Battery Energy Storage Market Growth Accelerating at a Rapid Pace due to Innovative Strategies
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The demand for lithium-ion technology in the renewable energy sector is consistently on the rise due to greater benefits associated with this technology. However, lithium-ion battery technology exhibits higher prices compared to other battery technology. Moreover, lithium-ion batteries can store high power and energy. This leads to lower weight and higher shelf life of the batteries, which also require low maintenance and are self-chargeable. As a result, lithium-ion battery technology has gained significant popularity among other battery types. Battery storage system can very efficiently be used for smoothing and stabilizing the variable output generated by renewables. In addition, battery energy storage system can very well handle and control the rapid increase and decrease in solar and wind generation. It is also being used by utility operators for resource planning purposes, thereby reducing the system costs and increasing the storage capacity.
The ever-increasing demand for grid-connected solutions is among one of the key factors driving the battery energy storage market growth. The main types of renewable sources of energy are wind and sun. In the case of sun, there is increased need to conserve and store the energy well in advance. The same case is observed with wind, but it has less chances of not flowing. At such times, the battery energy storage systems help the operators to store the energy when the demand for energy is more than the supply of energy. Usage of battery energy storage systems for grid solutions fuels the demand for energy storage systems. Rural electrification is another sector where countries are trying to undertake major developments. As remote areas constantly need uninterrupted sources of power supply, battery energy storage systems prove to be the efficient way to provide such power supply. These are the major factors that drive the battery energy storage market growth.
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Panasonic Corporation launched a new residential energy storage system, Evervolt. This system has been developed to improve the residential energy requirements. Tesla launched a battery energy storage system, Megapack. This system helps to provide easy connection & installation process and also reduce the complexity of large-scale storage systems.
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.
The report analyzes these key players in the global battery energy storage market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.
By Battery Type
• Sodium Sulfur Batteries
• Advanced Lead Acid Batteries
• Lithium Ion Batteries
• Flow Batteries
• By Ownership
• Utility Owned
• Customer Owned
• Third-party Owned
By Connection Type
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