Press release
Battery Energy Storage System Market, valued at $8.4 billion in 2021, is projected to reach $51.7 billion by 2031, growing at a 20.1% CAGR from 2022 to 2031
Battery Storage Inverter Market
Global Opportunity Analysis And Industry Forecast, 2022-2031," was valued at $8.4 billion in 2021, and is estimated to reach $51.7 billion by 2031, growing at a CAGR of 20.1% from 2022 to 2031.
๐๐ฏ๐๐ข๐ฅ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐ฐ๐ข๐ญ๐ก ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ: https://www.alliedmarketresearch.com/request-sample/A07611
A battery energy storage system is a technology developed for storing electric charge by using specially developed batteries. The main purpose of the system is to store energy can be utilized at a later time.
Battery energy storage system has the advantage over other energy storage technologies as it has small footprint and no restrictions on geographical locations that it could be located in. Other storage technologies including pumped hydro storage (PHS) and compressed air energy storage (CAES) are only suitable for limited number of locations, considering water and other restrictions and transmission constraints.
The growth of the battery energy storage system market is majorly driven by increasing demand for energy resources across developed and developing nations along with the increasing concerns to ensure energy security. Moreover, the battery energy storage systems are becoming an integral part of grid modernization as they help grid operators to save electricity when the electricity generated exceeds the electricity demand.
However, high capital expenditure required for installing battery energy storage systems is a restraining factor for the growth of the market. On the contrary, significant fall in prices of lithium-ion batteries and the rise in number of rural electrification projects worldwide are anticipated to provide lucrative opportunities for the battery energy storage system industry during the forecast period.
๐๐ฎ๐ฒ ๐๐จ๐ฐ & ๐๐๐ญ ๐๐ฑ๐๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ ๐๐ง ๐๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ: https://www.alliedmarketresearch.com/checkout-final/04c283140305eae06341ec0ff5fe7a67
The on grid segment accounted for around 57.5% market share in 2021.
Surge in adoption of Internet of Things solution and digital electronics solution has driven the growth of the lithium ion segment and thereby, expanding the battery energy storage system market growth.
The outbreak of the COVID-19 has significantly impacted the growth of the battery energy storage system.
Decline in demand for battery energy storage system has significantly impacted the demand for energy storage solutions during the pandemic. Further, lack of availability of a professional workforce due to partial and complete lockdown implemented by governments across the globe has restrained the growth of the battery energy storage system market during the pandemic.
However, the rise in demand for the Internet of Things and machine learning solutions has led to the growth of the battery energy storage system market size post pandemic.
The battery energy storage system market key players profiled in the report include EnerSys, BYD Company Limited, EVE Energy Co., Ltd., Siemens AG, LG Energy Solutions Co., Ltd., Kokam, Narada Asia Pacific Pte. Ltd., ABB Ltd., Tesla, Fluence Energy, Inc., General Electric, TotalEnergies, Tata Power Company Limited, Samsung SDI Co., Ltd., Nissan Motor Co., Ltd., VRB Energy and Black & Veatch Holding Company.
Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold and gain a competitive edge in the global battery energy storage system market.
๐๐๐ค๐ ๐๐ง ๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ: https://www.alliedmarketresearch.com/purchase-enquiry/A07611
๐๐๐ฒ ๐ ๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐๐ญ๐ฎ๐๐ฒ:
In 2021, the lithium ion segment accounted for maximum revenue, and is projected to grow at a notable CAGR of 21.15% during the forecast period.
The on grid segment accounted for around 57.5% of the battery energy storage system market trends in 2021.
The behind the meter segment is projected to growth at a CAGR of 20.65% during the forecast period.
Asia-Pacific region contributed for the major Battery Energy Storage System Market Share in 2021
๐๐๐ฒ ๐๐๐ซ๐ค๐๐ญ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ:
Vrb Energy
Enersys
Tesla
Eve Energy Co., Ltd.
LG Energy Solutions Co., Ltd.
TotalEnergies
Samsung SDI Co., Ltd.
Black & Veatch Holding Company
Nissan Motor Co., Ltd.
Tata Power Company Limited
Fluence Corporation
ABB
Siemens Energy
Narada Asia Pacific Pte. Ltd.
๐๐จ๐ง๐ญ๐๐๐ญ ๐๐ฌ:
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help@alliedmarketresearch.com
๐๐๐จ๐ฎ๐ญ ๐๐ฌ:
Allied Market Research is market research, consulting, and advisory firm of Allied Analytics LLP. Founded in 2013, the firm has been instrumental in offering high-quality syndicated and customized market research reports, consulting services, and useful insights to leading market players, startups, investors, and stakeholders. Driven by the aim to eliminate sub-standard data and become a successful partner for organizations, Allied Market Research has been innovating continuously, expanding the product & service portfolio, and implementing the client-first approach since its inception. With the clientele spanning more than 7,000 organizations that also include a majority of Fortune 500 companies, AMR has a proven track record of helping and serving the global clientele and playing a major role in their success.
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