Battery Energy Storage System Market is growing with CAGR of 34% | ABB, LG, Panasonic

Global Battery Energy Storage System Market is valued approximately USD 2 billion in 2018 and is anticipated to grow with a growth rate of more than 34% over the forecast period 2019-2026.

This research report on the battery energy storage system market includes an elaborate assessment of this business vertical. The report also comprises a detailed summary of the segments, in addition to a basic overview of the battery energy storage system market regarding its current status as well as the industry size, with respect to the volume and revenue parameters.

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Market Overview
Battery Energy Storage System are used to store electricity that is generated from power plants., Then this electricity is supplied to consumers when power generation from renewable power plant fluctuates due to weather conditions.

The growth is attributed to the lithium-ion batteries which are light weight than nickel-cadmium and nickel metal-hydride batteries, also high energy and power density in terms of volume, high charge/discharge efficiency, and low maintenance needs. Moreover, the increasing demand for grid-connected solutions and high demand for the lithium-ion technology in the renewable energy industry has enhanced the growth of this market over the forecast period.

The rising global population along with declining prices of lithium-ion batteries boost the market growth. The adoption of grid systems improves the reliability and flexibility of the electricity supply system with respect to generation, transmission, and distribution and increasing disposable income will boost the growth of global Battery Energy Storage System market over the forecast period of 2019-2026.

Competitive Landscape:

Geographically, battery energy storage system market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer. The competitive analysis of leading market players is another notable feature of the battery energy storage system market report; it identifies direct or indirect competitors in the market. The report offers company profile of market players alongside product picture and it’s specifications, battery energy storage system market plans, and technology adopted by them, future development plans. In addition, strength and weaknesses analysis of battery energy storage system market competitive firms gives competitive advantages so that the efficiency and the productivity of companies are improved.
Major market player included in this report are:
ABB
LG Chem
NEC
Panasonic
Samsung SDI
AEG Power Solutions
General Electric
Hitachi
Siemens AG
Tesla

Market Segmentation:
The regional analysis of global Battery Energy Storage System Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world due to the demand for battery energy storage systems from China, India, and Japan is gradually increasing. Whereas, Asia Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as high disposable income, rising adoption of grid-connected solutions and high demand for the lithium-ion technology would create lucrative growth prospects for the Battery Energy Storage System Market across Asia Pacific region.

By Element:
Battery
Hardware
Other Elements

By Battery Type:
Lithium-Ion Batteries
Sodium-Sulphur Batteries
Advanced Lead-Acid Batteries
Flow Batteries?
Others

By Connection Type:
On-Grid Connection
Off-Grid Connection

By Ownership:
Customer Owned
Third-Party Owned
Utility Owned
By Application:
Residential
Non-Residential
Utilities
Other Applications

Key Question Answered in Report:
• What are the strengths and weaknesses of the battery energy storage system market?
• What are the different marketing and distribution channels?
• What is the current CAGR of the battery energy storage system market?
• What are the battery energy storage system market opportunities in front of the market?
• What are the highest competitors in battery energy storage system market?
• What are the key outcomes of SWOT and Porter’s five techniques?
• What is the battery energy storage system market size and growth rate in the forecast period?

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This release was published on openPR.