Rapid Growth of the Global Battery Energy Storage Systems Market: Projected to Reach $43.4 Billion by 2030 Driven by Clean Energy Transition and Technological Innovations

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The global Battery Energy Storage Systems (BESS) market is set to grow significantly, increasing from US$13.7 billion in 2024 to US$43.4 billion by 2030, representing a compound annual growth rate (CAGR) of 21.3%. This growth is driven by several factors, including the transition to clean energy, decreasing costs of lithium-ion batteries, and the rising demand for electricity. The Asia-Pacific region is leading this growth, supported by renewable energy targets and increasing urbanization.

According to a report titled “Battery Energy Storage Systems (BESS) – A Global Market Overview,” published by Research and Markets, the market is expected to expand rapidly, with a projected CAGR of 21.3% from 2024 to 2030. The report analyzes the market based on various components, battery types, power ratings, connection types, ownership models, and applications for the period from 2021 to 2030, with forecasts extending to 2030 in terms of market value.

Key drivers of this market include the global shift towards clean energy, the reduction in lithium-ion battery costs due to improved manufacturing efficiencies, and an increase in electricity demand driven by population growth, urbanization, and industrialization. BESS plays a crucial role in integrating intermittent renewable energy sources like solar and wind by providing essential grid services such as frequency regulation, voltage support, peak shaving, and load shifting. Furthermore, these systems enhance grid resilience, provide backup power during outages, and are vital for microgrids and electric vehicle (EV) charging infrastructure, including vehicle-to-grid (V2G) applications.

Technological advancements, including AI-driven energy management systems and IoT-enabled monitoring, are further enhancing the efficiency and performance of BESS, as well as their predictive maintenance capabilities. New battery chemistries, such as sodium-ion, solid-state, and flow batteries, are being explored to overcome the limitations of lithium-ion batteries, improve safety, and optimize resource utilization.

Governments around the world are encouraging the adoption of BESS through favorable policies, subsidies, and incentives aimed at supporting decarbonization and grid modernization. Additionally, the repurposing of retired EV batteries for stationary storage is gaining traction, which helps reduce costs and extend the utility of these batteries. The increasing involvement of commercial, residential, and remote users highlights the importance of BESS in providing reliable, cost-effective, and sustainable energy solutions.

### Market Analysis

The Asia-Pacific region is not only the largest but also the fastest-growing market for Battery Energy Storage Systems (BESS), expected to account for 42.2% of the market share in 2024 and registering a robust CAGR of 36.1% through 2030.

This report analyzes BESS by component type, including battery hardware and balance of plant (BoP) or other elements, with the latter projected to command a larger market share of 54.4% in 2024 and expected to grow at a CAGR of 23.7% from 2024 to 2030.

In 2024, lithium-ion (Li-ion) batteries are anticipated to dominate the global BESS market with a share of 66.7%, fueled by their high energy density (200-300 Wh/kg), efficiency (80-90%), long cycle life (1,000-5,000 cycles), fast charging capabilities, and declining costs—from approximately US$1,000/kWh in 2010 to US$139/kWh in 2023—due to economies of scale and increased demand from the EV sector.

Battery Energy Storage Systems (BESS) with power ratings of less than 30 kVA are projected to hold the largest market share in 2024, estimated at 71.1%. This demand is driven by residential, small commercial, and institutional users seeking backup power, energy cost optimization, and integration with solar and EV systems.

On-grid Battery Energy Storage Systems dominate the global market by connection type, expected to hold an estimated 88.2% share in 2024 and projected to grow at the fastest CAGR of 26.3% from 2024 to 2030.

In terms of ownership, third-party-owned systems are expected to lead the global BESS market with a projected share of 44.1% in 2024, largely driven by the popularity of the Energy Storage as a Service (ESaaS) model, which allows energy service companies (ESCOs) to manage installation, operation, and maintenance, thereby reducing upfront costs for customers.

The utility sector is anticipated to dominate the global BESS market by application, estimated to hold a 53.4% share in 2024 and the fastest projected CAGR of 28.1% through to 2030.

### Key Attributes

– **No. of Pages**: 470
– **Forecast Period**: 2024 – 2030
– **Estimated Market Value (USD) in 2024**: $13.7 billion
– **Forecasted Market Value (USD) by 2030**: $43.4 billion
– **Compound Annual Growth Rate**: 21.3%
– **Regions Covered**: Global

### Companies Featured

A selection of key companies in the BESS market includes:

– AB Volvo
– ABB Ltd
– AEG Power Solutions
– Alevo Group SA
– Beacon Power LLC
– Black & Veatch Holding Co
– BYD Co Ltd
– C&D Technologies, Inc.
– Contemporary Amperex Technology Co Ltd (CATL)
– Delta Electronics, Inc.
– East Penn Manufacturing Co
– Eaton Corp
– Enersys
– Enphase Energy
– ESS Tech, Inc.
– EVE Energy Co Ltd
– Exide Industries Ltd
– Fluence Energy, Inc.
– General Electric
– Honeywell International, Inc.
– Johnson Controls International plc
– LG Energy Solutions Co Ltd
– Mitsubishi Heavy Industries Ltd
– Panasonic Corp
– Tesla, Inc.
– Varta AG

For more information about this report, please visit [Research and Markets](https://www.researchandmarkets.com/r/ni6e1c).
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