Battery Energy Storage Systems Market to Grow at 12.0% CAGR from 2018-2026: Latest Innovations to Boost Growth
Prominent players in the market comprise Tesla, Panasonic, and LG Chem. Additionally, there are several new companies such as General Electric and Fluence trying to emerge in the market.
Key players in the battery energy storage systems market are engaging in research and development activities to expand their footprints globally.
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Due to growing demand and rapid industrialization, battery energy storage systems market has witnessed major technological advancements. Researchers are developing new battery structures and compositions to push the performance of battery and enhance its sustainability. They are also working on reducing the cost of lithium-ion batteries to expand its consumer base.
They are replacing the expensive cobalt with nickel or manganese which are comparatively cheaper. Prominent players in the market continue to diversify their product applications to increase their revenue share in the market. Some of the key companies engage in collaborations and contracts to gain a competitive edge in the global battery energy storage systems market.
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The global battery energy storage systems market was valued at nearly US$9 bn in 2017 and is perceived to expand at a CAGR of ~12.0% from 2018 to 2026. The lithium-ion battery segment is expected to hold the largest share in the market during the forecast period owing to low maintenance cost and reliable life cycle. In addition to this, they are light weight which will further drive its growth.
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