Battery Energy Storage Market to Observe 16.3% CAGR from 2022 to 2029; Siemens Partners with Britishvolt to Introduce First Lithium-Ion Battery Gigafactory in the U.K.

The battery energy storage market size is estimated to rise from USD 10.88 billion in 2022 to USD 31.20 billion by 2029. Industry participants are poised to inject funds into lithium-ion battery systems across residential and non-residential sectors. Notably, the penetration of Battery Energy Storage Systems (BESS) has become pronounced globally. According to the latest research report by Fortune Business Insights™ titled, “Battery Energy Storage Market Size, Share & COVID-19 Impact Analysis, By Type (Lithium-Ion Battery, Lead Acid Battery, Flow Battery, Others), By Connectivity (Off-Grid, On-Grid), By Application (Residential, Non-Residential, Utility, Others), By Ownership (Customer-Owned, Third-Party Owned, Utility-Owned), By Capacity (Small Scale {Less than 1 MW}, Large Scale {Greater than 1 MW}), and Regional Forecast, 2022-2029,” the market was valued at USD 9.21 billion in 2021. It is anticipated to observe 16.3% CAGR during the forecast period.

COVID-19 Induced Supply Chain Disruptions to Influence Industry Dynamics

While a slew of companies has experienced notable supply chain disruptions, a shift toward sustainable movement could be a game-changer. Prominently, governments have rolled out bullish stimulus packages to propel the adoption of BESS units. To illustrate, in August 2020, ABB joined hands with Zenobē Energy Limited to provide a sophisticated traction power solution for U.K. railroads. Robust policies could encourage leading companies to invest in the advanced solution, thereby underpinning the battery energy storage market growth.

ABB Power Grids Joins Hands with Atlas Renewable Energy to Tap Markets

With prominent players striving to bolster their footprint globally, the expansion of battery energy storage systems could be noticeable. To illustrate, in April 2021, ABB Power Grids entered into a partnership with Atlas Renewable Energy to develop and deploy utility-scale battery energy storage systems for the latter’s projects. Partnered companies could integrate energy storage systems into the design of early development stage projects, with Hitachi ABB offering insights on the interconnections and technical solutions. Meanwhile, in December 2021, TotalEnergies reportedly introduced the largest battery-based energy storage facility in Dunkirk, France. The facility is believed to have a 61 MW power capacity and a total storage capacity of 61 megawatt-hours (MWh).

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/battery-energy-storage-market-100489

Trend for Solar Power to Boost Value Proposition

At the time when the world is reeling under the challenges of carbon emissions, stakeholders have exhibited profound traction for solar power and wind energy. So much so that prominent players are pouring funds into low carbon energy generation solutions. Prominently, residential, non-residential, and utility end-use sectors have upped investments in solar power projects. An exponential demand for energy following the launch of infrastructure projects will boost the battery energy storage market share. The trend is primarily attributed to burgeoning urbanization and bullish government policies.

However, surge in overheads amidst a rise in research and development activities could challenge major players gearing to foster their portfolios.

Stakeholders Focus on Product Portfolio Expansion to Tap Markets

Major industry players are poised to invest in product portfolio expansion through product rollouts, technological advancements, geographical development, and mergers & acquisitions. Both well-established players and emerging companies are likely to underpin the market growth by infusing funds into R&D activities.

Industry Development

• January 2021 – Siemens collaborated with Britishvolt to introduce the first lithium-ion battery gigafactory in the U.K.

List of the Companies Profiled in the Global Market

• GE (U.S.)


• ABB (Switzerland)


• Samsung SDI (South Korea)


• Hitachi Chemical Co., Ltd. (Japan)


• Siemens Energy (Germany)


• Total (France)


• LG Chem (South Korea)


• Fluence (U.S.)


• Narada (China)


• VRB Energy (Canada)


• Kokam (South Korea)


•  EVE Energy Co., Ltd. (China)


• Black & Veatch (U.S.)


• Hitachi ABB Power Grids (Switzerland)

Further Report Findings

• Based on type, the lithium-ion battery segment could contribute a notable share toward the global market due to infrastructure expansion during the forecast period.


• Asia Pacific market size stood at USD 4.16 billion in 2021 and will grow with rising urbanization and industrialization.


• North America is expected to provide promising growth opportunities backed by favorable government policies.

Table of Segmentation