The battery energy storage systems (BESS) 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 (BESS) 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 battery energy storage system (BESS) 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.
• Download PDF Brochure:-
https://www.marketsandmarkets.com/pdfdownload.asp?id=112809494
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 battery energy storage systems market for on-grid
connection is expected to grow at a higher CAGR between 2018 and 2023.
The on-grid battery energy storage systems use the utility grids for
supplying electricity to consumers, which also helps reduce the energy
bills. The load leveling, peak shaving, and power demand management are
the main applications of any on-grid connected battery energy storage
system installed with electrical grids. These factors contribute to the
growth of the market for on-grid battery energy storage systems.
The market for the customer-owned battery energy
storage systems is expected to grow at the highest CAGR between 2018 and
2023. The customer-owned battery energy storage systems help reduce the
electricity cost, as electricity is charged under the time-of-use (TOU)
tariff. Under the TOU tariff, the customer can easily reduce the energy
cost (electricity cost and annual investment cost) through the adoption
of battery energy storage systems.
Batteries held the largest size of the battery energy
storage system market in 2017. Battery is the major part of the battery
energy storage systems. It leads to 60% of the total cost of the
system. The different types of batteries used in the battery energy
storage systems are lithium-ion, advanced lead-acid batteries,
sodium–sulfur, and flow batteries, among others. The choice of these
batteries depends on the characteristics of these batteries and their
intended application. Availability of types of battery is driving the
growth of the battery energy storage system market for this market.
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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