Battery Energy Storage Growth Opportunities

Battery Energy Storage Growth Opportunities

Renewed Governmental Support for Clean Energy Transition Propels an Already Fast growing Industry

RELEASE DATE
06-Feb-2023
REGION
Global
Deliverable Type
Market Research
Research Code: MGDE-01-00-00-00
SKU: EG02304-GL-MR_27436
AvailableYesPDF Download

$4,000.00

Special Price $3,600.00 save 10 %

In stock
SKU
EG02304-GL-MR_27436

$4,000.00

$3,600.00save 10 %

ENQUIRE NOW

Description

Global battery energy storage (BES) deployment grew 51.8% in 2022 from 2021, with 17.54 GW/38.2 GWh commissioned. 2022 was a historic turning point in the clean energy transition.

Despite constraints in the supply of critical minerals and materials, shipping, and sitting and permitting processes, BES is a burgeoning technology poised for accelerated growth. A mix of geopolitical, economic, and climate factors pushed governments to scale the extent and pace of climate action. Governments formed policies and plans with long-term effects for renewable energy (RE) and BES, a critical element for the much-needed flexibility and resilience that modern energy systems require. Frost & Sullivan forecasts the global market to grow nearly six-fold, reaching
$71.98 billion with a cumulative capacity of 499.10 GW/1,340.00 GWh by 2030.

BES market expansion is bringing higher sophistication and specialization through the value chain, leading to the diversification of business models and opportunities in BES systems. Considerable growth is expected in AI-based software platforms, multi-technology power purchase agreements (PPAs), second-life applications, and increasing use of batteries in hybrid systems, data centers, fast charging infrastructure, power retailers’
net-zero homes programs, and virtual power plants (VPPs).

This study provides a regional-level forecast and analysis of how residential, commercial and industrial, and grid-scale battery storage capacity and investments will evolve through the course of this decade, with deep dives into main countries. It discusses the main trends in supply, technology, business models, and use cases. In addition, it highlights growth opportunities for industry participants, including co-location, second-life batteries, and digital products.

Author: Maria Benintende

RESEARCH: INFOGRAPHIC

This infographic presents a brief overview of the research, and highlights the key topics discussed in it.
Click image to view it in full size

Table of Contents

Why is it Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on the Battery Energy Storage Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Key Findings

Scope of Analysis

Key Trends in Battery Energy Storage

Key Trends in Battery Energy Storage (continued)

Trend 1. R&D for New Chemistries Continues, but the Market is Still Not Diversified

Trend 2. Merchant BES Is on the Rise

Trend 3. Lithium, is it the Limiting Factor?

Trend 3. Lithium, is it the Limiting Factor? (continued)

Trend 4. Solar plus Storage Is the Perfect Match

Trend 5. Flow Batteries, How Much Longer Should We Wait?

Trend 6. AI-based Software Platforms for BES

Trend 7. Circular Economy is Benefitting BES

Trend 7. Circular Economy is Benefitting BES (continued)

Trend 8. Transport Electrification is Driving Stationary BES Businesses

Trend 9. Supply Chain Localization

Trend 10. 24-7 Clean Electricity

Trend 11. Beyond MW and MWh Counts, Innovative Business Models to Drive Higher Revenue from BES

Trend 12. Co-located BES

Trend 12. Co-located BES (continued)

Growth Opportunities Snapshot

BES Use Cases

Market Attractiveness Assessment by Segment and Region

What do Attractive Markets for BES Have in Common?

What do Attractive Markets for BES Have in Common? (continued)

Value Chain Analysis—Front-of-the-Meter BES

Key Competitors—Front-of-the-Meter BES

Value Chain Analysis—Behind-the-Meter BES

Key Competitors—Behind-the-Meter BES

Growth Metrics

Growth Drivers

Growth Restraints

Forecast Assumptions

Cumulative Power Capacity Forecast

Annual Power Capacity Forecast

Annual Energy Capacity Forecast

Revenue Forecast

Capacity and Revenue Forecast Analysis

Growth Metrics—Residential

Annual Energy Capacity Forecast—Residential

Unit Forecast—Residential

Forecast Analysis—Residential

Growth Metrics—Commercial and Industrial

Annual Energy Capacity Forecast—Commercial and Industrial

Power Capacity Forecast—Commercial and Industrial

Forecast Analysis—Commercial and Industrial

Growth Metrics—Grid-scale

Annual Energy Capacity Forecast—Grid-scale

Cumulative Annual Power Capacity Forecast—Grid-scale

Forecast Analysis—Grid-scale

Cumulative Power Capacity Forecast by Segment—Europe

Cumulative Power Capacity Forecast by Country—Europe

Forecast Analysis—Europe

Cumulative Power Capacity Forecast by Segment—North America

Cumulative Power Capacity Forecast by Country—North America

Forecast Analysis—North America

Cumulative Power Capacity Forecast by Segment—Asia

Cumulative Power Capacity Forecast by Country—Asia

Forecast Analysis—Asia

Cumulative Power Capacity Forecast by Segment—Latin America, Middle East and Africa

Cumulative Power Capacity Forecast by Region—Latin America, Middle East and Africa

Forecast Analysis—Latin America, Middle East and Africa

Key Country Analysis—Germany

Key Country Analysis—Italy

Key Country Analysis—United Kingdom

Key Country Analysis—United States

Key Country Analysis—Canada

Key Country Analysis—China

Key Country Analysis—India

Key Country Analysis—Australia

Key Country Analysis—Japan

Growth Opportunity 1: Energy Storage-as-a-Service for C&I Customers

Growth Opportunity 1: Energy Storage-as-a-Service for C&I Customers (continued)

Growth Opportunity 2: Mobile Energy Storage Rentals for Grid Enhancement

Growth Opportunity 2: Mobile Energy Storage Rentals for Grid Enhancement (continued)

Growth Opportunity 3: Optimization and Trading Platforms to Maximize Value for Merchant Storage

Growth Opportunity 3: Optimization and Trading Platforms to Maximize Value for Merchant Storage (continued)

Growth Opportunity 4: EV’s Second-life Batteries for Stationary Storage

Growth Opportunity 4: EV’s Second-life Batteries for Stationary Storage (continued)

Growth Opportunity 5: Grid-Interactive Low-Carbon Data Centers

Growth Opportunity 5: Grid-Interactive Low-Carbon Data Centers (continued)

Growth Opportunity 6: Gas Turbines/Generators + Storage Retrofits

Growth Opportunity 6: Gas Turbines/Generators + Storage Retrofits (continued)

List of Exhibits

List of Exhibits (continued)

Legal Disclaimer

Global battery energy storage (BES) deployment grew 51.8% in 2022 from 2021, with 17.54 GW/38.2 GWh commissioned. 2022 was a historic turning point in the clean energy transition. Despite constraints in the supply of critical minerals and materials, shipping, and sitting and permitting processes, BES is a burgeoning technology poised for accelerated growth. A mix of geopolitical, economic, and climate factors pushed governments to scale the extent and pace of climate action. Governments formed policies and plans with long-term effects for renewable energy (RE) and BES, a critical element for the much-needed flexibility and resilience that modern energy systems require. Frost & Sullivan forecasts the global market to grow nearly six-fold, reaching $71.98 billion with a cumulative capacity of 499.10 GW/1,340.00 GWh by 2030. BES market expansion is bringing higher sophistication and specialization through the value chain, leading to the diversification of business models and opportunities in BES systems. Considerable growth is expected in AI-based software platforms, multi-technology power purchase agreements (PPAs), second-life applications, and increasing use of batteries in hybrid systems, data centers, fast charging infrastructure, power retailers’ net-zero homes programs, and virtual power plants (VPPs). This study provides a regional-level forecast and analysis of how residential, commercial and industrial, and grid-scale battery storage capacity and investments will evolve through the course of this decade, with deep dives into main countries. It discusses the main trends in supply, technology, business models, and use cases. In addition, it highlights growth opportunities for industry participants, including co-location, second-life batteries, and digital products. Author: Maria Benintende
More Information
Deliverable Type Market Research
Author Maria Benintende
Industries Energy
No Index No
Is Prebook No
Keyword 1 Battery Energy Storage Market
Keyword 2 Battery Storage Market
Keyword 3 Energy Storage Trends
Podcast No
WIP Number MGDE-01-00-00-00