According to the new market research report "Battery Energy Storage System Market with COVID-19 Impact by Element (Battery, Others), Battery Type (Lithium-Ion, Flow Batteries), Connection Type (On-Grid And Off-Grid), Ownership, Energy Capacity, Application, and Geography - Global Forecast to 2025", the battery energy storage system market is projected to grow from USD 2.9 billion in 2020 to USD 12.1 billion by 2025; it is expected to grow at a CAGR of 32.8% from 2020 to 2025. The growth of this market is expected to be driven by the prevailing trend of adopting low-carbon and less fossil fuel-based economy and ongoing renewable energy revolution, surging requirement of continuous power supply from critical infrastructures in wake of COVID-19, growing adoption of lithium-ion batteries in renewable energy sector owing to their low costs and improved performance, and increasing demand for grid energy storage systems. These factors have helped the battery energy storage system market gain traction in applications, such as utilities, residential, and commercial.
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Battery energy storage systems with energy capacity above 500 MWh to witness highest CAGR during the forecast period
Based on energy capacity, the above 500 MWh segment of the battery energy storage system market is expected to grow at the highest rate during the forecast period. A battery energy storage system with a high capacity and a low power rating delivers a low amount of electricity for a long time and is sufficient to run a few crucial appliances. These battery storage systems help in running other power plants during times of high electricity demand. The utilities are among the applications that require high capacity energy storage systems. To date, most of the high capacity energy storage system installation projects across the world cater to the utility application. In recent years, due to the growing need for electrification in rural and urban areas, government and private bodies are striving to improve the electric grid system to cater to the energy needs. These systems help the utility meet local capacity requirements and mitigate energy procurement costs. For instance, California investor-owned utility Pacific Gas & Electric (PG&E) constructed a 182.5MW/730MWh battery energy storage system (BESS) project, which was among four energy storage projects located at Moss Landing Power Plant.
The market for battery element segment led the battery energy storage system market in 2019
The battery elements used in the battery energy storage system are in the form of modules and racks. The battery element alone constitutes 60% of the total battery energy storage system. It is the major element, where the functioning is regularized by hardware and software, which increase its efficiency. Majorly used battery types in battery energy storage systems are lithium-ion and lead-acid batteries.
APAC accounts for the largest market size during the forecast period
APAC held the largest battery energy storage system market share in 2019, followed by North America and Europe. The market in APAC mainly comprises developing economies, such as China and India, which have tremendous potential for installation of energy storage projects due to increasing renewable energy integration. APAC is expected to witness plans for electrification in remote areas, which are majorly off-grid in several countries. The use of residential energy storage technology will enable to increase access to electricity for these remote and island communities in the region. The battery energy storage system market in APAC is highly competitive with the presence of established players. These players are continually upgrading their product portfolio with the launch of technologically advanced energy storage products.
Some of the major battery energy storage system manufacturers based in Asia Pacific are Samsung SDI (South Korea), LG Chem (South Korea), Hitachi (Japan), Panasonic (Japan), and NEC Corporation (Japan).
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