Global Battery Energy Storage System Market – Industry Analysis and Forecast (2018-2026)
Global Battery Energy Storage System market was valued at US$ 1.47 Bn in 2017, and is expected to reach US$ 16.42Bn by 2026, at a CAGR of 35.2 % during forecast period.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding M Battery Energy Storage System market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in near future to emerging segment in Battery Energy Storage System market
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The increasing demand for renewable energy sources is the driving factor behind the growth of the global battery energy storage system market. 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 global battery energy storage system market.
The major Factors restraining the growth of the battery energy storage system market are high capital investment required for the deployment, and lack of the availability of vendors and project financing. Installation of battery energy storage systems in remote locations will be the major challenge for the venders.
Increasing focus on rural electrification, development of molten-salt battery technology, large storage requirements in datacenters and efforts taken by governments around the world to reduce carbon emissions by mandating on fuel economy are expected to offer tremendous opportunities in global counter drone market.
Based on the type, battery segment held the largest shares of the global battery energy storage system market in 2017, owing to battery is the foremost part of the battery energy storage system. Battery leads more than 50% of the total cost of the energy storage system. There are different types of batteries used in the battery energy storage systems, but the choice of the battery depends on the characteristics of the battery and its intended application. Availability of those types of battery is driving the growth of the market for this market.
Based on the battery type, the Lithium-Ion Batteries segment dominated the global Battery Energy Storage System market in 2017. This growth is attributed to the lithium-ion batteries not only reliable cycle life but also high energy and power density in terms of volume, high charge/discharge efficiency, and low maintenance needs. Furthermore, these batteries have lighter weight than nickel–cadmium and nickel metal-hydride batteries. These features of lithium-ion batteries are expected to drive the global battery energy storage system market.
Based on the connection type, the on-grid connection segment is expected to grow at a significant CAGR between 2018 and 2026. The on-grid connection is used for supplying electricity to consumers, and it also used to reduce energy bills. Further, the factors contributed the growth of the market for on-grid battery energy storage systems are the load leveling, peak shaving, and power demand management are the main applications of any on-grid connected battery energy storage system installed with electrical grids.
Based on the ownership, the customer-owned battery energy storage systems is projected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to, it reduce the electricity cost, as electricity is charged under the time-of-use (TOU) tariff.
Based on the application, the utilities application segment is expected to hold the major shares of the global battery storage system market during the forecast period. The generation and consumption of electricity need to be matched at all times. If the lead is mismatched then the voltage and frequency deviate and it causes power outages and damage to the equipment. To overcome this problem, the utilities install battery energy storage systems with the electric grids, which control the voltage and frequency deviations.
Geographically, The Asia Pacific is the fastest growing region in the battery energy storage system market owing to the growing adoption of renewable energy, favorable government policies and rapidly growing energy sector. China is major country in terms of production and consumption of energy storage systems in Asia-pacific. The country is flanked with major storage systems manufactures such as BYD Battery Co. Ltd. Further China aims to increase the production of electric vehicles which will propel the battery storage systems market in Asia-pacific.
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Scope of the Global Battery Energy Storage System Market
Global Battery Energy Storage System Market, By Element
• Battery
• Hardware
• Other Elements
Global Battery Energy Storage System Market, By Battery Type
• Lithium-Ion Batteries
• Sodium–Sulfur Batteries
• Advanced Lead-Acid Batteries
• Flow Batteries
• Others
Global Battery Energy Storage System Market, By Connection Type
• On-Grid Connection
• Off-Grid Connection
Global Battery Energy Storage System Market, By Ownership
• Customer Owned
• Third-Party Owned
• Utility Owned
Global Battery Energy Storage System Market, By Application
• Residential
• Non-Residential
• Utilities
• Others
Global Battery Energy Storage System Market, by Region
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• South America
Key Players operating in the Global Battery Energy Storage System Market
• ABB Group
• Maxwell Technologies Inc.
• LG Chem
• NEC Corporation
• General Electric
• Hitachi Ltd.
• Panasonic Corporation
• Siemens AG
• Tesla
• Schneider Electric SE
• Samsung SDI
• Gildemeister Energy Solutions
• AEG Power Solutions
• AES Corporation
• Primus Power
• Rongke Power
MAJOR TOC OF THE REPORT
Chapter One: Battery Energy Storage System Market Overview
Chapter Two: Manufacturers Profiles
Chapter Three: Global Battery Energy Storage System Market Competition, by Players
Chapter Four: Global Battery Energy Storage System Market Size by Regions
Chapter Five: North America Battery Energy Storage System Revenue by Countries
Chapter Six: Europe Battery Energy Storage System Revenue by Countries
Chapter Seven: Asia-Pacific Battery Energy Storage System Revenue by Countries
Chapter Eight: South America Battery Energy Storage System Revenue by Countries
Chapter Nine: Middle East and Africa Revenue Battery Energy Storage System by Countries
Chapter Ten: Global Battery Energy Storage System Market Segment by Type
Chapter Eleven: Global Battery Energy Storage System Market Segment by Application
Chapter Twelve: Global Battery Energy Storage System Market Size Forecast (2019-2026)
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