Global Battery Energy Storage System Market

The GMI Research expects that the Battery Energy Storage System Market will notice an augmentation in demand over the forecast period. This is mainly due to their increasing endorsement in the gaming industry, rising inclination towards technologically sophisticated personal computers, and their potentials like multi-tasking and high computing power.

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Introduction of the Battery Energy Storage System Market

An energy storage system helps to stockpile the energy with the help of the thermal, electro-mechanical, and chemical solutions. The system is a sub-class of energy storage system and mainly uses an electro-chemical solution. The major properties considered while choosing a system includes the response time, capital cost, and cycling lifetime.

Key Players of Market:

  • Mitsubishi Heavy Industries Ltd.
  • Panasonic Corporation
  • LG Chem
  • ABB
  • Samsung SDI Co., Ltd.
  • NEC Corporation
  • General Electric
  • Hitachi
  • Siemens AG
  • AEG Power Solutions
  • Toshiba Corporation
  • Tesla Inc.
  • Exergonix Inc.

Battery Energy Storage System Market Dynamics

Supplementing growth in the global battery energy storage system market is primarily because of the augmenting demand for lithium-ion batteries across renewable sector, decreasing cost of batteries, and approaching mega projects across crucial economies. Also, the strategic norms and rules by government as well as the soaring demand for grid-connected solutions are proliferating the market growth. Further, the accelerating penetration of varying renewable engendering technologies has raised the market demand. Besides this, the growing demand for technologically modernised battery systems with elevated potential, strength, and dependency has paved the way for battery energy storage system market size.

Furthermore, in accordance with the IEA, the comprehensive capacity of the system was 3.1 GWh in 2018. The demand for native applications raised remarkably in China because of the finance by two major Chinese companies towards an extensive range of projects promoting the network operation. This assisted the nation to become a global leader with approximately 0.5 GW of the novel storage lodged and 1GW in the development stage.

Element Segment Drivers

Based on the element, battery is contemplated to lead the market in the near future. The battery is the prime constituent of the system and possesses the largest share in the cost of the complete system. Also, the battery helps to raise the power density and manage the renewable energy sources. Further, it can be employed as stabilisers at the time of balancing problem because of the variations in the energy leading to an increased usage of system, thereby complementing the global battery energy storage system market size.

Regional Drivers

As per the regional coverage, Asia-Pacific is expected to seize the highest share in the market because of the aggravating energy system demand from major economies such as Korea, China, Japan, and India. Additionally, the augmenting investments in inexhaustible energy projects primarily across developing nations like India and China are bolstering the market growth.

Battery Energy Storage System Market Segmentation:

Segmentation by Element
  • Battery
  • Hardware
  • Other Elements
Segmentation by Battery Type
  • Sodium-Sulfur Batteries
  • Lithium-Ion Batteries
  • Advanced Lead-Acid Batteries
  • Flow Batteries
  • Others
Segmentation by Connection Type
  • Off-Grid Connection
  • On-Grid Connection
Segmentation by Ownership
  • Utility Owned
  • Customer Owned
  • Third-Party Owned
Segmentation by Application
  • Residential
  • Non-Residential
  • Utilities
  • Others
Segmentation by Region:
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • North America
    • United States of America
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • RoW
    • UAE
    • Brazil
    • South Africa
    • Saudi Arabia

About GMI Research

The market research and consulting organisation proffers business knowledge and market research reports to help the clients apprehend the influence market share, drivers, size, growth opportunities, and other dynamics. Our team of seasoned experts carry out market studies to certify pertinent research across sectors such as Technology, FMCG, Energy, and Healthcare. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. The team offer comprehensive solution to acknowledge clients through consulting services to accomplish a actionable decision.

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