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.
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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.
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Magarpatta city, Hadapsar
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1-888-600-6441
Email: sales@marketsandmarkets.com
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