Battery Energy Storage System Market

Battery Energy Storage System Market

Market Analysis:

The global battery energy storage system market forecast will be $34,249 million by 2025, increasing from $1,950 million in 2018 at a healthy CAGR of 37.5%. North America market share is growing at a CAGR of 15.6% by generating revenue of $13,138 million by 2025. Asia-Pacific regional growth is expecting $10,126 million by 2026.

Battery energy storage systems are the systems which are used to store the electricity produced by the power plants, specifically renewable power plants. It helps in monitoring and controlling the generated electricity precisely. Battery Energy Storage System uses exceptional physics-based models to produce the strong operation of the storage system.

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Market Drivers: 

Surging demand for grid energy storage systems due to constant grid modernization

Solar and wind energy are the most important types of renewable energy which are stored in grids. However, covering of the sun by clouds or changing wind currents result in variations in the process of energy generation. Such variations create the need of flexible grid systems utilized to store energy. Battery energy storage systems assist grid operators to save electricity when the electricity generated exceeds the electricity requirement. The adoption of these systems enhances the reliability and pliability of electricity supply systems in terms of generation, transmission and distribution of electric power. 

Market Restraints:

Heavy capital investment required for the deployment, coupled with the dearth of the availability of market vendors and project financing is the major factor confining the growth of the market.

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The Global Battery Energy Storage System Market has been segmented as below:

By Type

  • Lithium-Ion Batteries

  • Sodium-Sulfur Batteries

  • Advanced Lead-Acid Batteries

  • Flow Batteries

By Connection

  • On-Grid

  • Off-Grid

By Application

  • Residential

  • Non-Residential

  • Utilities

By Ownership

  • Customer Owned

  • Third-Party Owned

  • Utility Owned

By Element

  • Battery

  • Hardware

By Region

  • North America

  • Europe

  • Asia-Pacific

  • Rest of the World

By Company

  • ABB

  • LG Chem

  • NEC

  • Panasonic

  • Samsung SDI

  • AEG Power Solutions

  • General Electric

  • Hitachi

  • Siemens AG

  • Tesla