Global Battery Energy Storage Systems Market Forecast to 2025: ABB, LG Chem, NEC, Panasonic, Hitachi, Siemens AG, Tesla
The lithium-ion batteries are expected to hold the largest share of the battery energy storage system market between 2018 and 2023. The lithium-ion batteries have reliable cycle life as well as high energy and power density in terms of volume, high charge/discharge efficiency, and low maintenance needs. Additionally, these batteries have lighter weight than nickelcadmium and nickel metal-hydride batteries. These features of lithium-ion batteries are expected to drive the battery energy storage system market.
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