The global battery energy storage systems market size is expected to reach USD 23.4 billion by 2027, ascending at a CAGR of 27.2% over the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for backup power supply across various industries along with requirement for improved grid network utilization is likely to drive the market over the forecast period.
Battery energy storage systems find application in several sectors including data centers, telecommunication, industrial, medical, and marine. In addition, growing deployment of renewable energy sources such as wind or solar power generation has led to increased adoption of these storage systems. The system provides constant power supply while compensating for intermittent nature of renewables.
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The market value chain comprises of raw material suppliers, equipment suppliers, the manufacturers in the industry, and end-use segment industries. Batteries form a major component of the system followed by cables, connectors, bus bars, and module packs, which are further utilized in the manufacturing process. Advantageous features such as easy recyclability, easy charging, favorable cost, and performance ratio define the competitiveness of the market.
Industry participants are largely emphasizing on commercialization of flywheel battery storage technology. Even though the technology is in its nascent stage, it is more economical when compared to lithium-ion or lead-acid batteries. The key reasons for this are the low maintenance cost and long service life of the flywheel technology, which compensates for the high initial investment required during its installation.
Top Key Players of Battery Energy Storage System Market Covered in The Report
- ABB
- LG Chem Ltd.
- Panasonic Corporation
- Samsung SDI
- BYD Company Limited
- Contemporary Amperex Technology Co. Limited
- Exide Technologies
- General Electric
- Enersys
- Nissan
- AES Energy Storage
- Hoppecke Batteries Inc.
- Tesla
Report Highlights: Battery Energy Storage System Market
- The lithium-ion segment occupied the largest market revenue share in 2019 owing to its high energy density and declining cost of batteries
- The flywheel segment is expected to be the fastest growing type segment over the forecast period owing to its longer lifespan and higher efficiency when compared to other energy storage technologies
- Data centers accounted for a dominant market position in 2019 owing to rapid development in infrastructure along with increasing requirement of continuous power supply at these facilities
- In Asia Pacific, the market was valued at USD 1.4 billion in 2019 and is expected to dominate the market over the forecast period owing to the industrial growth and rising demand for power from developing economies such as China and India.
Key Market Segmentation of Battery Energy Storage System Market
Grand View Research has segmented the global battery energy storage system market on the basis of application, product, and region:
Battery Energy Storage System Application Outlook (Revenue, USD Million, 2016 – 2027)
- Telecommunication
- Data Center
- Medical
- Industrial
- Marine
- Others
Battery Energy Storage System Battery Type Outlook (Revenue, USD Million, 2016 – 2027)
- Flywheel
- Lead acid
- Lithium-ion
- Others
Battery Energy Storage System Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- North America
- Europe
- Asia Pacific
- RoW
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Report Highlights: Battery Energy Storage System Market
- Alkaline electrolyzer technology segment led the market in 2019 owing to low capital cost and higher operating period capability of this technology
- However, the PEM electrolyzer technology is expected to be the fastest-growing as well as the largest segment in the forecast period owing to its lower membrane thickness, high proton conductivity, and lower gas permeability
- Europe was the largest regional market in 2019 owing to the presence of a high number of Battery Energy Storage System production plants across the region
- North America is estimated to register a significant CAGR over the forecast period owing to implementation of clean energy targets along with growing end-market applications, such as Battery Energy Storage System being used as a fuel in fuel-cell driven vehicles
- Asia Pacific is expected to record the fastest CAGR in the forecast period owing to supportive policies and large-scale Battery Energy Storage System projects announced in countries, such as Australia and Japan
This Report Addresses:
- Market Intelligence to enable effective decision making.
- Market estimate and forecast from 2016-2027.
- Growth opportunities and trend analysis.
- Segment and regional revenue forecast for market assessment.
- Competition strategy and market share analysis.
- Product innovation listing for you to stay ahead of the curve.
- COVID19 market impact and how to sustain in these fast-evolving markets.
Table of Content:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary: Battery Energy Storage System Market
Chapter 3. Market Definitions
Chapter 4. Battery Energy Storage System Market Variables, Trends & Scope
Chapter 5. Battery Energy Storage System Market Technology Outlook
Chapter 6. Battery Energy Storage System Regional Outlook
Chapter 7. Competitive Landscape
Chapter 8. Company Analysis
List of Tables
List of Figures
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