BANGALORE, India | 18th September 2020: According to the Latest Market Research Report “Battery Energy Storage System Market by Technology ( Flow Batteries, Lead-acid Batteries, Lithium-ion Batteries, and Sodium-sulfur Batteries), Connection Type (Off-grid Connection and On-grid Connection), by Application (Non-residential, Residential, and Utilities), and Region – Global Forecast to 2025“, published on Valuates Reports. The Global Battery Energy Storage System Market size is expected to grow from USD 2,194.70 Million in 2019 to USD 6,905.64 Million by 2025 at a CAGR of 21.05% during the forecast period.
Major factors driving the Battery Energy Storage System Market size are the increased demand for grid-connected solutions, rising demand for lithium-ion technology, and a decrease in lithium-ion battery prices.
This report focuses on the Battery Energy Storage System Market’s volume and value at the global, regional, and company levels. From a global perspective, this study reflects the overall Battery Energy Storage System Market size by examining historical data and prospects.
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TRENDS INFLUENCING THE BATTERY ENERGY STORAGE SYSTEM MARKET SIZE
The renewable energy penetration and increasing demand for distributed power generation across several economies are expected to accelerate the Battery Energy Storage System Market size growth.
Battery energy storage systems help energy producers conserve surplus electricity for later use, thus enhancing the grid’s stability and efficiency in terms of power generation, transmission, and distribution. These factors are expected to drive the Battery Energy Storage System Market size during the forecast period.
The demand for uninterrupted power is expected to rise exponentially in the coming years due to continuous population growth, infrastructure development, and rapid industrialization. These factors further stress the need for efficient energy storage infrastructure, thereby increasing the Battery Energy Storage System Market size.
In the telecommunications industry, the replacement of diesel generators by highly efficient batteries is expected to increase the battery energy storage systems market size. Market players in the telecommunications industry have contracts with manufacturers of battery energy storage systems that facilitate continuous and cost-effective power supply. The increase in the number of telecom subscriptions has contributed to the growth of telecom tower facilities, which is expected to have a positive effect on the demand for battery energy storage systems.
BATTERY ENERGY STORAGE SYSTEM MARKET SHARE ANALYSIS
North America is expected to hold a significant Battery Energy Storage System Market share during the forecast period. Energy storage has been the core of all energy planning in the US due to the rising number of utilities and companies.
Due to a rise in demand for battery energy storage systems from key economies such as India, China, Japan, and Korea, among others, Asia-Pacific is projected to grow at the highest CAGR during the forecast period. Growing government spending in renewable energy projects across emerging economies like India and China is driving the growth of this region’s markets.
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BATTERY ENERGY STORAGE SYSTEM MARKET SEGMENTATION
This research report categorizes the Battery Energy Storage System to forecast the revenues and analyze the trends in each of the following sub-markets:
BASED ON TECHNOLOGY, THE BATTERY ENERGY STORAGE SYSTEM MARKET STUDIED ACROSS
- Flow Batteries,
- Lead-acid Batteries,
- Lithium-ion Batteries,
- Sodium-sulfur Batteries.
BASED ON CONNECTION TYPE, THE BATTERY ENERGY STORAGE SYSTEM MARKET STUDIED ACROSS
- Off-grid Connection
- On-grid Connection.
BASED ON APPLICATION, THE BATTERY ENERGY STORAGE SYSTEM MARKET STUDIED ACROSS
The report deeply explores the recent significant developments by the leading vendors and innovation profiles in the Global Battery Energy Storage System Market including
- ABB, AEG Power Solutions,
- General Electrical,
- LG Chem,
- Samsung SDI,
- Siemens AG,
THE REPORT PROVIDES INSIGHTS ON THE FOLLOWING POINTERS
- Market Penetration: Provides comprehensive information on the market offered by the key players
- Market Development: Provides in-depth information about lucrative emerging markets and analyzes the markets
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, and manufacturing capabilities of the leading players
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and new product developments
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