The battery energy storage system market is projected to grow from USD 2.9 billion in 2020 to USD 12.1 billion by 2025, at a CAGR of 32.8% between 2020 and 2025. The factor driving the battery energy storage system market is the increasing demand for grid energy storage systems owing to ongoing grid modernization, growing adoption of lithium-ion batteries in renewable energy sector owing to their low costs and improved performance, and prevailing trend of adopting low-carbon and less fossil fuel-based economy and ongoing renewable energy revolution.
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Based on the battery type, the battery energy storage system market has been classified into lithium-ion batteries, flow batteries, advanced lead-acid batteries, sodium–sulfur batteries, and others. The lithium-ion batteries segment held the largest size of the battery energy storage system market in 2019. The lithium-ion battery has very high energy and power density, which leads to low standby losses and high life expectancy. Due to these characteristics, lithium-ion batteries are likely to account for a major share of the battery energy storage system market by 2025.
Based on the application, the battery energy storage system market has been segmented into residential, commercial, and utilities. The utilities segment held the largest size of the battery energy storage system market in 2019 and is expected to register the highest growth during the forecast period. The need to fulfill the requirement of peak electricity demands is the major factor contributing to the growth of the market for utilities. The flexibility offered by these systems to the grid energy storage to deal with the fluctuations in renewable energy, such as solar and wind energy, is increasing the adoption of battery energy storage systems.
Among all regions, APAC accounted for the largest share of battery energy storage system market in 2019. APAC is also expected to grow at the highest CAGR during the forecast period. APAC is a hub for the battery energy storage system industry. The region accounted for the largest share of the battery energy storage system market in 2019 and is expected to register the highest CAGR during the forecast period. South Korea and China accounted for the highest battery energy storage installations globally, i.e., around 0.6 and 0.5 GW, respectively, in 2020.
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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