Battery Energy Storage System Market Research Report
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
o
United Kingdom
o
Germany
o
France
o
Spain
o
Rest of Europe
·
North America
o
United States of America
o
Canada
·
Asia Pacific
o
China
o
Japan
o
India
o
Rest of APAC
·
RoW
o
UAE
o
Brazil
o
South Africa
o
Saudi Arabia
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Research
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