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Renewable Battery Storage Market size was valued at USD 18.13 billion in 2023 and is expected to reach USD 191.89 billion by 2036, registering around 19.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of renewable battery storage is assessed at USD 21.02 billion.
The growth of the market can be attributed to increasing use of renewable energy worldwide and the rising adoption of battery storage systems. Battery energy storage systems are evolving as one of the major solutions for the effective integration of solar and wind power renewables in the power systems across the world. Thus, the rapidly increasing demand for power has influenced the increased adoption of renewable battery energy storage systems in various end-use sectors. Moreover, increasing government incentives for renewable energy storage systems and the rising trends for energy-storage-as-a-service (ESaaS) services are also anticipated to contribute to the renewable battery storage market growth during the forecast period.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
19.9% |
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Base Year Market Size (2023) |
USD 18.13 billion |
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Forecast Year Market Size (2036) |
USD 191.89 billion |
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Regional Scope |
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The global renewable battery storage market is segmented on the basis of battery type into lithium-ion batteries, lead-acid batteries, flow batteries, and others. Amongst these segments, the lithium-ion batteries segment is anticipated to hold the largest market share throughout the forecast period and further attain a market revenue share of 5.1% by the end of 2036 by growing at a CAGR of 27.53% during the forecast period. Lithium-ion batteries are known to have high energy efficiency, long life cycle, and high energy density. Further, the lowering price of lithium-ion batteries over the years is also anticipated to contribute to the growth of the segment in the coming years. The renewable battery storage market is further segmented by element into battery and other element, out of which, the battery segment is anticipated to hold the largest market share throughout the forecast period.
On the basis of connection type, the renewable battery storage market is segmented into on-grid and off-grid connection, out of which, the on-grid connection segment is anticipated to grow with the highest CAGR of 37.66% during the forecast period. Further, the market is segmented by ownership into customer-owned, third-party owned, and utility-owned. Amongst these three segments, the customer-owned segment is projected to grab the largest market revenue of USD 998.0 Million by the end of 2021. By energy capacity, the market is segmented into below 100MWh, between 100 and 500MWh, and above 500MWh, out of which, the below 100MWh segment is projected to grow at a significant rate during the forecast period. Moreover, the market is also segmented by application into residential, commercial, and utilities, out of which, the utilities segment is anticipated to attain the largest revenue share of 3.3% by the end of 2036.
Our in-depth analysis of the global renewable battery storage market includes the following segments
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By Element |
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By Battery Type |
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By Connection |
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By Ownership |
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By Energy Capacity |
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By Application |
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Regionally, the global renewable battery storage market is segmented into four major regions including North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific industry is predicted to dominate majority revenue share of 40% by 2036. On the other hand, the market in North America is anticipated to register a revenue of USD 164.18 Million by the end of 2021. The market in North America is growing on account of the rising demand for renewable energy sources and the increasing need for uninterrupted power sources, backed by the concern for the aging grid infrastructure. Moreover, growing awareness on reducing the congestion on grid power by the use of renewable battery storage systems amongst the end users, is also anticipated to drive the growth of the market in the region. Further, there is growing demand for renewable battery storage systems amongst the end-users for use in applications, such as e-mobility, utility scales, and others, which is also anticipated to contribute to the growth of the market in North America. The renewable battery storage market in North America is further segmented by country into the U.S. and Canada, out of which the market in the U.S. is anticipated to grab the largest market share of 94.54% by the end of 2036. Alternatively, the market in Canada is projected to grow with the largest CAGR of 37.04% during the forecast period.
· June 26, 2020: Siemens Energy announced that it has launched an initiative called the “Future of Storage” which emphasizes to promote sustainable energy systems. The announcement also included a long-term cooperation with EnergyNest AS that focused on delivering thermal energy storage systems for industrial customers.
· March 11, 2020: Toshiba Infrastructure Systems & Solutions Corporation, a subsidiary of Toshiba Corporation, announced that it would deliver eight sets of traction energy storage systems (TESS) to Larsen & Toubro Limited (L&T) for the construction of metro rail in Dhaka, Bangladesh.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
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