How Battery Energy Storage System Market is segmented?

According to the new market research report "Battery Energy Storage System Market by Element (Battery, Hardware), Battery Type (Lithium-Ion, Advanced Lead Acid, Flow Batteries, Sodium Sulfur), Connection Type (On-Grid And Off-Grid), Ownership, Application, and Geography - Global Forecast to 2023", 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.

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This research report categorizes the battery energy storage system market based on Element, Battery Type, Ownership, Connection Type, Application, and Region.

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
• Advanced Lead-Acid Batteries
• Flow Batteries
• Others

Battery Energy Storage System Market, By Connection Type

• On-Grid Connection
• Off-Grid Connection

Battery Energy Storage System MARKET, BY OWNERSHIP

• Customer Owned
• Third-Party Owned
• Utility Owned

Battery Energy Storage System Market, by Application

• Residential
• Non-Residential
• Utilities 
• Others

Battery Energy Storage System Market, by Geography

• North America (US, Canada, and Mexico)
• Europe (UK, Germany, France, and Rest of Europe)
• APAC (China, Japan, India, South Korea, and Rest of APAC)
• RoW (South America, and the Middle East and Africa)

Battery energy storage systemmarket 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 systemmarket 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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