Press release
Battery Energy Storage System Market is projected to reach USD 14.84 billion by 2025, growing at a CAGR of 32.1% from 2018 to 2025
According to Verified Market Intelligence, The 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.
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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:
Battery
Hardware
Other
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Global Battery Energy Storage System Market Segmentation, by Battery Type
Lithium-Ion Batteries
Flow Batteries
Sodium–Sulfur Batteries
Advanced Lead-Acid Batteries
Others
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
Residential
Non-Residential
Utilities
Others
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Global Battery Energy Storage System Market Geographic Scope
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Latin America
Brazil
Rest of the World
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