Battery Energy Storage System Market Poised To Touch Significant CAGR By 2027

6/12/19, 3:02 PM -

Global Battery Energy Storage System Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

 

The global battery energy storage system market revenue is expected to register a moderate CAGR over the forecast period. The global battery energy storage system market report has been segmented on the battery type, connection type, application, and region.

Increasing government funding in grid installations is in turn expected to create demand for battery energy storage system thereby, supporting growth of the global battery energy storage system market over the forecast period. Various advantages of lithium-ion batteries over the conventional batteries which includes reduced weight and ease of handling coupled with high demand for the lithium-ion technology in the renewable energy industry is other factor expected to support growth of the target market over the forecast period.

Continuous focus of manufacturers to develop innovative and novel solution is expected to drive growth of the target market over the forecast period. For instance, AEG Power Solutions has developed a new innovative battery energy storage system for low voltage (LV) and medium voltage (MV), that provides grid stabilization and increased power quality.

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On the basis of battery type, the global market is segmented based on lithium-ion batteries, sodium–sulfur batteries, flow batteries, nickel cadmium batteries, and others. Lithium-ion batteries segment is expected to hold major revenue share of the battery energy storage system market.

 

On the basis of connection type, the global market is segmented based on on-grid connection, and off-grid connection. On the basis of application, the global battery energy storage system market is segmented based on residential, non-residential, and utilities. 

 

On the basis of region, the global market is segmented based on North America, Europe, Latin America, Asia Pacific and Middle East and Africa. Market in Asia Pacific is expected to account for major revenue share of the market and register a significant growth rate over the forecast period. Countries like China, Japan, and India is expected to support growth of the market in the region. Growing demand for battery energy storage systems coupled with increasing demand for electricity the region owing to the rapidly growing population is major factor expected to support growth of market over the forecast period.

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Some prominent players in the global battery energy storage system market are ABB Limited, LG Chem, NEC Corporation, Panasonic, Samsung SDI Ltd., AEG Power Solutions, General Electric, Hitachi Chemical Co. Ltd., Siemens AG, and Tesla Inc.

 Global battery energy storage system market segmentation, by battery type:

Lithium-Ion Batteries

Sodium–Sulfur Batteries

Flow Batteries

Nickel Cadmium Batteries

Others

 

Global battery energy storage systems market segmentation, by connection type:

On-Grid Connection

Off-Grid Connection

 

Global battery energy storage systems market segmentation, by application:

Residential

Non-Residential

Utilities

 

Key Players:

ABB Limited

LG Chem

NEC Corporation

Panasonic

Samsung SDI Ltd.

AEG Power Solutions

General Electric

Hitachi Chemical Co. Ltd.

Siemens AG

 

Tesla Inc.

Source: https://marketresearch.biz/report/battery-energy-storage-system-market/