Battery Energy Storage System Market by Battery Type (Lithium-Ion, Advanced Lead Acid, Flow Batteries, Sodium Sulfur)- Global Forecast to 2023

The battery energy storage systems are primarily used to reduce peak demand charges; integrate renewable source, regulate voltage, and frequency; and provide backup power supply. The battery energy storage system market was valued at USD 1.45 Billion in 2017 and is expected to reach USD 8.54 Billion by 2023, at a CAGR of 33.9% between 2018 and 2023.  The base year considered for the study is 2017, and the forecast period is between 2018 and 2023. The major factors driving the growth of the battery energy storage system 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.

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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.

Some of 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). The battery energy storage systems provided by these players are required to meet the standards mandated by governmental organizations, such as International Organization for Standardization (ISO).

Key Target Audience

• Battery energy storage system manufacturers
• Battery energy storage system providers
• Energy storage research institutions
• Government and research organizations
• Grid operators
• Research organizations and consulting companies
• Solid-state battery, electrochemical capacitor, and other energy storage technology manufacturers
• Technology standard organizations, forums, alliances, and associations

“This study answers several questions for the stakeholders, primarily, which market segments to focus on in the next 2–5 years for prioritizing efforts and investments”

Scope of the Report

This research report categorizes the battery energy storage system market on the basis of element, battery type, ownership, connection type, application, and geography.

Battery Energy Storage System Market, by Element:

• Battery
• Hardware
• Other Elements

Battery Energy Storage System Market, by Battery Type:

• Lithium-Ion Batteries
• Sodium–Sulfur Batteries
• Flow Batteries
• Advanced Lead-Acid Batteries
• Others

Battery Energy Storage System Market, by Ownership:

• Utility Owned
• Customer Owned
• Third-Party Owned

Battery Energy Storage Systems Market, by Connection Type:

• On-Grid Connection
• Off-Grid Connection

Battery Energy Storage System Market, by Application:

• Residential
• Non-Residential
• Utilities
• Other Applications

Battery Energy Storage System Market, by Geography:

• North America
• Europe
• Asia Pacific (APAC)
• Rest of the World (RoW)

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