The five largest battery energy storage system (BESS) integrators have installed over a quarter of global projects

Mainland China battery storage market has experienced drastic growth since 2022 and is exclusively supplied by local players, leading to Chinese system integrators moving up on the global rankings. Competition in international markets will intensify as these Chinese suppliers look to expand globally offering highly competitively priced products. While the two largest markets (the US and mainland China) are dominated by local suppliers, other large-scale markets, such as the UK, Australia and Germany, are targeted by international suppliers who look to expand global market share.

In addition, battery manufacturers are increasingly moving further down the value chain, offering easy-to-install direct current (DC) containers today and looking to offer standardized alternating current (AC) solutions in the future. Moreover, a large number of battery manufacturing announcements targeted exclusively at the energy storage system (ESS) industry will lead to oversupply and highly competitive market conditions.

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This article was published by S&P Global Commodity Insights and not by S&P Global Ratings, which is a separately managed division of S&P Global.