The Global report on “Battery Energy Storage System Market” delivering key insights and providing a competitive advantage to clients through a detailed report. The report also details the information about the global market status, growth rate, future trends, market drivers, challenges, opportunities and porter’s forces analysis with respect to these elements. An exclusive data offered in this report is collected by research and industry experts team.
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“Battery energy storage system market is expected to grow at a significant CAGR between 2018 and 2023”
The battery energy storage system market is expected to grow from USD 1.98 billion in 2018 to reach USD 8.54 billion by 2023, at a CAGR of 33.9% between 2018 and 2023. The major drivers for the growth of the market include the 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. However, the factors such as the installation of battery energy storage systems in remote locations pose a challenge for the players in the market.
“Market for flow batteries is expected to grow at the highest CAGR between 2018 and 2023”
The battery energy storage system market for flow batteries is expected to grow at the highest CAGR between 2018 and 2023. The redox, hybrid, and membrane-less batteries are the different classes of flow batteries. A new generation of redox (i.e., reduction–oxidation) flow batteries in battery energy storage system are much better suited for medium- and large-scale applications where heavy use, long-term cycling, durability, and safety are paramount. These factors contribute to the growth of the battery energy storage system market for flow batteries.
“Market for customer-owned battery energy storage systems is expected to grow at the highest CAGR between 2018 and 2023”
The customer-owned battery energy storage system help reduce the electricity cost, as used electricity is charged under the time-of-use (TOU) tariff. There are 3 periods for TOU pricing: peak, shoulder, and off-peak. Commonly, prices are highest in peak times and lowest in off-peak times. Through the adoption of battery energy storage systems, the customers can easily reduce their energy spendings (electricity cost and annual investment cost) under the TOU tariff. Battery energy storage systems also help solve the over-voltage issues by controlling the fluctuation of voltage and frequency.
“North America to hold the largest share of the global battery energy storage system market during the forecast period”
North America is expected to hold the largest share of the battery energy storage system market between 2018 and2023.The growth of the North American market is attributed to high demand for these systems from the utility and residential sectors in this region. The increasing number of projects related to utility and residential applications in North America is further expected to drive the market in the coming years. Few non-profit organizations organize various conferences and exhibitions to support the implementation of battery energy storage systems. For instance, ees North America and Intersolar North America support the battery energy storage system market by providing solutions through exhibitions and international conferences. The US and Canada are the chief contributors to the growth of the battery energy storage system market in North America.
Breakdown of the profiles of primary participants for the report has been given below:
- By Company Type: Tier 1 = 46%, Tier 2= 31%, and Tier 3 = 23%
- By Designation: C-Level Executives = 42%, Directors = 37%, andOthers = 21%
- By Region: North America = 49%, Europe= 24%, APAC = 21%, and RoW = 6%
The key players operating in the battery energy storage system market areABB (Switzerland), LG Chem (South Korea), NEC (Japan), Panasonic (Japan), Samsung SDI (South Korea), AEG Power Solutions (Netherlands), General Electric (US), Hitachi (Japan), Siemens (Germany), and Tesla (US).
The research report analyzes the battery energy storage system market on the basis of element, battery type, ownership, connection type, application, and geography. Based on element, the battery energy storage system market has been classified into battery, hardware, and other elements. The market has been segmented on the basis of battery type into lithium-ion batteries, advanced lead-acid batteries, flow batteries, sodium–sulfur batteries, and others. Based on connection type, the market has been segmented into on-grid connection and off-grid connection. Based on ownership, the battery energy storage system market has been classified into customer owned, utility owned, and third-party owned systems. Based on application, the battery energy storage system market has been classified into residential, non-residential, utilities, and other applications. The report covers the market segmented into4major regions—North America, Europe, APAC, and RoW.
Key Benefits of Buying the Report:
- Illustrative segmentation, analysis, and forecast of the market based on element, battery type, ownership, connection type, application, and geography have been conducted to give an overall view of the battery energy storage system market.
- Major drivers, restraints, opportunities, and challenges pertaining to the battery energy storage system market have been detailed in this report.
- The report includes a detailed competitive landscape, along with the profiles of key market players.
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