Applications: Battery Energy Storage Systems (BESS)
Page 140 of 518Sources and links on page 140 (5)
Links embedded in the original report PDF, including citations and other references. These destinations have not been independently reviewed. Links open in a new tab.
- https://www.fortunebusinessinsights.com/stationary-energy-storage-market-110450
- https://www.energy-storage.news/global-bess-deployments-soared-53-in-2024/
- https://www.linkedin.com/posts/mlkubik_energystorage-batteries-activity-7195671484004974593-nijT?utm_source=share&utm_medium=member_desktop
- https://rhomotion.com/research/battery-energy-stationary-storage-quarterly-outlook/
- https://rhomotion.com/
Text on page 140
BESS Share Of Battery Demand Has Doubled Since 2020 A GROWING BATTERY SEGMENT
VALUE OF BESS MARKET
SHARE OF BESS OF OVERALL BATTERY MARKET
In 2024 the value of the BESS market grew by over 20% year-over-year to $90B
BESS deployments have grown more quickly than the battery industry as a whole
BESS now make up 15% of total battery deployments, up from 7% in 2020
Primary drivers in the surge are falling battery costs, government policy incentives, and a massive uptick in investments in BESS technology and projects
The utility-scale market comprises over 85% of this market, with the remainder divided between residential and commercial and industrial (C&I) installations
Li-ion is the market leader with over 98% of grid-scale BESS deployments in 2024
Li-ion expected to overtake pumped hydro in terms of power capacity in 2025
Utility markets drive approximately 87% of the demand
Source: Main content provided by Rho Motion (Distinguished Partner)
Extracted from the PDF; charts and images may read imperfectly.
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