Lithium Ion Battery Energy Storage Market
Lithium-ion Battery Energy Storage Market Forecasts to 2030 - Global Analysis By Connection Type (Off-Grid and On-Grid), Capacity 0-10 kW, 10-20 kW, 20-50 kW and Above 50 kW), Application and By Geography
According to Stratistics MRC, the Global Lithium-ion Battery Energy Storage Market is accounted for $5.26 billion in 2023 and is expected to reach $15.80 billion by 2030 growing at a CAGR of 17.0% during the forecast period. Lithium-ion battery energy storage systems (BESS) are a type of rechargeable battery system commonly used for storing electrical energy. They have gained widespread popularity due to their high energy density, long cycle life, and relatively low self-discharge rate compared to other rechargeable batteries. These storage systems play a crucial role in the transition to a cleaner and more sustainable energy future, enabling the integration of renewable energy sources and improving the efficiency and reliability of electrical grids.
According to France Territoire Solaire, in Q2 2022, France's total residential photovoltaic solar energy capacity accounted for 1,758 MW, an increase of 13.8 % compared to Q2 2021.
Market Dynamics:
Driver:
Increasing demand for renewable energy sources
The rise of solar, wind, and other renewable energy sources creates a challenge - their inconsistency. Lithium-ion battery storage solves this by capturing excess clean energy when production is high and releasing it when it's low, allowing renewable energy to function as a reliable and dependable source of power. This synergy between renewable and battery storage is fuelling the growth of the Lithium-ion Battery Energy Storage Market.
Restraint:
High initial investment costs
A major hurdle for lithium-ion battery storage is the high upfront cost. This includes not just the batteries themselves, but also the infrastructure and installation needed to set up large-scale systems. Large-scale projects require additional infrastructure like building storage facilities and upgrading the grid to handle the integration of these systems. This upfront financial burden can discourage individuals and businesses from investing, hindering the overall growth of the market.
Opportunity:
Electric vehicle charging infrastructure
By integrating lithium-ion battery energy storage systems into charging stations, they facilitate high-power output and smooth out electricity demand fluctuations. They enable fast-charging capabilities, reducing charging time and enhancing the scalability of EV charging networks. This not only accelerates the adoption of electric vehicles but also supports grid stability by alleviating strain during peak demand periods. Ultimately, it contributes to a sustainable transportation ecosystem while fostering the growth of renewable energy integration and grid modernization initiatives.
Threat:
Safety concerns
Lithium-ion batteries are prone to thermal runaway, leading to fires or explosions if not managed properly. Incidents of battery fires in energy storage facilities or electric vehicles can result in public safety risks, regulatory scrutiny, and reputational damage to the industry. Addressing safety concerns requires robust safety standards, stringent regulations, and investment in battery management systems and safety technologies.
Covid-19 Impact
Initially, disruptions in global supply chains and manufacturing activities led to delays in project deployments and equipment deliveries. However, the pandemic also highlighted the importance of resilient energy infrastructure, driving investments in energy storage solutions for grid stabilization and backup power. Additionally, the accelerated adoption of remote work and digitalization spurred demand for data centre backup power systems, supporting the growth of the market.
The off-grid segment is expected to be the largest during the forecast period
The off-grid segment is estimated to hold the largest share. Lithium-ion battery energy storage systems play a crucial role in off-grid applications by storing excess renewable energy generated from sources like solar or wind. These systems ensure continuous power supply, supporting critical infrastructure, residential, and commercial needs. Off-grid solutions enable sustainable development, reduce reliance on fossil fuels, and empower communities with access to clean and affordable energy, contributing to economic growth and environmental preservation in remote regions.
The industrial segment is expected to have the highest CAGR during the forecast period
The industrial segment is anticipated to have lucrative growth during the forecast period. These batteries support critical processes by ensuring uninterrupted power supply, mitigating downtime risks, and optimizing energy usage. Additionally, they facilitate the integration of renewable energy sources, reduce energy costs, and enable industrial facilities to meet sustainability goals. Lithium-ion battery storage solutions in the industrial sector drive productivity, competitiveness, and environmental stewardship.
Region with largest share:
Asia Pacific commanded the largest market share during the extrapolated period owing to rapid industrialization, urbanization, and government initiatives. Countries like China, Japan, South Korea, and India are key players in this market, with significant investments in energy storage infrastructure to support their growing economies and transition towards cleaner energy sources. Moreover, rising demand for electric vehicles, grid modernization, and renewable energy integration further propel market growth in the Asia-Pacific, positioning it as a key hub for innovation and investment in lithium-ion battery energy storage solutions.
Region with highest CAGR:
North America is expected to witness profitable growth over the projection period. The United States and Canada lead the market, with significant investments in battery storage projects to enhance grid stability, support renewable energy penetration, and address peak demand challenges. Furthermore, a strong manufacturing ecosystem, technological advancements, and collaborations between utilities, technology providers, and investors further enhance the region's strengths and establish North America as a key player in the worldwide lithium-ion battery energy storage Market.
Key players in the market
Some of the key players in the Lithium-ion Battery Energy Storage Market include Toshiba Corporation, Siemens Energy AG, LG Electronics Inc., Samsung Electronics Co Ltd, Panasonic Corporation, Parker Hannifin Corporation, Honeywell International Inc., Hitachi Ltd., Jakson Group, ABB Ltd., Doosan Gridtech Inc., Mistubishi Heavy Industries Ltd, Exide Industries Ltd, Blue Solutions SAS, General Electric Co, CATL and BYD Company Ltd.
Key Developments:
In November 2021, Hitachi Energy launched improved and new versions of its power store battery energy storage system (BESS) products, alongside other new and updated products and services in its grid edge solutions portfolio.
In October 2021, Honeywell launched a new flow battery technology that works with renewable generation sources such as wind and solar to meet the demand for sustainable energy storage. The new flow battery uses a safe and non-flammable electrolyte that converts chemical energy to electricity in order to store energy for later use while meeting the environmental, longevity, and safety objectives of utilities.
Connection Types Covered:
• Off-Grid
• On-Grid
Capacities Covered:
• 0-10 kW
• 10-20 kW
• 20-50 kW
• Above 50 kW
Applications Covered:
• Residential
• Industrial
• Commercial
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Lithium-ion Battery Energy Storage Market, By Connection Type
5.1 Introduction
5.2 Off-Grid
5.3 On-Grid
6 Global Lithium-ion Battery Energy Storage Market, By Capacity
6.1 Introduction
6.2 0-10 kW
6.3 10-20 kW
6.4 20-50 kW
6.5 Above 50 kW
7 Global Lithium-ion Battery Energy Storage Market, By Application
7.1 Introduction
7.2 Residential
7.3 Industrial
7.4 Commercial
8 Global Lithium-ion Battery Energy Storage Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Toshiba Corporation
10.2 Siemens Energy AG
10.3 LG Electronics Inc.
10.4 Samsung Electronics Co Ltd
10.5 Panasonic Corporation
10.6 Parker Hannifin Corporation
10.7 Honeywell International Inc.
10.8 Hitachi Ltd.
10.9 Jakson Group
10.10 ABB Ltd.
10.11 Doosan Gridtech Inc.
10.12 Mistubishi Heavy Industries Ltd
10.13 Exide Industries Ltd
10.14 Blue Solutions SAS
10.15 General Electric Co
10.16 CATL
10.17 BYD Company Ltd
List of Tables
1 Global Lithium-ion Battery Energy Storage Market Outlook, By Region (2021-2030) ($MN)
2 Global Lithium-ion Battery Energy Storage Market Outlook, By Connection Type (2021-2030) ($MN)
3 Global Lithium-ion Battery Energy Storage Market Outlook, By Off-Grid (2021-2030) ($MN)
4 Global Lithium-ion Battery Energy Storage Market Outlook, By On-Grid (2021-2030) ($MN)
5 Global Lithium-ion Battery Energy Storage Market Outlook, By Capacity (2021-2030) ($MN)
6 Global Lithium-ion Battery Energy Storage Market Outlook, By 0-10 kW (2021-2030) ($MN)
7 Global Lithium-ion Battery Energy Storage Market Outlook, By 10-20 kW (2021-2030) ($MN)
8 Global Lithium-ion Battery Energy Storage Market Outlook, By 20-50 kW (2021-2030) ($MN)
9 Global Lithium-ion Battery Energy Storage Market Outlook, By Above 50 kW (2021-2030) ($MN)
10 Global Lithium-ion Battery Energy Storage Market Outlook, By Application (2021-2030) ($MN)
11 Global Lithium-ion Battery Energy Storage Market Outlook, By Residential (2021-2030) ($MN)
12 Global Lithium-ion Battery Energy Storage Market Outlook, By Industrial (2021-2030) ($MN)
13 Global Lithium-ion Battery Energy Storage Market Outlook, By Commercial (2021-2030) ($MN)
14 North America Lithium-ion Battery Energy Storage Market Outlook, By Country (2021-2030) ($MN)
15 North America Lithium-ion Battery Energy Storage Market Outlook, By Connection Type (2021-2030) ($MN)
16 North America Lithium-ion Battery Energy Storage Market Outlook, By Off-Grid (2021-2030) ($MN)
17 North America Lithium-ion Battery Energy Storage Market Outlook, By On-Grid (2021-2030) ($MN)
18 North America Lithium-ion Battery Energy Storage Market Outlook, By Capacity (2021-2030) ($MN)
19 North America Lithium-ion Battery Energy Storage Market Outlook, By 0-10 kW (2021-2030) ($MN)
20 North America Lithium-ion Battery Energy Storage Market Outlook, By 10-20 kW (2021-2030) ($MN)
21 North America Lithium-ion Battery Energy Storage Market Outlook, By 20-50 kW (2021-2030) ($MN)
22 North America Lithium-ion Battery Energy Storage Market Outlook, By Above 50 kW (2021-2030) ($MN)
23 North America Lithium-ion Battery Energy Storage Market Outlook, By Application (2021-2030) ($MN)
24 North America Lithium-ion Battery Energy Storage Market Outlook, By Residential (2021-2030) ($MN)
25 North America Lithium-ion Battery Energy Storage Market Outlook, By Industrial (2021-2030) ($MN)
26 North America Lithium-ion Battery Energy Storage Market Outlook, By Commercial (2021-2030) ($MN)
27 Europe Lithium-ion Battery Energy Storage Market Outlook, By Country (2021-2030) ($MN)
28 Europe Lithium-ion Battery Energy Storage Market Outlook, By Connection Type (2021-2030) ($MN)
29 Europe Lithium-ion Battery Energy Storage Market Outlook, By Off-Grid (2021-2030) ($MN)
30 Europe Lithium-ion Battery Energy Storage Market Outlook, By On-Grid (2021-2030) ($MN)
31 Europe Lithium-ion Battery Energy Storage Market Outlook, By Capacity (2021-2030) ($MN)
32 Europe Lithium-ion Battery Energy Storage Market Outlook, By 0-10 kW (2021-2030) ($MN)
33 Europe Lithium-ion Battery Energy Storage Market Outlook, By 10-20 kW (2021-2030) ($MN)
34 Europe Lithium-ion Battery Energy Storage Market Outlook, By 20-50 kW (2021-2030) ($MN)
35 Europe Lithium-ion Battery Energy Storage Market Outlook, By Above 50 kW (2021-2030) ($MN)
36 Europe Lithium-ion Battery Energy Storage Market Outlook, By Application (2021-2030) ($MN)
37 Europe Lithium-ion Battery Energy Storage Market Outlook, By Residential (2021-2030) ($MN)
38 Europe Lithium-ion Battery Energy Storage Market Outlook, By Industrial (2021-2030) ($MN)
39 Europe Lithium-ion Battery Energy Storage Market Outlook, By Commercial (2021-2030) ($MN)
40 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By Country (2021-2030) ($MN)
41 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By Connection Type (2021-2030) ($MN)
42 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By Off-Grid (2021-2030) ($MN)
43 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By On-Grid (2021-2030) ($MN)
44 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By Capacity (2021-2030) ($MN)
45 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By 0-10 kW (2021-2030) ($MN)
46 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By 10-20 kW (2021-2030) ($MN)
47 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By 20-50 kW (2021-2030) ($MN)
48 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By Above 50 kW (2021-2030) ($MN)
49 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By Application (2021-2030) ($MN)
50 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By Residential (2021-2030) ($MN)
51 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By Industrial (2021-2030) ($MN)
52 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By Commercial (2021-2030) ($MN)
53 South America Lithium-ion Battery Energy Storage Market Outlook, By Country (2021-2030) ($MN)
54 South America Lithium-ion Battery Energy Storage Market Outlook, By Connection Type (2021-2030) ($MN)
55 South America Lithium-ion Battery Energy Storage Market Outlook, By Off-Grid (2021-2030) ($MN)
56 South America Lithium-ion Battery Energy Storage Market Outlook, By On-Grid (2021-2030) ($MN)
57 South America Lithium-ion Battery Energy Storage Market Outlook, By Capacity (2021-2030) ($MN)
58 South America Lithium-ion Battery Energy Storage Market Outlook, By 0-10 kW (2021-2030) ($MN)
59 South America Lithium-ion Battery Energy Storage Market Outlook, By 10-20 kW (2021-2030) ($MN)
60 South America Lithium-ion Battery Energy Storage Market Outlook, By 20-50 kW (2021-2030) ($MN)
61 South America Lithium-ion Battery Energy Storage Market Outlook, By Above 50 kW (2021-2030) ($MN)
62 South America Lithium-ion Battery Energy Storage Market Outlook, By Application (2021-2030) ($MN)
63 South America Lithium-ion Battery Energy Storage Market Outlook, By Residential (2021-2030) ($MN)
64 South America Lithium-ion Battery Energy Storage Market Outlook, By Industrial (2021-2030) ($MN)
65 South America Lithium-ion Battery Energy Storage Market Outlook, By Commercial (2021-2030) ($MN)
66 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By Country (2021-2030) ($MN)
67 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By Connection Type (2021-2030) ($MN)
68 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By Off-Grid (2021-2030) ($MN)
69 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By On-Grid (2021-2030) ($MN)
70 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By Capacity (2021-2030) ($MN)
71 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By 0-10 kW (2021-2030) ($MN)
72 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By 10-20 kW (2021-2030) ($MN)
73 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By 20-50 kW (2021-2030) ($MN)
74 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By Above 50 kW (2021-2030) ($MN)
75 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By Application (2021-2030) ($MN)
76 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By Residential (2021-2030) ($MN)
77 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By Industrial (2021-2030) ($MN)
78 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By Commercial (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
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