New York, NY -- (SBWire) -- 02/10/2020 --Latest research report on 'Global Battery Energy Storage System Market' delivers essential information on current consumer buying behavior, product specifications, details to help execute growth strategies, and more. According to the report, the global Battery Energy Storage System (BESS) market was valued to be over US$ 2.5 billion in 2019. It is anticipated to grow at a CAGR of ~33.0% from 2019 to 2030.
The global Battery Energy Storage System (BESS) market has witnessed exponential growth in the recent past. Several factors that attributed to the growth of this market, such as growing focus on renewable sources of energy, advancements in technology and rising demand for grid-connected solutions among others. Moreover, favorable government regulations to support the utilization of clean energy is another factor which has been pivotal in contributing to the growth of the market
The Prominent Players Operating In The Global Battery Energy Storage System (BESS) Market:
Tesla, Siemens, Hitachi Chemical Co., Ltd., GENERAL ELECTRIC, AEG, SAMSUNG SDI CO., LTD., NEC Energy Solutions, Inc., Panasonic Corporation, and LG Chem among others.
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Conservation of nature-based energy such as wind & solar energy, faces several complications, such as varying wind speed & overcast weather limiting solar energy, thereby leading to fluctuations in the amount of energy generated. All these factors makes it mandatory for a grid system to have flexibility for storing varying levels of energy. The introduction of BESS assists grid operators to directly store electricity, when the amount of electricity generated is high. Thereby, directly improving flexibility & consistency of the electricity supply system in terms of generation, transmission, and distribution. Application of BESS for transmission & distribution of electricity, caters to a wide variety of features such as frequency regulation, voltage support, asset deferral, harmonic suppression, and power quality among others.
Asia Pacific is projected to account for the highest CAGR in the global Battery Energy Storage System (BESS) during the forecast period. The extensive growth of this region can be attributed to several factors such as growing requirement for electricity, increasing focus on clean energy and supportive government initiatives among others. The growth of this region is expected to be focused around countries like China, Japan & India among others.
Rising population in the Asia Pacific region has triggered the need for additional power sources. To fulfill this growing demand, government bodies as well as private establishments have initiated several projects. For instance, State Grid Corporation of China, a state-owned organization, has taken active steps in deploying BESSs to provide supplementary services across its grid.
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Segmenation:
Battery Energy Storage System (BESS) Market by Battery Type
On the basis of battery type, the battery energy storage system market is bifurcated into sodium–sulfur batteries, flow batteries, lithium-ion batteries advanced lead-acid batteries and other battery types. In 2019, the lithium-ion battery segment is anticipated to account for the largest share in the global Battery Energy Storage Systems (BESSs) market. The large share of this segment can be attributed to long life-span, high efficiency, high power & energy density, high life expectancy and low standby losses among others.
Battery Energy Storage System (BESS) Market by Ownership
On the basis of ownership, the battery energy storage system market is bifurcated customer owned, utility owned, and third-party owned. The segment of utility owned BESS is projected to account for the highest share CAGR in the global battery energy storage system market during the forecast period. The growth of this segment can be attributed to ability of these operators to cater to multiple systems and reduce the overall costs of systems while simultaneously incrementing power storage capabilities.
Battery Energy Storage System (BESS) Market by Application
On the basis of application, battery energy storage system market has be classified into residential, utilities, non-residential and other applications.
Table of Contents
1. INTRODUCTION
1. Market Definition
2. Market Classification
3. Geographic Scope
4. Years Considered for the Study: Historical Years – 2016 & 2017; Base Year – 2018; Forecasted Years – 2019 to 2030
5. Currency Used
2. RESEARCH METHODOLOGY
1. Research Framework
2. Data Collection Technique
3. Data Sources
4. Market Estimation Methodology
5. Data Validation and Triangulation
3. ABSTRACT OF THE STUDY
4. MARKET DYNAMICS ASSESMENT
1. Overview
2. Drivers
3. Barriers/Challenges
4. Opportunities
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Battery Energy Storage System Market - New Innovations to Grow at a CAGR of ~33.0% from 2019 to 2030
Market Industry Reports now presents the updated research report on ‘Global Battery Energy Storage System Market 2030’ with deep analysis on major opportunities for the industry players, current trends and ongoing activities, and competitors’ information. According to the report, the global Battery Energy Storage System (BESS) market was valued to be over US$ 2.5 billion in 2019. It is anticipated to grow at a CAGR of ~33.0% from 2019 to 2030.