A Battery Energy Storage (BES) system is a set of rechargeable battery systems that can be used to store energy from the solar panels or the electric grid and then deliver it to a building such as a house or an office at both non-peak and peak times. Such technologies are speeding up due to the dearth of fossil fuels. Also, it gives stakeholders and investors a chance to generate more revenue and reduce energy waste. Fortune Business Insights™ estimates the battery energy storage market size to grow at 16.3% CAGR from 2022 to 2029 and will be valued at USD 31.20 billion by 2029.
Top 8 Companies in the Battery Energy Storage Industry
Attributed to disruptions in cross-border trade, the COVID-19 pandemic has affected the battery energy storage industry. Meanwhile, increasing installation of such products in operational projects has increased the adoption of battery energy storage systems. Also, to boost the interest for BES units, government authorities introduced stimulus packages to support clean technology to combat harmful emissions.
Fortune Business Insights™ highlights the top 8 companies in the industry.
1.Hitachi ABB Power Grids (Zurich, Switzerland)
Hitachi ABB Power Gridswas founded in 2018. It is a well-known leader in future energy systems aiming to contribute toward a renewable energy source. Its cutting-edge technologies make the energy system even more secure, safe, and resilient for society to progress and prosper.
2.Siemens Energy (Munich, Germany)
Siemens Energyis a multinational energy distribution company headquartered in Munich and was founded in 2020. The company uses simulation tools and innovative designs in battery energy storage systems to maximize battery life and its performance and safety.
3.VRB Energy (Vancouver, Canada)
VRB Energyis a private renewable energy distributor & provider that was established in 2018. The company offers clean energy solutions to create a better environment for the future. Furthermore, its technologies are ideally suited to stabilize isolated microgrids to prevent power loss.
4.Samsung SDI (Yongin-si, South Korea)
Samsung SDIis a battery and electronic materials manufacturer headquartered in South Korea and was founded in 1970. The company operates in two business segments, energy and display. With its continuous efforts and cutting-edge technologies, the company is creating innovative products to improve the end-user experience.
Report Aim & Scope
• An overview of the request grounded on geographical compass, segmentation and fiscal performance of crucial players is presented in the report.
• The report presents the estimated request size by the end of cast period. also, the literal and current request size is also examined in the report.
• Grounded on colorful pointers, the Time on Year growth() and composite periodic growth rate( CAGR) for the given cast period is offered.
• The report presents current trends in the assiduity and unborn compass of the request in North America, Asia Pacific, Europe, Latin America and Europe.
• The colorful parameters accelerating the growth of the request are incorporated in the exploration report.
• The report analyzes growth rate, request size and valuation of the request during the cast period.
5.EVE Energy Co., Ltd. (HUIZHOU, China)
EVE Energy Co., Ltd is a Chinese electrical and electronics manufacturing firm that was founded in 2001. EVE Corporation deals in developing lithium-ion batteries, electronic cigarettes, oil drilling, and military applications.With its determination toward continuous improvement to improve technical issues, the company won the award for smart energy applications in March 2022.
6.LG Chem (Seoul, South Korea)
Established in 1947, LG Chemis a chemical firm headquartered in Seoul, South Korea. The company’s primary aim is to connect science & technology to life for a better future. Through its technological advancements, the company is at the forefront of improving the quality of life.
7.Black & Veatch (Overland Park, U.S.)
Black & Veatchis a privately-held firm headquartered in the U.S. and was founded in 1960. Through its continuous improvements in the power industry, the company has gained a competitive edge in the industry to promote sustainability.
8.Total (Paris, France)
Founded in 1924, Totalis a France-based service provider headquartered in Paris, France. The firm deals in multiple activities, such as petroleum and petrochemical products, nuclear energy, coal mining, and alternative energy sources, to create a clean infrastructure.
Eco-Friendly Alternatives to Facilitate Market Development
The rapidly declining cost of battery units and greater storage capacity of battery energy storage systems give the organizations a way to opt for eco-friendly alternatives. Furthermore, modern energy storage systems comprise all-in-one technology that is waterproof, easy to install, safe for people, and essentially maintenance-free, which surge the product demand. The introduction of infrastructure projects and increased urbanization have flooded this market to meet the power supply-demand.