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Battery Energy Storage Systems Market Set to Soar, Expected to Reach $43.7 Billion by 2030: Meticulous Research® Report
BESS, synonymous with battery storage, plays a pivotal role in storing energy from renewable sources like solar and wind, facilitating its release when demand peaks. Organizations are increasingly embracing solutions such as battery systems, battery management systems (BMS), power conversion systems (PCS), energy management systems (EMS), heating, ventilation, and air conditioning (HVAC), and supervisory control and data acquisition (SCADA).
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The growth trajectory of the battery energy storage systems market is propelled by various factors, including substantial government funding, the burgeoning advantages of BESS for electric vehicle (EV) charging, and escalating commercial applications. Additionally, the plummeting prices of lithium-ion batteries offer significant growth prospects for key market players globally. However, the high capital investment required for BESS installation poses a restraint to market growth, alongside challenges such as lack of standardization and concerns regarding lithium-ion battery overheating. Moreover, the market is witnessing noteworthy trends, including the emergence of advanced lithium-ion batteries and the adoption of energy storage as a service.
Government Funding Drives Market Expansion
Government initiatives worldwide play a pivotal role in bolstering the adoption of battery energy storage systems. Notable initiatives include:
Canada: The Government of Canada, in collaboration with the local government of Ontario, is spearheading the construction of Canada's largest battery storage project, the 250-megawatt Oneida Energy storage project.
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India: Public sector undertakings in India have invested in commercial-scale implementation of Battery Energy Storage Systems, alongside Solar PV Projects, with support from the Government of India.
United States: The U.S. Department of Energy (DOE) has allocated substantial funding for research and development projects aimed at scaling up American manufacturing of flow battery and long-duration storage systems.
The global battery energy storage systems market is segmented by battery type, offering, connection type, ownership, energy capacity, and application. Noteworthy segments include lithium-ion batteries, sodium-sulfur (Na-S) batteries, redox flow batteries (RFB), components, services, on-grid/off-grid connection, customer-owned/third-party-owned/utility-owned ownership, and residential/commercial/utilities applications.
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Key Players and Geographical Insights
Leading players in the global battery energy storage systems market include General Electric Company, ABB Ltd., Panasonic Life Solutions India Pvt. Ltd., Siemens AG, JinkoSolar Holding Co., Ltd., Honeywell International Inc., Tesla Inc., and others.
In terms of geography, Asia-Pacific is anticipated to command the largest market share in 2023, with notable contributions from prominent players offering advanced BESS components & services and supportive government policies. However, the region is projected to witness the highest CAGR during the forecast period.
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