The Battery energy storage systems are used to store the electricity generated by power plants, especially renewable power plants. This electricity is then used to ensure the smooth flow of electricity regardless of fluctuation in power generation by renewable energy plants. They are also used in the automotive sector.
Increasing Demand for Renewable Energy Sources is anticipated to Drive the demand for the global battery energy storage system market. The battery energy storage system market has expanded significantly in recent years due to the growing demand for renewable energy sources. Further, increasing demand for grid-connected solutions, high demand for the lithium-ion technology in the renewable energy industry, and declining prices of lithium-ion batteries are the factors enhancing the growth of the global battery energy storage system market.
While growing global battery energy storage systems market with a significant rate due to economies of scale led by the increasing number of projects. The same trend is expected to continue during the forecast period, further aided by the constant decline in prices of energy storage batteries.
“Global Battery Energy Storage System Market was Valued at US$ 2.1 Bn in 2018 And it is Expected to Reach More than US$ 23.0 Bn by 2027, Likely to Grow with the CAGR of 31.4 % During the Forecast Period.”
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On the basis of connection type, an on-grid connection is anticipated to increase at a faster rate as it enhances the flexibility and reliability of the electricity supply system in terms of generation, transmission, and distribution. This type of connection generates the power only on the availability of the utility power grid & must be connected to the grid for performing the function and it transmits the excess power generated back to the grid when the power is being overproduced so that it can be credited for later use. It is able to provide energy in the bad weather conditions when compared with the off-grid connection which can store only a certain amount of energy.
Lithium-Ion Batteries Segment Held The Significant Share In Battery Energy Storage System Market In 2018.Based on battery type, the lithium-ion batteries are expected to increase at a higher compound annual growth rate during the forecast period owing to their high power and energy densities, low weight along with increased life span. These batteries have various features such as low maintenance along with the need for less space which leads to an increase in the adoption among the OEMs of battery energy storage systems. Lithium-ion batteries are widely adopted over other energy storage batteries due to their penetration across the consumer electronics sector and automotive. Additionally, the usage of lithium-ion batteries is set to significantly increase due to its installation in all types of electric vehicles.
Some of the key players in the global Battery energy storage system market are ABB Limited, Maxwell Technologies, LG Chem, NEC Corporation, Samsung SDI Ltd., Contemporary Amperex Technology co. Limited (CATL), Schneider Electric SE, Gildemeister, Primus Power, Tesla, Hitachi Ltd., Panasonic Corporation,General Electric Company, AEG Power Solutions BV,Alevo Group SA,EnerDel, Inc.,GE Power,NEC Energy Solutions and Siemens AG
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
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e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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