The Global Battery Energy Storage System Market size was valued at around USD7.8 billion in 2024 and is projected to reach USD29.98 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 25% during the forecast period, i.e., 2025-30.
Global Battery Energy Storage System Market Driver:
Increasing EV Penetration Driving Market Demand – As EV adoption increased around the world, the demand for BESS increased with it. This is because the surge in EV penetration is straining grids. BESS integration maximizes energy utilization, increases grid reliability, and facilitates rapid charging in cities and rural towns, thereby generating market demand.
In 2023, worldwide EV sales had reached 14 million units capturing the fast-growing demand for EV charging infrastructure and energy storage. The impact is felt most evidently in China, India, Europe, and the US. Europe has now exceeded 900,000 public charging points, with the EU alone contributing to 632,423 charging points end of 2023. China is targeting 40% of new car sales to be electric vehicles by the year 2030, all of which will need a large proportion of new charging points. India plans to roll out some 46,397 electric vehicle charging points by 2030 to meet the anticipated demands of the electric vehicle market.
BESS aids electric vehicle charging stations by accumulating electricity when demand is low and dispensing it during times of high usage. This reduces grid strain and enhances stability in the distribution network, thereby accommodating large demand. BYD, Tesla, and LG Energy Solution are deploying BESS-integrated fast chargers to meet the growing demand.
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Key Market Reports Highlights
- Market Dimensions & Projections
- Pricing Evaluation
- Recent Strategic Moves by Companies
- Primary Stakeholders
- Import/Export Trend Analysis
- Competitive Landscape Assessment
- Emerging Opportunities
- Market Trends and Indicators
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Global Battery Energy Storage System Market Segmentation:
The market report categorizes the market based on different segments and geographical analysis.
Study Timeline:
-Base Year: 2024
-Historical Period: 2020 to 2023
-Forecast Period: 2025 to 2030
- By Battery Type
- Lithium Ion- Market Size & Forecast 2020-2030, USD Million
- Lead Acid- Market Size & Forecast 2020-2030, USD Million
- Flow Batteries- Market Size & Forecast 2020-2030, USD Million
- Others- Market Size & Forecast 2020-2030, USD Million
- By Connection Type
- On Grid- Market Size & Forecast 2020-2030, USD Million
- Off Grid- Market Size & Forecast 2020-2030, USD Million
- By Ownership
- Customer Owned- Market Size & Forecast 2020-2030, USD Million
- Third-Party Owned- Market Size & Forecast 2020-2030, USD Million
- Utility Owned- Market Size & Forecast 2020-2030, USD Million
- By Application
- Residential- Market Size & Forecast 2020-2030, USD Million
- Commercial- Market Size & Forecast 2020-2030, USD Million
- Utility- Market Size & Forecast 2020-2030, USD Million
- Others- Market Size & Forecast 2020-2030, USD Million
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including – ABB, Black & Veatch Holding Company, BYD company Limited, LE Energy Solutions Co., Ltd., General Electric, Panasonic Corporation, Samsung Sdi Co., Ltd., Tesla, Inc., Hitachi, Ltd., AEG Power Solutions, Delta Electronics Inc., Honeywell International, Inc., Siemens AG, Toshiba Corporation, others
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