Global Battery Energy Storage System Market was valued at USD 1.60 billion in 2017 and is projected to reach USD 14.84 billion by 2025, growing at a CAGR of 32.1% from 2018 to 2025.
What is Battery Energy Storage System?
Battery energy storage systems are the system that are used to store the electricity produced by the power plants, particularly renewable power plants. It helps in monitoring and controlling the generated electricity accurately. Battery Energy Storage System uses advanced physics-based models in order to provide robust operation of the storage system. The stored electricity can be later used in supplying electricity to the consumers during power fluctuations in poor weather conditions. Growing energy consumption along with rising need for energy efficiency in the electricity supply system have contributed in the growth of battery energy storage system market.
Global Battery Energy Storage System Market Outlook
Growing demand for grid-connected solutions, increasing demand of lithium-ion technology and decline in prices of lithium-ion batteries have been driving the global battery energy storage system market. On the other hand, requirement of high capital investment for deployment and lacking standards in order to ensure safe installation and usage of battery energy storage systems might hinder the overall growth at a global level.
Global Battery Energy Storage System Market Competitive Landscape
The “Global Battery Energy Storage System Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as ABB, LG Chem, NEC, Panasonic, Samsung SDI, AEG Power Solutions and General Electric. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis.
Global Battery Energy Storage System Market Segmentation, by Element:
Global Battery Energy Storage System Market Segmentation, by Battery Type
- Lithium-Ion Batteries
- Flow Batteries
- Sodium–Sulfur Batteries
- Advanced Lead-Acid Batteries
Global Battery Energy Storage System Market Segmentation, by Connection Type
- On-Grid Connection
- Off-Grid Connection
Global Battery Energy Storage System Market Segmentation, by Ownership
- Customer Owned
- Third-Party Owned
- Utility Owned
Global Battery Energy Storage System Market Segmentation, by Application
Global Battery Energy Storage System Market Geographic Scope
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of the World
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