Advanced Battery Energy Storage Systems Market

2021-2030 Analysis and Review Advanced Battery Energy Storage Systems Market

Advanced Battery Energy Storage Systems Market

Advanced Battery Energy Storage Systems Market By Technology (Lithium ion batteries, Sodium Sulphur, Flow Batteries, Other battery technologies Pacemakers), By Application (Transportation, Grid Storage, Others), By End User (Electric vehicles, Utilities, Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021 – 2030

22-03-2022 REP-HC-139325 110 pages Format

The global advanced battery energy storage system market is estimated to rise with a CAGR of 7.0% during the forecast period of 2022-2030. Advanced batteries have been widely adopted as a cost-effective solution in the energy storage market. These batteries include Lithium ion batteries, Sodium sulphur batteries, flow batteries and nickel metal hydride and other batteries.  Decreasing cost of lithium ion batteries and surging energy storage deployments in power grids has largely impacted market growth. There is a huge demand for advanced energy storage technologies in the power grid system. On the other hand, consistently decreasing price of lithium ion batteries has further helped to boost the market growth.

Advanced Battery Energy Storage Systems Market

Lithium ion batteries Remains as The Key Technology

The advanced battery energy storage market has been segmented on the basis of technology, end user and applications. On the basis of technology, the market has been segregated into lithium ion batteries, sodium Sulphur batteries, flow batteries and others battery technology that include nickel cadmium batteries, nickel metal hydride batteries and lead acid batteries. Increasing adoption of lithium ion batteries in the transportation applications and consumer electronics market has helped to increase the market share of Li-ion battery technology among other battery technologies that accounts to about 40.66% as of year 2021. Lithium ion batteries are estimated to rise to about 54 gigawatt hours by the year 2026. Among applications, the market has been further bifurcated into transportation, grid storage and other applications. Due to huge consumption of batteries in consumer electronics sector that includes laptops, mobiles, wearable devices and others.

Grid storage to be the Fastest Growing Application

Grid storage is the fastest growing application of advanced energy storage systems market. Grid storage application is anticipated to grow by CAGR 7.9% during period 2022-2030. Increasing integration of renewable energy with that of national grid, demand for energy storage devices amongst the residential households and rising investments in smart city energy infrastructure are the factors driving grid storage segment. Total investments in smart city infrastructure across the globe are anticipated to reach over $1trillion according Economic Intelligence Unit. Of these over 30% would be used for creating sustainable energy infrastructure.

APAC Takes the Lion’s Share

Geographical segmentation of the advanced battery energy storage system market includes North America, Europe, Asia Pacific and Rest of the world. Asia Pacific region dominates the market with a share of about 68.56% in 2021 due to high utilization of consumer electronics and rising number of electric vehicles. According to usic.org The deployment of energy storage systems in the emerging countries that includes China, India etc. is anticipated to grow above 40% on an annual basis in the coming years which would be adding 80 GW of the new storage capacity.

Product Launch Remains as the Key Strategy to Enhance Market Share

Product launch is the leading strategic initiatives adopted by advanced battery storage system manufacturers across the globe. Product launch build sales and revenue via expanding customer base. Manufacturers are targeting new untapped markets like Latin America, Africa, and Asia Pacific via product launch. Merger & Acquisition is an important strategy by manufacturing companies in advanced battery storage systems market. The ultimate goal of company investing in advanced battery energy storage systems market is to accelerate its development in the fields of renewable energy and electricity. The key companies include Samsung SDI Co Ltd., Hitachi Ltd., BYD Company Ltd and others.

Historical & Forecast Period

This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2022 to 2030.

Report Methodology

Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and region.

Global Advanced Battery Energy Storage Systems, By Technology, 2020-2030, ($Millions)

  • Lithium ion batteries
  • Sodium Sulphur
  • Flow Batteries
  • Other battery technologies Pacemakers

Global Advanced Battery Energy Storage Systems, By Application, 2020-2030, ($Millions)

  • Transportation
  • Grid Storage
  • Others

Global Advanced Battery Energy Storage Systems, By End User, 2020-2030, ($Millions)

  • Electric vehicles
  • Utilities
  • Others

By  Region (2020-2030; US$ Mn)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Africa

Global Impact of Covid-19 Segment (2020-2021; US$ Mn)

  • Pre Covid-19 situation
  • Post Covid-19 situation

Key questions answered in this report

•      What are the key market segments in current scenario and in the future by product categories?

•      What are the key market segments in current scenario and in the future by regions?

•      What is the key impact of Covid-19 over market revenues and market determinants in the global advanced battery energy storage systems market?

•      What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?

•      What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?

•      How to overcome the current market challenges and leverage the opportunities in each of the market segment?

•      Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?

•      What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc. that companies are deploying to enhance market revenues and growth?

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