PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1462793
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1462793
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
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- 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
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- 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
- Table 1 Global Lithium-ion Battery Energy Storage Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Lithium-ion Battery Energy Storage Market Outlook, By Connection Type (2021-2030) ($MN)
- Table 3 Global Lithium-ion Battery Energy Storage Market Outlook, By Off-Grid (2021-2030) ($MN)
- Table 4 Global Lithium-ion Battery Energy Storage Market Outlook, By On-Grid (2021-2030) ($MN)
- Table 5 Global Lithium-ion Battery Energy Storage Market Outlook, By Capacity (2021-2030) ($MN)
- Table 6 Global Lithium-ion Battery Energy Storage Market Outlook, By 0-10 kW (2021-2030) ($MN)
- Table 7 Global Lithium-ion Battery Energy Storage Market Outlook, By 10-20 kW (2021-2030) ($MN)
- Table 8 Global Lithium-ion Battery Energy Storage Market Outlook, By 20-50 kW (2021-2030) ($MN)
- Table 9 Global Lithium-ion Battery Energy Storage Market Outlook, By Above 50 kW (2021-2030) ($MN)
- Table 10 Global Lithium-ion Battery Energy Storage Market Outlook, By Application (2021-2030) ($MN)
- Table 11 Global Lithium-ion Battery Energy Storage Market Outlook, By Residential (2021-2030) ($MN)
- Table 12 Global Lithium-ion Battery Energy Storage Market Outlook, By Industrial (2021-2030) ($MN)
- Table 13 Global Lithium-ion Battery Energy Storage Market Outlook, By Commercial (2021-2030) ($MN)
- Table 14 North America Lithium-ion Battery Energy Storage Market Outlook, By Country (2021-2030) ($MN)
- Table 15 North America Lithium-ion Battery Energy Storage Market Outlook, By Connection Type (2021-2030) ($MN)
- Table 16 North America Lithium-ion Battery Energy Storage Market Outlook, By Off-Grid (2021-2030) ($MN)
- Table 17 North America Lithium-ion Battery Energy Storage Market Outlook, By On-Grid (2021-2030) ($MN)
- Table 18 North America Lithium-ion Battery Energy Storage Market Outlook, By Capacity (2021-2030) ($MN)
- Table 19 North America Lithium-ion Battery Energy Storage Market Outlook, By 0-10 kW (2021-2030) ($MN)
- Table 20 North America Lithium-ion Battery Energy Storage Market Outlook, By 10-20 kW (2021-2030) ($MN)
- Table 21 North America Lithium-ion Battery Energy Storage Market Outlook, By 20-50 kW (2021-2030) ($MN)
- Table 22 North America Lithium-ion Battery Energy Storage Market Outlook, By Above 50 kW (2021-2030) ($MN)
- Table 23 North America Lithium-ion Battery Energy Storage Market Outlook, By Application (2021-2030) ($MN)
- Table 24 North America Lithium-ion Battery Energy Storage Market Outlook, By Residential (2021-2030) ($MN)
- Table 25 North America Lithium-ion Battery Energy Storage Market Outlook, By Industrial (2021-2030) ($MN)
- Table 26 North America Lithium-ion Battery Energy Storage Market Outlook, By Commercial (2021-2030) ($MN)
- Table 27 Europe Lithium-ion Battery Energy Storage Market Outlook, By Country (2021-2030) ($MN)
- Table 28 Europe Lithium-ion Battery Energy Storage Market Outlook, By Connection Type (2021-2030) ($MN)
- Table 29 Europe Lithium-ion Battery Energy Storage Market Outlook, By Off-Grid (2021-2030) ($MN)
- Table 30 Europe Lithium-ion Battery Energy Storage Market Outlook, By On-Grid (2021-2030) ($MN)
- Table 31 Europe Lithium-ion Battery Energy Storage Market Outlook, By Capacity (2021-2030) ($MN)
- Table 32 Europe Lithium-ion Battery Energy Storage Market Outlook, By 0-10 kW (2021-2030) ($MN)
- Table 33 Europe Lithium-ion Battery Energy Storage Market Outlook, By 10-20 kW (2021-2030) ($MN)
- Table 34 Europe Lithium-ion Battery Energy Storage Market Outlook, By 20-50 kW (2021-2030) ($MN)
- Table 35 Europe Lithium-ion Battery Energy Storage Market Outlook, By Above 50 kW (2021-2030) ($MN)
- Table 36 Europe Lithium-ion Battery Energy Storage Market Outlook, By Application (2021-2030) ($MN)
- Table 37 Europe Lithium-ion Battery Energy Storage Market Outlook, By Residential (2021-2030) ($MN)
- Table 38 Europe Lithium-ion Battery Energy Storage Market Outlook, By Industrial (2021-2030) ($MN)
- Table 39 Europe Lithium-ion Battery Energy Storage Market Outlook, By Commercial (2021-2030) ($MN)
- Table 40 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By Country (2021-2030) ($MN)
- Table 41 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By Connection Type (2021-2030) ($MN)
- Table 42 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By Off-Grid (2021-2030) ($MN)
- Table 43 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By On-Grid (2021-2030) ($MN)
- Table 44 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By Capacity (2021-2030) ($MN)
- Table 45 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By 0-10 kW (2021-2030) ($MN)
- Table 46 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By 10-20 kW (2021-2030) ($MN)
- Table 47 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By 20-50 kW (2021-2030) ($MN)
- Table 48 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By Above 50 kW (2021-2030) ($MN)
- Table 49 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By Application (2021-2030) ($MN)
- Table 50 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By Residential (2021-2030) ($MN)
- Table 51 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By Industrial (2021-2030) ($MN)
- Table 52 Asia Pacific Lithium-ion Battery Energy Storage Market Outlook, By Commercial (2021-2030) ($MN)
- Table 53 South America Lithium-ion Battery Energy Storage Market Outlook, By Country (2021-2030) ($MN)
- Table 54 South America Lithium-ion Battery Energy Storage Market Outlook, By Connection Type (2021-2030) ($MN)
- Table 55 South America Lithium-ion Battery Energy Storage Market Outlook, By Off-Grid (2021-2030) ($MN)
- Table 56 South America Lithium-ion Battery Energy Storage Market Outlook, By On-Grid (2021-2030) ($MN)
- Table 57 South America Lithium-ion Battery Energy Storage Market Outlook, By Capacity (2021-2030) ($MN)
- Table 58 South America Lithium-ion Battery Energy Storage Market Outlook, By 0-10 kW (2021-2030) ($MN)
- Table 59 South America Lithium-ion Battery Energy Storage Market Outlook, By 10-20 kW (2021-2030) ($MN)
- Table 60 South America Lithium-ion Battery Energy Storage Market Outlook, By 20-50 kW (2021-2030) ($MN)
- Table 61 South America Lithium-ion Battery Energy Storage Market Outlook, By Above 50 kW (2021-2030) ($MN)
- Table 62 South America Lithium-ion Battery Energy Storage Market Outlook, By Application (2021-2030) ($MN)
- Table 63 South America Lithium-ion Battery Energy Storage Market Outlook, By Residential (2021-2030) ($MN)
- Table 64 South America Lithium-ion Battery Energy Storage Market Outlook, By Industrial (2021-2030) ($MN)
- Table 65 South America Lithium-ion Battery Energy Storage Market Outlook, By Commercial (2021-2030) ($MN)
- Table 66 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By Country (2021-2030) ($MN)
- Table 67 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By Connection Type (2021-2030) ($MN)
- Table 68 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By Off-Grid (2021-2030) ($MN)
- Table 69 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By On-Grid (2021-2030) ($MN)
- Table 70 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By Capacity (2021-2030) ($MN)
- Table 71 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By 0-10 kW (2021-2030) ($MN)
- Table 72 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By 10-20 kW (2021-2030) ($MN)
- Table 73 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By 20-50 kW (2021-2030) ($MN)
- Table 74 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By Above 50 kW (2021-2030) ($MN)
- Table 75 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By Application (2021-2030) ($MN)
- Table 76 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By Residential (2021-2030) ($MN)
- Table 77 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By Industrial (2021-2030) ($MN)
- Table 78 Middle East & Africa Lithium-ion Battery Energy Storage Market Outlook, By Commercial (2021-2030) ($MN)
