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Battery Energy Storage System Market is set for lucrative growth during 2021-2031 | Size, Share, Demand and Opportunities Analysis
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A battery energy storage system is an electrochemical device that charges or collects energy from the grid or a powerplant and then discharges that energy at a later time to provide electricity or other grid services when needed. Battery storage is an important technology that can enhance power system flexibility and enable high levels of renewable energy integration. Modern battery energy storage systems usually include a built-in inverter and computerized control systems that make them simple to install, largely maintenance-free and do not require any effort or expertise from the user. Battery energy storage systems have a wide range of applications for both commercial and residential purposes. Commercial applications include peak shaving, load shifting, emergency backup, and various grid services. Residential applications include self-consumption, off-grid homes and emergency backup.
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Key Trends and Drivers
Solar and wind energy are the most prominent renewable energy types that are stored in grids. However, the concealing of the sun by clouds or fluctuating wind currents leads to variations in the process of energy generation. Such fluctuations create the requirement for flexible grid systems used to store energy. Battery energy storage systems are becoming an integral part of grid modernization. These systems help grid operators to save electricity when the electricity generated exceeds the electricity demand. The adoption of these systems improves the reliability and flexibility of electricity supply systems with respect to the generation, transmission, and distribution of electric power.
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Market Segments
By Battery Type
Lithium-ion Battery
Lead Acid Battery
Flow Battery
Others
By Connectivity
Off-Grid
On-Grid
By Capacity
Small Scale (Less than 1 MW)
Large Scale (Greater than 1 MW)
By Application
Residential
Commercial
Utility
By Storage System
Front-of-the-meter
Behind-the-meter
By Ownership
Customer Owned
Third-Party Owned
Utility Owned
By Region
North America
US
Canada
Mexico
Europe
UK
France
Germany
Spain
Italy
Rest of Europe
Asia Pacific
India
China
Japan
South Korea
Rest of Asia Pacific
Rest of the World
Latin America
Middle East
Africa
Key Players
ABB Ltd (Switzerland)
EVE Energy Co., Ltd. (China)
General Electric Company (U.S.)
Hitachi Energy Ltd (Japan)
Kokam (South Korea)
LG Energy Solution (South Korea)
Narada Power (China)
Samsung SDI Co., Ltd. (South Korea)
Siemens Energy (Germany)
VRB ENERGY (Canada)
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