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Battery Market for Energy Storage Systems (ESS) Market by Technology and Geography - Forecast and Analysis 2022-2026

  • Published: Mar 2022
  • Pages: 143
  • SKU: IRTNTR72995
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The battery market for energy storage systems (ESS) market share is expected to increase by USD 24.08 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 34.5%.

This battery market for energy storage systems (ESS) market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers battery market for energy storage systems (ESS) market segmentation by technology (lithium-ion batteries, flow batteries, and others) and geography (APAC, North America, Europe, Middle East and Africa, and South America). The battery market for energy storage systems (ESS) market report also offers information on several market vendors, including ABB Ltd., AEG Power Solutions BV, AES Corp., Corvus Energy, East Penn Manufacturing Co. Inc., Enerdel Inc., Exergonix Inc., General Electric Co., Hitachi Ltd., Kokam Co. Ltd., LG Energy Solution Ltd., Mitsubishi Heavy Industries Ltd., NEC Corp., NGK Insulators Ltd., Panasonic Corp., Samsung SDI Co. Ltd., Siemens Energy AG, Tesla Inc., and Toshiba Corp. among others.

What will the Battery Market For Energy Storage Systems (ESS) Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Battery Market for Energy Storage Systems (ESS) Market Size for the Forecast Period and Other Important Statistics

 

Battery Market For Energy Storage Systems (ESS) Market: Key Drivers, Trends, and Challenges

The change in energy mix is notably driving the battery market for energy storage systems (ESS) market growth, although factors such as widening demand-supply disparity with regard to lithium may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the battery market for energy storage systems (ESS) industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Battery Market For Energy Storage Systems (ESS) Market Driver

One of the key factors driving the global energy storage systems (ESS) market growth is the change in the energy mix. Due to the increase in GHG emissions, governments worldwide have started focusing on sustainable and renewable energy resources such as solar, biomass, and wind, which help in reducing GHG emissions. According to the International Energy Agency (IEA), as of 2017, the share of renewable energy sources-based electricity generation in global electricity demand was 23.9%. This demand is expected to reach 29.4% by 2022. The rapid adoption of renewables, in turn, is spurring the need for ESS to overcome the issues that arise because of the intermittent nature of renewable sources. Therefore, the intermittent power generated from renewables will drive the need for users to adopt solutions such as battery energy storage, which enables them to optimize renewable power generation. Such factors will drive market growth in the coming years.

Key Battery Market For Energy Storage Systems (ESS) Market Trend

Increased adoption of microgrids is one of the key ESS market trends that is expected to impact the industry positively in the forecast period. A microgrid can switch to island mode whenever there is a power outage on the main power grid or if the system is disconnected from the main grid intentionally. Microgrids are increasingly using renewable energy sources such as wind and solar to reduce the use of fossil fuels. Moreover, in the event of any cyber attack on the main grid, a microgrid can isolate itself and function indefinitely if it has access to solar or wind power, thereby allowing it to generate and store electricity during the day, which can be utilized during outages. Therefore, microgrids are gaining popularity in commercial and industrial facilities where downtime of even a minute can cause significant monetary losses. Moreover, when natural disasters occur, they expose the fragility of the centralized grid architecture. Such factors will further support the market growth in the coming years.

Key Battery Market For Energy Storage Systems (ESS) Market Challenge

One of the key challenges to the global energy storage systems market growth is the widening demand-supply disparity with regard to lithium. In 2021, lithium-based batteries accounted for more than three-fourths of the global electrochemical energy storage. In the transportation sector, the demand for Li-ion batteries from electric vehicles (EVs) has increased due to the growing need for larger batteries and stationary storage in EVs. With the improvements in energy, power density, safety, cost, and battery cycle life, Li-ion batteries have become the most preferred battery systems in EVs. Li-ion batteries are being used by several major EV manufacturers such as Honda, General Motors, Ford, and Nissan. Lithium is a metal that is mainly extracted from mines in Australia and South America. However, with the growing demand from the EV and other battery application segments, exploration of new lithium reserves is being undertaken across the world. Such factors might limit the market growth in the forecast period.

This battery market for energy storage systems (ESS) market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global battery market for energy storage systems (ESS) as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the battery market for the energy storage systems (ESS) market during the forecast period.

Who are the Major Battery Market For Energy Storage Systems (ESS) Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • ABB Ltd.
  • AEG Power Solutions BV
  • AES Corp.
  • Corvus Energy
  • East Penn Manufacturing Co. Inc.
  • Enerdel Inc.
  • Exergonix Inc.
  • General Electric Co.
  • Hitachi Ltd.
  • Kokam Co. Ltd.
  • LG Energy Solution Ltd.
  • Mitsubishi Heavy Industries Ltd.
  • NEC Corp.
  • NGK Insulators Ltd.
  • Panasonic Corp.
  • Samsung SDI Co. Ltd.
  • Siemens Energy AG
  • Tesla Inc.
  • Toshiba Corp.

 

This statistical study of the battery market for energy storage systems (ESS) market encompasses successful business strategies deployed by the key vendors. The battery market for energy storage systems (ESS) market is fragmented and the vendors are deploying growth strategies such as product and technological innovation to compete in the market.

Product Insights and News

  • ABB Ltd. - The company offers a wide range of energy storage systems such as PCS100 ESS and Energy Storage Solutions. 
  • ABB Ltd. - In February 2022, the company appointed Michael Halbherr as Chairman of ABB E-mobility. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The battery market for energy storage systems (ESS) market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Battery Market For Energy Storage Systems (ESS) Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the battery market for energy storage systems (ESS) market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Battery Market For Energy Storage Systems (ESS) Market?

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57% of the market’s growth will originate from APAC during the forecast period. China and Australia are the key markets for battery market for energy storage systems (ESS) in APAC. Market growth in this region will be faster than the growth of the market in North America and Europe.

The significant increase in the demand for energy, due to population growth and rising living standards, will facilitate the battery market for energy storage systems (ESS) market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 had an adverse impact on the regional economy in 2020. The pandemic led to the temporary shutdown of companies, manufacturing units, industries, and the transportation and construction sectors in the region for several months in 2020. However, in 2021, the regional battery energy storage system market started recovering and is expected to grow during the forecast period, owing to the easing of lockdowns, the initiation of vaccination programs, and the resumption of business activities in the region.

What are the Revenue-generating Technology Segments in the Battery Market For Energy Storage Systems (ESS) Market?

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The battery market for energy storage systems (ESS) market share growth by the Li-ion batteries segment will be significant during the forecast period. The major benefit of Li-ion batteries is that they have a high energy density. As ESS needs to store large amounts of power, Li-ion batteries have high demand because of their high energy density and energy storing capacity. These beneficial characteristics of Li-ion batteries contribute to their high preference, which will support the segment growth in the forecast years.

This report provides an accurate prediction of the contribution of all the segments to the growth of the battery market for energy storage systems (ESS) market size and actionable market insights on post COVID-19 impact on each segment.

 

Battery Market For Energy Storage Systems (ESS) Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 34.5%

Market growth 2022-2026

$ 24.08 billion

Market structure

Fragmented

YoY growth (%)

28.16

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 57%

Key consumer countries

US, China, Australia, UK, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

ABB Ltd., AEG Power Solutions BV, AES Corp., Corvus Energy, East Penn Manufacturing Co. Inc., Enerdel Inc., Exergonix Inc., General Electric Co., Hitachi Ltd., Kokam Co. Ltd., LG Energy Solution Ltd., Mitsubishi Heavy Industries Ltd., NEC Corp., NGK Insulators Ltd., Panasonic Corp., Samsung SDI Co. Ltd., Siemens Energy AG, Tesla Inc., and Toshiba Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Battery Market For Energy Storage Systems (ESS) Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive battery market for energy storage systems (ESS) market growth during the next five years
  • Precise estimation of the battery market for energy storage systems (ESS) market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the battery market for energy storage systems (ESS) industry across APAC, North America, Europe, Middle East and Africa, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of battery market for energy storage systems (ESS) market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Technology
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Technology

    • 5.1 Market segments
      • Exhibit 24: Chart on Technology - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Technology - Market share 2021-2026 (%)
    • 5.2 Comparison by Technology
      • Exhibit 26: Chart on Comparison by Technology
      • Exhibit 27: Data Table on Comparison by Technology
    • 5.3 Lithium-ion batteries - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Lithium-ion batteries - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Lithium-ion batteries - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Lithium-ion batteries - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Lithium-ion batteries - Year-over-year growth 2021-2026 (%)
    • 5.4 Flow batteries - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Flow batteries - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Flow batteries - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Flow batteries - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Flow batteries - Year-over-year growth 2021-2026 (%)
    • 5.5 Others - Market size and forecast 2021-2026
      • Exhibit 36: Chart on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 37: Data Table on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Chart on Others - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on Others - Year-over-year growth 2021-2026 (%)
    • 5.6 Market opportunity by Technology
      • Exhibit 40: Market opportunity by Technology ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 42: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 43: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 44: Chart on Geographic comparison
      • Exhibit 45: Data Table on Geographic comparison
    • 7.3 APAC - Market size and forecast 2021-2026
      • Exhibit 46: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.4 North America - Market size and forecast 2021-2026
      • Exhibit 50: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.5 Europe - Market size and forecast 2021-2026
      • Exhibit 54: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.6 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.7 South America - Market size and forecast 2021-2026
      • Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.8 China - Market size and forecast 2021-2026
      • Exhibit 66: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.9 US - Market size and forecast 2021-2026
      • Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.10 Australia - Market size and forecast 2021-2026
      • Exhibit 74: Chart on Australia - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on Australia - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on Australia - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on Australia - Year-over-year growth 2021-2026 (%)
    • 7.11 UK - Market size and forecast 2021-2026
      • Exhibit 78: Chart on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on UK - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on UK - Year-over-year growth 2021-2026 (%)
    • 7.12 Germany - Market size and forecast 2021-2026
      • Exhibit 82: Chart on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 83: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 84: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 86: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 87: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 88: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 89: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 90: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 91: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 92: Matrix on vendor position and classification
            • 10.3 ABB Ltd.
              • Exhibit 93: ABB Ltd. - Overview
              • Exhibit 94: ABB Ltd. - Business segments
              • Exhibit 95: ABB Ltd. - Key news
              • Exhibit 96: ABB Ltd. - Key offerings
              • Exhibit 97: ABB Ltd. - Segment focus
            • 10.4 AEG Power Solutions BV
              • Exhibit 98: AEG Power Solutions BV - Overview
              • Exhibit 99: AEG Power Solutions BV - Key offerings
            • 10.5 General Electric Co.
              • Exhibit 100: General Electric Co. - Overview
              • Exhibit 101: General Electric Co. - Business segments
              • Exhibit 102: General Electric Co. - Key news
              • Exhibit 103: General Electric Co. - Key offerings
              • Exhibit 104: General Electric Co. - Segment focus
            • 10.6 Hitachi Ltd.
              • Exhibit 105: Hitachi Ltd. - Overview
              • Exhibit 106: Hitachi Ltd. - Business segments
              • Exhibit 107: Hitachi Ltd. - Key news
              • Exhibit 108: Hitachi Ltd. - Key offerings
              • Exhibit 109: Hitachi Ltd. - Segment focus
            • 10.7 LG Energy Solution Ltd.
              • Exhibit 110: LG Energy Solution Ltd. - Overview
              • Exhibit 111: LG Energy Solution Ltd. - Product / Service
              • Exhibit 112: LG Energy Solution Ltd. - Key offerings
            • 10.8 NEC Corp.
              • Exhibit 113: NEC Corp. - Overview
              • Exhibit 114: NEC Corp. - Business segments
              • Exhibit 115: NEC Corp. - Key news
              • Exhibit 116: NEC Corp. - Key offerings
              • Exhibit 117: NEC Corp. - Segment focus
            • 10.9 Panasonic Corp.
              • Exhibit 118: Panasonic Corp. - Overview
              • Exhibit 119: Panasonic Corp. - Business segments
              • Exhibit 120: Panasonic Corp. - Key offerings
              • Exhibit 121: Panasonic Corp. - Segment focus
            • 10.10 Samsung SDI Co. Ltd.
              • Exhibit 122: Samsung SDI Co. Ltd. - Overview
              • Exhibit 123: Samsung SDI Co. Ltd. - Business segments
              • Exhibit 124: Samsung SDI Co. Ltd. - Key offerings
              • Exhibit 125: Samsung SDI Co. Ltd. - Segment focus
            • 10.11 Siemens Energy AG
              • Exhibit 126: Siemens Energy AG - Overview
              • Exhibit 127: Siemens Energy AG - Business segments
              • Exhibit 128: Siemens Energy AG - Key news
              • Exhibit 129: Siemens Energy AG - Key offerings
              • Exhibit 130: Siemens Energy AG - Segment focus
            • 10.12 Tesla Inc.
              • Exhibit 131: Tesla Inc. - Overview
              • Exhibit 132: Tesla Inc. - Business segments
              • Exhibit 133: Tesla Inc. - Key offerings
              • Exhibit 134: Tesla Inc. - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 135: Inclusions checklist
                • Exhibit 136: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 137: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 138: Research methodology
                • Exhibit 139: Validation techniques employed for market sizing
                • Exhibit 140: Information sources
              • 11.5 List of abbreviations
                • Exhibit 141: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The battery market for energy storage systems (ess) market growth will increase by $24085.12 million during 2022-2026.
              The battery market for energy storage systems (ess) market is expected to grow at a CAGR of 34.5% during 2022-2026.
              Technavio has segmented the battery market for energy storage systems (ess) market by technology (Lithium-ion batteries, Flow batteries, and Others) and geographic (APAC, North America, Europe, Middle East and Africa, and South America).
              ABB Ltd., AEG Power Solutions BV, AES Corp., Corvus Energy, East Penn Manufacturing Co. Inc., Enerdel Inc., Exergonix Inc., General Electric Co., Hitachi Ltd., Kokam Co. Ltd., LG Energy Solution Ltd., Mitsubishi Heavy Industries Ltd., NEC Corp., NGK Insulators Ltd., Panasonic Corp., Samsung SDI Co. Ltd., Siemens Energy AG, Tesla Inc., Toshiba Corp. are a few of the key vendors in the battery market for energy storage systems (ess) market.
              APAC will register the highest growth rate of 56.62% among the other regions. Therefore, the battery market for energy storage systems (ess) market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the battery market for energy storage systems (ess) market growth are:
              • Change in energy mix
              • Increased adoption of microgrids
              The battery market for energy storage systems (ess) market vendors should focus on grabbing business opportunities from the lithium-ion batteries segment as it accounted for the largest market share in the base year.
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