The BESS integrator market is becoming more and more fragmented, according to a report by consultants Wood Mackenzie, Global battery energy storage system integrator ranking 2024. The market share of the global top five BESS integrators shrank to 47% in 2023 from 62% in 2022, with a 24% year-on-year decline, stated the report.
Battery storage integrators assemble components and technologies into a BESS.
Six of the global top 10 vendors are China-based and China installed the most BESS globally in 2023. In North America, Tesla, Sungrow and Fluence remained market leaders in 2023. In the world market, Tesla has overtaken Sungrow as lead producer in the BESS integrator market with a 15% market share in 2023.
Wood Mackenzie’s Kevin Shang, principal research analyst for energy storage technology and supply chain, said: “As a sector with a relatively low entry barrier, the BESS integrator industry has attracted a significant number of new players. Tesla has the energy storage industry’s most vertically integrated supply chain, from manufacturing hardware to providing energy storage solutions.”
Fluence Energy, owned by Siemens and AES, reported a surprising profit for the latest third quarter. Financial analysts said Fluence’s rate of growth is expected to accelerate meaningfully, with the forecast 63% annualised revenue growth to the end of 2025 noticeably faster than its historical growth of 39% per year over the past five years. Other companies in the same industry are forecast to grow their revenue 8% annually.
Fluence’s CEO Julian Nebreda confirmed that international activities have a higher average selling price and higher margins than the US business. The higher weighting to international activities in the quarter explained the higher profits. “We have seen a lot of profit in the international markets, e.g. Asia Pacific, Europe, Africa and the Middle East,” he said.
