Rising need of adopting low-carbon and less fossil fuel-based economy and ongoing renewable energy revolution drive the growth of the global lithium-ion battery energy storage system market. By connection type, the on-grid segment accounted for the highest share in 2021. By region, Asia-Pacific would showcase the fastest CAGR by 2031.
Portland, OR, March 01, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global lithium-ion battery energy storage system market was estimated at $4.5 billion in 2021 and is expected to hit $17.1 billion by 2031, registering a CAGR of 15.0% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report Coverage and Details:
|Market Size in 2021||$4.5 billion|
|Market Size in 2031||$17.1 billion|
|No. of Pages in Report||324|
|Segments Covered||Connection Type, Application, and Region|
|Drivers||Propelling demand for lithium-ion batteries in lithium-ion battery energy storage system|
|Growing demand for grid energy storage systems owing to ongoing grid modernization|
|Opportunities||Increase in the number of rural electrification projects worldwide|
|Restraints||High capital expenditure required for installing lithium-ion battery energy storage systems|
- The economic impact has been significant. Companies operating in the lithium-ion battery energy storage system industry suffered a temporary slowdown due to a shortage of qualified
- professionals to develop lithium-ion battery energy storage system market solutions, resulting in a decline in sales for the fiscal year 2020 to 2021.
- Furthermore, while investments in the development of lithium-ion battery energy storage system for the consumer electronics industry increased during the pandemic, demand for holographic displays is expected to increase post-pandemic.
- The demand for new and creative products is projected to rise as the economy begins to recover. Companies are looking forward to investing in next-generation advanced electronics solutions utilizing new technologies, rather than just enhancing products using current state-of-the-art services.
The global lithium-ion battery energy storage system market is analyzed across connection type, application, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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By connection type, the on-grid segment held the largest share in 2021, garnering largest revenue of the global lithium-ion battery energy storage system market, and is predicted to maintain its dominance by 2031.
By application, the industrial segment contributed to nearly half of the global lithium-ion battery energy storage system market share in 2021 and is projected to rule the roost by 2031. However, would display the fastest CAGR of 15.6% throughout the forecast period.
By region, Asia-Pacific held the major share in 2021, garnering nearly half of the global lithium-ion battery energy storage system market revenue. The same region would also showcase the fastest CAGR of 15.98% from 2022 to 2031. The other provinces studied through the report include Europe, North America, and LAMEA.
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The key market players analyzed in the global lithium-ion battery energy storage system market report include Toshiba Corporation, Parker Hannifin Corporation, Jakson Group, Siemens AG, Hitachi Ltd., Honeywell International Inc., LG Electronics Inc., Samsung Electronics Co Ltd, Panasonic Corporation, and ABB Ltd. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
Key Benefits For Stakeholders:
- This study comprises analytical depiction of the lithium-ion battery energy storage system market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall lithium-ion battery energy storage system market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The lithium-ion battery energy storage system market forecast is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.
- The Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the lithium-ion battery energy storage system market.
- The report includes the share of key vendors and market trends.
Lithium-Ion Battery Energy Storage System Market Key Segments:
By Connection Type:
- North America (U.S., Canada, and Mexico)
- Europe (U.K., Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Poland, and Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Thailand, Philippines, Indonesia, and Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East and Africa)
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