Table of Content

1    INTRODUCTION    35
1.1    STUDY OBJECTIVES    35
1.2    MARKET DEFINITION    35
1.3    INCLUSIONS AND EXCLUSIONS    36
1.4    STUDY SCOPE    36
1.4.1    MARKETS COVERED    36
FIGURE 1    BATTERY ENERGY STORAGE SYSTEM MARKET: SEGMENTATION    36
1.4.2    REGIONAL SCOPE    37
1.4.3    YEARS CONSIDERED    37
1.5    CURRENCY    37
1.6    STAKEHOLDERS    38
1.7    SUMMARY OF CHANGES    38
2    RESEARCH METHODOLOGY    40
2.1    RESEARCH DATA    40
FIGURE 2    BATTERY ENERGY STORAGE SYSTEM MARKET: RESEARCH DESIGN    41
2.1.1    SECONDARY DATA    41
2.1.1.1    List of major secondary sources    41
2.1.1.2    Key data from secondary sources    42
2.1.2    PRIMARY DATA    42
2.1.2.1    Primary interviews with experts    42
2.1.2.2    Breakdown of primaries    43
2.1.2.3    Key data from primary sources    43
2.1.3    SECONDARY AND PRIMARY RESEARCH    44
2.1.3.1    Key industry insights    45
2.2    MARKET SIZE ESTIMATION    45
2.2.1    BOTTOM-UP APPROACH    45
2.2.1.1    Approach to derive market size using bottom-up analysis (demand side)    45
FIGURE 3    BATTERY ENERGY STORAGE SYSTEM MARKET: BOTTOM-UP APPROACH    46
2.2.2    TOP-DOWN APPROACH    46
2.2.2.1    Approach to derive market size using top-down analysis (supply side)    46
FIGURE 4    BATTERY ENERGY STORAGE SYSTEM MARKET: TOP-DOWN APPROACH    47
FIGURE 5    MARKET SIZE ESTIMATION METHODOLOGY: APPROACH (SUPPLY SIDE): REVENUE FROM PRODUCTS/SOLUTIONS/SERVICES IN BATTERY ENERGY STORAGE SYSTEM MARKET    47
2.3    MARKET BREAKDOWN AND DATA TRIANGULATION    49
FIGURE 6    DATA TRIANGULATION    49
2.4    RESEARCH ASSUMPTIONS    50
2.5    PARAMETERS CONSIDERED TO ANALYZE IMPACT OF RECESSION ON MARKET    50
2.6    LIMITATIONS    50
2.7    RISK ASSESSMENT    51
3    EXECUTIVE SUMMARY    52
FIGURE 7    BATTERY ENERGY STORAGE SYSTEM MARKET    52
FIGURE 8    LITHIUM-ION BATTERIES LARGEST SEGMENT OF BATTERY ENERGY STORAGE SYSTEM MARKET IN 2022    53
FIGURE 9    BATTERY SEGMENT TO CONTRIBUTE LARGER SHARE TO MARKET IN 2023    53
FIGURE 10    UTILITY APPLICATION SEGMENT ACCOUNTED FOR LARGEST MARKET SIZE IN 2022    54
FIGURE 11    ASIA PACIFIC HELD LARGEST MARKET SHARE IN 2022    54
4    PREMIUM INSIGHTS    56
4.1    ATTRACTIVE GROWTH OPPORTUNITIES IN BATTERY ENERGY STORAGE SYSTEM MARKET    56
FIGURE 12    GROWING DEMAND FOR CONTINUOUS POWER SUPPLY AND RISING ADOPTION OF BATTERY ENERGY STORAGE SYSTEMS FOR ELECTRIFICATION IN RURAL AREAS TO DRIVE MARKET    56
4.2    BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE    56
FIGURE 13    LITHIUM-ION BATTERIES SEGMENT HELD LARGEST SHARE IN 2022    56
4.3    BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY    57
FIGURE 14    ABOVE 500 MWH ENERGY CAPACITY SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD    57
4.4    BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION    57
FIGURE 15    UTILITY TO BE LARGEST APPLICATION SEGMENT OF MARKET IN 2023    57
4.5    BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION    58
FIGURE 16    MARKET IN INDIA TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD    58
5    MARKET OVERVIEW    59
5.1    INTRODUCTION    59
5.2    MARKET DYNAMICS    59
FIGURE 17    BATTERY ENERGY STORAGE SYSTEM MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES    59
5.2.1    DRIVERS    60
5.2.1.1    Accelerated deployment of grid energy storage systems in ongoing grid modernization projects    60
5.2.1.2    Adoption of lithium-ion batteries in renewable energy sector    60
5.2.1.3    Renewable energy revolution and transition toward low carbon-based economy    61
FIGURE 18    BATTERY ENERGY STORAGE SYSTEM MARKET: IMPACT ANALYSIS OF DRIVERS    62
5.2.2    RESTRAINTS    62
5.2.2.1    High cost of installing battery energy storage systems    62
FIGURE 19    BATTERY ENERGY STORAGE SYSTEM MARKET: IMPACT ANALYSIS OF RESTRAINTS    63

5.2.3    OPPORTUNITIES    63
5.2.3.1    Rapid adoption of battery energy storage systems in rural electrification projects worldwide    63
5.2.3.2    Increased demand for continuous power supply from data centers    64
5.2.3.3    Reduction in price of lithium-ion batteries    64
FIGURE 20    BATTERY ENERGY STORAGE SYSTEM MARKET: IMPACT ANALYSIS OF OPPORTUNITIES    65
5.2.4    CHALLENGES    65
5.2.4.1    Difficulties pertaining to installation of battery energy storage systems in remote and isolated locations    65
5.2.4.2    Overheating of lithium-ion batteries due to abnormal discharges and short circuits    66
5.2.4.3    Aging of lithium-ion batteries due to complex chemical reactions between electrodes and electrolytes    66
FIGURE 21    BATTERY ENERGY STORAGE SYSTEM MARKET: IMPACT ANALYSIS OF CHALLENGES    67
5.3    VALUE CHAIN ANALYSIS    67
FIGURE 22    BATTERY ENERGY STORAGE SYSTEM MARKET: VALUE CHAIN ANALYSIS    68
5.4    ECOSYSTEM ANALYSIS    69
FIGURE 23    BATTERY ENERGY STORAGE SYSTEM MARKET: ECOSYSTEM ANALYSIS    70
FIGURE 24    BATTERY TECHNOLOGIES: ECOSYSTEM ANALYSIS    71
TABLE 1    BATTERY ENERGY STORAGE SYSTEM MARKET: ECOSYSTEM ANALYSIS    72
5.5    PRICING ANALYSIS    73
5.5.1    AVERAGE SELLING PRICE TREND    73
FIGURE 25    BATTERY ENERGY STORAGE SYSTEM: PRICING BREAKDOWN    73
FIGURE 26    AVERAGE PRICE OF LITHIUM-ION BATTERY PACKS FOR ENERGY STORAGE    74
TABLE 2    AVERAGE SELLING PRICE OF LITHIUM-ION BATTERY PACKS FOR ENERGY STORAGE, BY REGION    74
5.5.2    AVERAGE SELLING PRICE OF BATTERY TYPES, BY KEY PLAYER    75
FIGURE 27    AVERAGE SELLING PRICE OF BATTERY TYPES, BY KEY PLAYER    75
TABLE 3    AVERAGE SELLING PRICE OF BATTERY TYPES, BY KEY PLAYER (USD)    75
5.6    TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS    76
FIGURE 28    TRENDS/DISRUPTIONS IMPACTING CUSTOMER’S BUSINESS    76
5.7    TECHNOLOGY ANALYSIS    77
TABLE 4    COMPARISON OF ENERGY STORAGE TECHNOLOGIES    77
TABLE 5    CHARACTERISTICS OF TECHNOLOGIES IN BATTERY ENERGY STORAGE SYSTEMS    77
5.7.1    SODIUM-SULFUR BATTERY    78
5.7.2    COBALT-FREE BATTERY    78
5.7.3    METAL-AIR BATTERY    78
5.7.4    LIQUID METAL BATTERY    78
5.7.5    POTASSIUM METAL BATTERY    78
5.7.6    ZINC-MANGANESE BATTERY    78

5.7.7    LITHIUM-SULFUR BATTERY    79
5.7.8    LITHIUM METAL BATTERY    79
5.8    PORTER’S FIVE FORCES ANALYSIS    79
FIGURE 29    BATTERY ENERGY STORAGE SYSTEM MARKET: PORTER’S FIVE FORCES ANALYSIS    80
TABLE 6    BATTERY ENERGY STORAGE SYSTEM MARKET: PORTER’S FIVE FORCES ANALYSIS    80
5.8.1    THREAT OF NEW ENTRANTS    81
5.8.2    THREAT OF SUBSTITUTES    81
5.8.3    BARGAINING POWER OF SUPPLIERS    81
5.8.4    BARGAINING POWER OF BUYERS    81
5.8.5    INTENSITY OF COMPETITIVE RIVALRY    82
5.9    KEY STAKEHOLDERS AND BUYING CRITERIA    82
5.9.1    KEY STAKEHOLDERS IN BUYING PROCESS    82
FIGURE 30    INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS    82
TABLE 7    INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS (%)    82
5.9.2    BUYING CRITERIA    83
FIGURE 31    KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS    83
TABLE 8    KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS    83
5.10    CASE STUDY ANALYSIS    83
5.10.1    GENERAL ELECTRIC TO DELIVER BATTERY ENERGY STORAGE SYSTEMS TO CONVERGENT    83
5.10.2    ADOPTION OF BATTERY ENERGY STORAGE SYSTEMS BY UTILITY PROVIDER COMPANY    84
5.10.3    DEPLOYMENT OF MICROGRID BATTERY ENERGY STORAGE SYSTEMS FOR RURAL ELECTRIFICATION IN NIGERIA    84
5.10.4    DEPLOYMENT OF OFF-GRID BATTERY ENERGY STORAGE SYSTEMS FOR RENEWABLE ENERGY PROJECT    84
5.10.5    ABB TO INSTALL BATTERY ENERGY STORAGE SYSTEMS IN PHILIPPINES    84
5.11    TRADE ANALYSIS    85
5.11.1    IMPORT SCENARIO    85
FIGURE 32    IMPORT DATA, BY KEY COUNTRY, 2017–2021 (USD MILLION)    85
5.11.2    EXPORT SCENARIO    86
FIGURE 33    EXPORT DATA, BY KEY COUNTRY, 2017–2021 (USD MILLION)    86
5.12    PATENT ANALYSIS    86
FIGURE 34    TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS IN LAST 10 YEARS    86
FIGURE 35    NO. OF PATENTS GRANTED IN BATTERY ENERGY STORAGE SYSTEM MARKET ANNUALLY OVER LAST 10 YEARS    87
TABLE 9    TOP 20 PATENT OWNERS IN LAST 10 YEARS    87
TABLE 10    LIST OF PATENTS RELATED TO BATTERY ENERGY STORAGE SYSTEM MARKET    88
5.13    KEY CONFERENCES & EVENTS IN 2023–2024    91
TABLE 11    BATTERY ENERGY STORAGE SYSTEM MARKET: CONFERENCES AND EVENTS    91
5.14    REGULATORY LANDSCAPE    93
5.14.1    REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS    93
TABLE 12    NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS    93
TABLE 13    EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS    94
TABLE 14    ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS    94
TABLE 15    REST OF THE WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS    95
5.14.2    STANDARDS AND REGULATIONS RELATED TO BATTERY ENERGY STORAGE SYSTEM MARKET    95
TABLE 16    REGULATIONS AND STANDARDS FOR BATTERY ENERGY STORAGE SYSTEMS    96
6    MAJOR INPUT ENERGY SOURCES AND RECENT TRENDS RELATED TO BESS    98
6.1    INTRODUCTION    98
6.2    INPUT ENERGY SOURCES    98
6.2.1    SOLAR PANELS    98
6.2.2    WIND TURBINES    98
6.2.3    GRID POWER    99
6.2.4    DIESEL GENERATORS    99
6.2.5    OTHERS    99
6.3    RECENT TRENDS RELATED TO MARKET    99
6.3.1    RENEWABLE ENERGY SOURCES    99
6.3.2    ADVANCEMENTS IN BATTERY TECHNOLOGIES    100
6.3.3    AI AND ML    100
6.3.4    MICROGRIDS    100
6.3.5    HYBRID ENERGY STORAGE SYSTEMS    100
6.4    ANALYSIS OF VARIOUS BATTERY TECHNOLOGIES AND BESS    100
6.4.1    COMPREHENSIVE ANALYSIS OF VARIOUS TYPES OF BATTERY TECHNOLOGIES    100
TABLE 17    DIFFERENT TYPES OF BATTERY TECHNOLOGIES    101
6.4.2    COMPREHENSIVE ANALYSIS OF VARIOUS TYPES OF ENERGY STORAGE SYSTEMS    108
TABLE 18    VARIOUS TYPES OF ENERGY STORAGE SYSTEMS    108
6.5    TYPES OF SYSTEMS FOR BATTERY ENERGY STORAGE    111
6.5.1    FRONT-OF-THE-METER (FTM) SYSTEM    111
6.5.2    BEHIND-THE-METER (BTM) SYSTEM    112
7    BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT    113
7.1    INTRODUCTION    114
FIGURE 36    BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT    114
FIGURE 37    SUPPLIERS INVOLVED IN BATTERY ENERGY STORAGE SYSTEM ECOSYSTEM    114
FIGURE 38    BATTERY ELEMENT SEGMENT TO HOLD LARGER SHARE OF MARKET DURING FORECAST PERIOD    115
TABLE 19    BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT, 2019–2022 (USD MILLION)    115
TABLE 20    BATTERY ENERGY STORAGE SYSTEM MARKET, BY ELEMENT, 2023–2028 (USD MILLION)    115
7.2    BATTERY    116
7.2.1    INCREASED USE IN BUILDING SUSTAINABLE AND RESILIENT ENERGY INFRASTRUCTURE TO DRIVE SEGMENT    116
FIGURE 39    CRITERIA FOR BATTERY SELECTION    116
7.3    OTHER ELEMENTS    117
7.3.1    HARDWARE    117
7.3.1.1    Use in facilitating proper communication of system with users to boost demand    117
FIGURE 40    LAYOUT OF BATTERY ENERGY STORAGE SYSTEM    118
7.3.2    OTHERS    118
7.3.2.1    Significance in proper functioning of BESS to propel demand    118
8    BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE    119
8.1    INTRODUCTION    120
FIGURE 41    BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE    120
TABLE 21    COMPARISON BETWEEN LITHIUM-ION AND LEAD-ACID BATTERIES    121
FIGURE 42    LITHIUM-ION BATTERIES TO BE LARGEST SEGMENT OF MARKET DURING FORECAST PERIOD    121
TABLE 22    BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION)    121
TABLE 23    BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION)    122
8.2    LITHIUM-ION BATTERIES    122
8.2.1    PROPERTIES SUCH AS HIGH ENERGY DENSITY AND EFFICIENCY TO DRIVE DEMAND    122
TABLE 24    LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)    124
TABLE 25    LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)    124
TABLE 26    LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION)    124
TABLE 27    LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION)    124
TABLE 28    LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)    125
TABLE 29    LITHIUM-ION BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)    125
8.3    ADVANCED LEAD-ACID BATTERIES    125
8.3.1    EXTENSIVE ADOPTION IN GRID ENERGY STORAGE TO PROPEL DEMAND    125
TABLE 30    ADVANCED LEAD-ACID BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)    126
TABLE 31    ADVANCED LEAD-ACID BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)    126
TABLE 32    ADVANCED LEAD-ACID MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION)    127
TABLE 33    ADVANCED LEAD-ACID BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION)    127
TABLE 34    ADVANCED LEAD-ACID BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)    127
TABLE 35    ADVANCED LEAD-ACID BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)    127
8.4    FLOW BATTERIES    128
8.4.1    VARIOUS ADVANTAGES OVER CONVENTIONAL BATTERIES TO BOOST DEMAND    128
TABLE 36    FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)    129
TABLE 37    FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)    129
TABLE 38    FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION)    129
TABLE 39    FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION)    130
TABLE 40    FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)    130
TABLE 41    FLOW BATTERIES: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)    130
8.5    OTHERS    131
TABLE 42    OTHERS: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)    131
TABLE 43    OTHERS: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)    131
TABLE 44    OTHERS: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION)    131
TABLE 45    OTHERS: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION)    132
TABLE 46    OTHERS: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)    132
TABLE 47    OTHERS: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)    132
8.5.1    SODIUM-SULFUR BATTERY    133
FIGURE 43    COMPARISON OF SODIUM-SULFUR BATTERIES WITH OTHER BATTERIES    133
8.5.2    NICKEL-CADMIUM BATTERY    134
8.5.3    NICKEL-METAL HYDRIDE BATTERY    134
8.5.4    NICKEL-IRON BATTERY    134
8.5.5    FLYWHEEL BATTERY    134

9    BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE    135
9.1    INTRODUCTION    136
FIGURE 44    IMPORTANCE OF BATTERY ENERGY STORAGE SYSTEMS IN GRID CONNECTION    136
FIGURE 45    APPLICATIONS OF BATTERY ENERGY STORAGE SYSTEMS ON GRID    137
FIGURE 46    ON-GRID CONNECTION SEGMENT TO REGISTER HIGHER CAGR DURING FORECAST PERIOD    137
TABLE 48    BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)    138
TABLE 49    BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)    138
9.2    ON-GRID CONNECTION    138
9.2.1    SURGE IN GLOBAL ELECTRICITY DEMAND TO BOOST DEMAND    138
FIGURE 47    ON-GRID CONNECTION    139
TABLE 50    ON-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION)    140
TABLE 51    ON-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION)    140
TABLE 52    ON-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)    140
TABLE 53    ON-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)    141
9.3    OFF-GRID CONNECTION    141
9.3.1    EMERGING ADOPTION IN PROVIDING ENERGY SUPPLY TO REMOTE AREAS TO PROPEL SEGMENT    141
FIGURE 48    BASIC OFF-GRID SYSTEMS    142
TABLE 54    OFF-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION)    142
TABLE 55    OFF-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION)    142
TABLE 56    OFF-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)    143
TABLE 57    OFF-GRID: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)    143
10    BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP    144
10.1    INTRODUCTION    145
FIGURE 49    BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP    145
FIGURE 50    UTILITY OWNED SEGMENT TO HOLD LARGEST SHARE DURING FORECAST PERIOD    145
TABLE 58    BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2019–2022 (USD MILLION)    146
TABLE 59    BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2023–2028 (USD MILLION)    146
10.2    CUSTOMER OWNED    146
10.2.1    REDUCED ELECTRICITY COSTS IN RESIDENTIAL APPLICATIONS TO DRIVE ADOPTION    146
FIGURE 51    LAYOUT OF BATTERY ENERGY STORAGE SYSTEM INSTALLATION IN RESIDENTIAL AREA    147
TABLE 60    CUSTOMER OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)    147
TABLE 61    CUSTOMER OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)    148
10.3    THIRD-PARTY OWNED    148
10.3.1    REDUCTION IN ELECTRICITY BILLS WITH USE OF SOLAR ENERGY SYSTEMS TO PROPEL DEMAND    148
TABLE 62    THIRD-PARTY OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)    149
TABLE 63    THIRD-PARTY OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)    149
10.4    UTILITY OWNED    149
10.4.1    RISE IN DEMAND FOR RENEWABLE ENERGY SOURCES TO DRIVE SEGMENT    149
TABLE 64    UTILITY OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)    150
TABLE 65    UTILITY OWNED: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)    150
11    BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY    151
11.1    INTRODUCTION    152
FIGURE 52    ENERGY CAPACITY RANGES OF BATTERY ENERGY STORAGE SYSTEMS    152
FIGURE 53    BATTERY ENERGY STORAGE SYSTEMS MARKET FOR ABOVE 500 MWH ENERGY CAPACITY TO REGISTER HIGHEST CAGR FROM 2023 TO 2028    152
TABLE 66    BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION)    153
TABLE 67    BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION)    153
11.2    BELOW 100 MWH    154
11.2.1    HIGH DEMAND FROM RESIDENTIAL APPLICATIONS TO FOSTER DEMAND    154
TABLE 68    BELOW 100 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)    154
TABLE 69    BELOW 100 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)    154
TABLE 70    BELOW 100 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)    155
TABLE 71    BELOW 100 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)    155
11.3    BETWEEN 100 AND 500 MWH    155
11.3.1    INCREASED ADOPTION TO MANAGE UNCERTAINTIES IN POWER SYSTEMS TO PROPEL DEMAND    155
TABLE 72    BETWEEN 100 MWH AND 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)    156
TABLE 73    BETWEEN 100 MWH AND 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)    156
TABLE 74    BETWEEN 100 MWH AND 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)    156
TABLE 75    BETWEEN 100 MWH AND 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)    156
11.4    ABOVE 500 MWH    157
11.4.1    EXTENSIVE USE IN SMOOTHENING ENERGY FLUCTUATIONS WHILE SERVING ENERGY DEMANDS TO BOOST ADOPTION    157
TABLE 76    ABOVE 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)    157
TABLE 77    ABOVE 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)    158
TABLE 78    ABOVE 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)    158
TABLE 79    ABOVE 500 MWH: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)    158
12    BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION    159
12.1    INTRODUCTION    160
FIGURE 54    BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION    160
FIGURE 55    UTILITY TO BE LARGEST SEGMENT OF MARKET DURING FORECAST PERIOD    160
TABLE 80    BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)    161
TABLE 81    BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)    161
12.2    RESIDENTIAL    161
12.2.1    GOVERNMENT INITIATIVES ENCOURAGING VARIOUS RESIDENTIAL ENERGY STORAGE PROJECTS TO BOOST DEMAND    161
FIGURE 56    TESLA POWERWALL INSTALLED FOR RESIDENTIAL APPLICATIONS    162
TABLE 82    RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION)    163
TABLE 83    RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION)    163
TABLE 84    RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)    163
TABLE 85    RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)    163
TABLE 86    RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION)    164
TABLE 87    RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION)    164
TABLE 88    RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2019–2022 (USD MILLION)    164
TABLE 89    RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2023–2028 (USD MILLION)    165
TABLE 90    RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)    165
TABLE 91    RESIDENTIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)    165

12.3    COMMERCIAL    166
12.3.1    INCREASED DEMAND FOR UPS SYSTEMS TO PROPEL ADOPTION    166
TABLE 92    COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION)    166
TABLE 93    COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION)    166
TABLE 94    COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)    167
TABLE 95    COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)    167
TABLE 96    COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION)    167
TABLE 97    COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION)    168
TABLE 98    COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2019–2022 (USD MILLION)    168
TABLE 99    COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2023–2028 (USD MILLION)    168
TABLE 100    COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)    168
TABLE 101    COMMERCIAL: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)    169
12.4    UTILITY    169
12.4.1    INCREASED DEMAND FOR RENEWABLE ENERGY SOURCES IN ELECTRIC GRIDS TO DRIVE SEGMENT    169
TABLE 102    UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION)    170
TABLE 103    UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY BATTERY TYPE, 2023–2028 (USD MILLION)    170
TABLE 104    UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2019–2022 (USD MILLION)    170
TABLE 105    UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY CONNECTION TYPE, 2023–2028 (USD MILLION)    170
TABLE 106    UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2019–2022 (USD MILLION)    171
TABLE 107    UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY ENERGY CAPACITY, 2023–2028 (USD MILLION)    171
TABLE 108    UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2019–2022 (USD MILLION)    171
TABLE 109    UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY OWNERSHIP, 2023–2028 (USD MILLION)    172
TABLE 110    UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)    172
TABLE 111    UTILITY: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)    172

13    BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION    173
13.1    INTRODUCTION    174
FIGURE 57    BATTERY ENERGY STORAGE SYSTEM MARKET IN INDIA TO REGISTER HIGHEST CAGR FROM 2023 TO 2028    174
TABLE 112    BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)    174
TABLE 113    BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)    175
13.2    NORTH AMERICA    176
13.2.1    NORTH AMERICA: RECESSION IMPACT    176
FIGURE 58    NORTH AMERICA: SNAPSHOT OF BATTERY ENERGY STORAGE SYSTEM MARKET    177
TABLE 114    NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)    177
TABLE 115    NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)    178
TABLE 116    NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD MILLION)    178
TABLE 117    NORTH AMERICA: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD MILLION)    178
13.2.2    US    179
13.2.2.1    Extensive adoption of large-scale systems in power grids to accelerate market    179
13.2.3    CANADA    180
13.2.3.1    Increased investments in battery technology to fulfill peak energy demand in urban areas to propel market    180
13.2.4    MEXICO    180
13.2.4.1    Increased demand for electricity to drive market    180
13.3    EUROPE    181
13.3.1    EUROPE: RECESSION IMPACT    181
FIGURE 59    EUROPE: SNAPSHOT OF BATTERY ENERGY STORAGE SYSTEM MARKET    182
TABLE 118    EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)    182
TABLE 119    EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)    183
TABLE 120    EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD MILLION)    183
TABLE 121    EUROPE: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD MILLION)    183
13.3.2    GERMANY    184
13.3.2.1    Increased focus on energy storage in residential applications to boost market    184
13.3.3    UK    185
13.3.3.1    Rise in government initiatives for energy storage to propel market    185

13.3.4    FRANCE    185
13.3.4.1    Increased use of renewable energy resources across sectors to drive market    185
13.3.5    REST OF EUROPE    186
13.4    ASIA PACIFIC    186
13.4.1    ASIA PACIFIC: RECESSION IMPACT    187
FIGURE 60    ASIA PACIFIC: SNAPSHOT OF BATTERY ENERGY STORAGE SYSTEM MARKET    187
TABLE 122    ASIA PACIFIC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)    188
TABLE 123    ASIA PACIFIC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)    188
TABLE 124    ASIA PACIFIC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2019–2022 (USD MILLION)    188
TABLE 125    ASIA PACIFIC: BATTERY ENERGY STORAGE SYSTEM MARKET, BY COUNTRY, 2023–2028 (USD MILLION)    189
13.4.2    CHINA    189
13.4.2.1    Increased energy demand and ongoing battery energy storage projects to support market    189
13.4.3    JAPAN    190
13.4.3.1    Increased investments in solar and wind energy projects to boost market    190
13.4.4    INDIA    191
13.4.4.1    Significant government investments in development of low-cost batteries to drive market    191
13.4.5    AUSTRALIA    192
13.4.5.1    Government subsidies for deployment of large-scale battery storage projects to support market    192
13.4.6    SOUTH KOREA    193
13.4.6.1    Rise in adoption of battery energy storage systems in electric grids to fuel market    193
13.4.7    REST OF ASIA PACIFIC    193
13.5    REST OF THE WORLD (ROW)    193
13.5.1    ROW: RECESSION IMPACT    194
TABLE 126    ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2019–2022 (USD MILLION)    194
TABLE 127    ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY APPLICATION, 2023–2028 (USD MILLION)    194
TABLE 128    ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2019–2022 (USD MILLION)    194
TABLE 129    ROW: BATTERY ENERGY STORAGE SYSTEM MARKET, BY REGION, 2023–2028 (USD MILLION)    195
13.5.2    SOUTH AMERICA    195
13.5.2.1    Rise in government investments to deploy renewable energy to support market    195
13.5.3    MIDDLE EAST & AFRICA    196
13.5.3.1    Increased adoption due to growth of manufacturing sector to propel market    196
14    COMPETITIVE LANDSCAPE    198
14.1    OVERVIEW    198
14.2    STRATEGIES ADOPTED BY KEY PLAYERS    198
TABLE 130    KEY DEVELOPMENTS IN BATTERY ENERGY STORAGE SYSTEM MARKET    198
14.3    REVENUE ANALYSIS OF TOP COMPANIES    200
FIGURE 61    FIVE-YEAR REVENUE ANALYSIS OF TOP 5 PLAYERS IN BATTERY ENERGY STORAGE SYSTEM MARKET    200
14.4    MARKET SHARE ANALYSIS    200
TABLE 131    BATTERY ENERGY STORAGE SYSTEM MARKET SHARE ANALYSIS (2022)    201
FIGURE 62    BATTERY ENERGY STORAGE SYSTEM MARKET: SHARE OF KEY PLAYERS    201
14.5    COMPETITIVE EVALUATION QUADRANT    203
14.5.1    STARS    203
14.5.2    EMERGING LEADERS    203
14.5.3    PERVASIVE PLAYERS    203
14.5.4    PARTICIPANTS    204
FIGURE 63    BATTERY ENERGY STORAGE SYSTEM MARKET (GLOBAL): COMPETITIVE EVALUATION QUADRANT, 2022    204
14.6    SMALL AND MEDIUM-SIZED ENTERPRISES (SMES) EVALUATION QUADRANT    205
14.6.1    PROGRESSIVE COMPANIES    205
14.6.2    RESPONSIVE COMPANIES    205
14.6.3    DYNAMIC COMPANIES    205
14.6.4    STARTING BLOCKS    205
FIGURE 64    BATTERY ENERGY STORAGE SYSTEM MARKET (GLOBAL): SME EVALUATION QUADRANT, 2022    206
14.7    BATTERY ENERGY STORAGE SYSTEM MARKET: COMPANY FOOTPRINT    207
TABLE 132    COMPANY FOOTPRINT    207
TABLE 133    COMPANY FOOTPRINT: APPLICATION    208
TABLE 134    COMPANY FOOTPRINT: REGION    209
14.8    COMPETITIVE BENCHMARKING    210
TABLE 135    BATTERY ENERGY STORAGE SYSTEM MARKET: LIST OF KEY STARTUPS/SMES    210
TABLE 136    BATTERY ENERGY STORAGE SYSTEM MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES    211
14.9    COMPETITIVE SCENARIO    212
TABLE 137    BATTERY ENERGY STORAGE SYSTEM MARKET: PRODUCT LAUNCHES, 2021–2022    212
TABLE 138    BATTERY ENERGY STORAGE SYSTEM MARKET: DEALS, 2021–2023    213
TABLE 139    BATTERY ENERGY STORAGE SYSTEM MARKET: OTHERS, 2022    216
"15    COMPANY PROFILES    217
15.1    KEY PLAYERS    217
(Business Overview, Products Offered, Recent Developments, and MnM View)*
15.1.1    BYD COMPANY LIMITED    217
TABLE 140    BYD COMPANY LIMITED: BUSINESS OVERVIEW    217
FIGURE 65    BYD COMPANY LIMITED: COMPANY SNAPSHOT    218
TABLE 141    BYD COMPANY LIMITED: PRODUCTS OFFERED    218
TABLE 142    BYD COMPANY LIMITED: DEALS    219
15.1.2    LG ENERGY SOLUTIONS CO., LTD.    220
TABLE 143    LG ENERGY SOLUTIONS CO., LTD.: BUSINESS OVERVIEW    220
FIGURE 66    LG ENERGY SOLUTIONS CO., LTD.: COMPANY SNAPSHOT    221
TABLE 144    LG ENERGY SOLUTIONS CO., LTD.: PRODUCTS OFFERED    221
TABLE 145    LG ENERGY SOLUTIONS CO., LTD.: DEALS    222
15.1.3    PANASONIC CORPORATION    224
TABLE 146    PANASONIC CORPORATION: BUSINESS OVERVIEW    224
FIGURE 67    PANASONIC CORPORATION: COMPANY SNAPSHOT    225
TABLE 147    PANASONIC CORPORATION: PRODUCTS OFFERED    225
TABLE 148    PANASONIC CORPORATION: PRODUCT LAUNCHES    226
TABLE 149    PANASONIC CORPORATION: DEALS    226
15.1.4    SAMSUNG SDI CO., LTD.    228
TABLE 150    SAMSUNG SDI CO., LTD.: BUSINESS OVERVIEW    228
FIGURE 68    SAMSUNG SDI CO., LTD.: COMPANY SNAPSHOT    229
TABLE 151    SAMSUNG SDI CO., LTD.: PRODUCTS OFFERED    229
TABLE 152    SAMSUNG SDI CO., LTD.: PRODUCT LAUNCHES    230
15.1.5    TESLA, INC.    231
TABLE 153    TESLA, INC.: BUSINESS OVERVIEW    231
FIGURE 69    TESLA, INC.: COMPANY SNAPSHOT    232
TABLE 154    TESLA, INC.: PRODUCTS OFFERED    232
TABLE 155    TESLA, INC.: PRODUCT LAUNCHES    233
15.1.6    ABB    234
TABLE 156    ABB: BUSINESS OVERVIEW    234
FIGURE 70    ABB: COMPANY SNAPSHOT    235
TABLE 157    ABB: PRODUCTS OFFERED    236
TABLE 158    ABB: DEALS    236
15.1.7    AEG POWER SOLUTIONS    238
TABLE 159    AEG POWER SOLUTIONS: BUSINESS OVERVIEW    238
TABLE 160    AEG POWER SOLUTIONS: PRODUCTS OFFERED    238
TABLE 161    AEG POWER SOLUTIONS: DEALS    239
15.1.8    DELTA ELECTRONICS INC.    240
TABLE 162    DELTA ELECTRONICS INC.: BUSINESS OVERVIEW    240
FIGURE 71    DELTA ELECTRONICS INC.: COMPANY SNAPSHOT    241
TABLE 163    DELTA ELECTRONICS INC.: PRODUCTS OFFERED    241
15.1.9    GENERAL ELECTRIC    242
TABLE 164    GENERAL ELECTRIC: BUSINESS OVERVIEW    242
FIGURE 72    GENERAL ELECTRIC: COMPANY SNAPSHOT    243
TABLE 165    GENERAL ELECTRIC: PRODUCTS OFFERED    243
TABLE 166    GENERAL ELECTRIC: PRODUCT LAUNCHES    244
TABLE 167    GENERAL ELECTRIC: DEALS    244
TABLE 168    GENERAL ELECTRIC: OTHERS    244
15.1.10    HITACHI, LTD.    245
TABLE 169    HITACHI, LTD.: BUSINESS OVERVIEW    245
FIGURE 73    HITACHI, LTD.: COMPANY SNAPSHOT    246
TABLE 170    HITACHI, LTD.: PRODUCTS OFFERED    246
TABLE 171    HITACHI, LTD.: DEALS    247
15.1.11    HONEYWELL INTERNATIONAL, INC.    248
TABLE 172    HONEYWELL INTERNATIONAL, INC.: BUSINESS OVERVIEW    248
FIGURE 74    HONEYWELL INTERNATIONAL, INC.: COMPANY SNAPSHOT    249
TABLE 173    HONEYWELL INTERNATIONAL, INC: PRODUCTS OFFERED    249
TABLE 174    HONEYWELL INTERNATIONAL, INC.: PRODUCT LAUNCHES    250
TABLE 175    HONEYWELL INTERNATIONAL, INC.: DEALS    250
15.1.12    NEC CORPORATION    251
TABLE 176    NEC CORPORATION: BUSINESS OVERVIEW    251
FIGURE 75    NEC CORPORATION: COMPANY SNAPSHOT    252
TABLE 177    NEC CORPORATION: PRODUCTS OFFERED    252
15.1.13    NGK INSULATORS, LTD.    253
TABLE 178    NGK INSULATORS, LTD.: BUSINESS OVERVIEW    253
FIGURE 76    NGK INSULATORS, LTD.: COMPANY SNAPSHOT    254
TABLE 179    NGK INSULATORS, LTD.: PRODUCTS OFFERED    254
15.1.14    SIEMENS AG    255
TABLE 180    SIEMENS AG: BUSINESS OVERVIEW    255
FIGURE 77    SIEMENS AG: COMPANY SNAPSHOT    256
TABLE 181    SIEMENS AG: PRODUCTS OFFERED    256
TABLE 182    SIEMENS AG: PRODUCT LAUNCHES    257
15.1.15    TOSHIBA CORPORATION    258
TABLE 183    TOSHIBA CORPORATION: BUSINESS OVERVIEW    258
FIGURE 78    TOSHIBA CORPORATION: COMPANY SNAPSHOT    259
TABLE 184    TOSHIBA CORPORATION: PRODUCTS OFFERED    259
TABLE 185    TOSHIBA CORPORATION: PRODUCT LAUNCHES    260
TABLE 186    TOSHIBA CORPORATION: DEALS    260
* Business Overview, Products Offered, Recent Developments, and MnM View might not be captured in case of unlisted companies.

15.2    OTHER PLAYERS    261
15.2.1    EAST PENN MANUFACTURING COMPANY    261
15.2.2    ENERDEL, INC.    262
15.2.3    EXERGONIX    263
15.2.4    JOHNSON CONTROLS    264
15.2.5    NEXTERA ENERGY, INC.    265
15.2.6    PARKER HANNIFIN CORP    266
15.2.7    PRIMUS POWER    267
15.2.8    SOLAREDGE    267
15.2.9    THE AES CORPORATION    268
15.2.10    TRINABESS    269
16    ADJACENT MARKETS    270
16.1    SOLID-STATE BATTERY MARKET    270
16.1.1    INTRODUCTION    270
FIGURE 79    SOLID-STATE BATTERY MARKET, BY TYPE    270
TABLE 187    SOLID-STATE BATTERY MARKET, BY TYPE, 2017–2021 (USD MILLION)    270
TABLE 188    SOLID-STATE BATTERY MARKET, BY TYPE, 2022–2028 (USD MILLION)    271
16.1.2    SINGLE-CELL BATTERY    271
16.1.2.1    Single-cell battery technology well-adopted in medical devices    271
TABLE 189    SINGLE-CELL SOLID-STATE BATTERY MARKET, BY APPLICATION, 2017–2021 (USD MILLION)    272
TABLE 190    SINGLE-CELL SOLID-STATE BATTERY MARKET, BY APPLICATION, 2022–2028 (USD MILLION)    272
16.1.3    MULTI-CELL BATTERY    273
16.1.3.1    Multi-cell battery most trending battery technology for electric vehicles due to its high power density    273
TABLE 191    MULTI-CELL SOLID-STATE BATTERY MARKET, BY APPLICATION, 2017–2021 (USD MILLION)    274
TABLE 192    MULTI-CELL SOLID-STATE BATTERY MARKET, BY APPLICATION, 2022–2028 (USD MILLION)    274
16.2    SOLID-STATE BATTERY MARKET, BY RECHARGEABILITY    275
16.2.1    INTRODUCTION    275
FIGURE 80    SOLID-STATE BATTERY MARKET, BY RECHARGEABILITY    275
FIGURE 81    MARKET FOR SECONDARY SOLID-STATE BATTERY TO GROW AT HIGHER CAGR DURING 2022–2028    276
TABLE 193    SOLID-STATE BATTERY MARKET, BY RECHARGEABILITY, 2017–2021 (USD MILLION)    276
TABLE 194    SOLID-STATE BATTERY MARKET, BY RECHARGEABILITY, 2022–2028 (USD MILLION)    276
16.2.2    PRIMARY BATTERY    277
16.2.2.1    Primary solid-state batteries to hold larger share of market during forecast period    277
TABLE 195    PRIMARY SOLID-STATE BATTERY MARKET, BY APPLICATION, 2017–2021 (USD MILLION)    277
TABLE 196    PRIMARY SOLID-STATE BATTERY MARKET, BY APPLICATION, 2022–2028 (USD MILLION)    278
16.2.3    SECONDARY BATTERY    278
16.2.3.1    Secondary solid-state batteries to witness higher growth rate during forecast period    278
TABLE 197    SECONDARY SOLID-STATE BATTERY MARKET, BY APPLICATION, 2017–2021 (USD MILLION)    279
TABLE 198    SECONDARY SOLID-STATE BATTERY MARKET, BY APPLICATION, 2022–2028 (USD MILLION)    279
17    APPENDIX    280
17.1    INSIGHTS FROM INDUSTRY EXPERTS    280
17.2    DISCUSSION GUIDE    281
17.3    KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL    284
17.4    CUSTOMIZATION OPTIONS    286
17.5    RELATED REPORTS    286
17.6    AUTHOR DETAILS    287