Global Renewable Battery Storage Market to Grow by a CAGR of 37.29% During 2021-2028; Increasing Adoption of Renewable Energy Sources to Boost the Market Growth

Key Companies Covered in the Renewable Battery Storage Market Research Report Are ABB Ltd., Delta Electronics, Inc., Toshiba Corporation, General Electric Company, Hitachi, Ltd., Siemens Energy (Siemens AG), LG Chem, Samsung SDI Co., Ltd., Panasonic Corporation, Tesla, Inc., AEG Power Solutions Group, and other key market players.

New York, Sept. 22, 2021 (GLOBE NEWSWIRE) -- According to the statistical report titled “Renewables 2019 Global Status Report” shared by the Center for Climate and Energy Solutions (C2ES), the share of renewable electricity out of the total electricity produced around the world in the year 2018 was recorded to 26.2%. This share included electricity generated from hydropower, wind power, solar PV, bio-power, and geothermal, CSP & ocean power, which was recorded as 15.8%, 5.5%, 2.4%, 2.2%, and 0.4% respectively.

Research Nester published a report titled “Global Renewable Battery Storage Market”, which has been segmented on the basis of element, battery type, connection type, ownership, energy capacity, application, and by region. The report also contains a detailed analysis of each segment, and also focuses on the key drivers, latest trends, and the opportunities that might be associated with the growth of the market during the forecast period, i.e., 2021-2028.

The consumption of electricity around the world increased massively between the years 2000 and 2020. Amongst all the regions, Asia witnessed the highest growth by growing from around 2800 Mtoe in the year 2000 to close to 6000 Mtoe in the year 2020. With the growing consumption of electricity worldwide, there is a rising concern for the environment as around 70% of the electricity produced is still from non-renewable conventional fuel sources, which is known to significantly pollute the environment. The CO2 emissions from the production of electricity grew by around 1% between 2009 and 2019, and between the years 2020 and 2021, this is further anticipated to increase by up to 4%. Such rising concerns for the environment are promoting the adoption of renewable energy, which in turn is anticipated to drive the demand for renewable battery storage systems in the coming years.

The global renewable battery storage market garnered a revenue of USD 902.7 Million in 2019, which is expected to further increase up to USD 14,984 Million by the end of 2028. The market is also estimated to grow with a CAGR of 37.29% over the forecast period.

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The growth of the market can also be attributed to the growing acceptance of these batteries for renewable energy storage systems, owing to their cost-effectiveness in the long term, environment-friendly characteristics, and for the fact that they provide a great solution for environmental sustainability. In a 2020 report by the International Renewable Energy Agency (IRENA), in a high-level demonstration project, a 4 MW / 40 MWh battery storage system reduced almost 400 hours of congestion in the power grid, and saved up to USD 2.03 Million in the form of fuel costs. Moreover, the increasing adoption of lithium-ion batteries amongst various end-users is another major factor anticipated to drive the market growth. Further, the market is expected to garner a revenue of USD 1630.2 Million by the end of 2021. However, the high investment cost associated with the installation of the batteries is estimated to hamper the market growth.

Regionally, the global renewable battery storage market is segmented majorly into four regions, which include North America, Europe, Asia Pacific, and the Rest of the World. The market in the Asia Pacific is estimated to grow with the highest CAGR of 37.84% over the forecast period, owing to the rising awareness for the environment in countries, such as Japan, and China among others. Moreover, the presence of leading lithium-ion batteries producers in the region is also estimated to accelerate the market growth in the region. The market held a revenue of USD 354.97 Million in 2019, and is estimated to reach USD 6,110.48 Million by 2028. Amongst the countries in the region, the market in China is expected to hold the largest market share throughout the forecast period and also attain revenue of USD 1724.38 Million by the end of 2028. Alternatively, the market in India is expected to grow with the highest CAGR of 46.97% during the forecast period. The market in the country is also expected to reach USD 11.02 Million by the end of 2021.

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The market in North America, on the other hand, is anticipated to garner a significant share by growing with a CAGR of 35.42% during the forecast period, and gain revenue of USD 164.18 Million in 2021. The revenue is further expected to touch USD 1371.04 Million by 2028. The North America renewable battery storage market is segmented by country, into the U.S. and Canada, out of which, the market in Canada is estimated to witness growth by growing with the highest CAGR of 37.04% throughout the forecast period. On the other hand, the market in the U.S. is expected to attain a revenue of USD 155.94 Million by 2021 and grow with a CAGR of 35.33% over the forecast period.

The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

The renewable battery storage market is segmented on the basis of element into battery and other elements, out of which, the battery segment is anticipated to generate the largest revenue and also grow with the highest CAGR of 32.03% during the forecast period. Numerous advantages associated with batteries, such as, high energy density, long life, and cost-effectiveness are expected to drive the growth of the segment during the forecast period. In North America, the battery segment is expected to grow by a CAGR of 35.36% during the forecast period and also hold the largest revenue by the end of 2028. Besides this, the segment in China, in the Asia Pacific region, is estimated to grow with the highest CAGR of 38.03% during the forecast period, and also hold highest stance in terms of revenue by the end of 2028.

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On the basis of battery type, the global renewable battery storage market is segmented into lithium-ion batteries, lead-acid batteries, flow batteries, and others, out of which, the lithium-ion batteries segment is estimated to acquire the largest revenue of USD 1066.64 in 2021. The growth of the segment can be attributed to the long life of lithium batteries, high energy density, exceptional temperature tolerance properties, and for its safe and fast charging capabilities when compared to other batteries. By the end of 2028, the segment is expected to generate a revenue of USD 9928.25 Million by growing from a revenue of USD 588.48 Million in 2019. The segment in the Asia Pacific region is anticipated to register a revenue of USD 3598.19 Million by the end of 2028, up from a revenue of USD 205.36 Million in 2019. On the other hand, in the United States, the segment is expected to garner the largest revenue of USD 870.25 Million by the end of 2028 by growing with the highest CAGR of 35.90% during the forecast period.

The global renewable battery storage market is also segmented on the basis of connection type, ownership, energy capacity, and application.

Global Renewable Battery Storage Market, Segmentation by Connection Type

• On-Grid Connection

• Off-Grid Connection

Global Renewable Battery Storage Market, Segmentation by Ownership

• Customer-Owned

• Third-Party Owned

• Utility- Owned

Global Renewable Battery Storage Market, Segmentation by Energy Capacity

• Below 100 MWh

• Between 100 & 500 MWh

• Above 500 MWh

Global Renewable Battery Storage Market, Segmentation by Application

• Residential

• Commercial

• Utilities

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Some of the major industry leaders mentioned in our report that are associated with the global renewable battery storage market are ABB Ltd., Delta Electronics, Inc., Toshiba Corporation, General Electric Company, Hitachi, Ltd., Siemens Energy (Siemens AG), LG Chem, Samsung SDI Co., Ltd., Panasonic Corporation, Tesla, Inc., AEG Power Solutions Group, and others.

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