Press release
Battery Energy Storage Market Outlook, Analysis, Forecast, 2020-2027 | By Type, Application
Battery Energy Storage Market Outlook - 2027An energy storage system basically stores energy through electro-chemical, thermal, or electro-mechanical ways. Battery energy storage system generally uses electro-chemical ways to store energy. It can also store energy through renewable sources of energy such as wind and solar. Energy storage through renewable and natural sources helps to save the costs required for the production of energy. Power storage is an added benefit as it helps in emergency conditions. These energy storage devices are very useful when the demand for energy is higher than the supply. They can also be charged up when the demand is relatively lower than supply and sufficient energy is available for consumption.
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COVID-19 scenario:
Governments across most of the countries are effectively practicing nationwide lockdown in response to the emergence of the pandemic situation.
Only essential goods and services are being operational. Energy and related services are categorized under the essential goods & services category. Therefore, the global battery energy storage market has not been affected much due to this situation.
However, all the industrial and commercial applications have witnessed sluggish growth trends during the lockdown period and similar growth trends are anticipated during the forecast period.
Key restraints of the market:
Battery energy storage technologies include all the technologies with high capital investment, owing to high energy storage capacity and low maintenance. Lithium-ion batteries cost more due to their attributes of low maintenance and high energy storage capacity. Such high prices of lithium-ion batteries increase the costs of battery energy storage systems. The overall configuration of the battery energy storage systems adds to the cost to a significant level. The operational costs, including the cost of charging the systems, labor cost associated with the systems, installation & maintenance charges, and repairs also increase the costs of battery energy storage systems to a significant level. Therefore, high cost is a major restraining factor in this market.
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Key developments:
Panasonic Corporation launched a new residential energy storage system, Overvolt. This system has been developed to improve the residential energy requirements. Tesla launched a battery energy storage system, Megapack. This system helps to provide an easy connection & installation process and also reduce the complexity of large-scale storage systems.
Key benefits of the report:
This study presents the analytical depiction of the battery energy storage market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the battery energy storage market share.
The current market is quantitatively analyzed from 2020 to 2027 to highlight the battery energy storage market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed analysis based on competitive intensity and how the competition will take shape in the coming years.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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