Hybrid Battery Energy Storage System Market

Global Hybrid Battery Energy Storage System Market Overview:

Hybrid Battery Energy Storage System Market Size was valued at USD 15.22 Billion in 2023. The hybrid battery energy storage system market industry is projected to grow from USD 16.31 Billion in 2024 to USD 26.548 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.27% during the forecast period (2024 - 2032). 

Major market drivers fuel the industry's expansion include the increasing number of solar power plant installations coupled to grid-scale battery energy storage systems. Additionally, rising off-grid and on-grid solar panel installations for business, industry, and residential purposes are propelling the expansion of the hybrid battery energy storage system market.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Hybrid Battery Energy Storage System Market Trends

• Increased demand for clean energy is driving the market growth

The global hybrid battery energy storage systems market CAGR will be driven by increasing demand for clean energy and growing power and energy activities in the commercial, industrial, and residential sectors. The rising demand for high-power, high-energy-density batteries, the rising need for high-energy storage systems for charge transfer, and the expansion of small and medium-sized businesses primarily drive the hybrid battery energy storage systems market. 

The increasing demand for high power and high energy battery density, the growing demand for high energy charge transfer storage systems, the expansion of small and medium-sized businesses, and other factors are the primary growth drivers of the hybrid battery energy storage systems market. The industrial boom that various nations are experiencing benefits the global market for hybrid battery energy storage systems. Industries request a constant energy supply to increase their output. Using sustainable and clean energy for a mix of governmental and private sector services is prioritized.

Furthermore, government measures are to be commended since they give manufacturers the much-needed assistance to create technology that will enable the hybrid battery energy storage sector to advance sufficiently. Small and medium-sized businesses have become increasingly prevalent due to industrialized nations' shifting manufacturing strategy. As a result, the hybrid energy storage battery's contribution may expand. Government initiatives to simplify technology implementation are probably going further to fuel the hybrid battery energy storage system market. 

The addition of new power capacity in India did not meet the objectives of the Indian government, so the government is attempting to boost the sector by including several thermal and renewable projects. Around 92.54 GW of installed renewable energy capacity existed in India as of FY 2020–21. Thus, driving the hybrid battery energy storage system market revenue.

Hybrid Battery Energy Storage System Market Segment Insights:

Hybrid Battery Energy Storage System Application Insights

The Hybrid Battery Energy Storage System Market segmentation, based on application includes residential, non-residential, automotive and utility. The utility segment dominated the market. The expanding electrification endeavors by various governments and stakeholders to power far-off and isolated regions are attributed for the segment's rapid expansion. Growing different renewable energy sources to meet increased energy demand will be essential. This is good news for the global industry as emerging economies like China and India are concentrating more on safely integrating these green resources into the grid to sustain supply & demand and avoid restricting energy.

Hybrid Battery Energy Storage System Technology Insights

The Hybrid Battery Energy Storage System Market segmentation, based on technology, includes fly-wheel, lithium-ion, supercapacitor and ultracapacitor. The lithium-ion category generated the most income. In renewable energy projects, lithium-ion batteries are in high demand. Many renewable industry experts believe that energy storage systems for hybrid batteries are critical to growing renewable energy, and that lithium batteries enable the most cost-effective integration. Lithium solar batteries can be used in combination with a solar power system to store excess solar energy.

Figure 1: Hybrid Battery Energy Storage System Market, by Technology, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Hybrid Battery Energy Storage System Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American hybrid battery energy storage system market area will dominate this market because of the rise in electricity demand, growing supply-side problems, and increasing demand for and widespread use of renewable resources in the residential sector. Furthermore, the regional market is expanding due to the steadily rising demand for hybrid battery storage systems that may be deployed in the residential sector. Revenues from the hybrid battery energy storage system market are also boosted by rising energy demand and consumption due to this region's rapidly developing urbanization and industrialization.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Hybrid Battery Energy Storage System Market SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe hybrid battery energy storage system market accounts for the second-largest market share. This is explained by the rising number of grid-dependability difficulties in some regions of the nation, state-level storage regulations, and renewable energy support initiatives. Hybrid battery energy storage systems are becoming more popular due to the rising demand for innovative energy storage technology. Germany has experienced recent technological growth as demand for alternate energy sources rises. Over the course of the forecast, this tendency is anticipated to persist. Further, the German hybrid battery energy storage system market held the largest market share, and the UK hybrid battery energy storage system market was the fastest growing market in the European region.

The Asia-Pacific Hybrid battery energy storage system Market is expected to grow at the fastest CAGR from 2023 to 2032. Major battery producers like Hitachi, Panasonic, and Samsung that provide batteries for solar energy storage systems essentially drive the hybrid battery energy storage system market. As a result of significant investments in hybrid battery storage systems, China and India simultaneously grew the size of the regional market for hybrid battery energy storage systems. Furthermore, growing government measures to combat the rising pollution levels encourage these nations to embrace environmentally friendly power-producing techniques. Moreover, China’s hybrid battery energy storage system market held the largest market share, and the Indian hybrid battery energy storage system market was the fastest growing market in the Asia-Pacific region.

Hybrid Battery Energy Storage System Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the hybrid battery energy storage system market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, hybrid battery energy storage system industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global hybrid battery energy storage system industry to benefit clients and increase the market sector. In recent years, the hybrid battery energy storage system industry has offered some of the most significant advantages to market. Major players in the hybrid battery energy storage system market attempting to increase market demand by investing in research and development operations include Amphenol Corporation (U.S.), Lockheed Martin (U.S.), General electric Corporation (U.S.), Panasonic Corporation (Japan), AEG Power Solutions (The Netherland), Hitachi ltd (Japan), NEC Corporation (Japan), Samsung SDI Co., ltd. (South Korea), Siemens AG (Germany), and Tesla Motors Ltd. (U.S.).

Amphenol Corp. is a designer, manufacturer, and marketer of coaxial and specialty cables, antennas, interconnect systems, sensor-based devices, and electrical, electronic, and fiber optic connectors. The business offers products to various markets, including mobile devices, industrial, automotive, commercial aircraft, and military. Amphenol offers its goods to original equipment manufacturers through its internal global sales team, electronics distributors, and independent salespeople.

Panasonic Holdings Corp, formerly known as Panasonic Corp, designs, markets, manufactures, and supports various electrical and electronic devices. Panasonic's product line includes room air conditioners, TVs, video equipment, home audio equipment, landlines, digital cameras, rice cookers, lamps, wiring devices, air conditioners, air purifiers, and bicycles. Additionally, it provides projectors, batteries, electric motors, electric motor components, electronic components, electronic materials, semiconductors, electric motor materials, LCD panels, mounting machines, PCs, tablets, welding equipment, and electronic components.

Key Companies in the hybrid battery energy storage system market include

• Amphenol Corporation (U.S.)

• Lockheed Martin (U.S.)

• General electric Corporation (U.S.)

• Panasonic Corporation (Japan)

• AEG Power Solutions (The Netherland)

• Hitachi ltd (Japan)

• NEC Corporation (Japan)

• Samsung SDI Co., ltd. (South Korea)

• Siemens AG (Germany)

• Tesla Motors ltd. (U.S.)

Hybrid Battery Energy Storage System Industry Developments

September 2022: Australia's Cunderdin has been chosen as the site of Naturgy's first hybrid PV solar and energy storage project. Naturgy's entry into photovoltaic technology through a hybrid PV-Battery project in Australia, the project represents a significant turning point. The project expands Naturgy's asset portfolio in Australia and is also the largest DC-coupled solar PV and battery project ever constructed. Sun Bred Power (SBP), the original developer, and I have finalized the acquisition deal.

Hybrid Battery Energy Storage System Market Segmentation:

Hybrid Battery Energy Storage System Application Outlook (USD Billion, 2018-2032)

• Residential

• Non-Residential

• Automotive

• Utility

Hybrid Battery Energy Storage System Technology Outlook (USD Billion, 2018-2032)

• Fly-wheel

• Lithium-ion

• Supercapacitor

• Ultracapacitor

Hybrid Battery Energy Storage System Regional Outlook (USD Billion, 2018-2032)

• North America

• US

• Canada

• Europe

• Germany

• France

• UK

• Italy

• Spain

• Rest of Europe

• Asia-Pacific

• China

• Japan

• India

• Australia

• South Korea

• Australia

• Rest of Asia-Pacific

• Rest of the World

• Middle East

• Africa

• Latin America

Hybrid Battery Energy Storage System Market Segmentation Tab

Hybrid Battery Energy Storage System Application Outlook (USD Billion, 2018-2032)

• Residential

• Non-Residential

• Automotive

• Utility

Hybrid Battery Energy Storage System Technology Outlook (USD Billion, 2018-2032)

• Fly-wheel

• Lithium-ion

• Supercapacitor

• Ultracapacitor

Hybrid Battery Energy Storage System Regional Outlook (USD Billion, 2018-2032)

• North America Outlook (USD Billion, 2018-2032)

  • North America Hybrid Battery Energy Storage System by Application

    • Residential

    • Non-Residential

    • Automotive

    • Utility

  • North America Hybrid Battery Energy Storage System by Technology

    • Fly-wheel

    • Lithium-ion

    • Supercapacitor

    • Ultracapacitor

  • US Outlook (USD Billion, 2018-2032)

  • US Hybrid Battery Energy Storage System by Application

    • Fluorescence In Situ Hybridization (FISH)

    • Non-Residential

    • Automotive

    • Utility

  • US Hybrid Battery Energy Storage System by Technology

    • Fly-wheel

    • Lithium-ion

    • Supercapacitor

    • Ultracapacitor

  • CANADA Outlook (USD Billion, 2018-2032)

  • CANADA Hybrid Battery Energy Storage System by Application

    • Residential

    • Non-Residential

    • Automotive

    • Utility

  • CANADA Hybrid Battery Energy Storage System by Technology

    • Fly-wheel

    • Lithium-ion

    • Supercapacitor

    • Ultracapacitor

• Europe Outlook (USD Billion, 2018-2032)

  • Europe Hybrid Battery Energy Storage System by Application

    • Residential

    • Non-Residential

    • Automotive

    • Utility

  • Europe Hybrid Battery Energy Storage System by Technology

    • Fly-wheel

    • Lithium-ion

    • Supercapacitor

    • Ultracapacitor

  • Germany Outlook (USD Billion, 2018-2032)

  • Germany Hybrid Battery Energy Storage System by Application

    • Residential

    • Non-Residential

    • Automotive

    • Utility

  • Germany Hybrid Battery Energy Storage System by Technology

    • Fly-wheel

    • Lithium-ion

    • Supercapacitor

    • Ultracapacitor

  • France Outlook (USD Billion, 2018-2032)

  • France Hybrid Battery Energy Storage System by Application

    • Residential

    • Non-Residential

    • Automotive

    • Utility

  • France Hybrid Battery Energy Storage System by Technology

    • Fly-wheel

    • Lithium-ion

    • Supercapacitor

    • Ultracapacitor

  • UK Outlook (USD Billion, 2018-2032)

  • UK Hybrid Battery Energy Storage System by Application

    • Residential

    • Non-Residential

    • Automotive

    • Utility

  • UK Hybrid Battery Energy Storage System by Technology

    • Fly-wheel

    • Lithium-ion

    • Supercapacitor

    • Ultracapacitor

  • ITALY Outlook (USD Billion, 2018-2032)

  • ITALY Hybrid Battery Energy Storage System by Application

    • Residential

    • Non-Residential

    • Automotive

    • Utility

  • ITALY Hybrid Battery Energy Storage System by Technology

    • Fly-wheel

    • Lithium-ion

    • Supercapacitor

    • Ultracapacitor

  • SPAIN Outlook (USD Billion, 2018-2032)

  • Spain Hybrid Battery Energy Storage System by Application

    • Residential

    • Non-Residential

    • Automotive

    • Utility

  • Spain Hybrid Battery Energy Storage System by Technology

    • Fly-wheel

    • Lithium-ion

    • Supercapacitor

    • Ultracapacitor

  • Rest Of Europe Outlook (USD Billion, 2018-2032)

  • Rest Of Europe Hybrid Battery Energy Storage System by Application

    • Residential

    • Non-Residential

    • Automotive

    • Utility

  • REST OF EUROPE Hybrid Battery Energy Storage System by Technology

    • Fly-wheel

    • Lithium-ion

    • Supercapacitor

    • Ultracapacitor

• Asia-Pacific Outlook (USD Billion, 2018-2032)

  • Asia-Pacific Hybrid Battery Energy Storage System by Application

    • Residential

    • Non-Residential

    • Automotive

    • Utility

  • Asia-Pacific Hybrid Battery Energy Storage System by Technology

    • Fly-wheel

    • Lithium-ion

    • Supercapacitor

    • Ultracapacitor

  • China Outlook (USD Billion, 2018-2032)

  • China Hybrid Battery Energy Storage System by Application

    • Residential

    • Non-Residential

    • Automotive

    • Utility

  • China Hybrid Battery Energy Storage System by Technology

    • Fly-wheel

    • Lithium-ion

    • Supercapacitor

    • Ultracapacitor

  • Japan Outlook (USD Billion, 2018-2032)

  • Japan Hybrid Battery Energy Storage System by Application

    • Residential

    • Non-Residential

    • Automotive

    • Utility

  • Japan Hybrid Battery Energy Storage System by Technology

    • Fly-wheel

    • Lithium-ion

    • Supercapacitor

    • Ultracapacitor

  • India Outlook (USD Billion, 2018-2032)

  • India Hybrid Battery Energy Storage System by Application

    • Residential

    • Non-Residential

    • Automotive

    • Utility

  • India Hybrid Battery Energy Storage System by Technology

    • Fly-wheel

    • Lithium-ion

    • Supercapacitor

    • Ultracapacitor

  • Australia Outlook (USD Billion, 2018-2032)

  • Australia Hybrid Battery Energy Storage System by Application

    • Residential

    • Non-Residential

    • Automotive

    • Utility

  • Australia Hybrid Battery Energy Storage System by Technology

    • Fly-wheel

    • Lithium-ion

    • Supercapacitor

    • Ultracapacitor

  • Rest of Asia-Pacific Outlook (USD Billion, 2018-2032)

  • Rest of Asia-Pacific Hybrid Battery Energy Storage System by Application

    • Residential

    • Non-Residential

    • Automotive

    • Utility

  • Rest of Asia-Pacific Hybrid Battery Energy Storage System by Technology

    • Fly-wheel

    • Lithium-ion

    • Supercapacitor

    • Ultracapacitor

• Rest of the World Outlook (USD Billion, 2018-2032)

  • Rest of the World Hybrid Battery Energy Storage System by Application

    • Residential

    • Non-Residential

    • Automotive

    • Utility

  • Rest of the World Hybrid Battery Energy Storage System by Technology

    • Fly-wheel

    • Lithium-ion

    • Supercapacitor

    • Ultracapacitor

  • Middle East Outlook (USD Billion, 2018-2032)

  • Middle East Hybrid Battery Energy Storage System by Application

    • Residential

    • Non-Residential

    • Automotive

    • Utility

  • Middle East Hybrid Battery Energy Storage System by Technology

    • Fly-wheel

    • Lithium-ion

    • Supercapacitor

    • Ultracapacitor

  • Africa Outlook (USD Billion, 2018-2032)

  • Africa Hybrid Battery Energy Storage System by Application

    • Residential

    • Non-Residential

    • Automotive

    • Utility

  • Africa Hybrid Battery Energy Storage System by Technology

    • Fly-wheel

    • Lithium-ion

    • Supercapacitor

    • Ultracapacitor

  • Latin America Outlook (USD Billion, 2018-2032)

  • Latin America Hybrid Battery Energy Storage System by Application

    • Residential

    • Non-Residential

    • Automotive

    • Utility

  • Latin America Hybrid Battery Energy Storage System by Technology

    • Fly-wheel

    • Lithium-ion

    • Supercapacitor

    • Ultracapacitor