COVID-19の影響を受けた蓄電システム市場:蓄電システム、要素、電池タイプ(リチウムイオン、フロー電池)、接続タイプ(オングリッド、オフグリッド)、所有者、エネルギー容量、アプリケーション、地域別 - 2027年までの世界予測Battery Energy Storage System Market with COVID-19 Impact by Storage System, Element, Battery Type (Lithium-Ion, Flow Batteries), Connection Type (On-Grid and Off-Grid), Ownership, Energy Capacity, Application and Geography - Global Forecast to 2027 電池エネルギー貯蔵システムの世界市場規模は、2022年の44億米ドルから2027年には151億米ドルへ、CAGR27.9%で成長すると予測されています。この市場の成長は主に、進行中の送電網の近代化、再生可能エネルギー分... もっと見る
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サマリー電池エネルギー貯蔵システムの世界市場規模は、2022年の44億米ドルから2027年には151億米ドルへ、CAGR27.9%で成長すると予測されています。この市場の成長は主に、進行中の送電網の近代化、再生可能エネルギー分野におけるリチウムイオン電池の普及拡大、低炭素・低化石燃料経済および進行中の再生可能エネルギー革命の採用傾向の高まりによる送電網エネルギー貯蔵システムに対する需要の増加によってもたらされています。しかし、蓄電池システムの導入に必要な設備投資が高いことが、市場の伸びを抑制しています。"2021年、リチウムイオン電池が電池エネルギー貯蔵システム市場を支配する" 2021年にはリチウムイオン電池の市場が最大のシェアを占め、予測期間中も同様と予測されます。このセグメントの成長の背景には、エネルギー密度や電力密度が高いため、待機損失が少なく、効率98%で5~15年程度の高寿命といった電池の利点があります。また、リチウムイオン-硫黄電池によるエネルギー貯蔵システムは、周波数調整、需要充電の低減、グリッドバッファリング、再生可能エネルギーの統合をサポートし、オングリッド接続に適しています。 "2021年の電池エネルギー貯蔵システム市場は、オングリッド接続タイプが最大のシェアを占める" オングリッドセグメントは、2021年のバッテリーエネルギーストレージシステム市場で最大のシェアを占めており、予測期間中に大きなCAGRを維持すると予想されています。オングリッド接続は、余剰エネルギーがグリッドに送られ、後で従量制で使用できるため、オフグリッドシステムよりも低い初期コストを示しています。電力網に依存している顧客にとっては、電気料金の削減がこの分野の成長を促進すると予想されます。また、再生可能エネルギー供給企業からのグリッド近代化の要求や、エネルギー部門に対する新たな規制政策も、電力会社向けオングリッド・バッテリー・エストレージ・システム市場の成長を後押ししています。 "2021年のバッテリーエネルギー貯蔵システム市場は、ユーティリティ用途が支配的" 2021年はユーティリティ向けアプリケーションが市場を支配している。ピーク時の電力需要の要件を満たす必要があることが、ユーティリティ向け市場の成長に大きく寄与している。ユーティリティ用BESSは、エネルギー供給が突然変動した場合に、電力品質、周波数、電圧の制御サービスを提供します。電池エネルギー貯蔵システムは、再生可能エネルギーに余剰がある場合に、グリッドオペレーターが電力を節約することを可能にします。ほとんどの地域で信頼性の高い効率的な電力供給への需要が高まっていること、そして再生可能エネルギーへのニーズが高まっていることが、公益事業分野におけるバッテリーエネルギーストレージシステムの高い需要の要因となっています。 "APACの市場は予測期間中に最も高いCAGRで成長する" APACの市場は2022年から2027年にかけて最も高いCAGRで成長すると予想されています。同地域は、2021年の電池エネルギー貯蔵システム市場で最大のシェアを占めています。APACはバッテリーエネルギー貯蔵システム産業のハブとなっている。APACは、いくつかの国でほとんどが非電化である遠隔地の電化計画を目撃することが期待される。住宅用エネルギー貯蔵技術の利用により、同地域の遠隔地や島嶼地域の電力へのアクセスを向上させることが可能になる。経済成長国の政府は、住宅顧客に対する配電設備の信頼性と品質を向上させるために新たな政策を打ち出しているため、APAC地域ではエネルギー貯蔵への投資が大幅に増加すると予想されます。また、同地域の各国政府は、エネルギー部門が環境に及ぼす悪影響を最小限に抑えることに注力しています。これらの要因が、家庭用および公益事業用アプリケーションにおけるバッテリーエネルギーストレージシステムの配備を拡大させているのです。 主な参加企業のプロフィールの内訳。 - 企業タイプ別ティア1:52%、ティア2:31%、ティア3:17 - 役職別Cレベル経営者:47%、取締役:31%、その他:22 - 地域別北米34%、欧州19%、APAC42%、RoW5%。 本レポートで紹介する主なプレイヤーは以下のとおりです。BYD Company Limited(中国)、SAMSUNG SDI Co, Ltd. (韓国)、SAMSUNG SDI Co.(韓国)、LG Energy Solutions Co.(韓国)、パナソニック株式会社(日本)などです。 調査対象 本レポートでは、蓄電システム市場を、蓄電システム、素子、電池タイプ、接続タイプ、所有権、エネルギー容量、用途、地域に基づいて区分しています。蓄電システムに基づくバッテリーエネルギーストレージシステム市場は、front-of-the-meterとback-the-meterにセグメント化されています。要素に基づいて、市場はバッテリーとその他に区分されています。電池の種類に基づき、市場はリチウムイオン電池、鉛電池、フロー電池、その他に区分されています。接続形態に基づき、市場はオングリッドとオフグリッドに区分されています。所有権に基づき、市場は顧客所有、第三者所有、電力会社所有に区分けされています。エネルギー容量に基づき、市場は100MWh未満、100~500MWh、500MWh以上に区分されています。用途別では、住宅用、商業用、公共事業用に区分けされています。また、北米、欧州、APAC、RoWの4つの主要地域における市場規模を予測しています。 レポート購入の主なメリット 本レポートは、本市場における市場リーダー/新規参入者に以下のような点で役立ちます。 本レポートでは、バッテリーエネルギーストレージシステム市場を包括的にセグメント化し、市場全体の規模およびストレージシステム、要素、バッテリータイプ、接続タイプ、所有権、エネルギー容量、用途、地域などのサブセグメントについて、最も近い近似値を提供しています。 本レポートは、利害関係者が市場の脈動を理解するのに役立ち、バッテリーエネルギー貯蔵システム市場に関連する主要な推進要因、阻害要因、課題、機会に関する情報を提供するものと思われます。 本レポートは、利害関係者が競合他社をより良く理解し、ビジネスにおける自社の地位を向上させるためのより多くの洞察を得るのに役立つと思われます。 競争環境のセクションでは、競合他社のエコシステムと、主要な市場プレーヤーが実施した製品の発売、パートナーシップ、契約、合意などの成長戦略が含まれています。
SummaryThe global battery energy storage system market size is expected to grow from USD 4.4 billion in 2022 to USD 15.1 billion by 2027, at a CAGR of 27.9%. The growth of this market is mainly driven by the increasing demand for grid energy storage systems owing to ongoing grid modernization, growing penetration of lithium-ion batteries in renewable energy sector, and rising trend of adopting low-carbon and less fossil fuel-based economy and ongoing renewable energy revolution. However, high capital expenditure required for installing battery energy storage systems is restraining the market growth. Table of Contents
1 INTRODUCTION 37
1.1 STUDY OBJECTIVES 37 1.2 MARKET DEFINITION 37 1.2.1 INCLUSIONS AND EXCLUSIONS 38 1.3 STUDY SCOPE 39 1.3.1 MARKETS COVERED 39 FIGURE 1 BATTERY ENERGY STORAGE SYSTEM MARKET: SEGMENTATION 39 1.3.2 YEARS CONSIDERED 40 1.4 CURRENCY 40 1.5 LIMITATIONS 40 1.6 STAKEHOLDERS 40 1.7 SUMMARY OF CHANGES 41 2 RESEARCH METHODOLOGY 43 2.1 RESEARCH DATA 43 FIGURE 2 BATTERY ENERGY STORAGE SYSTEM MARKET: RESEARCH DESIGN 43 2.1.1 SECONDARY AND PRIMARY RESEARCH 44 2.1.2 SECONDARY DATA 44 2.1.2.1 List of major secondary sources 44 2.1.2.2 Key data from secondary sources 45 2.1.3 PRIMARY DATA 45 2.1.3.1 Primary interviews with experts 46 2.1.3.2 Key data from primary sources 46 2.1.3.3 Key industry insights 47 2.1.3.4 Breakdown of primaries 47 2.2 MARKET SIZE ESTIMATION 48 FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH (SUPPLY-SIDE): REVENUE OF PRODUCTS/SOLUTIONS/SERVICES OF BATTERY ENERGY STORAGE MARKET SIZE 48 2.2.1 BOTTOM-UP APPROACH 49 2.2.1.1 Approach for arriving at market size by bottom-up analysis (demand side) 49 FIGURE 4 BATTERY ENERGY STORAGE SYSTEM MARKET: BOTTOM-UP APPROACH 50 2.2.2 TOP-DOWN APPROACH 50 2.2.2.1 Approach for capturing market size by using top-down analysis (supply side) 50 FIGURE 5 BATTERY ENERGY STORAGE SYSTEM MARKET: TOP-DOWN APPROACH 51 2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 51 FIGURE 6 DATA TRIANGULATION 51 2.4 RESEARCH ASSUMPTIONS 52 2.5 RISK ASSESSMENT 53 TABLE 1 LIMITATIONS AND ASSOCIATED RISKS 53 3 EXECUTIVE SUMMARY 54 FIGURE 7 COVID-19 IMPACT ANALYSIS ON BATTERY ENERGY STORAGE SYSTEM MARKET 54 3.1 REALISTIC SCENARIO 55 3.2 PESSIMISTIC SCENARIO 55 3.3 OPTIMISTIC SCENARIO 55 TABLE 2 BATTERY ENERGY STORAGE SYSTEM MARKET, IN TERMS OF VALUE, 2018–2021 55 TABLE 3 BATTERY ENERGY STORAGE SYSTEM MARKET, IN TERMS OF VALUE, 2022–2027 56 FIGURE 8 LITHIUM-ION BATTERIES TO HOLD LARGEST SIZE OF BATTERY ENERGY STORAGE SYSTEM MARKET FROM 2022 TO 2027 57 FIGURE 9 UTILITY APPLICATION TO HOLD LARGEST MARKET SHARE FROM 2022 TO 2027 58 FIGURE 10 BATTERY ENERGY STORAGE SYSTEM MARKET IN APAC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 59 4 PREMIUM INSIGHTS 60 4.1 ATTRACTIVE GROWTH OPPORTUNITIES FOR BATTERY ENERGY STORAGE SYSTEM MARKET 60 FIGURE 11 INCREASING NUMBER OF PROJECTS, WHICH REQUIRE BATTERY ENERGY STORAGE SYSTEMS IS LIKELY TO CREATE LUCRATIVE OPPORTUNITIES FOR BATTERY ENERGY STORAGE SYSTEM MARKET IN APAC 60 4.2 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE 61 FIGURE 12 BATTERY ENERGY STORAGE SYSTEM MARKET FOR LITHIUM-ION BATTERIES TO HOLD LARGEST SIZE IN 2027 61 4.3 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY 61 FIGURE 13 ABOVE 500 MWH ENERGY CAPACITY SEGMENT TO DOMINATE BATTERY ENERGY STORAGE SYSTEM MARKET DURING FORECAST PERIOD 61 4.4 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION 62 FIGURE 14 UTILITY APPLICATION OF BATTERY ENERGY STORAGE SYSTEM MARKET TO WITNESS HIGHEST RATE DURING FORECAST PERIOD 62 4.5 BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION 62 FIGURE 15 APAC TO HOLD LARGEST SIZE OF BATTERY ENERGY STORAGE SYSTEM MARKET IN 2027 62 5 MARKET OVERVIEW 63 5.1 INTRODUCTION 63 5.2 MARKET DYNAMICS 64 FIGURE 16 GLOBAL BATTERY ENERGY STORAGE SYSTEM MARKET DYNAMICS 64 5.2.1 DRIVERS 64 5.2.1.1 Increasing demand for grid energy storage systems owing to ongoing grid modernization 64 5.2.1.2 Growing penetration of lithium-ion batteries in renewable energy sector 65 5.2.1.3 Rising trend of adopting low-carbon and less fossil fuel-based economy and ongoing renewable energy revolution 66 FIGURE 17 DRIVERS FOR BATTERY ENERGY STORAGE SYSTEM MARKET AND THEIR IMPACT 66 5.2.2 RESTRAINTS 67 5.2.2.1 High capital expenditure required for installing battery energy storage systems 67 FIGURE 18 RESTRAINTS FOR BATTERY ENERGY STORAGE SYSTEM MARKET AND THEIR IMPACT 67 5.2.3 OPPORTUNITIES 68 5.2.3.1 Surge in number of rural electrification projects worldwide 68 5.2.3.2 Increase in need for continuous power supply attributed to rising number of datacenters 68 5.2.3.3 Decline in prices of lithium-ion batteries 69 FIGURE 19 OPPORTUNITIES FOR BATTERY ENERGY STORAGE SYSTEM MARKET AND THEIR IMPACT 69 5.2.4 CHALLENGES 70 5.2.4.1 Complexities in installing battery energy storage systems at islands or in remote areas 70 5.2.4.2 Overheating of lithium-ion batteries 70 5.2.4.3 Aging of lithium-ion batteries 70 FIGURE 20 CHALLENGES FOR BATTERY ENERGY STORAGE SYSTEM MARKET AND THEIR IMPACT 71 5.3 VALUE CHAIN ANALYSIS 71 FIGURE 21 BATTERY ENERGY STORAGE SYSTEM: VALUE CHAIN 72 5.4 ECOSYSTEM 73 FIGURE 22 GLOBAL BATTERY ENERGY STORAGE SYSTEM MARKET: ECOSYSTEM 73 TABLE 4 BATTERY ENERGY STORAGE SYSTEM MARKET: ECOSYSTEM 74 5.5 TRENDS/DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS 75 FIGURE 23 TRENDS/DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS 75 5.6 PORTER’S FIVE FORCES ANALYSIS 76 TABLE 5 IMPACT OF PORTER’S 5 FORCES ON BATTERY ENERGY STORAGE SYSTEM MARKET 76 5.6.1 THREAT OF NEW ENTRANTS 76 5.6.2 THREAT OF SUBSTITUTES 76 5.6.3 BARGAINING POWER OF SUPPLIERS 77 5.6.4 BARGAINING POWER OF BUYERS 77 5.6.5 INTENSITY OF COMPETITIVE RIVALRY 77 5.7 CASE STUDY ANALYSIS 77 5.7.1 GENERAL ELECTRIC TO DELIVER BATTERY ENERGY STORAGE SYSTEMS TO CONVERGENT IN CALIFORNIA 77 5.7.2 ADOPTION OF BATTERY ENERGY STORAGE SYSTEMS BY UTILITY PROVIDER COMPANY 78 5.7.3 DEPLOYMENT OF MICROGRID BATTERY ENERGY STORAGE SYSTEMS FOR RURAL ELECTRIFICATION IN NIGERIA 78 5.7.4 DEPLOYMENT OF OFF-GRID BATTERY ENERGY STORAGE SYSTEMS FOR RENEWABLE ENERGY PROJECT 78 5.7.5 ABB TO INSTALL BATTERY ENERGY STORAGE SYSTEMS IN PHILIPPINES 78 5.8 TECHNOLOGY ANALYSIS 79 TABLE 6 COMPARISON OF ENERGY STORAGE TECHNOLOGIES 79 TABLE 7 CHARACTERISTICS OF BATTERY TECHNOLOGIES IN BATTERY ENERGY STORAGE SYSTEMS 79 5.8.1 SODIUM-SULFUR BATTERY 80 5.8.2 COBALT-FREE BATTERY 80 5.8.3 METAL-AIR BATTERY 80 5.8.4 LIQUID METAL BATTERY 80 5.8.5 POTASSIUM METAL BATTERY 80 5.8.6 ZINC MANGANESE BATTERY 81 5.8.7 LITHIUM-SULFUR BATTERY 81 5.8.8 LITHIUM METAL BATTERY 81 5.9 PRICING ANALYSIS 81 FIGURE 24 REDUCING GLOBAL COSTS OF LITHIUM-ION BATTERY PACKS FROM 2011 TO 2021 82 FIGURE 25 BATTERY ENERGY STORAGE SYSTEM: COST BREAKDOWN 83 5.9.1 AVERAGE SELLING PRICES OF KEY PLAYERS, BY BATTERY TYPE 83 FIGURE 26 AVERAGE SELLING PRICES OF KEY PLAYERS, BY BATTERY TYPE 83 TABLE 8 AVERAGE SELLING PRICES OF KEY PLAYERS, BY BATTERY TYPE (USD) 84 5.10 TRADE ANALYSIS 84 FIGURE 27 IMPORT DATA FOR HS CODE 8507, BY KEY COUNTRY, 2016–2020 (USD MILLION) 84 FIGURE 28 EXPORT DATA FOR HS CODE 8507, BY KEY COUNTRY, 2016–2020 (USD MILLION) 85 5.11 PATENT ANALYSIS 86 FIGURE 29 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS IN LAST 10 YEARS 86 FIGURE 30 PATENT ANALYSIS RELATED TO BATTERY ENERGY STORAGE SYSTEM MARKET 86 5.11.1 LIST OF MAJOR PATENTS 87 5.12 REGULATIONS AND STANDARDS 89 TABLE 9 REGULATIONS AND STANDARDS FOR BATTERY ENERGY STORAGE SYSTEMS 90 5.13 KEY CONFERENCES & EVENTS IN 2022–2023 92 TABLE 10 BATTERY ENERGY STORAGE SYSTEM MARKET: DETAILED LIST OF CONFERENCES & EVENTS 92 5.14 TARIFF AND REGULATORY LANDSCAPE 95 5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 95 TABLE 11 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 95 TABLE 12 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 95 TABLE 13 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 96 TABLE 14 REST OF THE WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 96 6 BATTERY ENERGY STORAGE SYSTEM MARKET, BY STORAGE SYSTEM 97 6.1 INTRODUCTION 97 FIGURE 31 BATTERY ENERGY STORAGE SYSTEM MARKET, BY STORAGE SYSTEM 97 6.2 FRONT-OF-THE-METER 97 6.2.1 FRONT-OF-THE-METER STORAGE SYSTEMS ARE WIDELY USED BY UTILITIES 97 6.3 BEHIND-THE-METER 98 6.3.1 BEHIND-THE-METER (BTM) STORAGE SYSTEMS HELP IN SAVING ELECTRICITY BILLS FOR CUSTOMERS 98 7 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT 99 7.1 INTRODUCTION 100 FIGURE 32 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT 100 FIGURE 33 BATTERY ELEMENT SEGMENT TO HOLD LARGER SHARE OF BATTERY ENERGY STORAGE SYSTEM MARKET DURING FORECAST PERIOD 100 TABLE 15 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT, 2018–2021 (USD MILLION) 101 TABLE 16 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT, 2022–2027 (USD MILLION) 101 7.2 BATTERY 102 7.2.1 BATTERY SELECTION IS CRUCIAL STEP FOR DEVELOPMENT OF BATTERY ENERGY STORAGE SYSTEMS 102 FIGURE 34 CRITERIA FOR BATTERY SELECTION 102 7.3 OTHER ELEMENTS 102 7.3.1 HARDWARE 102 7.3.1.1 Power conversion systems and battery management systems are essential components for high performance of battery energy storage systems 102 FIGURE 35 LAYOUT OF BATTERY ENERGY STORAGE SYSTEM 103 7.3.2 OTHERS 104 7.3.2.1 Before commissioning of BESS, EPC and development services are essential 104 8 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE 105 8.1 INTRODUCTION 106 FIGURE 36 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE 106 TABLE 17 COMPARISON BETWEEN LITHIUM-ION AND LEAD-ACID BATTERIES 107 FIGURE 37 LITHIUM-ION BATTERIES TO HOLD LARGEST SIZE OF BATTERY ENERGY STORAGE SYSTEM MARKET IN 2022 107 TABLE 18 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2018–2021 (USD MILLION) 108 TABLE 19 BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2022–2027 (USD MILLION) 108 8.2 LITHIUM-ION BATTERIES 109 8.2.1 LI-ION BATTERIES ARE WIDELY USED IN BATTERY ENERGY STORAGE SYSTEMS DUE TO THEIR HIGH ENERGY DENSITY 109 TABLE 20 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2018–2021 (USD MILLION) 110 TABLE 21 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2022–2027 (USD MILLION) 110 TABLE 22 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2018–2021 (USD MILLION) 110 TABLE 23 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2022–2027 (USD MILLION) 111 TABLE 24 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 111 TABLE 25 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 111 TABLE 26 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2018–2021 (USD MILLION) 112 TABLE 27 LITHIUM-ION BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2022–2027 (USD MILLION) 112 8.3 LEAD-ACID BATTERIES 112 8.3.1 INCREASING ADOPTION OF LEAD-ACID BATTERIES IN GRID ENERGY STORAGE 112 TABLE 28 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2018–2021 (USD MILLION) 113 TABLE 29 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2022–2027 (USD MILLION) 113 TABLE 30 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2018–2021 (USD MILLION) 114 TABLE 31 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2022–2027 (USD MILLION) 114 TABLE 32 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 114 TABLE 33 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 115 TABLE 34 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2018–2021 (USD MILLION) 115 TABLE 35 LEAD-ACID BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2022–2027 (USD MILLION) 115 8.4 FLOW BATTERIES 116 8.4.1 VARIOUS ADVANTAGES OF FLOW BATTERIES OVER OTHER BATTERIES TO BOOST THEIR DEMAND 116 TABLE 36 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2018–2021 (USD MILLION) 117 TABLE 37 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2022–2027 (USD MILLION) 117 TABLE 38 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2018–2021 (USD MILLION) 117 TABLE 39 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2022–2027 (USD MILLION) 118 TABLE 40 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 118 TABLE 41 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 118 TABLE 42 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2018–2021 (USD MILLION) 119 TABLE 43 FLOW BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2022–2027 (USD MILLION) 119 8.5 OTHERS 120 8.5.1 SODIUM–SULFUR BATTERIES 120 FIGURE 38 COMPARISON OF SODIUM–SULFUR BATTERIES WITH OTHER BATTERIES 120 8.5.2 NICKEL–CADMIUM BATTERY 121 8.5.3 NICKEL-METAL HYDRIDE BATTERY 121 8.5.4 NICKEL–IRON BATTERY 121 8.5.5 FLYWHEEL BATTERY 121 TABLE 44 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2018–2021 (USD MILLION) 122 TABLE 45 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2022–2027 (USD MILLION) 122 TABLE 46 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2018–2021 (USD MILLION) 122 TABLE 47 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2022–2027 (USD MILLION) 122 TABLE 48 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 123 TABLE 49 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 123 TABLE 50 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2018–2021 (USD MILLION) 123 TABLE 51 OTHER BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2022–2027 (USD MILLION) 124 9 BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE 125 9.1 INTRODUCTION 126 FIGURE 39 IMPORTANCE OF BATTERY ENERGY STORAGE SYSTEMS IN GRID CONNECTION 126 FIGURE 40 APPLICATIONS OF BATTERY ENERGY STORAGE SYSTEMS ON GRID 127 FIGURE 41 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TO REGISTER HIGHER CAGR DURING FORECAST PERIOD 127 TABLE 52 BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2018–2021 (USD MILLION) 128 TABLE 53 BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2022–2027 (USD MILLION) 128 9.2 ON-GRID CONNECTION 128 9.2.1 INCREASING ELECTRICITY DEMAND WORLDWIDE TO PROPEL DEMAND FOR ON-GRID STORAGE SYSTEMS 128 FIGURE 42 ON-GRID CONNECTION 129 TABLE 54 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TYPE, BY ENERGY CAPACITY, 2018–2021 (USD MILLION) 130 TABLE 55 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TYPE, BY ENERGY CAPACITY, 2022–2027 (USD MILLION) 130 TABLE 56 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TYPE, BY BATTERY TYPE, 2018–2021 (USD MILLION) 130 TABLE 57 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TYPE, BY BATTERY TYPE, 2022–2027 (USD MILLION) 131 TABLE 58 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TYPE, BY APPLICATION, 2018–2021 (USD MILLION) 131 TABLE 59 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ON-GRID CONNECTION TYPE, BY APPLICATION, 2022–2027 (USD MILLION) 131 9.3 OFF-GRID CONNECTION 132 9.3.1 OFF-GRID CONNECTIONS TO BE EFFECTIVE ALTERNATIVES TO SUPPLY ENERGY AT REMOTE AREAS 132 FIGURE 43 BASIC OFF-GRID SYSTEMS 132 TABLE 60 BATTERY ENERGY STORAGE SYSTEM MARKET FOR OFF-GRID CONNECTION TYPE, BY ENERGY CAPACITY, 2018–2021 (USD MILLION) 133 TABLE 61 BATTERY ENERGY STORAGE SYSTEM MARKET FOR OFF-GRID CONNECTION TYPE, BY ENERGY CAPACITY, 2022–2027 (USD MILLION) 133 TABLE 62 BATTERY ENERGY STORAGE SYSTEM MARKET FOR OFF-GRID CONNECTION TYPE, BY BATTERY TYPE, 2018–2021 (USD MILLION) 133 TABLE 63 BATTERY ENERGY STORAGE SYSTEM MARKET FOR OFF-GRID CONNECTION TYPE, BY BATTERY TYPE, 2022–2027 (USD MILLION) 134 TABLE 64 BATTERY ENERGY STORAGE SYSTEM MARKET FOR OFF-GRID CONNECTION TYPE, BY APPLICATION, 2018–2021 (USD MILLION) 134 TABLE 65 BATTERY ENERGY STORAGE SYSTEM MARKET FOR OFF-GRID CONNECTION TYPE, BY APPLICATION, 2022–2027 (USD MILLION) 134 10 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP 135 10.1 INTRODUCTION 136 FIGURE 44 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP 136 FIGURE 45 UTILITY-OWNED BATTERY ENERGY STORAGE SYSTEMS SEGMENT TO HOLD LARGEST MARKET SIZE BY 2027 137 TABLE 66 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2018–2021 (USD MILLION) 137 TABLE 67 BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2022–2027 (USD MILLION) 137 10.2 CUSTOMER-OWNED 138 10.2.1 INCREASING ADOPTION OF ENERGY STORAGE SYSTEMS FROM RESIDENTIAL OWNERS TO REDUCE COMMUNICATION LOADS FROM GRIDS 138 FIGURE 46 LAYOUT OF BATTERY ENERGY STORAGE SYSTEM INSTALLATION IN RESIDENTIAL AREA 138 TABLE 68 BATTERY ENERGY STORAGE SYSTEM MARKET FOR CUSTOMER-OWNED SEGMENT, BY APPLICATION, 2018–2021 (USD MILLION) 139 TABLE 69 BATTERY ENERGY STORAGE SYSTEM MARKET FOR CUSTOMER-OWNED SEGMENT, BY APPLICATION, 2022–2027 (USD MILLION) 139 10.3 THIRD-PARTY-OWNED 140 10.3.1 THIRD-PARTY OWNERSHIP OF BATTERY ENERGY STORAGE SYSTEMS BENEFITS UTILITY APPLICATION 140 TABLE 70 BATTERY ENERGY STORAGE SYSTEM MARKET FOR THIRD-PARTY-OWNED SEGMENT, BY APPLICATION, 2018–2021 (USD MILLION) 140 TABLE 71 BATTERY ENERGY STORAGE SYSTEM MARKET FOR THIRD-PARTY-OWNED, BY APPLICATION, 2022–2027 (USD MILLION) 140 10.4 UTILITY-OWNED 141 10.4.1 GLOBAL INITIATIVES FOR RENEWABLE ENERGY GENERATION TO BOOST DEMAND FOR UTILITY-OWNED ENERGY STORAGE SYSTEMS 141 TABLE 72 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY-OWNED SEGMENT, BY APPLICATION, 2018–2021 (USD MILLION) 141 TABLE 73 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY-OWNED SEGMENT, BY APPLICATION, 2022–2027 (USD MILLION) 141 11 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY 143 11.1 INTRODUCTION 144 FIGURE 47 ENERGY CAPACITY RANGES OF BATTERY ENERGY STORAGE SYSTEMS 144 FIGURE 48 BATTERY ENERGY STORAGE SYSTEMS FOR ABOVE 500 MWH ENERGY CAPACITY TO REGISTER HIGHEST CAGR FROM 2022 TO 2027 144 TABLE 74 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2018–2021 (USD MILLION) 145 TABLE 75 BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2022–2027 (USD MILLION) 145 11.2 BELOW 100 MWH 146 11.2.1 GROWING DEMAND FOR BATTERY ENERGY STORAGE SYSTEMS WITH LOW ENERGY CAPACITY IN RESIDENTIAL APPLICATIONS 146 TABLE 76 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BELOW 100 MWH ENERGY CAPACITY, BY BATTERY TYPE, 2018–2021 (USD MILLION) 146 TABLE 77 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BELOW 100 MWH ENERGY CAPACITY, BY BATTERY TYPE, 2022–2027 (USD MILLION) 146 TABLE 78 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BELOW 100 MWH ENERGY CAPACITY, BY CONNECTION TYPE, 2018–2021 (USD MILLION) 147 TABLE 79 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BELOW 100 MWH ENERGY CAPACITY, BY CONNECTION TYPE, 2022–2027 (USD MILLION) 147 TABLE 80 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BELOW 100 MWH ENERGY CAPACITY, BY APPLICATION, 2018–2021 (USD MILLION) 147 TABLE 81 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BELOW 100 MWH ENERGY CAPACITY, BY APPLICATION, 2022–2027 (USD MILLION) 147 11.3 BETWEEN 100 AND 500 MWH 148 11.3.1 TO MANAGE HIGH VARIABILITY AND UNCERTAINTY IN POWER SYSTEMS, BATTERIES OF ENERGY CAPACITY BETWEEN 100 AND 500 MWH HAVE INCREASED NEED FOR FREQUENCY CONTROL SERVICES 148 TABLE 82 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BETWEEN 100 MWH AND 500 MWH ENERGY CAPACITY, BY BATTERY TYPE, 2018–2021 (USD MILLION) 148 TABLE 83 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BETWEEN 100 MWH AND 500 MWH ENERGY CAPACITY, BY BATTERY TYPE, 2022–2027 (USD MILLION) 149 TABLE 84 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BETWEEN 100 MWH AND 500 MWH ENERGY CAPACITY, BY CONNECTION TYPE, 2018–2021 (USD MILLION) 149 TABLE 85 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BETWEEN 100 MWH AND 500 MWH ENERGY CAPACITY, BY CONNECTION TYPE, 2022–2027 (USD MILLION) 149 TABLE 86 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BETWEEN 100 MWH AND 500 MWH ENERGY CAPACITY, BY APPLICATION, 2018–2021 (USD MILLION) 149 TABLE 87 BATTERY ENERGY STORAGE SYSTEM MARKET FOR BETWEEN 100 MWH AND 500 MWH ENERGY CAPACITY, BY APPLICATION, 2022–2027 (USD MILLION) 150 11.4 ABOVE 500 MWH 150 11.4.1 LARGE-SCALE BATTERY STORAGE SYSTEMS HELP CONTINUITY OF POWER DISTRIBUTION IN LARGE GRIDS 150 TABLE 88 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ABOVE 500 MWH ENERGY CAPACITY, BY BATTERY TYPE, 2018–2021 (USD MILLION) 151 TABLE 89 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ABOVE 500 MWH ENERGY CAPACITY, BY BATTERY TYPE, 2022–2027 (USD MILLION) 151 TABLE 90 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ABOVE 500 MWH ENERGY CAPACITY, BY CONNECTION TYPE, 2018–2021 (USD MILLION) 151 TABLE 91 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ABOVE 500 MWH ENERGY CAPACITY, BY CONNECTION TYPE, 2022–2027 (USD MILLION) 152 TABLE 92 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ABOVE 500 MWH ENERGY CAPACITY, BY APPLICATION, 2018–2021 (USD MILLION) 152 TABLE 93 BATTERY ENERGY STORAGE SYSTEM MARKET FOR ABOVE 500 MWH ENERGY CAPACITY, BY APPLICATION, 2022–2027 (USD MILLION) 152 12 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION 153 12.1 INTRODUCTION 154 FIGURE 49 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION 154 FIGURE 50 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD 154 TABLE 94 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 155 TABLE 95 BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 155 12.2 IMPACT OF COVID-19 ON APPLICATION SEGMENTS OF BATTERY ENERGY STORAGE SYSTEM MARKET 156 12.3 RESIDENTIAL 156 12.3.1 GOVERNMENT INITIATIVES TO BOOST NUMBER OF RESIDENTIAL ENERGY STORAGE PROJECTS 156 FIGURE 51 TESLA POWERWALL INSTALLED FOR RESIDENTIAL APPLICATIONS 157 TABLE 96 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY BATTERY TYPE, 2018–2021 (USD MILLION) 158 TABLE 97 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY BATTERY TYPE, 2022–2027 (USD MILLION) 158 TABLE 98 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY CONNECTION TYPE, 2018–2021 (USD MILLION) 158 TABLE 99 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY CONNECTION TYPE, 2022–2027 (USD MILLION) 159 TABLE 100 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY ENERGY CAPACITY, 2018–2021 (USD MILLION) 159 TABLE 101 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY ENERGY CAPACITY, 2022–2027 (USD MILLION) 159 TABLE 102 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY OWNERSHIP, 2018–2021 (USD MILLION) 160 TABLE 103 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY OWNERSHIP, 2022–2027 (USD MILLION) 160 TABLE 104 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY REGION, 2018–2021 (USD MILLION) 160 TABLE 105 BATTERY ENERGY STORAGE SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY REGION, 2022–2027 (USD MILLION) 161 12.4 COMMERCIAL 161 12.4.1 INCREASED USAGE OF UPS IN COMMERCIAL APPLICATIONS IS DRIVING DEMAND FOR BATTERY ENERGY STORAGE SYSTEMS 161 TABLE 106 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY BATTERY TYPE, 2018–2021 (USD MILLION) 162 TABLE 107 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY BATTERY TYPE, 2022–2027 (USD MILLION) 162 TABLE 108 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY CONNECTION TYPE, 2018–2021 (USD MILLION) 162 TABLE 109 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY CONNECTION TYPE, 2022–2027 (USD MILLION) 163 TABLE 110 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY ENERGY CAPACITY, 2018–2021 (USD MILLION) 163 TABLE 111 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY ENERGY CAPACITY, 2022–2027 (USD MILLION) 163 TABLE 112 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY OWNERSHIP, 2018–2021 (USD MILLION) 164 TABLE 113 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY OWNERSHIP, 2022–2027 (USD MILLION) 164 TABLE 114 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY REGION, 2018–2021 (USD MILLION) 164 TABLE 115 BATTERY ENERGY STORAGE SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY REGION, 2022–2027 (USD MILLION) 165 12.5 UTILITY 165 12.5.1 UTILITY APPLICATION TO DOMINATE BATTERY ENERGY STORAGE SYSTEM MARKET DURING FORECAST PERIOD 165 TABLE 116 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY BATTERY TYPE, 2018–2021 (USD MILLION) 166 TABLE 117 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY BATTERY TYPE, 2022–2027 (USD MILLION) 166 TABLE 118 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY CONNECTION TYPE, 2018–2021 (USD MILLION) 166 TABLE 119 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY CONNECTION TYPE, 2022–2027 (USD MILLION) 167 TABLE 120 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY ENERGY CAPACITY, 2018–2021 (USD MILLION) 167 TABLE 121 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY ENERGY CAPACITY, 2022–2027 (USD MILLION) 167 TABLE 122 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY OWNERSHIP, 2018–2021 (USD MILLION) 168 TABLE 123 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY OWNERSHIP, 2022–2027 (USD MILLION) 168 TABLE 124 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY REGION, 2018–2021 (USD MILLION) 168 TABLE 125 BATTERY ENERGY STORAGE SYSTEM MARKET FOR UTILITY APPLICATION, BY REGION, 2022–2027 (USD MILLION) 169 13 GEOGRAPHIC ANALYSIS 170 13.1 INTRODUCTION 171 FIGURE 52 BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION 171 FIGURE 53 GEOGRAPHIC SNAPSHOT: BATTERY ENERGY STORAGE SYSTEM MARKET 172 TABLE 126 BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2018–2021 (USD MILLION) 172 TABLE 127 BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2022–2027 (USD MILLION) 173 13.2 NORTH AMERICA 174 13.2.1 IMPACT OF COVID-19 ON NORTH AMERICAN MARKET 174 FIGURE 54 MARKET IN NORTH AMERICA: SNAPSHOT 175 FIGURE 55 MEXICO TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 176 13.2.2 US 176 13.2.2.1 Increasing adoption of large-scale battery storage systems in power grids to drive market growth 176 13.2.3 CANADA 177 13.2.3.1 Growing focus on advancements in battery energy storage technology to meet peak demand for electricity in urban centers 177 13.2.4 MEXICO 177 13.2.4.1 Rising demand for electricity to propel market growth 177 TABLE 128 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2018–2021 (USD MILLION) 178 TABLE 129 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 178 TABLE 130 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2018–2021 (USD MILLION) 178 TABLE 131 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2022–2027 (USD MILLION) 179 TABLE 132 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 179 TABLE 133 NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 179 13.3 EUROPE 180 13.3.1 IMPACT OF COVID-19 ON EUROPE 180 FIGURE 56 EUROPE MARKET: SNAPSHOT 181 FIGURE 57 GERMANY TO DOMINATE BATTERY ENERGY STORAGE SYSTEM MARKET, IN TERMS OF SIZE, DURING FORECAST PERIOD 182 13.3.2 GERMANY 182 13.3.2.1 Growing expansion of residential storage sector to boost market growth 182 13.3.3 UK 183 13.3.3.1 Increasing investments and support by UK government in battery storage to boost market growth 183 13.3.4 IRELAND 183 13.3.4.1 Rising adoption of renewable energy and enhanced need for grid modernization to accommodate reliable energy storage systems are driving market growth in Ireland 183 13.3.5 FRANCE 184 13.3.5.1 Surging penetration of renewable energy is boosting market growth in France 184 13.3.6 REST OF EUROPE 185 TABLE 134 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2018–2021 (USD MILLION) 185 TABLE 135 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 185 TABLE 136 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2018–2021 (USD MILLION) 186 TABLE 137 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2022–2027 (USD MILLION) 186 TABLE 138 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 186 TABLE 139 EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 187 13.4 APAC 187 13.4.1 IMPACT OF COVID-19 ON MARKET IN APAC 187 FIGURE 58 APAC MARKET: SNAPSHOT 188 FIGURE 59 BATTERY ENERGY STORAGE SYSTEM MARKET IN INDIA TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 189 13.4.2 CHINA 189 13.4.2.1 Increasing focus on setting up large flow vanadium battery energy storage projects 189 13.4.3 JAPAN 190 13.4.3.1 Growing installations of solar and wind farms combined with battery energy storage to meet requirements of local grid operators and utilities 190 13.4.4 INDIA 191 13.4.4.1 Government investments and upcoming battery energy storage projects to revolutionize India’s power systems 191 13.4.5 AUSTRALIA 192 13.4.5.1 Government schemes and deployment of large-scale battery energy storage projects 192 13.4.6 SOUTH KOREA 193 13.4.6.1 South Korea to hold largest size of battery energy storage system market in 2027 193 13.4.7 REST OF APAC 193 TABLE 140 APAC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2018–2021 (USD MILLION) 194 TABLE 141 APAC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2022–2027 (USD MILLION) 194 TABLE 142 APAC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2018–2021 (USD MILLION) 194 TABLE 143 APAC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2022–2027 (USD MILLION) 195 TABLE 144 APAC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 195 TABLE 145 APAC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 195
13.5 REST OF THE WORLD (ROW) 196
13.5.1 IMPACT OF COVID-19 ON MARKET IN ROW 196
FIGURE 60 SOUTH AMERICA TO DOMINATE BATTERY ENERGY STORAGE SYSTEM MARKET DURING FORECAST PERIOD 196
13.5.2 SOUTH AMERICA 197
13.5.2.1 Increasing government investments in diversifying power
generation mix 197
13.5.3 MIDDLE EAST & AFRICA 197
13.5.3.1 Growing development and deployment of battery energy storage systems 197
TABLE 146 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,
2018–2021 (USD MILLION) 198
TABLE 147 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION,
2022–2027 (USD MILLION) 199
TABLE 148 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2018–2021 (USD MILLION) 199
TABLE 149 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2022–2027 (USD MILLION) 199
TABLE 150 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 200
TABLE 151 ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2022–2027 (USD MILLION) 200
14 COMPETITIVE LANDSCAPE 201
14.1 INTRODUCTION 201
TABLE 152 KEY DEVELOPMENTS IN BATTERY ENERGY STORAGE SYSTEM MARKET (2020–2022) 201
14.1.1 REVENUE ANALYSIS OF TOP COMPANIES 203
FIGURE 61 BATTERY ENERGY STORAGE SYSTEM MARKET: REVENUE ANALYSIS (2020) 203
14.2 MARKET SHARE ANALYSIS OF TOP PLAYERS, 2021 204
TABLE 153 BATTERY ENERGY STORAGE SYSTEM MARKET: DEGREE OF COMPETITION 204
14.3 COMPANY EVALUATION QUADRANT, 2021 206
14.3.1 STAR 206
14.3.2 EMERGING LEADER 206
14.3.3 PERVASIVE 206
14.3.4 PARTICIPANT 206
FIGURE 62 BATTERY ENERGY STORAGE SYSTEM MARKET (GLOBAL): COMPANY EVALUATION QUADRANT, 2021 207
14.4 SMALL AND MEDIUM-SIZED ENTERPRISES (SME) EVALUATION QUADRANT, 2021 208
14.4.1 PROGRESSIVE COMPANY 208
14.4.2 RESPONSIVE COMPANY 208
14.4.3 DYNAMIC COMPANY 208
14.4.4 STARTING BLOCK 208
FIGURE 63 BATTERY ENERGY STORAGE SYSTEM MARKET (GLOBAL): SME EVALUATION QUADRANT, 2021 209
14.4.5 BATTERY ENERGY STORAGE SYSTEM MARKET: STARTUP MATRIX 210
TABLE 154 BATTERY ENERGY STORAGE SYSTEM MARKET: DETAILED LIST OF KEY STARTUPS/SMES 210
TABLE 155 BATTERY ENERGY STORAGE SYSTEM MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 211
14.4.6 BATTERY ENERGY STORAGE SYSTEM MARKET: COMPANY FOOTPRINT 212
TABLE 156 COMPANY FOOTPRINT: BY APPLICATION 212
TABLE 157 COMPANY FOOTPRINT: BY REGION 213
TABLE 158 COMPANY FOOTPRINT 214
14.5 COMPETITIVE SCENARIO AND TRENDS 215
14.5.1 PRODUCT LAUNCHES 215
TABLE 159 BATTERY ENERGY STORAGE SYSTEM MARKET: PRODUCT LAUNCHES, FEBRUARY 2020–JANUARY 2022 215
14.5.2 DEALS 216
TABLE 160 BATTERY ENERGY STORAGE SYSTEM MARKET: DEALS, FEBRUARY 2020– DECEMBER 2021 216
15 COMPANY PROFILES 218
15.1 KEY PLAYERS 218
(Business overview, Products offered, Recent Developments, MNM view)*
15.1.1 ABB 218
TABLE 161 ABB: BUSINESS OVERVIEW 218
FIGURE 64 ABB: COMPANY SNAPSHOT 219
TABLE 162 ABB: PRODUCT OFFERING 220
15.1.2 AEG POWER SOLUTIONS 222
TABLE 163 AEG POWER SOLUTIONS: BUSINESS OVERVIEW 222
TABLE 164 AEG POWER SOLUTIONS: PRODUCT OFFERING 222
TABLE 165 AEG POWER SOLUTIONS: DEALS 223
15.1.3 BYD COMPANY LIMITED 224
TABLE 166 BYD COMPANY LIMITED: BUSINESS OVERVIEW 224
FIGURE 65 BYD COMPANY LIMITED: COMPANY SNAPSHOT 225
TABLE 167 BYD COMPANY LIMITED: PRODUCT OFFERINGS 225
15.1.4 DELTA ELECTRONICS INC. 227
TABLE 168 DELTA ELECTRONICS INC.: BUSINESS OVERVIEW 227
FIGURE 66 DELTA ELECTRONICS, INC.: COMPANY SNAPSHOT 228
TABLE 169 DELTA ELECTRONICS INC.: PRODUCT OFFERING 228
15.1.5 GENERAL ELECTRIC 229
TABLE 170 GENERAL ELECTRIC: BUSINESS OVERVIEW 229
FIGURE 67 GENERAL ELECTRIC: COMPANY SNAPSHOT 230
TABLE 171 GENERAL ELECTRIC: PRODUCT OFFERING 230
TABLE 172 GENERAL ELECTRIC COMPANY: PRODUCT LAUNCHES AND DEVELOPMENTS 231
15.1.6 HITACHI, LTD. 232
TABLE 173 HITACHI, LTD.: BUSINESS OVERVIEW 232
FIGURE 68 HITACHI, LTD.: COMPANY SNAPSHOT 233
TABLE 174 HITACHI, LTD.: PRODUCT OFFERINGS 234
TABLE 175 HITACHI, LTD.: DEALS 234
15.1.7 HONEYWELL INTERNATIONAL, INC. 235
TABLE 176 HONEYWELL INTERNATIONAL, INC.: BUSINESS OVERVIEW 235
FIGURE 69 HONEYWELL INTERNATIONAL INC.: COMPANY SNAPSHOT 236
TABLE 177 HONEYWELL INTERNATIONAL, INC: PRODUCT OFFERINGS 236
15.1.8 LG ENERGY SOLUTIONS CO., LTD. 238
TABLE 178 LG ENERGY SOLUTIONS CO., LTD.: BUSINESS OVERVIEW 238
TABLE 179 LG ENERGY SOLUTIONS CO., LTD.: PRODUCT OFFERING 238
15.1.9 NEC CORPORATION 241
TABLE 180 NEC CORPORATION: BUSINESS OVERVIEW 241
FIGURE 70 NEC CORPORATION: COMPANY SNAPSHOT 242
TABLE 181 NEC CORPORATION: PRODUCT OFFERING 242
15.1.10 NGK INSULATORS, LTD. 243
TABLE 182 NGK INSULATORS, LTD.: BUSINESS OVERVIEW 243
FIGURE 71 NGK INSULATORS, LTD.: COMPANY SNAPSHOT 244
TABLE 183 NGK INSULATORS, LTD.: PRODUCT OFFERING 244
15.1.11 PANASONIC CORPORATION 245
TABLE 184 PANASONIC CORPORATION: BUSINESS OVERVIEW 245
FIGURE 72 PANASONIC CORPORATION: COMPANY SNAPSHOT 246
TABLE 185 PANASONIC CORPORATION: PRODUCT OFFERING 246
TABLE 186 PANASONIC CORPORATION: PRODUCT LAUNCHES AND DEVELOPMENTS 247
TABLE 187 PANASONIC CORPORATION: DEALS 247
15.1.12 SAMSUNG SDI CO., LTD. 249
TABLE 188 SAMSUNG SDI CO., LTD.: BUSINESS OVERVIEW 249
FIGURE 73 SAMSUNG SDI CO., LTD.: COMPANY SNAPSHOT 250
TABLE 189 SAMSUNG SDI CO., LTD.: PRODUCT OFFERING 250
TABLE 190 SAMSUNG SDI CO., LTD.: PRODUCT LAUNCHES AND DEVELOPMENTS 251
15.1.13 SIEMENS AG 253
TABLE 191 SIEMENS AG: BUSINESS OVERVIEW 253
FIGURE 74 SIEMENS AG: COMPANY SNAPSHOT 254
TABLE 192 SIEMENS: PRODUCT OFFERINGS 254
15.1.14 TESLA, INC. 256
TABLE 193 TESLA, INC.: BUSINESS OVERVIEW 256
FIGURE 75 TESLA, INC.: COMPANY SNAPSHOT 257
TABLE 194 TESLA, INC.: PRODUCT OFFERINGS 257
15.1.15 TOSHIBA CORPORATION 259
TABLE 195 TOSHIBA CORPORATION: BUSINESS OVERVIEW 259
FIGURE 76 TOSHIBA CORPORATION: COMPANY SNAPSHOT 260
TABLE 196 TOSHIBA CORPORATION: PRODUCT OFFERINGS 260
15.2 OTHER PLAYERS 262
15.2.1 EAST PENN MANUFACTURING COMPANY 262
15.2.2 ENERDEL, INC. 263
15.2.3 EXERGONIX 264
15.2.4 JOHNSON CONTROLS 265
15.2.5 KOKAM 266
15.2.6 NEXTERA ENERGY, INC. 266
15.2.7 PARKER HANNIFIN CORP 267
15.2.8 PRIMUS POWER 268
15.2.9 THE AES CORPORATION 269
15.2.10 TRINABESS 270
*Details on Business overview, Products offered, Recent Developments, MNM view might not be captured in case of unlisted companies.
16 ADJACENT & RELATED MARKETS 271
16.1 INTRODUCTION 271
16.2 LIMITATIONS 271
16.3 SOLID-STATE BATTERY MARKET, BY TYPE 272
16.3.1 INTRODUCTION 272
FIGURE 77 SOLID-STATE BATTERY MARKET, BY TYPE 272
TABLE 197 SOLID-STATE BATTERY MARKET, BY TYPE, 2017–2021 (USD MILLION) 272
TABLE 198 SOLID-STATE BATTERY MARKET, BY TYPE, 2022–2028 (USD MILLION) 272
16.3.2 SINGLE-CELL BATTERY 273
16.3.2.1 Single-cell battery technology is well-adopted in medical devices 273
TABLE 199 SINGLE-CELL SOLID-STATE BATTERY MARKET, BY APPLICATION,
2017–2021 (USD MILLION) 274
TABLE 200 SINGLE-CELL SOLID-STATE BATTERY MARKET, BY APPLICATION,
2022–2028 (USD MILLION) 274
16.3.3 MULTI-CELL BATTERY 275
16.3.3.1 Multi-cell battery is most trending battery technology for electric vehicles due to its high power density 275
TABLE 201 MULTI-CELL SOLID-STATE BATTERY MARKET, BY APPLICATION,
2017–2021 (USD MILLION) 276
TABLE 202 MULTI-CELL SOLID-STATE BATTERY MARKET, BY APPLICATION,
2022–2028 (USD MILLION) 276
16.4 SOLID-STATE BATTERY MARKET, BY RECHARGEABILITY 277
16.4.1 INTRODUCTION 277
FIGURE 78 SOLID-STATE BATTERY MARKET, BY RECHARGEABILITY 277
FIGURE 79 MARKET FOR SECONDARY SOLID-STATE BATTERY TO GROW AT HIGHER CAGR DURING 2022–2028 278
TABLE 203 SOLID-STATE BATTERY MARKET, BY RECHARGEABILITY,
2017–2021 (USD MILLION) 278
TABLE 204 SOLID-STATE BATTERY MARKET, BY RECHARGEABILITY,
2022–2028 (USD MILLION) 278
16.4.2 PRIMARY BATTERY 279
16.4.2.1 Primary solid-state batteries to hold larger share of market during forecast period 279
TABLE 205 PRIMARY SOLID-STATE BATTERY MARKET, BY APPLICATION,
2017–2021 (USD MILLION) 279
TABLE 206 PRIMARY SOLID-STATE BATTERY MARKET, BY APPLICATION,
2022–2028 (USD MILLION) 280
16.4.3 SECONDARY BATTERY 280
16.4.3.1 Secondary solid-state batteries to witness higher growth rate during forecast period 280
TABLE 207 SECONDARY SOLID-STATE BATTERY MARKET, BY APPLICATION,
2017–2021 (USD MILLION) 281
TABLE 208 SECONDARY SOLID-STATE BATTERY MARKET, BY APPLICATION,
2022–2028 (USD MILLION) 281
17 APPENDIX 282
17.1 INSIGHTS OF INDUSTRY EXPERTS 282
17.2 DISCUSSION GUIDE 283
17.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 286
17.4 AVAILABLE CUSTOMIZATIONS 288
17.5 RELATED REPORTS 288
17.6 AUTHOR DETAILS 289
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