The battery energy storage system market was valued at USD 747.61 Million in 2015 and is expected to grow at a CAGR of 37.0% between 2016 and 2022. The base year used for the study is 2015 and the forecast period is between 2016 and 2022. This report provides a detailed analysis of the battery energy storage system market segmented on the basis of battery type, connection type, revenue source, ownership, application, and geography. The increasing demand for grid-connected solutions and growing electric vehicle market is expected to impact the market in the future.
The ecosystem of the battery energy storage system market includes the raw material provider and component manufacturer, battery energy storage system manufacturers, system integrators, and distributors. The key players in the market include ABB Ltd. (Switzerland), AEG Power Solutions (The Netherland), General Electric Co. (U.S.), Hitachi ltd (Japan), LG Chem. (South Korea), NEC Corporation (Japan), Panasonic Corporation (Japan), Samsung SDI Co., ltd. (South Korea), Siemens AG (Germany), and Tesla Motors Ltd. (U.S.) among others.
The transportation sector expected to lead the battery energy storage system market
The growing implementation of batteries in battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) is expected to support the growth of the BESS market. The implementation of battery types such as lithium-ion, Nickel-cadmium (NiCd), Nickel-metal hydride (NiMh), Li-ion polymer is driving the transportation application of the battery energy storage system market. The lithium-ion batteries gain huge traction as they provide high energy and power density in terms of volume and high charge/discharge efficiency and are more lightweight than other batteries such as lead-acid batteries. These factors are supporting the growth of battery energy storage system in transportation sector.
The residential sector expected to grow at a high rate between 2016 and 2022
The market for battery energy storage system for the residential sector is expected to grow at a high CAGR between 2016 and 2022. The residential segment use battery energy storage systems to provide power to houses. The renewable energy such as wind and solar generates power intermittently with high variable output. The ability of BESS to store this energy during peak production is driving the mass adoption of renewable energy in residential and commercial applications. All these factors are expected to drive the residential sector supporting the growth of the battery energy storage system market.
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This research report categorizes the global battery energy storage system market on the basis of battery type, connection type, ownership, revenue source, application, and geography. This report describes the drivers, restraints, opportunities, and challenges with respect to the battery energy storage system market. The Porter’s five forces analysis has been included in the report with a description of each of its forces and their respective impact on the battery energy storage system market. Brief information on the research methodology implemented for the report can be found in the report description provided on the website.
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Email: sales@marketsandmarkets.com
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