The battery energy storage system market is expected to grow from USD
1.98 Billion in 2018 to reach USD 8.54 Billion by 2023, at a CAGR of
33.9% between 2018 and 2023. Factors that are driving the growth of the
market include the increasing demand for grid-connected solutions,
high demand for the lithium-ion technology in the renewable energy
industry, and declining prices of lithium-ion batteries.
• Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownload.asp?id=112809494
Contact:
Mr. Rohan
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
• Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownload.asp?id=112809494
The objective of the report is to provide a detailed
analysis of the battery energy storage system market segmented on the
basis of element, battery type, ownership, connection type, application,
and geography. It also provides detailed information on the major
factors influencing the growth of the battery energy storage system
market.
The lithium-ion batteries have a long lifespan of
5–15 years, and up to 98% efficiency (i.e., only 2% of electrical charge
is lost during use). The lithium-ion batteries have very high energy
and power densities, which leads to lower weight with low standby
losses, and high life expectancy. Lithium-ion batteries continue to hold
a large size of the battery energy storage system market owing to its
features such as high energy density, self-discharge capability, low
maintenance requirement, less weight, and high life expectancy.
The utility-owned ownership type held the major share
of the battery energy storage system market in 2017. The ability of the
utility-owned battery energy storage systems to manage large energy
requirements during peak hours is supporting the adoption of these
systems. According to the Energy Storage Association, US, the
utility-based battery storage installed capacity grew by 221 MW in 2016.
This shows the high dependence of the customers on the utility-owned
battery storage systems for their energy requirements.
Battery energy storage system market in APAC to grow at the highest CAGR between 2018 and 2023
APAC comprises China, Japan, India, South Korea, and
the Rest of APAC (RoAPAC). APAC is gradually becoming a hub for the
battery energy storage system industry. The demand for battery energy
storage systems from China, India, and Japan is gradually increasing.
The electricity demand in China is on rise due to the rapid population
growth in the country. To fulfill the increasing demand from this
population, the state-owned State Grid Corporation of China, the world’s
largest utility, has deployed battery energy storage systems to provide
ancillary services throughout its grid.
The major players operating in the battery energy storage system market
are ABB (Switzerland), LG Chem (South Korea), NEC (Japan), Panasonic
(Japan), Samsung SDI (South Korea), AEG Power Solutions (Netherlands),
General Electric (US), Hitachi (Japan), Siemens (Germany), and Tesla
(US).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research
on 30,000 high growth niche opportunities/threats which will impact 70%
to 80% of worldwide companies’ revenues. Currently servicing 5000
customers worldwide including 80% of global Fortune 1000 companies as
clients. Almost 75,000 top officers across eight industries worldwide
approach MarketsandMarkets™ for their painpoints around revenues
decisions.
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. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants
(Positioning top players across leaders, emerging companies, innovators,
strategic players) annually in high growth emerging segments.
MarketsandMarkets™ is determined to benefit more than 10,000 companies
this year for their revenue planning and help them take their
innovations/disruptions early to the market by providing them research
ahead of the curve.
MarketsandMarkets’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.
Mr. Rohan
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
No comments:
Post a Comment