Battery Energy Storage Systems - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Battery Energy Storage Systems Market is accounted for $2.71 billion in 2019 and is expected to reach $31.00 billion by 2027 growing at a CAGR of 35.6% during the forecast period. Some of the key factors propelling the market growth include increasing demand for grid-connected solutions, high demand for the lithium-ion technology in the renewable energy industry, growing global energy consumption along with increased energy efficiency requirements, and increasing government funding in grid installations. However, high capital investment required for the deployment is restraining the market growth.
Battery energy storage systems are the system that is 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. This is an important benefit especially when the demand for electricity grows and exceeds the supply.
By battery type, the lithium-ion batteries segment is anticipated to grow at the significant rate during the forecast period, due to the lithium-ion batteries not only reliable cycle life but also high energy and power density in terms of volume, high charge/discharge efficiency, and low maintenance needs. Furthermore, these batteries have lighter weight than nickel–cadmium and nickel metal-hydride batteries. These batteries have very high energy and power densities, which leads to lower weight with low standby losses, and high life expectancy.
On the basis of geography, Asia Pacific 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.
Some of the key players in battery energy storage systems market include ABB Group, AEG Power Solutions BV, Alevo Group SA, Corvus Energy, East Penn Manufacturing Co., Inc., EnerDel, Inc., Exergonix, GE Power, Hitachi Ltd., LG Chem Ltd., Mitsubishi Heavy Industries Ltd., NEC Energy Solutions, NGK Insulators Ltd., Panasonic Corporation, Samsung SDI Co., Ltd, Siemens AG, Tesla, Inc., The AES Corporation, Toshiba Infrastructure Systems & Solutions, and TrinaBESS.
Battery Types Covered:
• Advanced Lead-Acid Batteries
• Flow Batteries
• Lithium-Ion Batteries
• Sodium-ion Batteries
• Sodium–Sulfur Batteries
• Other Battery Types
• Third-Party Owned
• Customer Owned
• Utility Owned
Connection Types Covered:
• Off-Grid Connection
• On-Grid Connection
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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