Battery Energy Storage System Market | Opportunity and Challenge

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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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Opportunity:  Increasing focus on rural electrification worldwide

Rural electrification is the process of bringing electrical power to rural or remote areas. Battery energy storage is the most effective storage technology for rural electrification applications. Various countries in the world are trying to develop their remote areas. They need to have a reliable and uninterrupted power supply from the renewable and conventional sources, increase the overall system efficiency, and provide economic savings across the system life cycle to fulfill this purpose.

The Alliance for Rural Electrification (ARE) is an international association that works toward the integration of renewables into rural electrification markets in developing and emerging countries. The growing volume of entrepreneurial seed capital, utility corporate social responsibility funding, and corporate and social investor capital are supporting the investment for rural electrification. For instance, in June 2016, ABB installed a 1 MVA/380 kWh battery-based PowerStore solution to maximize the renewable energy penetration and reliability of power supply. Its facility in Longmeadow (Johannesburg, South Africa) had the power load of ~750 kW, and the facility was grid-connected. The facility suffered from frequent grid outages, which was impacting its operations and power quality on site. The PowerStore system enables high renewable energy penetration and smooth transitioning from grid-connected to off-grid mode in the event of a grid outage.

Challenge: Installation of battery energy storage systems in remote locations

The installation of battery energy storage systems in remote locations is difficult as these locations are difficult to reach. The remote locations usually include island and off-grid remote locations, which face various challenges due to a variable generation and supply of power generated through renewable energy sources. The challenges include ambient conditions such as temperature variation during day and night, costly maintenance due to travel requirements to reach these locations, and lack of installation infrastructure for equipment. The sun-belt regions (off-grid) exceed the local load during the sunniest hours of the day, and the battery energy storage systems store the excess solar energy and compensate the photovoltaic (PV) power fluctuations. Reaching the remote areas frequently is not possible for the operators; hence, they also use diesel generators, which are only activated when the charge status of the battery falls below the minimum set point. The diesel generators are expensive and have high emissions. Also, the shipping of battery energy storage systems and diesel generators to remote areas becomes difficult due to the restrictive government regulations. This factor acts as a challenge for the growth of the battery energy storage system market in remote localities, such as island and off-grid regions.

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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