Battery Energy Storage System Market to Reach $43.7 Billion by 2030, Driven by Government Funding for Battery Energy Storage Systems - Exclusive Report by Meticulous Research®

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Government funding for battery energy storage systems and the growing benefits of these systems for EV charging are key factors driving the market's growth. However, the high capital required for installing them is a factor restraining its growth.

Furthermore, the growing demand for battery energy storage systems for commercial applications and the decline in the prices of lithium-ion batteries are expected to generate growth opportunities for the market players. However, the lack of standardization in storage systems and overheating of lithium-ion batteries are major challenges impacting market growth.

Government Funding for Battery Energy Storage System

In recent years, governments have been allocating funds to implement battery energy storage systems.

Following are some of the important government initiatives supporting the implementation of battery energy storage systems:

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Battery Energy Storage System Market Analysis: Key Segmental Findings

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Geographic Analysis:

By geography, the battery energy storage system market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific accounted for the largest share of 38.4% of the battery energy storage system market. This market is projected to reach $19.2 billion by 2030.

The Asia-Pacific (APAC) region is anticipated to implement electrification projects in remote and off-grid areas across several countries. The adoption of residential energy storage technology is expected to enhance electricity access for these isolated and island communities. Investment in energy storage is projected to rise significantly in APAC as governments in emerging economies introduce new policies aimed at improving the reliability and quality of power distribution for residential users.

Governments in the region are also concentrating on reducing the environmental impact of the energy sector. For example, in December 2022, the Australian government unveiled plans to deploy eight large-scale batteries to store renewable energy, supporting the grid and stabilizing energy prices. The Australian Renewable Energy Agency (ARENA) will allocate nearly USD 176 million in funding for these projects. The batteries will be installed in Gnarwarre, Moorabool, and Mortlake in Victoria, Mount Fox and Western Downs in Queensland, Liddell in New South Wales, and Bungama and Blyth in South Australia. Each battery will have a capacity ranging from 200 to 300 MWh, feature grid-forming inverter technology, and is expected to be operational by 2025.

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In March 2022, Indonesia's state-owned utility, PLN, entered into an agreement with the Indonesia Battery Corporation (IBC) to initiate a 5 MW battery energy storage system (BESS) pilot project. Similarly, in July 2021, the Chinese government revealed plans to install over 30 GW of power storage capacity by 2025. In October 2021, as part of its green energy initiative, the Government of India launched a 1,000 MWh BESS pilot project. This project, a collaborative effort between the Ministry of New and Renewable Energy and the Ministry of Power, aims to establish a framework for expanding energy storage systems across the country. These developments are expected to drive significant growth in the deployment of battery energy storage systems for both residential and public utility applications during the forecast period.

China Continues to Dominate the Battery Energy Storage System Market in Asia-Pacific

In Asia-Pacific, China is projected to register the highest CAGR during the forecast period. In 2023, China accounted for the largest share of the battery energy storage system market in Asia-Pacific.

China has emerged as the leading country in the Asia-Pacific region for battery energy storage deployment. The market for battery energy storage in China is poised for growth, driven by decreasing technology costs and technological advancements. Increased investment in renewable energy projects, supported by favorable government policies such as subsidies, tax incentives, reduced customs duties, and pricing incentives, is expected to further stimulate growth in the energy storage system market during the forecast period.

In October 2022, the Chinese government outlined plans to substantially increase the country's energy storage capacity by 2030 as part of its broader strategy to achieve net-zero emissions by 2060. According to the China Energy Storage Alliance, the government aims to boost battery storage systems by over 100 GW and expand pumped hydro storage capacity by an additional 100 GW.

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Additionally, in June 2021, the world's first 1MWh sodium-ion (Na-ion) battery energy storage system was launched in Taiyuan, Shanxi Province, demonstrating China's leadership in Na-ion battery technology and its commercialization. This system integrates Na-ion batteries with municipal electricity, photovoltaic, and charging infrastructure to create a microgrid capable of smart interaction with public networks.

China is a global leader in battery production. In 2022, China's power battery production reached 545.9 GWh, with an installed capacity of 294.6 GWh, representing 53.96% of the production. After accounting for 108.1 GWh of battery exports, the production-to-installation ratio stands at 73.77%. Furthermore, in March 2022, Chinese battery manufacturers announced plans to expand their capacity to over 3,000 GWh by 2030 and to establish an additional 200 plants by the same year. These developments are expected to drive the growth of the battery energy storage systems market in China.

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Battery Energy Storage System Market: Competition Analysis

This report offers a competitive analysis based on an extensive assessment of the leading players' product portfolios, geographic presence, and key growth strategies adopted over the past three to four years. Major companies in the battery energy storage system market have implemented various strategies to expand their product offerings and global footprints and augment their market shares. The key strategies followed by most companies in the battery energy storage system market were product launches, expansions, mergers & acquisitions, agreements, collaborations, and partnerships.

The key players operating in the battery energy storage system market include General Electric Company (U.S.), ABB Ltd. (Switzerland), Panasonic Life Solutions India Pvt. Ltd. (India) (A Part of Panasonic Holdings Corporation), Siemens AG (Germany), JinkoSolar Holding Co., Ltd. (China), Honeywell International Inc. (U.S.), Tesla Inc. (U.S.), Toshiba Corporation (Japan), Johnson Controls International plc (Ireland), NEC Corporation (Japan), Delta Electronics, Inc. (Taiwan), Sensata Technologies, Inc. (U.S.), Fluence Energy, Inc. (U.S.), Nextera Energy, Inc. (U.S.), Beacon Power, LLC (U.S.), and Urja Solutions (India).

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Battery Energy Storage System Industry Overview: Latest Developments from Key Industry Players

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Scope of the Report:

Battery Energy Storage System Market Assessment—by Battery Type

Battery Energy Storage System Market Assessment—by Offering

Battery Energy Storage System Market Assessment—by Connection Type

Battery Energy Storage System Market Assessment—by Ownership

Battery Energy Storage System Market Assessment—by Ownership

Battery Energy Storage System Market Assessment—by Application

Battery Energy Storage System Market Assessment—by Geography

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