5.5.2 AVERAGE SELLING PRICE OF BATTERY TYPES, BY KEY PLAYER 75
FIGURE 27 AVERAGE SELLING PRICE OF BATTERY TYPES, BY KEY PLAYER 75
TABLE 3 AVERAGE SELLING PRICE OF BATTERY TYPES, BY KEY PLAYER (USD) 75
5.6 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 76
FIGURE 28 TRENDS/DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS 76
5.7 TECHNOLOGY ANALYSIS 77
TABLE 4 COMPARISON OF ENERGY STORAGE TECHNOLOGIES 77
TABLE 5 CHARACTERISTICS OF TECHNOLOGIES IN BATTERY ENERGY STORAGE SYSTEMS 77
5.7.1 SODIUM-SULFUR BATTERY 78
5.7.2 COBALT-FREE BATTERY 78
5.7.3 METAL-AIR BATTERY 78
5.7.4 LIQUID METAL BATTERY 78
5.7.5 POTASSIUM METAL BATTERY 78
5.7.6 ZINC-MANGANESE BATTERY 78

5.7.7 LITHIUM-SULFUR BATTERY 79
5.7.8 LITHIUM METAL BATTERY 79
5.8 PORTER’S FIVE FORCES ANALYSIS 79
FIGURE 29 BATTERY ENERGY STORAGE SYSTEM MARKET: PORTER’S FIVE FORCES ANALYSIS 80
TABLE 6 BATTERY ENERGY STORAGE SYSTEM MARKET: PORTER’S FIVE FORCES ANALYSIS 80
5.8.1 THREAT OF NEW ENTRANTS 81
5.8.2 THREAT OF SUBSTITUTES 81
5.8.3 BARGAINING POWER OF SUPPLIERS 81
5.8.4 BARGAINING POWER OF BUYERS 81
5.8.5 INTENSITY OF COMPETITIVE RIVALRY 82
5.9 KEY STAKEHOLDERS AND BUYING CRITERIA 82
5.9.1 KEY STAKEHOLDERS IN BUYING PROCESS 82
FIGURE 30 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS 82
TABLE 7 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS (%) 82
5.9.2 BUYING CRITERIA 83
FIGURE 31 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS 83
TABLE 8 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS 83
5.10 CASE STUDY ANALYSIS 83
5.10.1 GENERAL ELECTRIC TO DELIVER BATTERY ENERGY STORAGE SYSTEMS TO CONVERGENT 83
5.10.2 ADOPTION OF BATTERY ENERGY STORAGE SYSTEMS BY UTILITY PROVIDER COMPANY 84
5.10.3 DEPLOYMENT OF MICROGRID BATTERY ENERGY STORAGE SYSTEMS FOR RURAL ELECTRIFICATION IN NIGERIA 84
5.10.4 DEPLOYMENT OF OFF-GRID BATTERY ENERGY STORAGE SYSTEMS FOR RENEWABLE ENERGY PROJECT 84
5.10.5 ABB TO INSTALL BATTERY ENERGY STORAGE SYSTEMS IN PHILIPPINES 84
5.11 TRADE ANALYSIS 85
5.11.1 IMPORT SCENARIO 85
FIGURE 32 IMPORT DATA, BY KEY COUNTRY, 2017–2021 (USD MILLION) 85
5.11.2 EXPORT SCENARIO 86
FIGURE 33 EXPORT DATA, BY KEY COUNTRY, 2017–2021 (USD MILLION) 86
5.12 PATENT ANALYSIS 86
FIGURE 34 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS IN LAST 10 YEARS 86
FIGURE 35 NO. OF PATENTS GRANTED IN BATTERY ENERGY STORAGE SYSTEM MARKET ANNUALLY OVER LAST 10 YEARS 87
TABLE 9 TOP 20 PATENT OWNERS IN LAST 10 YEARS 87
TABLE 10 LIST OF PATENTS RELATED TO BATTERY ENERGY STORAGE SYSTEM MARKET 88
5.13 KEY CONFERENCES & EVENTS IN 2023–2024 91
TABLE 11 BATTERY ENERGY STORAGE SYSTEM MARKET: CONFERENCES AND EVENTS 91
5.14 REGULATORY LANDSCAPE 93
5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 93
TABLE 12 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 93
TABLE 13 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 94
TABLE 14 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 94
TABLE 15 REST OF THE WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 95
5.14.2 STANDARDS AND REGULATIONS RELATED TO BATTERY ENERGY STORAGE SYSTEM MARKET 95
TABLE 16 REGULATIONS AND STANDARDS FOR BATTERY ENERGY STORAGE SYSTEMS 96
6 MAJOR INPUT ENERGY SOURCES AND RECENT TRENDS RELATED TO BESS 98
6.1 INTRODUCTION 98
6.2 INPUT ENERGY SOURCES 98
6.2.1 SOLAR PANELS 98
6.2.2 WIND TURBINES 98
6.2.3 GRID POWER 99
6.2.4 DIESEL GENERATORS 99
6.2.5 OTHERS 99
6.3 RECENT TRENDS RELATED TO MARKET 99
6.3.1 RENEWABLE ENERGY SOURCES 99
6.3.2 ADVANCEMENTS IN BATTERY TECHNOLOGIES 100
6.3.3 AI AND ML 100
6.3.4 MICROGRIDS 100
6.3.5 HYBRID ENERGY STORAGE SYSTEMS 100
6.4 ANALYSIS OF VARIOUS BATTERY TECHNOLOGIES AND BESS 100
6.4.1 COMPREHENSIVE ANALYSIS OF VARIOUS TYPES OF BATTERY TECHNOLOGIES 100
TABLE 17 DIFFERENT TYPES OF BATTERY TECHNOLOGIES 101
6.4.2 COMPREHENSIVE ANALYSIS OF VARIOUS TYPES OF ENERGY STORAGE SYSTEMS 108
TABLE 18 VARIOUS TYPES OF ENERGY STORAGE SYSTEMS 108
6.5 TYPES OF SYSTEMS FOR BATTERY ENERGY STORAGE 111
6.5.1 FRONT-OF-THE-METER (FTM) SYSTEM 111
6.5.2 BEHIND-THE-METER (BTM) SYSTEM 112
7 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT 113
7.1 INTRODUCTION 114
FIGURE 36 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT 114
FIGURE 37 SUPPLIERS INVOLVED IN BATTERY ENERGY STORAGE SYSTEM ECOSYSTEM 114
FIGURE 38 BATTERY ELEMENT SEGMENT TO HOLD LARGER SHARE OF MARKET DURING FORECAST PERIOD 115
TABLE 19 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT, 2019–2022 (USD MILLION) 115
TABLE 20 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT, 2023–2028 (USD MILLION) 115
7.2 BATTERY 116
7.2.1 INCREASED USE IN BUILDING SUSTAINABLE AND RESILIENT ENERGY INFRASTRUCTURE TO DRIVE SEGMENT 116
FIGURE 39 CRITERIA FOR BATTERY SELECTION 116
7.3 OTHER ELEMENTS 117
7.3.1 HARDWARE 117
7.3.1.1 Use in facilitating proper communication of system with users to boost demand 117
FIGURE 40 LAYOUT OF BATTERY ENERGY STORAGE SYSTEM 118
7.3.2 OTHERS 118
7.3.2.1 Significance in proper functioning of BESS to propel demand 118
8 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE 119
8.1 INTRODUCTION 120
FIGURE 41 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE 120
TABLE 21 COMPARISON BETWEEN LITHIUM-ION AND LEAD-ACID BATTERIES 121
FIGURE 42 LITHIUM-ION BATTERIES TO BE LARGEST SEGMENT OF MARKET DURING FORECAST PERIOD 121
TABLE 22 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 121
TABLE 23 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 122
8.2 LITHIUM-ION BATTERIES 122
8.2.1 PROPERTIES SUCH AS HIGH ENERGY DENSITY AND EFFICIENCY TO DRIVE DEMAND 122
TABLE 24 LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION) 124
TABLE 25 LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION) 124
TABLE 26 LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION) 124
TABLE 27 LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION) 124
TABLE 28 LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 125
TABLE 29 LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 125
8.3 ADVANCED LEAD-ACID BATTERIES 125
8.3.1 EXTENSIVE ADOPTION IN GRID ENERGY STORAGE TO PROPEL DEMAND 125
TABLE 30 ADVANCED LEAD-ACID BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION) 126
TABLE 31 ADVANCED LEAD-ACID BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION) 126
TABLE 32 ADVANCED LEAD-ACID MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION) 127
TABLE 33 ADVANCED LEAD-ACID BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION) 127
TABLE 34 ADVANCED LEAD-ACID BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 127
TABLE 35 ADVANCED LEAD-ACID BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 127
8.4 FLOW BATTERIES 128
8.4.1 VARIOUS ADVANTAGES OVER CONVENTIONAL BATTERIES TO BOOST DEMAND 128
TABLE 36 FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION) 129
TABLE 37 FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION) 129
TABLE 38 FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION) 129
TABLE 39 FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION) 130
TABLE 40 FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 130
TABLE 41 FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 130
8.5 OTHERS 131
TABLE 42 OTHERS: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION) 131
TABLE 43 OTHERS: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION) 131
TABLE 44 OTHERS: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION) 131
TABLE 45 OTHERS: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION) 132
TABLE 46 OTHERS: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 132
TABLE 47 OTHERS: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 132
8.5.1 SODIUM-SULFUR BATTERY 133
FIGURE 43 COMPARISON OF SODIUM-SULFUR BATTERIES WITH OTHER BATTERIES 133
8.5.2 NICKEL-CADMIUM BATTERY 134
8.5.3 NICKEL-METAL HYDRIDE BATTERY 134
8.5.4 NICKEL-IRON BATTERY 134
8.5.5 FLYWHEEL BATTERY 134

9 BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE 135
9.1 INTRODUCTION 136
FIGURE 44 IMPORTANCE OF BATTERY ENERGY STORAGE SYSTEMS IN GRID CONNECTION 136
FIGURE 45 APPLICATIONS OF BATTERY ENERGY STORAGE SYSTEMS ON GRID 137
FIGURE 46 ON-GRID CONNECTION SEGMENT TO REGISTER HIGHER CAGR DURING FORECAST PERIOD 137
TABLE 48 BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION) 138
TABLE 49 BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION) 138
9.2 ON-GRID CONNECTION 138
9.2.1 SURGE IN GLOBAL ELECTRICITY DEMAND TO BOOST DEMAND 138
FIGURE 47 ON-GRID CONNECTION 139
TABLE 50 ON-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 140
TABLE 51 ON-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 140
TABLE 52 ON-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 140
TABLE 53 ON-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 141
9.3 OFF-GRID CONNECTION 141
9.3.1 EMERGING ADOPTION IN PROVIDING ENERGY SUPPLY TO REMOTE AREAS TO PROPEL SEGMENT 141
FIGURE 48 BASIC OFF-GRID SYSTEMS 142
TABLE 54 OFF-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 142
TABLE 55 OFF-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 142
TABLE 56 OFF-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 143
TABLE 57 OFF-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 143
10 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP 144
10.1 INTRODUCTION 145
FIGURE 49 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP 145
FIGURE 50 UTILITY OWNED SEGMENT TO HOLD LARGEST SHARE DURING FORECAST PERIOD 145
TABLE 58 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2019–2022 (USD MILLION) 146
TABLE 59 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2023–2028 (USD MILLION) 146
10.2 CUSTOMER OWNED 146
10.2.1 REDUCED ELECTRICITY COSTS IN RESIDENTIAL APPLICATIONS TO DRIVE ADOPTION 146
FIGURE 51 LAYOUT OF BATTERY ENERGY STORAGE SYSTEM INSTALLATION IN RESIDENTIAL AREA 147
TABLE 60 CUSTOMER OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 147
TABLE 61 CUSTOMER OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 148
10.3 THIRD-PARTY OWNED 148
10.3.1 REDUCTION IN ELECTRICITY BILLS WITH USE OF SOLAR ENERGY SYSTEMS TO PROPEL DEMAND 148
TABLE 62 THIRD-PARTY OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 149
TABLE 63 THIRD-PARTY OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 149
10.4 UTILITY OWNED 149
10.4.1 RISE IN DEMAND FOR RENEWABLE ENERGY SOURCES TO DRIVE SEGMENT 149
TABLE 64 UTILITY OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 150
TABLE 65 UTILITY OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 150
11 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY 151
11.1 INTRODUCTION 152
FIGURE 52 ENERGY CAPACITY RANGES OF BATTERY ENERGY STORAGE SYSTEMS 152
FIGURE 53 BATTERY ENERGY STORAGE SYSTEMS MARKET FOR ABOVE 500 MWH ENERGY CAPACITY TO REGISTER HIGHEST CAGR FROM 2023 TO 2028 152
TABLE 66 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION) 153
TABLE 67 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION) 153
11.2 BELOW 100 MWH 154
11.2.1 HIGH DEMAND FROM RESIDENTIAL APPLICATIONS TO FOSTER DEMAND 154
TABLE 68 BELOW 100 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION) 154
TABLE 69 BELOW 100 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION) 154
TABLE 70 BELOW 100 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 155
TABLE 71 BELOW 100 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 155
11.3 BETWEEN 100 AND 500 MWH 155
11.3.1 INCREASED ADOPTION TO MANAGE UNCERTAINTIES IN POWER SYSTEMS TO PROPEL DEMAND 155
TABLE 72 BETWEEN 100 MWH AND 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION) 156
TABLE 73 BETWEEN 100 MWH AND 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION) 156
TABLE 74 BETWEEN 100 MWH AND 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 156
TABLE 75 BETWEEN 100 MWH AND 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 156
11.4 ABOVE 500 MWH 157
11.4.1 EXTENSIVE USE IN SMOOTHENING ENERGY FLUCTUATIONS WHILE SERVING ENERGY DEMANDS TO BOOST ADOPTION 157
TABLE 76 ABOVE 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION) 157
TABLE 77 ABOVE 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION) 158
TABLE 78 ABOVE 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 158
TABLE 79 ABOVE 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 158
12 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION 159
12.1 INTRODUCTION 160
FIGURE 54 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION 160
FIGURE 55 UTILITY TO BE LARGEST SEGMENT OF MARKET DURING FORECAST PERIOD 160
TABLE 80 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 161
TABLE 81 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 161
12.2 RESIDENTIAL 161
12.2.1 GOVERNMENT INITIATIVES ENCOURAGING VARIOUS RESIDENTIAL ENERGY STORAGE PROJECTS TO BOOST DEMAND 161
FIGURE 56 TESLA POWERWALL INSTALLED FOR RESIDENTIAL APPLICATIONS 162
TABLE 82 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 163
TABLE 83 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 163
TABLE 84 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION) 163
TABLE 85 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION) 163
TABLE 86 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION) 164
TABLE 87 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION) 164
TABLE 88 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2019–2022 (USD MILLION) 164
TABLE 89 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2023–2028 (USD MILLION) 165
TABLE 90 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 165
TABLE 91 RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 165

12.3 COMMERCIAL 166
12.3.1 INCREASED DEMAND FOR UPS SYSTEMS TO PROPEL ADOPTION 166
TABLE 92 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 166
TABLE 93 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 166
TABLE 94 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION) 167
TABLE 95 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION) 167
TABLE 96 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION) 167
TABLE 97 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION) 168
TABLE 98 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2019–2022 (USD MILLION) 168
TABLE 99 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2023–2028 (USD MILLION) 168
TABLE 100 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 168
TABLE 101 COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 169
12.4 UTILITY 169
12.4.1 INCREASED DEMAND FOR RENEWABLE ENERGY SOURCES IN ELECTRIC GRIDS TO DRIVE SEGMENT 169
TABLE 102 UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 170
TABLE 103 UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION) 170
TABLE 104 UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION) 170
TABLE 105 UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION) 170
TABLE 106 UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION) 171
TABLE 107 UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION) 171
TABLE 108 UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2019–2022 (USD MILLION) 171
TABLE 109 UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2023–2028 (USD MILLION) 172
TABLE 110 UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 172
TABLE 111 UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 172

13 BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION 173
13.1 INTRODUCTION 174
FIGURE 57 BATTERY ENERGY STORAGE SYSTEM MARKET IN INDIA TO REGISTER HIGHEST CAGR FROM 2023 TO 2028 174
TABLE 112 BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 174
TABLE 113 BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 175
13.2 NORTH AMERICA 176
13.2.1 NORTH AMERICA: RECESSION IMPACT 176
FIGURE 58 NORTH AMERICA: SNAPSHOT OF BATTERY ENERGY STORAGE SYSTEM MARKET 177
TABLE 114 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 177
TABLE 115 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 178
TABLE 116 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 178
TABLE 117 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 178
13.2.2 US 179
13.2.2.1 Extensive adoption of large-scale systems in power grids to accelerate market 179
13.2.3 CANADA 180
13.2.3.1 Increased investments in battery technology to fulfill peak energy demand in urban areas to propel market 180
13.2.4 MEXICO 180
13.2.4.1 Increased demand for electricity to drive market 180
13.3 EUROPE 181
13.3.1 EUROPE: RECESSION IMPACT 181
FIGURE 59 EUROPE: SNAPSHOT OF BATTERY ENERGY STORAGE SYSTEM MARKET 182
TABLE 118 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 182
TABLE 119 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 183
TABLE 120 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 183
TABLE 121 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 183
13.3.2 GERMANY 184
13.3.2.1 Increased focus on energy storage in residential applications to boost market 184
13.3.3 UK 185
13.3.3.1 Rise in government initiatives for energy storage to propel market 185

13.3.4 FRANCE 185
13.3.4.1 Increased use of renewable energy resources across sectors to drive market 185
13.3.5 REST OF EUROPE 186
13.4 ASIA PACIFIC 186
13.4.1 ASIA PACIFIC: RECESSION IMPACT 187
FIGURE 60 ASIA PACIFIC: SNAPSHOT OF BATTERY ENERGY STORAGE SYSTEM MARKET 187
TABLE 122 ASIA PACIFIC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 188
TABLE 123 ASIA PACIFIC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 188
TABLE 124 ASIA PACIFIC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 188
TABLE 125 ASIA PACIFIC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD MILLION) 189
13.4.2 CHINA 189
13.4.2.1 Increased energy demand and ongoing battery energy storage projects to support market 189
13.4.3 JAPAN 190
13.4.3.1 Increased investments in solar and wind energy projects to boost market 190
13.4.4 INDIA 191
13.4.4.1 Significant government investments in development of low-cost batteries to drive market 191
13.4.5 AUSTRALIA 192
13.4.5.1 Government subsidies for deployment of large-scale battery storage projects to support market 192
13.4.6 SOUTH KOREA 193
13.4.6.1 Rise in adoption of battery energy storage systems in electric grids to fuel market 193
13.4.7 REST OF ASIA PACIFIC 193
13.5 REST OF THE WORLD (ROW) 193
13.5.1 ROW: RECESSION IMPACT 194
TABLE 126 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 194
TABLE 127 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION) 194
TABLE 128 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION) 194
TABLE 129 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION) 195
13.5.2 SOUTH AMERICA 195
13.5.2.1 Rise in government investments to deploy renewable energy to support market 195
13.5.3 MIDDLE EAST & AFRICA 196
13.5.3.1 Increased adoption due to growth of manufacturing sector to propel market 196
14 COMPETITIVE LANDSCAPE 198
14.1 OVERVIEW 198
14.2 STRATEGIES ADOPTED BY KEY PLAYERS 198
TABLE 130 KEY DEVELOPMENTS IN BATTERY ENERGY STORAGE SYSTEM MARKET 198
14.3 REVENUE ANALYSIS OF TOP COMPANIES 200
FIGURE 61 FIVE-YEAR REVENUE ANALYSIS OF TOP 5 PLAYERS IN BATTERY ENERGY STORAGE SYSTEM MARKET 200
14.4 MARKET SHARE ANALYSIS 200
TABLE 131 BATTERY ENERGY STORAGE SYSTEM MARKET SHARE ANALYSIS (2022) 201
FIGURE 62 BATTERY ENERGY STORAGE SYSTEM MARKET: SHARE OF KEY PLAYERS 201
14.5 COMPETITIVE EVALUATION QUADRANT 203
14.5.1 STARS 203
14.5.2 EMERGING LEADERS 203
14.5.3 PERVASIVE PLAYERS 203
14.5.4 PARTICIPANTS 204
FIGURE 63 BATTERY ENERGY STORAGE SYSTEM MARKET (GLOBAL): COMPETITIVE EVALUATION QUADRANT, 2022 204
14.6 SMALL AND MEDIUM-SIZED ENTERPRISES (SMES) EVALUATION QUADRANT 205
14.6.1 PROGRESSIVE COMPANIES 205
14.6.2 RESPONSIVE COMPANIES 205
14.6.3 DYNAMIC COMPANIES 205
14.6.4 STARTING BLOCKS 205
FIGURE 64 BATTERY ENERGY STORAGE SYSTEM MARKET (GLOBAL): SME EVALUATION QUADRANT, 2022 206
14.7 BATTERY ENERGY STORAGE SYSTEM MARKET: COMPANY FOOTPRINT 207
TABLE 132 COMPANY FOOTPRINT 207
TABLE 133 COMPANY FOOTPRINT: APPLICATION 208
TABLE 134 COMPANY FOOTPRINT: REGION 209
14.8 COMPETITIVE BENCHMARKING 210
TABLE 135 BATTERY ENERGY STORAGE SYSTEM MARKET: LIST OF KEY STARTUPS/SMES 210
TABLE 136 BATTERY ENERGY STORAGE SYSTEM MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 211
14.9 COMPETITIVE SCENARIO 212
TABLE 137 BATTERY ENERGY STORAGE SYSTEM MARKET: PRODUCT LAUNCHES, 2021–2022 212
TABLE 138 BATTERY ENERGY STORAGE SYSTEM MARKET: DEALS, 2021–2023 213
TABLE 139 BATTERY ENERGY STORAGE SYSTEM MARKET: OTHERS, 2022 216

15 COMPANY PROFILES 217
15.1 KEY PLAYERS 217
(Business Overview, Products Offered, Recent Developments, and MnM View)*
15.1.1 BYD COMPANY LIMITED 217
TABLE 140 BYD COMPANY LIMITED: BUSINESS OVERVIEW 217
FIGURE 65 BYD COMPANY LIMITED: COMPANY SNAPSHOT 218
TABLE 141 BYD COMPANY LIMITED: PRODUCTS OFFERED 218
TABLE 142 BYD COMPANY LIMITED: DEALS 219
15.1.2 LG ENERGY SOLUTIONS CO., LTD. 220
TABLE 143 LG ENERGY SOLUTIONS CO., LTD.: BUSINESS OVERVIEW 220
FIGURE 66 LG ENERGY SOLUTIONS CO., LTD.: COMPANY SNAPSHOT 221
TABLE 144 LG ENERGY SOLUTIONS CO., LTD.: PRODUCTS OFFERED 221
TABLE 145 LG ENERGY SOLUTIONS CO., LTD.: DEALS 222
15.1.3 PANASONIC CORPORATION 224
TABLE 146 PANASONIC CORPORATION: BUSINESS OVERVIEW 224
FIGURE 67 PANASONIC CORPORATION: COMPANY SNAPSHOT 225
TABLE 147 PANASONIC CORPORATION: PRODUCTS OFFERED 225
TABLE 148 PANASONIC CORPORATION: PRODUCT LAUNCHES 226
TABLE 149 PANASONIC CORPORATION: DEALS 226
15.1.4 SAMSUNG SDI CO., LTD. 228
TABLE 150 SAMSUNG SDI CO., LTD.: BUSINESS OVERVIEW 228
FIGURE 68 SAMSUNG SDI CO., LTD.: COMPANY SNAPSHOT 229
TABLE 151 SAMSUNG SDI CO., LTD.: PRODUCTS OFFERED 229
TABLE 152 SAMSUNG SDI CO., LTD.: PRODUCT LAUNCHES 230
15.1.5 TESLA, INC. 231
TABLE 153 TESLA, INC.: BUSINESS OVERVIEW 231
FIGURE 69 TESLA, INC.: COMPANY SNAPSHOT 232
TABLE 154 TESLA, INC.: PRODUCTS OFFERED 232
TABLE 155 TESLA, INC.: PRODUCT LAUNCHES 233
15.1.6 ABB 234
TABLE 156 ABB: BUSINESS OVERVIEW 234
FIGURE 70 ABB: COMPANY SNAPSHOT 235
TABLE 157 ABB: PRODUCTS OFFERED 236
TABLE 158 ABB: DEALS 236
15.1.7 AEG POWER SOLUTIONS 238
TABLE 159 AEG POWER SOLUTIONS: BUSINESS OVERVIEW 238
TABLE 160 AEG POWER SOLUTIONS: PRODUCTS OFFERED 238
TABLE 161 AEG POWER SOLUTIONS: DEALS 239
15.1.8 DELTA ELECTRONICS INC. 240
TABLE 162 DELTA ELECTRONICS INC.: BUSINESS OVERVIEW 240
FIGURE 71 DELTA ELECTRONICS INC.: COMPANY SNAPSHOT 241
TABLE 163 DELTA ELECTRONICS INC.: PRODUCTS OFFERED 241
15.1.9 GENERAL ELECTRIC 242
TABLE 164 GENERAL ELECTRIC: BUSINESS OVERVIEW 242
FIGURE 72 GENERAL ELECTRIC: COMPANY SNAPSHOT 243
TABLE 165 GENERAL ELECTRIC: PRODUCTS OFFERED 243
TABLE 166 GENERAL ELECTRIC: PRODUCT LAUNCHES 244
TABLE 167 GENERAL ELECTRIC: DEALS 244
TABLE 168 GENERAL ELECTRIC: OTHERS 244
15.1.10 HITACHI, LTD. 245
TABLE 169 HITACHI, LTD.: BUSINESS OVERVIEW 245
FIGURE 73 HITACHI, LTD.: COMPANY SNAPSHOT 246
TABLE 170 HITACHI, LTD.: PRODUCTS OFFERED 246
TABLE 171 HITACHI, LTD.: DEALS 247
15.1.11 HONEYWELL INTERNATIONAL, INC. 248
TABLE 172 HONEYWELL INTERNATIONAL, INC.: BUSINESS OVERVIEW 248
FIGURE 74 HONEYWELL INTERNATIONAL, INC.: COMPANY SNAPSHOT 249
TABLE 173 HONEYWELL INTERNATIONAL, INC: PRODUCTS OFFERED 249
TABLE 174 HONEYWELL INTERNATIONAL, INC.: PRODUCT LAUNCHES 250
TABLE 175 HONEYWELL INTERNATIONAL, INC.: DEALS 250
15.1.12 NEC CORPORATION 251
TABLE 176 NEC CORPORATION: BUSINESS OVERVIEW 251
FIGURE 75 NEC CORPORATION: COMPANY SNAPSHOT 252
TABLE 177 NEC CORPORATION: PRODUCTS OFFERED 252
15.1.13 NGK INSULATORS, LTD. 253
TABLE 178 NGK INSULATORS, LTD.: BUSINESS OVERVIEW 253
FIGURE 76 NGK INSULATORS, LTD.: COMPANY SNAPSHOT 254
TABLE 179 NGK INSULATORS, LTD.: PRODUCTS OFFERED 254
15.1.14 SIEMENS AG 255
TABLE 180 SIEMENS AG: BUSINESS OVERVIEW 255
FIGURE 77 SIEMENS AG: COMPANY SNAPSHOT 256
TABLE 181 SIEMENS AG: PRODUCTS OFFERED 256
TABLE 182 SIEMENS AG: PRODUCT LAUNCHES 257
15.1.15 TOSHIBA CORPORATION 258
TABLE 183 TOSHIBA CORPORATION: BUSINESS OVERVIEW 258
FIGURE 78 TOSHIBA CORPORATION: COMPANY SNAPSHOT 259
TABLE 184 TOSHIBA CORPORATION: PRODUCTS OFFERED 259
TABLE 185 TOSHIBA CORPORATION: PRODUCT LAUNCHES 260
TABLE 186 TOSHIBA CORPORATION: DEALS 260
* Business Overview, Products Offered, Recent Developments, and MnM View might not be captured in case of unlisted companies.

15.2 OTHER PLAYERS 261
15.2.1 EAST PENN MANUFACTURING COMPANY 261
15.2.2 ENERDEL, INC. 262
15.2.3 EXERGONIX 263
15.2.4 JOHNSON CONTROLS 264
15.2.5 NEXTERA ENERGY, INC. 265
15.2.6 PARKER HANNIFIN CORP 266
15.2.7 PRIMUS POWER 267
15.2.8 SOLAREDGE 267
15.2.9 THE AES CORPORATION 268
15.2.10 TRINABESS 269
16 ADJACENT MARKETS 270
16.1 SOLID-STATE BATTERY MARKET 270
16.1.1 INTRODUCTION 270
FIGURE 79 SOLID-STATE BATTERY MARKET, BY TYPE 270
TABLE 187 SOLID-STATE BATTERY MARKET, BY TYPE, 2017–2021 (USD MILLION) 270
TABLE 188 SOLID-STATE BATTERY MARKET, BY TYPE, 2022–2028 (USD MILLION) 271
16.1.2 SINGLE-CELL BATTERY 271
16.1.2.1 Single-cell battery technology well-adopted in medical devices 271
TABLE 189 SINGLE-CELL SOLID-STATE BATTERY MARKET, BY APPLICATION, 2017–2021 (USD MILLION) 272
TABLE 190 SINGLE-CELL SOLID-STATE BATTERY MARKET, BY APPLICATION, 2022–2028 (USD MILLION) 272
16.1.3 MULTI-CELL BATTERY 273
16.1.3.1 Multi-cell battery most trending battery technology for electric vehicles due to its high power density 273
TABLE 191 MULTI-CELL SOLID-STATE BATTERY MARKET, BY APPLICATION, 2017–2021 (USD MILLION) 274
TABLE 192 MULTI-CELL SOLID-STATE BATTERY MARKET, BY APPLICATION, 2022–2028 (USD MILLION) 274
16.2 SOLID-STATE BATTERY MARKET, BY RECHARGEABILITY 275
16.2.1 INTRODUCTION 275
FIGURE 80 SOLID-STATE BATTERY MARKET, BY RECHARGEABILITY 275
FIGURE 81 MARKET FOR SECONDARY SOLID-STATE BATTERY TO GROW AT HIGHER CAGR DURING 2022–2028 276
TABLE 193 SOLID-STATE BATTERY MARKET, BY RECHARGEABILITY, 2017–2021 (USD MILLION) 276
TABLE 194 SOLID-STATE BATTERY MARKET, BY RECHARGEABILITY, 2022–2028 (USD MILLION) 276
16.2.2 PRIMARY BATTERY 277
16.2.2.1 Primary solid-state batteries to hold larger share of market during forecast period 277
TABLE 195 PRIMARY SOLID-STATE BATTERY MARKET, BY APPLICATION, 2017–2021 (USD MILLION) 277
TABLE 196 PRIMARY SOLID-STATE BATTERY MARKET, BY APPLICATION, 2022–2028 (USD MILLION) 278
16.2.3 SECONDARY BATTERY 278
16.2.3.1 Secondary solid-state batteries to witness higher growth rate during forecast period 278
TABLE 197 SECONDARY SOLID-STATE BATTERY MARKET, BY APPLICATION, 2017–2021 (USD MILLION) 279
TABLE 198 SECONDARY SOLID-STATE BATTERY MARKET, BY APPLICATION, 2022–2028 (USD MILLION) 279
17 APPENDIX 280
17.1 INSIGHTS FROM INDUSTRY EXPERTS 280
17.2 DISCUSSION GUIDE 281
17.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 284
17.4 CUSTOMIZATION OPTIONS 286
17.5 RELATED REPORTS 286
17.6 AUTHOR DETAILS 287


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