What are the fastest or highest-growing areas in the Battery Energy Storage System Market?

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 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 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 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 market for this market.

The battery energy storage system market for utilities is expected to grow at the highest CAGR between 2018 and 2023. The generation and consumption of electricity need to be matched at all times, as mismatch leads to the voltage and frequency deviations, and causes power outages and damage to the equipment. To overcome this problem, the utilities install battery energy storage systems with the electric grids, which control the voltage and frequency deviations. The battery energy storage systems used in utilities is a cost-effective alternative to replace a conventional infrastructure, especially in helping substations, and transmission and distribution (T&D) line to meet growing peak demands. These factors are fostering the growth of the battery energy storage system market.

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