Battery Energy Storage System Market worth US$ 8.54 Billion by 2023 | Top Companies, Latest Innovation, Advance Technology
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The Battery Energy Storage System Market is expected to grow from USD 1.98 Billion in 2018 to reach USD 8.54 Billion by 2023, at a CAGR of 33.9% between 2018 and 2023. This report spread across 195 pages, profiling 10 companies and supported with 83 tables and 79 figures are now available in this research.
Top Companies Profiled in the Battery Energy Storage System Market:
o ABB (Switzerland)
o LG Chem (South Korea)
o NEC (Japan)
o Panasonic (Japan)
o Samsung SDI (South Korea)
o AEG Power Solutions (Netherlands)
o General Electric (US)
o Hitachi (Japan)
o Siemens (Germany)
o Tesla (US)
"Market for flow batteries is expected to grow at the highest CAGR between 2018 and 2023"
The battery energy storage system market for flow batteries is expected to grow at the highest CAGR between 2018 and 2023. The redox, hybrid, and membrane-less batteries are the different classes of flow batteries. A new generation of redox (i.e., reduction-oxidation) flow batteries in battery energy storage system are much better suited for medium- and large-scale applications where heavy use, long-term cycling, durability, and safety are paramount.
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"Market for customer-owned battery energy storage systems is expected to grow at the highest CAGR between 2018 and 2023"
The customer-owned battery energy storage system help reduce the electricity cost, as used electricity is charged under the time-of-use (TOU) tariff. There are 3 periods for TOU pricing: peak, shoulder, and off-peak. Commonly, prices are highest in peak times and lowest in off-peak times. Through the adoption of battery energy storage systems, the customers can easily reduce their energy spendings (electricity cost and annual investment cost) under the TOU tariff.
"North America to hold the largest share of the global battery energy storage system market during the forecast period"
North America is expected to hold the largest share of the battery energy storage system market between 2018 and2023.The growth of the North American market is attributed to high demand for these systems from the utility and residential sectors in this region. The increasing number of projects related to utility and residential applications in North America is further expected to drive the market in the coming years. Few non-profit organizations organize various conferences and exhibitions to support the implementation of battery energy storage systems.
Breakdown of primary participants' profile:
o By Company Type: Tier 1 = 46%, Tier 2= 31%, and Tier 3 = 23%
o By Designation: C-Level Executives = 42%, Directors = 37%, andOthers = 21%
o By Region: North America = 49%, Europe= 24%, APAC = 21%, and RoW = 6%
Competitive Landscape of Battery Energy Storage System Market:
2 Market Ranking Analysis: Battery Energy Storage System Market, 2017
3 Competitive Situation & Trends
3.1 Agreements, Contracts, Collaborations, & Partnerships
3.2 Product Launches & Developments
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The research report analyzes the battery energy storage system market on the basis of element, battery type, ownership, connection type, application, and geography. Based on element, the battery energy storage system market has been classified into battery, hardware, and other elements. The market has been segmented on the basis of battery type into lithium-ion batteries, advanced lead-acid batteries, flow batteries, sodium-sulfur batteries, and others
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