Market Size of Battery Energy Storage System Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 34.22 Billion |
| Market Size (2029) | USD 51.97 Billion |
| CAGR (2024 - 2029) | 8.72 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Battery Energy Storage System Market Analysis
The Battery Energy Storage System Market size is estimated at USD 34.22 billion in 2024, and is expected to reach USD 51.97 billion by 2029, growing at a CAGR of 8.72% during the forecast period (2024-2029).
- Over the medium term, factors such as declining prices of lithium-ion batteries and increased penetration of renewable energy are likely to drive the battery energy storage systems market in the forecast period.
- On the other hand, the demand-supply mismatch of raw materials like cobalt, lithium, copper, etc., will likely hinder the growth of the battery energy storage systems (BESS) market in the studied period.
- Nevertheless, technological advancements in new battery technologies to store energy will likely create lucrative growth opportunities for the BESS market during the forecast period.
- Asia-Pacific is the fastest-growing market during the forecast period due to the rising energy demand. This growth is attributed to increasing investments, coupled with supportive government policies in the countries of this region, including India, China, and Australia.
