Lucintel anticipates that Asia Pacific will be the fastest growing region in the battery energy storage system market

   September 30, 2019
According to a market report by Lucintel, the future of the battery energy storage system market looks promising with opportunities in the residential, non-residential, and utility industries. The battery energy storage system market is expected to grow with a CAGR of 33% from 2019 to 2024. The major drivers for this market are increasing demand for grid-connected solutions, high demand for the lithium-ion technology in the renewable energy industry, and declining prices of lithium-ion batteries.

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In this market, lithium-ion batteries, sodium–sulfur batteries, flow batteries, and advanced lead-acid batteries are the major battery types. Within the battery energy storage system market, residential, non-residential, and utilities are the major end use industries.

APAC will remain the largest region over the forecast period.

ABB, LG Chem, NEC, Panasonic, Samsung SDI, AEG Power Solutions, General Electric, Hitachi, Siemens AG, Tesla are among the major manufacturers of battery energy storage system.

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the battery energy storage system market by element,  connection type,  battery type,  ownership,  application,  end use industry, and  region. Lucintel has prepared a comprehensive research report entitled “Battery Energy Storage System Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” This Lucintel report serves as a catalyst for growth strategy as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the battery energy storage system market by element, connection type, battery type,  ownership,  end use industry, and region as follows:

By Battery Type [$M shipment analysis for 2013 - 2024]:

  • Lithium-Ion Batteries

  • Sodium–Sulfur Batteries

  • Flow Batteries

  • Advanced Lead-Acid Batteries

  • Others

By Element [$M shipment analysis for 2013 - 2024]:

  • Battery

  • Hardware

  • Other Elements

By Ownership [$M shipment analysis for 2013 - 2024]:

  • Utility Owned

  • Customer Owned

  • Third-Party Owned

By Connection Type [$M shipment analysis for 2013 - 2024]:

  • On-Grid Connection

  • Off-Grid Connection

By End Use Industry [$M shipment analysis for 2013 - 2024]:

  • Residential

  • Non-Residential

  • Utilities

  • Other Applications

By Region [$M shipment analysis for 2013 – 2024]:

  • North America

    • United States

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

  • Rest of the World

This 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link or

About Lucintel

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