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.
More Infor@ Battery Energy Storage System Market
Lithium-ion batteries to hold largest size of the battery energy storage system market throughout the forecast period
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.
Utility-owned battery energy storage system held a major share of the market in 2017
The utility-owned ownership type held the major share
of the battery energy storage system market in 2017. The ability of the
utility-owned battery energy storage systems to manage large energy
requirements during peak hours is supporting the adoption of these
systems. According to the Energy Storage Association, US, the
utility-based battery storage installed capacity grew by 221 MW in 2016.
This shows the high dependence of the customers on the utility-owned
battery storage systems for their energy requirements.
Utilities to hold largest size of the battery energy storage system market during the forecast period
Battery energy storage system is well suited for
smoothing the variable output of renewables and controlling the rapid
ramping up and down of solar as well as wind generation. The grid
operators and regulators are aware of the importance of battery energy
storage systems and their ability to cater through multiple services.
The utility operators are using these systems in their resource planning
processes, which reduces the system costs and increases storage
capacity.
Battery energy storage system market 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 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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