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Battery Energy Storage System Market Analysis 2024-2033 : Market Size, Top Segments, Leading Region Forecast | BYD Company Limited, TotalEnergies SE, Huawei Technologies Co. Ltd.
Battery Energy Storage System Global Market Report
The Business Research Company presents an extensive market research report on the Battery Energy Storage System Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The battery energy storage system market size has grown exponentially in recent years. It will grow from $5.51 billion in 2023 to $6.99 billion in 2024 at a compound annual growth rate (CAGR) of 26.8%. The growth in the historic period can be attributed to renewable energy integration, declining battery costs, energy independence, government incentives, electric vehicle growth, demand response programs.
The battery energy storage system market size is expected to see exponential growth in the next few years. It will grow to $17.14 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%. The growth in the forecast period can be attributed to renewable capacity expansion, decentralized energy systems, resilience planning, transition to electric mobility, energy storage mandates. Major trends in the forecast period include grid resilience and reliability, energy management systems (EMS), hybrid energy storage systems, microgrid development, innovation in battery technologies.
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Key Market Players:
Major companies operating in the battery energy storage system market report are BYD Company Limited, TotalEnergies SE, Huawei Technologies Co. Ltd., Hitachi Ltd., Tesla Inc., General Electric Company, Siemens AG, Panasonic Corporation, LG Chem Ltd., Schneider Electric SE, Honeywell International Inc., ABB Ltd., Johnson Controls International plc, NEC Corporation, Toshiba Corporation, NextEra Energy Inc., Eaton Corporation plc, Edison International, Samsung SDI Co. Ltd., Vistra Energy Corp., AES Corporation, Aquion Energy, PPL Corporation, Sungrow Power Supply Co. Ltd., Enersys, Fluence Energy Inc., Amprius Technologies Inc., Sunverge Energy Inc., Envision Energy Inc.
Market Drivers:
The ongoing renewable energy revolution is expected to propel the growth of battery energy storage system (BESS) market going forward. Renewable energy comes from natural resources that regenerate more quickly than they are depleted. Renewable energy is being used more frequently as it lowers emissions of pollutants and greenhouse gases that contribute to climate change. In BESS, energy is gathered from the electrical grid or renewable energy sources such as solar and wind and stored using battery storage technology. For instance, in December 2021, according to International Energy Agency, a France-based intergovernmental agency, global renewable electricity capacity is projected to increase by over 60% from 2020 to reach 4,800 GW by 2026, surpassing fossil fuels and nuclear power combined. Nearly 95% of the global power capacity growth by 2026 will come from renewables, with solar PV accounting for more than half, marking a 50% increase compared to 2015-2020. Therefore, the rising demand for clean and renewable energy is expected to drive the growth of the growth of the battery energy storage system market.
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https://www.thebusinessresearchcompany.com/report/battery-energy-storage-system-global-market-report
The battery energy storage system market covered in this report is segmented -
1) By Storage System: Front-Of-The-Meter, Behind-The-Meter
2) By Connection Type: On-Grid, Off-Grid
3) By Battery Type: Lithium-Ion Batteries, Advanced Lead-Acid Batteries, Flow Batteries, Other Battery Types
4) By Application: Telecommunication, Data Center, Medical, Industrial, Marine, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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