The global battery energy storage systems market is anticipated to grow significantly during the forecast period. It is estimated that the target market is going to get valued around USD 8.62 Billion by 2024, recording the CAGR of 34.01% from its current value of USD 1.53 Billion.
The growth of the battery energy storage systems market is attributed to the global rise in en-ergy consumption, coupled with the rising need for energy efficiency in the electricity supply system.
Rising consumption of the advanced battery systems owing to the safer and efficient storage systems and the growth in the modern battery storage in the recent years due to the installa-tion of island systems that are mostly deployed in the areas where the power grid may be weak and unreliable are the factors pushing the adoption of this systems in recent times. Also, the rise in the rural electrification campaigns done by various nations globally is one of the critical areas for the advanced battery energy sector in recent years to grow especially in the Asia-Pacific region owing to the presence of emerging economies like India and China.
Recent developments
• ABB and Silicon Valley AI start-up, Covariant, has announced their partnership to bring AI-enabled robotics solutions to market, starting with a fully autonomous warehouse order ful-fillment solution.
• Panasonic factory solutions, a franchise of Panasonic Industry and Ankatek, one of the largest technical distributors of high-tech capital goods, has announced their future cooperation.
Market drivers and restraints
Advancements in the battery energy storage system industry which has multiple applications in solar (PV) and wind energy (wind turbine) and the increasing demand for renewable energy are supporting the growth of the market for some time now and will continue in the forecast peri-od as well.
Rising trends of using lithium-ion batteries replacing the sodium-sulfur battery on account of cost-effectiveness and energy efficiency are further fuelling the growth of the target market.
But the regulatory barriers in certain parts of the world that are not allowing the advance bat-tery storage system to become a mainstream option in the power sector is the major challenge that the target market is facing at present.
Report Segmented as:
Battery Energy Storage System Market, By Element
• Battery
• Hardware
• Other Elements
Battery Energy Storage System Market, By Battery Type
• Lithium-Ion Batteries
• Sodium–Sulfur Batteries
• Advanced Lead-Acid Batteries
• Flow Batteries
• Others
Battery Energy Storage System Market, By Connection Type
• On-Grid Connection
• Off-Grid Connection
Battery Energy Storage System Market, By Ownership
• Customer Owned
• Third-Party Owned
• Utility Owned
Battery Energy Storage System Market, By Application
• Residential
• Non-Residential
• Utilities
• Others
Geographical Analysis
• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa
In the regional analysis of the Battery Energy Storage Systems Market, the Asia Pacific region is anticipated to record a high CAGR during the forecast period. The growth of the target market is attributed to the growing adoption of renewable energy, the rapidly growing energy sector, and favorable government policies.
Key market players
• ABB (Switzerland)
• LG Chem (South Korea)
• NEC (Japan)
• Panasonic (Japan)
• Samsung SDI (South Korea)
• AEG Power Solutions (Netherlands)
• General Electric Co. (US)
• Hitachi (Japan)
• Siemens (Germany)
• Tesla (US)
https://www.marketdataforecast.com/market-reports/battery-energy-storage-systems-market