Battery Energy Storage Market Size to Hit USD 31.20 Billion by 2029

The global battery energy storage market size was valued at USD 9.21 billion in 2021. The market is expected to grow from USD 10.88 billion in 2022 to USD 31.20 billion by 2029, exhibiting a CAGR of 16.3% during the forecast period. The rising penetration of lithium-ion batteries is likely to aid the industry growth. Fortune Business Insights™ presents this information in its report titled “Battery Energy Storage Market, 2022-2029.”

Well-established players and new entrants are likely to increase their funds into collaborations, product launches, technological advancements, and mergers & acquisitions. Key companies could further inject funds into research and development activities to gain a competitive edge.

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According to the analyst, commercial, private, and industrial sectors will continue to exhibit the demand for Battery Energy Storage Systems (BESS). The rising penetration of lithium-ion batteries is likely to aid the industry growth. Expansion of infrastructure projects, along with the growth in the transportation sector, will encourage prominent companies to tap markets.

Stakeholders are poised to boost the battery energy storage market growth due to investments in solar power and wind energy. A notable transition toward low carbon energy generation solutions will augur well for the industry size expansion. To illustrate, in March 2021, Pacific Green announced to ink an agreement with TUPA Energy to establish a battery energy storage system with a capacity of 1.1 GW in the U.K. Moreover, escalating energy demand across the emerging and advanced economies on the back of rising infrastructure projects could bode well for prominent companies fostering their penetration across untapped areas.

However, the surge in CAPEX (capital expenditure) could challenge stakeholders striving to expand their portfolios.

Different governments have set significant goals to increase the use of sustainable energy technologies, which is expected to boost the market. To ensure peak power use supply, BESS devices may be easily incorporated into residential, commercial, and industrial-scale solar and wind energy generating techniques. Global renewable power generation was predicted at 2,805.5 Terawatt-hours (TWh) in 2019, up 13.7 percent from 2,468.0 TWh in 2018, according to the Statistical Review of World Energy 2020 published by BP in June 2020.