Market for Battery Energy Storage Systems (BESS) to Grow by a Whopping 21% through 2030, Bolstered by Increasing Energy Demand and Transition to Clean Energy Sources

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Industry Experts, Inc., has released its latest report on the Battery Energy Storage Systems (BESS) market. As per this global report, the market for BESS is estimated at US$13.7 billion in 2024 and projected to reach US$43.4 billion by 2030 at a 2024-2030 CAGR of 21.3%.

Some of the factors instrumental in driving demand for Battery Energy Storage Systems include transition to clean energy, decreasing costs of batteries, increasing energy demand & grid strain, government initiatives & policies, enhanced grid reliability & resilience, technological advancements, growing adoption of electric vehicles (EVs), demand for energy independence & cost savings and rural electrification & off-grid solutions

In addition to being the largest global market for Battery Energy Storage Systems, with an estimated 2024 share of 42.2%, Asia-Pacific is also slated to be the fastest growing, forecast to reflect a 2024-2030 compounded annual rate of 36.1%. A major factor for this is the region's rapid adoption of renewable energy, especially solar and wind, which is being driven by determined clean energy targets. Examples include China's goal of achieving 1,200 GW of wind and solar capacity by 2030 and India increasing its renewable energy capacity from 105.25 GW in 2017 to 147.12 GW in 2021. BESS forms a vital component of storing and releasing excess renewable energy based on requirement, which stabilizes the grid through frequency regulation and ancillary services. Several countries in Asia-Pacific are witnessing industrialization, urbanization and population growth because of which demand for sustainable electricity has increased exponentially.

The report studies the Battery Energy Storage Systems market across all major regions including North America (The United States, Canada and Mexico), Europe (Germany, Italy, The United Kingdom and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea and Rest of Asia-Pacific), South America (Argentina, Brazil, Chile and Rest of South America) and Middle East & Africa.

The market for elements/components of Battery Energy Storage Systems (BESS) analyzed in this report includes Battery Hardware and Balance of Plant (BoP)/Other Elements. The study also examines the market for Battery Energy Storage Systems by battery type, comprising Flow, Lead-Acid, Lithium-ion (Li-ion), Sodium-ion (Na-ion) and Other Battery Types (Incl. Flywheel & Nickel-Based). The power rating of Battery Energy Storage Systems as analyzed in this report include < 30 kVA, 30 kVA-150 MVA and > 150 MVA. By connection type, the analysis covered by this report includes Off-Grid and On-Grid, with ownership model analysis covering Customer-Owned, Third Party-Owned and Utility-Owned. This report on BESS also provides a market analysis based on applications comprising Commercial & Industrial, Residential and Utility.

About Industry Experts, Inc
Industry Experts, Inc., ranks among the leading market research providers globally. The company's off-the-shelf and customized business intelligence reports offer strategic insights and valuable guidance to enable various stakeholders, such as corporate strategists, analysts, researchers and startups, among others, in obtaining valuable, crisp and unbiased current and future market data. For more information, contact us on +1-320-497-3787 or visit https://industry-experts.com/

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