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"Global Battery Energy Storage System Market was Valued at US$ 2.76 Bn in 2019 and it is Expected to Reach More than US$ 32.2 Bn by 2028, Likely to Grow with the CAGR of 31.4 % During the Forecast Period."
The Battery energy storage systems are used to store the electricity generated by power plants, especially renewable power plants. This electricity is then used to ensure the smooth flow of electricity regardless of fluctuation in power generation by renewable energy plants. They are also used in the automotive sector.
Increasing Demand for Renewable Energy Sources is Anticipated to Drive the demand for the global battery energy storage system market.
The battery energy storage system market has expanded significantly in recent years due to the growing demand for renewable energy sources. Further, increasing demand for grid-connected solutions, high demand for the lithium-ion technology in the renewable energy industry, and declining prices of lithium-ion batteries are the factors enhancing the growth of the global battery energy storage system market.
An Increasing Demand For Electricity Supply Anticipated To Drive The Global Battery Energy Storage System Market
The demand for electricity supply is increasing due to economic development, rapid urbanization, and population rise, the expanding electricity grids are likely to comprise of renewable energy which has become cost-effective. These factors are expected to drive the demand for energy storage batteries over the next few years.
However, the high capital investment required for the deployment, and lack of the availability of vendors and project financing are the major factors restraining the growth of the battery energy storage system market.in addition, the installation of battery energy storage systems in remote locations will be the major challenge for the venders.
While growing global battery energy storage systems market with a significant rate due to economies of scale led by the increasing number of projects. The same trend is expected to continue during the forecast period, further aided by the constant decline in prices of energy storage batteries.
Lithium-Ion Batteries Segment Held The Significant Share In Battery Energy Storage System Market In 2019
Based on battery type, the lithium-ion batteries are expected to increase at a higher compound annual growth rate during the forecast period owing to their high power and energy densities, low weight along with increased life span. These batteries have various features such as low maintenance along with the need for less space which leads to an increase in the adoption among the OEMs of battery energy storage systems.
Lithium-ion batteries are widely adopted over other energy storage batteries due to their penetration across the consumer electronics sector and automotive. Additionally, the usage of lithium-ion batteries is set to significantly increase due to its installation in all types of electric vehicles. Furthermore, lithium-ion batteries have a long lifespan of 5–15 years, and up to 98% efficiency. The lithium-ion batteries have very high energy and power densities with high life expectancy the factors boost the demand for Lithium-ion batteries over the forecast period.
The Utility segment is expected to witness the highest growth in the battery energy storage system market across the globe
Based on application, utilities are expected to grow at a higher rate during the forecast period owing to due to the increasing adoption of the system by the utility operators for their process of resource planning which leads to the increase the storage capacity and also reduction in the costs of the system. In addition, the grid operators and regulators are aware of the importance of battery energy storage systems and their ability to cater through multiple services. These factors are likely to drive the demand for utility segment.
Battery energy storage system market in Asia pacific to grow at the highest CAGR during the forecast period
Asia Pacific region is gradually becoming a hub for the battery energy storage system industry owing to the demand for battery energy storage systems from China, India, and Japan is gradually increasing. The electricity demand in China is rapidly increased due to the rapid population growth in the country. To fulfill the increasing demand from this population, the state-owned State Grid Corporation of China has deployed battery energy storage systems to provide ancillary services throughout its grid. China exhibits the potential to grow at 31.0% over the next couple of years. The rising investments in the aging grid infrastructure along with the population growth are some of the key factors propelling the growth of the market in India.
While North America is expected to hold the largest market value share in the global Storage System over the Forecast Period. North America is at the leading position with xx % of the total market share storage system and this trend will continue in the coming years.
Some of the key players in the global Battery energy storage system market are ABB Limited, Maxwell Technologies, LG Chem, NEC Corporation, Samsung SDI Ltd., Contemporary Amperex Technology co. Limited (CATL), Schneider Electric SE, Gildemeister, Primus Power, Tesla, Hitachi Ltd., Panasonic Corporation,General Electric Company, AEG Power Solutions BV,Alevo Group SA,EnerDel, Inc.,GE Power,NEC Energy Solutions and Siemens AG
Battery Energy Storage System Market Key Segments:
Battery Energy Storage System Market, By Element
- Other Elements
Battery Energy Storage System Market, By Battery Type
- Sodium-Sulfur Batteries
- Lithium-Ion Batteries
- Advanced Lead-Acid Batteries
- Flow Batteries
- Others (Nickel-Cadmium Battery, Nickel Metal Hydride Battery,Nickel-Iron Battery)
Battery Energy Storage System Market, By Connection Type
- Off-Grid Connection
- On-Grid Connection
Battery Energy Storage System Market, By Ownership
- Utility Owned
- Customer Owned
- Third-Party Owned
Battery Energy Storage System Market, By Application
Battery Energy Storage System Market, By Region
- Asia Pacific
- Middle east and Africa
- Latin America
- North America