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