The battery energy storage system market is expected to grow at a
CAGR of 37.0% between 2016 and 2022 and is expected to reach USD 6.81
Billion by 2022. The growth of the market is driven by the increasing
demand for grid connected solutions, growing electric vehicle market,
high requirement of lithium-ion batteries in various applications, and
government support.
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There is a growing market for battery energy storage system in residential, non-residential, and transportation application. The residential battery energy storage systems are gaining popularity owing to interest in the use of natural energy and as a power source at the time of emergency. Moreover, lithium-ion batteries are expected to become mainstream technology for residential battery energy storage systems as it supports cutting down the amount of power lost from AC-DC conversion.
The battery energy storage system in non-residential application supports electricity bills savings, thereby reducing the peak hour demand. This factor is expected to drive the growth of non-residential sector of this market. Additionally, the increasing market of electric vehicles is supporting the growth of the battery energy storage system market for the transportation sector.
The battery energy storage system market on the basis of battery type is segmented into advanced-lead acid batteries, flow batteries, lithium-ion batteries, and sodium-sulfur (NAS) batteries among others. The lithium-ion batteries (LIBs) are currently used in a majority of BEVs and PHEVs, and it is likely that they would continue to lead throughout the next decade. Furthermore, the increasing advancement in flow batteries which are considered safer than lithium-ion batteries are expected to support the growth of battery energy storage system.
The flow batteries can resist greater temperatures and periods of idleness, which makes them suitable for storing and releasing renewable energy such as that from solar panels and wind turbines. The most popular flow batteries include vanadium redox flow battery and hybrid flow batteries which include zinc-bromine, zinc-cerium, and lead-acid among others. These factors are driving the growth of the market for battery energy storage system based on the flow battery technology.
In 2015, the utility application held the largest market in Asia-Pacific, whereas the residential application is expected to grow at a high CAGR between 2016 and 2022. The major reasons driving the growth of the battery energy storage system market in the APAC region is the large number energy storage installations in countries such as China, Japan, and India.
The APAC region offers potential growth opportunities as there is a rise in the adoption of battery energy storage system owing to the attractive residential sector. Some of the major battery energy storage system developers located in Asia-Pacific are Samsung SDI (South Korea), LG Chem. (South Korea), Hitachi ltd (Japan), Panasonic Corporation (Japan), and NEC Corporation (Japan).
The requirement of high investment acts as major restraining factor for the battery energy storage system market. In the market, LG Chem Ltd. is considered to be a leading provider of lithium-ion batteries. It offers products mainly for the battery segment. LG Chem. has won the world’s highest amount of second round order contracts for its automotive battery business. It continuously focuses on expanding its customer base in the energy storage battery business by winning large energy grid projects in North America and Europe. The company has a wide product portfolio that covers segments such as petrochemical, battery, and information & electric materials. The company holds a good position in the APAC region and is focusing on catering to other big potential markets such as Europe and North America.
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MarketsandMarkets is the world’s No. 2 firm in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
M&M’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.
We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.
Contact:
Mr. Rohan
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India
1-888-600-6441
Email: sales@marketsandmarkets.com
Download PDF Brochure: http://www.marketsandmarkets.com/pdfdownload.asp?id=112809494
There is a growing market for battery energy storage system in residential, non-residential, and transportation application. The residential battery energy storage systems are gaining popularity owing to interest in the use of natural energy and as a power source at the time of emergency. Moreover, lithium-ion batteries are expected to become mainstream technology for residential battery energy storage systems as it supports cutting down the amount of power lost from AC-DC conversion.
The battery energy storage system in non-residential application supports electricity bills savings, thereby reducing the peak hour demand. This factor is expected to drive the growth of non-residential sector of this market. Additionally, the increasing market of electric vehicles is supporting the growth of the battery energy storage system market for the transportation sector.
The battery energy storage system market on the basis of battery type is segmented into advanced-lead acid batteries, flow batteries, lithium-ion batteries, and sodium-sulfur (NAS) batteries among others. The lithium-ion batteries (LIBs) are currently used in a majority of BEVs and PHEVs, and it is likely that they would continue to lead throughout the next decade. Furthermore, the increasing advancement in flow batteries which are considered safer than lithium-ion batteries are expected to support the growth of battery energy storage system.
The flow batteries can resist greater temperatures and periods of idleness, which makes them suitable for storing and releasing renewable energy such as that from solar panels and wind turbines. The most popular flow batteries include vanadium redox flow battery and hybrid flow batteries which include zinc-bromine, zinc-cerium, and lead-acid among others. These factors are driving the growth of the market for battery energy storage system based on the flow battery technology.
In 2015, the utility application held the largest market in Asia-Pacific, whereas the residential application is expected to grow at a high CAGR between 2016 and 2022. The major reasons driving the growth of the battery energy storage system market in the APAC region is the large number energy storage installations in countries such as China, Japan, and India.
The APAC region offers potential growth opportunities as there is a rise in the adoption of battery energy storage system owing to the attractive residential sector. Some of the major battery energy storage system developers located in Asia-Pacific are Samsung SDI (South Korea), LG Chem. (South Korea), Hitachi ltd (Japan), Panasonic Corporation (Japan), and NEC Corporation (Japan).
The requirement of high investment acts as major restraining factor for the battery energy storage system market. In the market, LG Chem Ltd. is considered to be a leading provider of lithium-ion batteries. It offers products mainly for the battery segment. LG Chem. has won the world’s highest amount of second round order contracts for its automotive battery business. It continuously focuses on expanding its customer base in the energy storage battery business by winning large energy grid projects in North America and Europe. The company has a wide product portfolio that covers segments such as petrochemical, battery, and information & electric materials. The company holds a good position in the APAC region and is focusing on catering to other big potential markets such as Europe and North America.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
About MarketsandMarkets
MarketsandMarkets is the world’s No. 2 firm in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
M&M’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.
We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.
Contact:
Mr. Rohan
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India
1-888-600-6441
Email: sales@marketsandmarkets.com
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