Battery Energy Storage System Market

The Stationary Battery Energy Storage System Market Is Set to Boom

05 January 2020
Energy
Battery Energy Storage System Market

In general, the battery business has been going strong, alongside the explosion in personal devices which has been seen in the last two decades.  Innovations have been coming quickly, and the portable battery market is on track to fully double between 2013-2024.

However, advances in battery technology have been leading to big gains in another, more easily overlooked sector: large stationary batteries.  Big drops in the costs of creating Lithium-Ion batteries - driven by both the small and mid-sized (electric vehicle) battery market - are going to enable large-scale facilities utilizing huge batteries as power storage devices.

The large-scale battery energy storage system market is primed for investment and research and is on track to boom in the next two decades.

Battery Energy Storage System Market

The Bullish Outlook for The Battery Energy Storage System Market

Mega-Batteries first gained major public attention in 2017, when Tesla announced that they would create the largest battery in the world to solve power issues in South Australia.  The battery was created and installed in only 100 days and worked perfectly.  In fact, it received upgrades in 2019 to increase its capacity even further.

This pushed mega-batteries into the spotlight.

As of 2018, mega-batteries only held approximately 17GWh of the world's power supply.  This is predicted to increase more than a hundredfold to 2,850GWh by 2040, with batteries increasingly coming to be relied on for storage and backup systems. 

Along with the aforementioned drop in costs, thanks to advances in other areas of battery research, this will be largely driven by the ever-increasing adoption of wind and solar power methods.  These green energy sources require storage systems, and we see mega-batteries being deployed increasingly as a solution to this issue.  These large batteries will increase the efficiency of green energy systems by allowing them to accumulate ever-larger amounts of power when active.

This growth will be confined almost exclusively to the largest and most technologically advanced nations.  South Korea, China, and the United States are expected to be the forerunners, with India, the UK, and the larger EU nations also contributing heavily.  

Battery Energy Storage System Market

If there are any significant disruptors to these trends, they will almost certainly only come from newer types of batteries.  New technologies based on calcium, sodium, or magnesium - among others - are already under discussion, although only time will tell if any will successfully dethrone Li-Ion batteries.

Get the Insights and Analysis You Need

Visiongain has the technological market analysis insights you need to succeed. Click here to explore our range of over 1,500 specialty reports.

Recent News

Visiongain Publishes Oil & Gas Pipeline Leak Detection Market Report 2021-2031

The COVID-19 crisis has dramatically affected oil and gas production and demand, leaving no midstream markets untouched as drilling screeched to a halt, pipeline projects were sidelined and global storage neared capacity in a stark reversal of trends at the start of 2020.

25 November 2020

Read

Visiongain Publishes Chemical Enhanced Oil Recovery (EOR) Market Report 2020-2030

Increasing oil consumption, high recovery rates through successful implementation of CEOR, coupled with high cost of new exploration is expected to drive the implementation of CEOR over the coming years.

22 October 2020

Read

Visiongain Publishes Carbon Capture, Transportation & Storage Market Report 2021-2031

Visiongain expects that various public support mechanisms will remain the principal driver throughout the forecast period. Estimates for the cost of CCS range between research papers as well as between capture technologies and plant characteristics.

02 October 2020

Read

Visiongain Publishes Coal Tar Market Report 2020-2030

Supply gap due to production halt brought about by COVID-19 pandemic is expected restrict sales growth. However, the rising demand for coal tar products from the healthcare sector is expected to stabilize market growth during the forecast period.

25 September 2020

Read

Kelloggs
3m
Thales
Shell
TEVA
Lockheed-Martin
Pfizer
Raytheon
Halliburton
Du-Pont
Honeywell
Daimler
BASF
Bayer
BP
BAE-Systems
Unilever