Battery Energy Storage System Market Size, Share Analysis

The study involved four major activities for estimating the battery energy storage system market size. Exhaustive secondary research has been conducted to collect information relevant to the market, its peer markets, and its child market. Primary research has been undertaken to validate key findings, assumptions, and sizing with industry experts across the value chain of the battery energy storage system market. Both top-down and bottom-up approaches have been employed to estimate the complete market size. It has been followed by the market breakdown and data triangulation methods to estimate the size of different segments and subsegments of the market.

Secondary Research

The research methodology used to estimate and forecast the size of the battery energy storage system market began with the acquisition of data related to the revenues of key vendors in the market through secondary research. Various secondary sources have been referred to in the secondary research process for identifying and collecting information for this study. Secondary sources include annual reports, press releases, and investor presentations of companies; white papers, journals, certified publications, and articles by recognized authors; websites; directories; and databases. Secondary research has mainly been used to obtain key information about the supply chain of the battery energy storage system market, the value chain of the market, key players, market classification, and segmentation according to the industry trends to the bottom-most level, geographic markets, and key developments from both market and technology-oriented perspectives. Secondary data has been collected and analyzed to determine the overall market size, further validated through primary research. The secondary research referred to for this research study involves the Energy Storage Association, International Battery and Energy Storage Alliance, NAATBatt, Clean Energy Council. Moreover, the study involved extensive use of secondary sources, directories, and databases, such as Hoovers, Bloomberg Businessweek, Factiva, and OneSource, to identify and collect valuable information for a technical, market-oriented, and commercial study of the battery energy storage system market. Vendor offerings have been taken into consideration to determine market segmentation.

Primary Research

In the primary research, various primary sources from both the supply and demand sides have been interviewed to obtain the qualitative and quantitative information relevant to this report. Primary sources from the supply side include the key industry participants, subject-matter experts (SMEs), and C-level executives and consultants from various key companies and organizations in the battery energy storage system ecosystem. After the complete market engineering (including calculations for the market statistics, the market breakdown, the market size estimations, the market forecasting, and the data triangulation), extensive primary research has been conducted to verify and validate the critical market numbers obtained. Extensive qualitative and quantitative analyses have been performed during the market engineering process to list key information/insights throughout the report. Extensive primary research has been conducted after understanding the battery energy storage system market scenario through secondary research. Several primary interviews have been conducted with market experts from the demand and supply-side players across key regions, namely, the Americas, Europe, Asia Pacific, and the Rest of the World (Middle East,  Africa, and South America). Various primary sources from both the supply and demand sides of the market have been interviewed to obtain qualitative and quantitative information. Following is the breakdown of the primary respondents.

Primary data has been collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, various departments within organizations, such as sales, operations, and administration, were covered to provide a holistic viewpoint in our report. After interacting with industry experts, brief sessions were conducted with highly experienced independent consultants to reinforce the findings from our primaries. This and the in-house subject matter experts’ opinions have led us to the findings described in the remainder of this report.

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Market Size Estimation

The total size of the battery energy storage system market has been estimated and validated using both top-down and bottom-up approaches. Furthermore, these methods have also been used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size is as follows:

• Identifying different entities influencing the value chain of the battery energy storage system market
• Identifying major companies, system integrators, and service providers operating in the market
• Estimating the size of the battery energy storage system market for each region based on demand for battery energy storage system.
• Tracking the ongoing and upcoming energy storage system projects to forecast the market size based on these developments and other critical parameters
• All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
• Qualitative aspects such as market drivers, restraints, opportunities, and challenges have been taken into consideration while calculating and forecasting the market size.

Global Battery Energy Storage System Market Size: Bottom-Up Approach

Global Battery Energy Storage System Market Size: Top-down Approach

Data Triangulation

After arriving at the overall size of the battery energy storage system market from the market size estimation process explained above, the total market has been split into several segments and subsegments. Data triangulation and market breakdown procedures have been employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments of the market. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size has been validated using both top-down and bottom-up approaches.

Market Definition

A battery energy storage system is embedded with a rechargeable battery in the form of battery packs and modules. The system stores energy from solar arrays, wind, or the electric grid and then discharges that energy later to provide electricity or other grid services when needed. Rechargeable batteries are usually expensive and have less environmental impact than non-rechargeable (disposable) batteries. However, rechargeable batteries incur a high upfront cost but they can be charged several times after the initial purchase. Battery energy storage systems are used in low-peak periods to store surplus energy and provide this energy to the end users during the time of high peak demand for electricity.

Key Stakeholders

• Battery energy storage system manufacturers
• Technology providers
• Material providers
• Government bodies and industry associations
• Research Institutes and Organizations
• Battery Cell and Battery Pack Manufacturers
• Equipment suppliers
• System integrators
• Grid operators
• Retail service providers
• Lithium-ion batteries, electrochemical capacitors, and other energy storage products manufacturers
• Electronic device and electric vehicle manufacturers

Report Objectives

• To define, describe, segment, and forecast the size of the battery energy storage system market by battery type, connection type, ownership, energy capacity, and application in terms of value
• To describe and forecast the market for four main regions, namely, the North America, Asia Pacific, Europe, and RoW, in terms of value
• To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
• To provide a detailed overview of the value chain of the battery energy storage system ecosystem
• To strategically analyze micro-markets with respect to individual growth trends, prospects, and their contributions to the overall market
• To strategically analyze the ecosystem, Porter’s five forces, regulations, region-wise regulations, upcoming technologies in the market, revenue shift model in the market, patent landscape, trade landscape, and case studies pertaining to the market under study
• To analyze opportunities in the market for the stakeholders by identifying high-growth segments in the market
• To strategically profile key players and provide details of the current competitive landscape
• To analyze strategic approaches adopted by players in the battery energy storage system market, such as product launches and developments, acquisitions, collaborations, agreements, contracts, expansions, and partnerships

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:

Company Information:

• Detailed analysis and profiling of additional market players based on various blocks of the value chain.