The GMI Research foresees that the Battery Energy Storage System Global Market will undergo an expansion in demand over the forecast period. This is because of the aggravating implementation of lithium-ion battery energy storage systems owing to their notable properties as well as the persistent demand for constant power storage systems in the acute infrastructure.
Battery Energy Storage System Market Introduction
- An energy storage system refers to a system implemented to preserve energy by implementing electromechanical, chemical, and thermal solutions. Also, the battery energy system is a sub-division of the energy storage system and primarily makes use of an electrochemical solution. The key features kept in mind while selecting a system are the cycling lifetime, self-discharge, response time, capital, operational, and maintenance cost.
Key Players of the Market:
- AEG Power Solutions
- Mitsubishi Heavy Industries Ltd.
- LG Chem
- Panasonic Corporation
- ABB
- Tesla Inc.
- Samsung SDI Co., Ltd.
- General Electric
- Hitachi
- NEC Corporation
- Siemens AG
- Toshiba Corporation
- Exergonix Inc.
- Shenzhen Sunlith Energy Co. Ltd
Battery Energy Storage System Market Dynamics
Accumulation in the global battery energy storage system market is because of the mounting demand for lithium-ion technologies across the recyclable industry, the shrinking price of these batteries, and the upcoming mega projects across major economies. In addition, the conducive strategies and norms by the government, accompanied by the aggravating demand for grid-connected solutions, have propelled market growth. Furthermore, the growing seepage of changeable renewable creation technologies has supplemented the market growth. Besides this, the mounting demand for technologically sophisticated battery systems with enhanced volume, intensity, and dependency is another factor bolstering market growth.
Furthermore, as per the IEA, the extensive ability of the system was approximately 3.1 GWh in 2018. The demand for indigenous applications supplemented remarkably in China because of the allowance by two Chinese companies towards a complete range of projects encouraging the network operation. This helped the country to become a universal leader with nearly 0.5 GW of the latest storage positioned and 1GW in the development stage.
Element Segment Drivers
Based on the element, the battery is predicted to capture the highest share in the market during the coming years. The battery is the principal part of the system and seizes the maximum share in the price of the entire system. Also, the battery assists in raising the power frequency and controls the reprocess able energy sources. Further, it can be applied as a stabilizer during balancing problems because of the changes in the energy promoting an augmented implication of the system, thereby stimulating the global battery energy storage system market size.
Regional Drivers
As per the geographical coverage, Asia-Pacific is contemplated to witness the largest growth in the market because of the rising demand for energy systems across crucial economies such as Korea, Japan, China, and India. Additionally, the mounting investments in limitless energy projects majorly across developing nations like India and China have bolstered the battery energy storage system market size.
Battery Energy Storage System Market Segmentation:
Segmentation by Element
· Battery
· Hardware
· Other Elements
Segmentation by Battery Type
· Sodium-Sulfur Batteries
· Advanced Lead-Acid Batteries
· Flow Batteries
· Others
Segmentation by Connection Type
· Off-Grid Connection
· On-Grid Connection
Segmentation by Ownership
· Utility Owned
· Customer Owned
· Third-Party Owned
Segmentation by Application
· Residential
· Non-Residential
· Utilities
· Others
Segmentation by Region:
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· North America
o United States of America
o Canada
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· RoW
o UAE
o Brazil
o South Africa
o Saudi Arabia
About GMI Research
GMI imparts business perception and research reports for different organizations to help them attain viable growth in specific market domains. Our organization proffers detailed reports to help clients make deliberate business policies. The company has a team of analysts and industry experts offering a one-stop solution for the client. The research report has in-depth scrutiny of forecasts, competitive outlook, and market dynamics to help companies reach judicious decisions.
Pingback:Why do LifePO4 golf cart batteries replace lead-acid batteries?