“According to the research report published by Polaris Market Research, the global battery energy storage system market was valued at USD 4.04 billion in 2021 and is expected to reach USD 28.67 billion by 2030, to grow at a CAGR of 27.0% during the forecast period.”
The report delivers significant research data and proof to be a ready-to-access and self-analyzed study for managers, analysts, industry experts, and other key people, assisting them in making crucial business decisions. The report comprises qualitative and quantitative information on the Battery Energy Storage System Market that provides historical data and growth forecast. It covers recent developments, technologies, and the changing investment structure of the market. The report is showcased with self-explained tables and charts in a presentable format.
One of the factors responsible for the market’s growth is rising investment. For instance, in April 2021, ACEN announced a plan to invest in developing solar, wind, and BESS projects to expand its renewable power portfolio. ACEN is already making investments in BESS through its renewable power research lab in Mariveles, Bataan, where different solar and battery power storage systems methods will be tested.
Also, in September 2021, the U.S. Department of Energy (DOE) announced USD 17.9 million in funding for multiple research & development efforts aimed at increasing American manufacturing of flow batteries and prolonged storage systems. DOE also announced a new USD 9 million initiative, the Energy Storage for Social Equity Initiative, to help many as 15 under-privileged and frontline societies use power storing to increase resilience and reduce power pressures.
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As per IEA, in 2020, total investment in battery storing is expected to increase by nearly 40% to USD 5.5 billion. In the U.S., Congress approved a USD 900 billion Covid-19 reprieve bill in December 2020, which included a two-year augmentation of the solar investment tax credit as well as the “Better Energy Storage Technology Act.” Thus, capital investment in BESS and renewable power fuels the acceptance rate of battery power storing systems, pushing the market share during the forecast period.
Based on the application, the utility segment accounted for the leading share in the market. Some need to meet peak power requirements is a crucial factor driving the growth of the utility industry. In sudden volatility in the power supply, the utility BESS generates electricity quality, frequency, and voltage control services. The continued growth for an adequate and stable supply of electricity in most regions and the increasing demands for renewable power is driving the huge market for battery power storage in the utility sector.
Top Key Players:
- ABB
- AES Corporation
- BYD Company
- Contemporary Amperex Technology
- General Electric
- Hitachi
- Ltd.
- Honeywell Corporation
- LG Energy Solutions CO.
- Ltd.
- NEC Energy Solutions
- Panasonic Corporation
- Saft America
- Samsung SDI
- Siemens AG
- Sunverge Energy
- Tesla Inc.
- Toshiba Corporation
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Polaris market research has segmented the battery energy storage system market report based on battery type, connection, energy capacity, application, and region:
Battery Energy Storage System, Battery Type Outlook (Revenue – USD Billion)
- Lithium-Ion Batteries
- Advanced Lead-Acid Batteries
- Flow Batteries
- Others
Battery Energy Storage System, Connection Outlook (Revenue – USD Billion)
- On-grid
- Off-grid
Battery Energy Storage System, Energy Capacity Outlook (Revenue – USD Billion)
- Below 100 MWh
- Between 100 to 500 MWh
- Above 500 MWh
Battery Energy Storage System, Application Outlook (Revenue – USD Billion)
- Residential
- Commercial
- Utility
Battery Energy Storage System, Regional Outlook (Revenue – USD Billion)
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- UK
- Italy
- Netherlands
- Russia
- Spain
- Asia Pacific
- China
- India
- Japan
- Malaysia
- South Korea
- Indonesia
- Latin America
- Mexico
- Brazil
- Argentina
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Key Questions Answered with This Study
- What makes the market feasible for long-term investment?
- What geographic region would have better demand for products/services?
- What opportunity emerging territory would offer to established and new entrants in the market?
- How influencing factors driving the demand for Battery Energy Storage System Market in the next few years?
- What is the impact analysis of various factors in the market growth?
- What strategies of major players help them acquire share in a mature market?
- What are the recent trends in the regional market?
- What will be the market-based future possibilities, development patterns, and Battery Energy Storage System Market elements?
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