Increasing Demand For Grid-Connected Solutions Driving the Growth for Battery Energy Storage System Market

The battery energy storage system market is expected to grow from USD 2.0 billion in 2018 to reach USD 8.5 billion by 2023, at a CAGR of 33.9% between 2018 and 2023. Increasing demand for grid-connected solutions is one of the major factors driving the growth of the market. Moreover, high demand for the lithium-ion technology in the renewable energy industry, and declining prices of lithium-ion batteries are expected to considerably boost the market in the coming years. The objective of the report is to define, describe, and forecast the market size based on element, battery type, ownership, connection type, application, and region.   

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Driver:  Increasing Demand For Grid-Connected Solutions

The most prominent types of renewable energy sources are solar and wind that are stored in the grid. However, the concealing of the sun by clouds or fluctuations in the wind current lead to the variations in the process of energy generation. Such fluctuations create a need for the flexible grid systems for energy storage. Battery energy storage systems help the grid operators to save the electricity when the quantity of electricity exceeds the demand for electricity. The adoption of these systems improves the reliability and flexibility of the electricity supply system with respect to generation, transmission, and distribution. During transmission and distribution, battery energy storage systems can handle the aspects such as asset deferral, frequency regulation, harmonic suppression, voltage support, and power quality. Electric energy time shift, baseload leveling and peak shaving, renewable energy time shift, and renewables capacity firming are the other benefits of using battery energy storage systems for grid-connected solutions, which drive the adoption of these systems, thus fueling the growth of the market.

Siemens offers SIESTORAGE, an intelligent grid solution. SIESTORAGE is capable of overcoming the challenges phased during the 3 main aspects of power supply—optimizing grid connections, providing flexible energy for modern grids, and supporting large energy consumers. In July 2015, EDP Distribuicao offered Storage InovGrid tender to Siemens’s SIESTORAGE in Évora (Portugal). The SIESTORAGE system provides services such as energy back-up, voltage regulation, and peak shaving in EDP’s grid stability, and reflects the benefits of intelligent grids to the grid operators.

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).

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