Applications: Battery Energy Storage Systems (BESS)

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.