Global battery storage market to top $13bn by 2023

May 01, 2019 //By Nick Flaherty
Global Data Power Intelligence Centre battery storage market growth
The global battery storage market is set to grow seven per cent to $13.13bn by 2023, says a new report from GlobalData. 

Asia-Pacific (APAC) and Europe (EMEA) will be the dominant markets for battery storage system growth says the report, ‘Battery Energy Storage Market, Update 2019 – Global Market Size, Competitive Landscape and Key Country Analysis to 2023’. This is driven by the fall in technology prices and increasing pace of development in the power market .

APAC will continue to be the largest market reaching $6.05bn in 2023, as countries are increasing investments for improving their grid infrastructure and improving the market structure to attract foreign investments. With respect to technology, Lithium-ion is, and will continue to be, the preferred technology for market deployment.

“The US has been the largest market for Battery Energy Storage System (BESS) both in terms of cumulative installed capacity and by market value for projects installed up to 2018 and is likely to continue to lead the market at the country level. The US market for battery energy storage is estimated to reach $2.96bn in 2023, accounting for 23% of the global market,” said Bhavana Sri, Power Analyst for GlobalData.

Asia-Pacific was the largest market for battery storage systems and it accounted for 45% of the global market installed capacity in 2018 and the region is also expected to maintain its top position in the forecast period. With the number of grid-connected renewable electricity generation plants increasing tremendously, countries such as China, India, Japan, South Korea, and the Philippines will focus on frequency regulation in the electric grid to normalize the variation in power generation from renewables.

The European (EMEA) battery storage market was $1.73bn in 2018, 26% of the global market. The region has strong demand for flexibility, due to technological advancements, evolving market conditions, strong research facilities, and supportive policies. Middle East and Africa are small markets with demand for storage expected to increase once renewable power generation gains significant traction in the market.

Next: Battery storage for the americas

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