Global Lithium-ion Battery Energy Storage System Market is valued at approximately USD 4.5 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 15% over the forecast period 2022-2029. Lithium-ion Energy Storage is a system that stores a certain amount of energy or charges from a grid or a power plant. This stored energy is later used for electricity generation or other grid services. It provides or enables a high level of renewable energy storage integration. Advanced lithium-ion battery energy storage system consists of a built-in inverter and computerized control systems that allows it to install easily without any additional user efforts. The rise in the demand and production for lithium-ion batteries, increase in the investment for grid energy storage systems, and increasing demand for grid energy storage are the factors driving the market growth.
According to the research department, the global demand for lithium-ion batteries is estimated to rise by 11 times in the forecast period. Increasing production of lithium-ion batteries is aiding its rising demand. It was estimated that global lithium-ion battery production would dramatically rise, rising from just under 300 gigawatt-hours in 2018 to more than two terawatt-hours in 2028. By 2050, it is anticipated that global power production will become 2 times along with the rising world's population. Additionally, Global investments in grid battery storage were projected to reach about 4.7 billion US dollars in 2021, an increase of 34% from the year before. Another important component driving market increase is the rising demand for grid energy storage. Furthermore, the rising electronic sector and increasing investment in the R&D of the energy storage system are the factors creating major market opportunities. However, the high cost of installing a Lithium-ion Battery Energy Storage System stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Lithium-ion Battery Energy Storage System Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Europe dominated the market in terms of revenue, owing to the increasing advancements in the automotive industry that in turn increased the usage of microelectronics and increasing investments by key market players in the region. Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising investments by key market players and government, continuous product development, adoption of new and innovative technology, and the region's well-established electronics industry.
Major market players included in this report are:
- Siemens AG
- Hitachi Ltd.
- Honeywell International Inc.
- LG Electronics Inc.
- Samsung Electronics Co Ltd
- Panasonic Healthcare Co., Ltd.
- ABB Ltd.
- Toshiba Corporation
- Parker Hannifin Corporation
- Jakson Group
Recent Developments in the Market:
- In February 2022, LG Energy Solutions acquired NEC Energy Solutions (lithium-ion battery and system integration business) based in the US, to expand its energy storage systems.
- In November 2021, The e-mesh portfolio of energy storage and digital automation solutions from Hitachi Energy has been updated to provide the most complete collection of digital energy solutions in the energy sector.
Global Lithium-ion Battery Energy Storage System Market Report Scope:
- Historical Data 2019-2020-2021
- Base Year for Estimation 2021
- Forecast period 2022-2029
- Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered Connection Type, Application, Region
- Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
- Customization Scope Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Connection Type offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Connection Type:
By Application:
- Industrial
- Residential
- Commercial
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of the World
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
- 1.2.1. Lithium-ion Battery Energy Storage System Market, by Region, 2019-2029 (USD Billion)
- 1.2.2. Lithium-ion Battery Energy Storage System Market, by Connection Type, 2019-2029 (USD Billion)
- 1.2.3. Lithium-ion Battery Energy Storage System Market, by Application, 2019-2029 (USD Billion)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Lithium-ion Battery Energy Storage System Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Scope of the Study
- 2.2.2. Industry Evolution
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Lithium-ion Battery Energy Storage System Market Dynamics
- 3.1. Lithium-ion Battery Energy Storage System Market Impact Analysis (2019-2029)
- 3.1.1. Market Drivers
- 3.1.1.1. Rise in the demand and production of lithium-ion batteries
- 3.1.1.2. Increase in the investment for grid energy storage systems.
- 3.1.2. Market Challenges
- 3.1.2.1. High Cost of installing Lithium-ion Battery Energy Storage System
- 3.1.3. Market Opportunities
- 3.1.3.1. Rising electronic sector
- 3.1.3.2. Increasing investment in the R&D of the energy storage system.
Chapter 4. Global Lithium-ion Battery Energy Storage System Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Futuristic Approach to Porter's 5 Force Model (2019-2029)
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.4. Investment Adoption Model
- 4.5. Analyst Recommendation & Conclusion
- 4.6. Top investment opportunity
- 4.7. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
- 5.1. Assessment of the overall impact of COVID-19 on the industry
- 5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Lithium-ion Battery Energy Storage System Market, by Connection Type
- 6.1. Market Snapshot
- 6.2. Global Lithium-ion Battery Energy Storage System Market by Connection Type, Performance - Potential Analysis
- 6.3. Global Lithium-ion Battery Energy Storage System Market Estimates & Forecasts by Connection Type 2019-2029 (USD Billion)
- 6.4. Lithium-ion Battery Energy Storage System Market, Sub-Segment Analysis
- 6.4.1. On-grid
- 6.4.2. Off-grid
Chapter 7. Global Lithium-ion Battery Energy Storage System Market, by Application
- 7.1. Market Snapshot
- 7.2. Global Lithium-ion Battery Energy Storage System Market by Application, Performance - Potential Analysis
- 7.3. Global Lithium-ion Battery Energy Storage System Market Estimates & Forecasts by Application 2019-2029 (USD Billion)
- 7.4. Lithium-ion Battery Energy Storage System Market, Sub Segment Analysis
- 7.4.1. Industrial
- 7.4.2. Residential
- 7.4.3. Commercial
Chapter 8. Global Lithium-ion Battery Energy Storage System Market, Regional Analysis
- 8.1. Lithium-ion Battery Energy Storage System Market, Regional Market Snapshot
- 8.2. North America Lithium-ion Battery Energy Storage System Market
- 8.2.1. U.S. Lithium-ion Battery Energy Storage System Market
- 8.2.1.1. Connection Type breakdown estimates & forecasts, 2019-2029
- 8.2.1.2. Application breakdown estimates & forecasts, 2019-2029
- 8.2.2. Canada Lithium-ion Battery Energy Storage System Market
- 8.3. Europe Lithium-ion Battery Energy Storage System Market Snapshot
- 8.3.1. U.K. Lithium-ion Battery Energy Storage System Market
- 8.3.2. Germany Lithium-ion Battery Energy Storage System Market
- 8.3.3. France Lithium-ion Battery Energy Storage System Market
- 8.3.4. Spain Lithium-ion Battery Energy Storage System Market
- 8.3.5. Italy Lithium-ion Battery Energy Storage System Market
- 8.3.6. Rest of Europe Lithium-ion Battery Energy Storage System Market
- 8.4. Asia-Pacific Lithium-ion Battery Energy Storage System Market Snapshot
- 8.4.1. China Lithium-ion Battery Energy Storage System Market
- 8.4.2. India Lithium-ion Battery Energy Storage System Market
- 8.4.3. Japan Lithium-ion Battery Energy Storage System Market
- 8.4.4. Australia Lithium-ion Battery Energy Storage System Market
- 8.4.5. South Korea Lithium-ion Battery Energy Storage System Market
- 8.4.6. Rest of Asia Pacific Lithium-ion Battery Energy Storage System Market
- 8.5. Latin America Lithium-ion Battery Energy Storage System Market Snapshot
- 8.5.1. Brazil Lithium-ion Battery Energy Storage System Market
- 8.5.2. Mexico Lithium-ion Battery Energy Storage System Market
- 8.6. Rest of The World Lithium-ion Battery Energy Storage System Market
Chapter 9. Competitive Intelligence
- 9.1. Top Market Strategies
- 9.2. Company Profiles
- 9.2.1. Siemens AG
- 9.2.1.1. Key Information
- 9.2.1.2. Overview
- 9.2.1.3. Financial (Subject to Data Availability)
- 9.2.1.4. Product Summary
- 9.2.1.5. Recent Developments
- 9.2.2. Hitachi Ltd.
- 9.2.3. Honeywell International Inc.
- 9.2.4. LG Electronics Inc.
- 9.2.5. Samsung Electronics Co Ltd
- 9.2.6. Panasonic Healthcare Co., Ltd
- 9.2.7. ABB Ltd.
- 9.2.8. Toshiba Corporation
- 9.2.9. Parker Hannifin Corporation
- 9.2.10. Jakson Group
Chapter 10. Research Process
- 10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
- 10.2. Research Attributes
- 10.3. Research Assumption