According to the new market research report "Battery Energy Storage System Market with COVID-19 Impact by Element (Battery, Others), Battery Type (Lithium-Ion, Flow Batteries), Connection Type (On-Grid And Off-Grid), Ownership, Energy Capacity, Application, and Geography - Global Forecast to 2025", the battery energy storage system market is projected to grow from USD 2.9 billion in 2020 to USD 12.1 billion by 2025; it is expected to grow at a CAGR of 32.8% from 2020 to 2025. The growth of this market is expected to be driven by the prevailing trend of adopting low-carbon and less fossil fuel-based economy and ongoing renewable energy revolution, surging requirement of continuous power supply from critical infrastructures in wake of COVID-19, growing adoption of lithium-ion batteries in renewable energy sector owing to their low costs and improved performance, and increasing demand for grid energy storage systems. These factors have helped the battery energy storage system market gain traction in applications, such as utilities, residential, and commercial.
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Driver: Increasing demand for grid energy storage systems owing to ongoing grid modernization
Solar and wind energy are the most prominent types of renewable energy that are stored in grids. However, concealing of the sun by clouds or fluctuating wind currents lead to variations in the process of energy generation. Such fluctuations create the requirement of flexible grid systems used to store energy. Battery energy storage systems help grid operators to save electricity when the electricity generated exceeds the electricity demand. The adoption of these systems improves the reliability and flexibility of electricity supply systems with respect to generation, transmission, and distribution of electric power. During transmission and distribution of electricity, battery energy storage systems can handle asset deferral, ensure frequency regulation, carry out harmonic suppression, offer voltage support, and ensure power quality. Electric energy time shifting, baseload leveling and peak shaving, renewable energy time shifting, and renewable capacity firming are other benefits offered by battery energy storage systems for grid-connected solutions. All these factors drive the adoption of these battery energy storage systems, thereby fueling the growth of the market.
Siemens offers SIESTORAGE, an intelligent grid solution capable of overcoming the challenges in power supply in terms of the optimization of grid connections, flexibility of energy for modern grids, and support to large energy consumers. Broad Reach Power (US), an independent power generator, is planning to develop 15 small-scale battery storage plant sites in areas near Houston and Odessa in Texas (US) in 2020 and 2 large systems by 2021. Each site is expected to contain battery systems capable of storing and distributing up to 10 megawatts of power. While a number of parts of the US are facing economic challenges resulting from the spread of the COVID-19, Texas is uniquely poised for continued industrial growth in near future. The small systems developed by the company are expected to provide energy stabilization services, such as mitigating the impact of price spikes and dips that expose generators, utilities, and retail electric providers to uncertainty in the supply-demand matching that occurs in power grids.
The demand for battery energy storage systems goes hand-in-hand with grid modernization efforts, including the transition from traditional systems to new technologies such as smart grids. Batteries help unlock the full potential of smart technologies. In January 2019, a smart grid-based hybrid wind-solar project was initiated in Dubai (UAE) by the Korean Electric Power Corporation (KEPCO). This project is expected to incorporate a 500 kWh lithium-ion battery storage system, equipped with 2,000 IoT-connected sensors and smart meters.
Opportunity: Requirement of continuous power supply in datacenters
Datacenters use an uninterrupted power supply (UPS) to provide power to loads in emergencies when the main power supply fails. Battery energy storage systems play an important role in eliminating electricity fluctuations in datacenters. The combination of battery energy storage systems and UPS ensures continuous power supply to designated critical loads when utility disturbances or outages are detected. This leads to a rise in demand for UPS from large datacenters. This, in turn, is anticipated to fuel the demand for energy storage systems based on lithium-ion and lead-acid batteries. The BMS software monitors the charge/discharge functions of batteries by ensuring that UPS batteries are optimally charged. The monitoring data gathered and displayed by BMS is useful for datacenter operators.
APAC accounts for the largest market size during the forecast period
APAC held the largest battery energy storage system market share in 2019, followed by North America and Europe. The market in APAC mainly comprises developing economies, such as China and India, which have tremendous potential for installation of energy storage projects due to increasing renewable energy integration. APAC is expected to witness plans for electrification in remote areas, which are majorly off-grid in several countries. The use of residential energy storage technology will enable to increase access to electricity for these remote and island communities in the region. The battery energy storage system market in APAC is highly competitive with the presence of established players. These players are continually upgrading their product portfolio with the launch of technologically advanced energy storage products.
Some of the major battery energy storage system manufacturers based in Asia Pacific are Samsung SDI (South Korea), LG Chem (South Korea), Hitachi (Japan), Panasonic (Japan), and NEC Corporation (Japan).
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