Press release
Battery Energy Storage System Market: The global market is expected to grow at a CAGR of 12.12% during the forecasted period
The Battery Energy Storage System (BESS) market is driven by several factors, including the increasing demand for renewable energy, the need for grid stabilization and peak load management, and the decreasing prices of lithium-ion batteries. Additionally, technological advancements in battery technology, government funding for BESS, growing demand for BESS in commercial applications, and the need for utility-scale ancillary services contribute to the market's growth.The market is expected to reach USD 28.0 billion in 2030, with a CAGR of 28.8% during the forecast period 2023-2030
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Key Highlights:
• The global Battery Energy Storage System Market size was valued at USD 20.4 billion in 2022 growing at a CAGR of 12.12% from 2023 to 2033.
• Asia Pacific dominated the market in 2022
• North America is expected to grow at the highest CAGR from 2023 to 2033
Evolve Business Intelligence has just unveiled its latest market research report focusing on the Global Battery Energy Storage System Market. This comprehensive report delves into various facets of the market, including market size and projections, market dynamics, competitor market share analysis, market value and volume, SWOT analysis, product comparisons, recent advancements by major players, and prospective opportunities. Furthermore, the market's evaluation in the dynamic chapter considers four key indicators: Drivers, Constraints, Emerging Trends, and Challenges..
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Key Players
Some of the major Battery Energy Storage System Market players holding high market shares include GE (U.S.), ABB (Switzerland), Samsung SDI (South Korea) and Hitachi Chemical Co., Ltd. (Japan). These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders.
The key players profiled in the report are:
• GE (U.S.)
• ABB (Switzerland)
• Samsung SDI (South Korea)
• Hitachi Chemical Co., Ltd. (Japan)
• Siemens Energy (Germany)
• Total (France)
• LG Chem (South Korea)
• Fluence (U.S.)
• Narada (China)
• VRB Energy (Canada)
• Kokam (South Korea)
• EVE Energy Co., Ltd. (China)
• Black & Veatch (U.S.)
• Hitachi ABB Power Grids (Switzerland)
Segmental Analysis
Market Segment By Type
• Lithium-ion Battery
• Lead Acid Battery
• Flow Battery
• Others
Market Segment By Connectivity
• Off-Grid
• On-Grid
Market Segment By Application
• Residential
• Non-Residential
• Utility
• Others
Market Segment By Ownership
• Customer Owned
• Third-Party Owned
• Utility Owned
Market Segment By Capacity
• Small Scale (Less than 1 MW)
• Large Scale (Greater than 1 MW)
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Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
Reasons to Buy this Report:
• Comprehensive insights.
• Reliable and accurate data.
• Market size and dataforecast
• Competitive analysis.
• Identification of market opportunities.
• Risk identification and mitigation strategies.
• SWOT analysis.
• TAM Analysis
• Recent industry developments.
• Customization options.
• Expertise and guidance for strategic decision-making
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About EvolveBI
Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
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