The Battery Energy Storage System Market is projected to reach $43.7 billion by 2030, at a CAGR of 28.8% during the forecast period 2023–2030. The growth of the battery energy storage systems market is driven by government funding for battery energy storage systems and the growing benefits of battery energy storage systems for EV charging. Moreover, the growing demand for battery energy storage systems for commercial applications and the decline in the prices of lithium-ion batteries provide significant opportunities for the key players in the global battery energy storage systems market.
However, the high capital required for installing battery energy storage systems restrains the market’s growth to some extent. Additionally, the lack of standardization in storage systems and overheating of lithium-ion batteries poses challenges to the growth of the battery energy storage systems market. Furthermore, advanced lithium-ion batteries and energy storage as a service are the key trends observed in the battery energy storage systems market.
Here are the top 10 companies operating in the Battery Energy Storage System Market
General Electric Company (U.S.)
Founded in 1889 and headquartered in Boston, Massachusetts, U.S., General Electric Company is a leading provider of battery energy storage systems & services. The company provides battery energy storage solution that offers new application flexibility and unlocks new business value across the energy value chain, from conventional power generation, transmission & distribution, and renewable power, to industrial and commercial sectors. The battery energy storage solution supports diverse applications, including firming renewable production, stabilizing the electrical grid, controlling energy flow, and optimizing asset operation.
GE’s Reservoir Solution is a flexible, compact energy storage solution for AC or DC-coupled systems. It combines GE’s advanced technologies and expertise in plant controls, power electronics, battery management systems and electrical balance of the plant – all backed by GE’s performance guarantees. The company operates through four business segments, namely, Aerospace, Renewable Energy, Power, and HealthCare.
Siemens AG (Germany)
Founded in 1847 and headquartered in Munich, Germany, Siemens AG is a global provider of battery energy storage systems. The company’s SIESTORAGE NEO solution allows high power charging on weak grid connections, storing self-generated energy, balancing peak loads, smart and efficient load management, and power factor correction. Further, the company offers maintenance services and remote operation support for battery energy storage systems.
Siemens Energy BlueVault Storage solutions promote on-demand, dispatchable renewable power, increase profitability during fluctuating demand, optimize on-site power sources, capitalize on peak loads (while reducing demand charges), increase conventional power plant flexibility, and provide operating reserves while improving the security of energy supply. Further, the company provides BlueVault energy storage solutions, an advanced lithium-ion battery-based solution for all-electric and hybrid energy-storage applications. BlueVault is designed to help ensure power continuity and minimize emissions, with an end goal of a low-emission platform. The company operates through three business segments, namely Digital Industries, Smart Infrastructure, and Other revenue.
Founded in 1988 and headquartered in Zürich, Switzerland, ABB is a pioneering technology leader that works closely with utility, industry, transportation, and infrastructure customers. The company operates mainly in robotics, power, heavy electrical equipment, and automation technology. The company provides battery energy storage systems for sectors such as e-mobility, renewables, commercial & industrial, and distribution utility. It offers an energy storage solution controller, eStorage OS, developed for integration with behind-the-meter loads and generation assets.
ABB’s fully digitalized energy storage portfolio raises the efficiency of the grid at every level with factory-built, pre-tested solutions that achieve extensive quality control for the highest level of safety. ABB’s solutions can be deployed to the customer site, leading to faster installation, shorter project execution time, and higher customer savings. The company operates through four business segments, namely, Electrification, Motion, Process Automation, and Robotics & Discrete Automation.
Panasonic Life Solutions India Pvt. Ltd. (India) (A Part of Panasonic Holdings Corporation)
Established in 2006 and headquartered in Haryana, India, Panasonic Life Solutions is India’s regional hub, driving growth and building deeper inroads into the fast-emerging Asiatic, Middle Eastern and Western economies. Panasonic Holdings Corporation operates through five business segments, namely, Lifestyle, Industry, Automotive, Connect, and Energy. Through the Industry segment, the company offers relays, switches, power supplies, touch panels, motors, sensors, laser markers, capacitors, inductors, resistors, circuit board materials, semiconductor device materials, molding compounds, and LCD panels.
Honeywell International Inc. (U.S.)
Incorporated in 1985 and headquartered in North Carolina, U.S., Honeywell International is a leading provider of battery energy storage systems. The company provides an easy to customize, scale, manufacture, install, configure, maintain and recycle battery energy storage systems, including Battery Modules, Battery Management Systems (BMS), Energy Management Systems (EMS), and BESS subsystems such as HVAC and security. The company offers Battery Energy Storage System (BESS) Platform, which integrates Honeywell asset monitoring, distributed energy resource management, supervisory control and analytics functionality to enable organizations to accurately forecast and optimize their overall energy use. The company provides battery energy storage systems (BESS) that help commercial and industrial customers, independent power producers, and utilities improve grid stability.
Founded in 1971 and headquartered in Taipei, Taiwan, Delta Electronics is a Taiwanese electronics manufacturing company and a global provider of power and thermal management solutions. Delta offers some of the most energy-efficient power products in the industry, including switching power supplies with an efficiency of over 90%, telecom power with up to 98%, and PV inverters with up to 99.2% efficiency. The company also developed the world‘s first server power supply certified as 80 Plus Titanium. The company provides a wide range of solutions, including industrial automation solutions, building automation solutions, data center solutions, telecom energy solutions, smart energy solutions, display and monitoring solutions, and EV charging solutions. The company operates through four business segments, namely, Power Electronics, Automation, Infrastructure, and Others.
Authoritative Research on the Battery Energy Storage System Market – Global Opportunity Analysis and Industry Forecast (2023-2030)
Need more information? Meticulous Research®’s new report covers each of these companies in much more detail, providing analysis on the following:
- Recent financial performance
- Key products
- Significant company strategies
- Partnerships and acquisitions
The Comprehensive report provides global market size estimates, market share analysis, revenue numbers, and coverage of key issues and trends.
The company operates through four business segments, namely Aerospace, Honeywell Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solutions.
Meticulous Research in its latest publication on Battery Energy Storage System Market has predicted the growth of 28.8% during the forecast year 2023-2030.
Fluence Energy, Inc. (U.S.)
Founded in 2018 and headquartered in Virginia, U.S., Fluence Energy, Inc. is a global market leader in energy storage products and services and cloud-based software for renewables and storage assets. Fluence offers energy storage products that are optimized for common customer applications but can be configured for specific use cases and requirements. The company’s storage technology lays the foundation for better energy storage products with industry-leading safety, integrated control systems, and factory-built, highly modular building blocks. Furthermore, the company has over 14 years of experience designing, deploying, and operating complete energy storage solutions.
All Fluence products can be delivered as turnkey solutions to customers, including all associated balance of plant equipment. The company offers Gridstack, which enables various applications and grid services, including flexible peaking capacity, frequency regulation, renewable integration, and T&D enhancement. The company operates through three business segments, namely Revenue from Sale of Energy Storage Products, Revenue from Services, and Revenue from Digital Applications and Solutions.
Founded in 1984 and headquartered in Florida, U.S., Nextera is a diversified clean energy company emphasizing power generation and energy services. NextEra Energy owns Florida Power & Light Company, America’s largest electric utility that sells more power than any other utility, providing clean, affordable, reliable electricity to approximately 5.8 million customer accounts, or more than 12 million people across Florida. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world’s largest generator of renewable energy from the wind and sun and a world leader in battery storage. Nextera has a strong geographical presence across Florida, New Hampshire and Wisconsin in the United States. Some of its subsidiaries are Florida Power & Light Company (U.S.), NextEra Energy Resources, LLC (NEER)(U.S.), NextEra Energy Partners, LP(U.S.), and NextEra Energy Transmission, LLC (U.S.).
NextEra Energy generates clean, emissions-free electricity from seven commercial nuclear power units in Florida, New Hampshire and Wisconsin through its subsidiaries. NextEra Energy Services is a subsidiary of NextEra Energy Resources, a leader in battery storage and the world’s largest producer of renewable energy from the wind and sun. The company is uniquely positioned to analyze, facilitate and execute battery storage projects and ensure a cohesive fit with the customer’s overall energy strategy.
Tesla Inc. (U.S.)
Incorporated in 2003 and headquartered in Delaware, U.S., Tesla Inc. is a global provider of battery energy storage systems & services. The company designs, develops, manufactures, sells and leases high-performance fully electric vehicles and energy generation and storage systems and offers services related to their products. It also develops software capabilities for remotely controlling and dispatching energy storage systems across various markets and applications through its real-time energy control and optimization platforms.
The company provides battery energy storage systems such as Megapack and Powerwall. Megapack is a powerful battery that provides energy storage and support, helping to stabilize the grid and prevent outages. Powerwall is a home battery designed to store energy from solar or the grid so that customers can use it anytime or during an outage.
The company operates through two business segments, namely, Automotive Segment, and Energy Generation and Storage Segment. The Automotive segment is engaged in the design, development, manufacturing, sales and leasing of high-performance fully electric vehicles as well as sales of automotive regulatory credits. The Energy Generation and Storage segment includes the design, manufacture, installation, sales and leasing of solar energy generation and energy storage products, related services, and sales of solar energy systems incentives.
Founded in 1899 and headquartered in Tokyo, Japan, NEC Corporation is a multinational information technology and electronics corporation. NEC Corporation caters to different industries, including aerospace, agriculture, aviation, broadcasting, finance, government, healthcare, and hospitality. The company operates through five business segments, namely, Public Solutions, Public Infrastructure, Enterprise, Network Services, and Global.
Delta Electronics, Inc. (Taiwan)
Founded in 1971 and headquartered in Taipei, Taiwan, Delta Electronics is a Taiwanese electronics manufacturing company and a global provider of power and thermal management solutions. Delta offers some of the most energy-efficient power products in the industry, including switching power supplies with an efficiency of over 90%, telecom power with up to 98%, and PV inverters with up to 99.2% efficiency. The company also developed the world‘s first server power supply certified as 80 Plus Titanium. The company provides a wide range of solutions, including industrial automation solutions, building automation solutions, data center solutions, telecom energy solutions, smart energy solutions, display and monitoring solutions, and EV charging solutions. The company operates through four business segments, namely, Power Electronics, Automation, Infrastructure, and Others.
Authoritative Research on the Battery Energy Storage System Market – Global Opportunity Analysis and Industry Forecast (2023-2030)
Need more information? Meticulous Research®’s new report covers each of these companies in much more detail, providing analysis on the following:
- Recent financial performance
- Key products
- Significant company strategies
- Partnerships and acquisitions
The Comprehensive report provides global market size estimates, market share analysis, revenue numbers, and coverage of key issues and trends.