What is Battery Energy Storage System Market?
Battery energy storage system that stores various forms of energy via the use of a battery technology for it to be used at a later time. It store energy from solar arrays or the electric grid and provide that energy to a home or business purpose. Modern battery energy storage system usually includes a built-in inverter and computerized control systems. Battery energy storage system has various applications like self-consumption, peak shaving, load shifting, emergency backup and various grid services. It is commonly used to smooth out the minor fluctuations in energy output for small and large electricity sources. It is also used in electric vehicles, trains and bikes.
The market study is being classified by Type (Lead-Acid Battery Energy Storage, Ni-MH Battery Energy Storage, Sodium Sulfur Battery Energy Storage, Lithium Battery Energy Storage and Others), by Application (Residential, Non-Residential, Utilities and Others) and major geographies with country level break-up.
AES Energy Storage, LLC (United States), ABB (Switzerland), LG Chem (South Korea), General Electric Company (United States), NEC (Japan), Panasonic (Japan), Samsung SDI (South Korea), Contemporary Amperex Technology co. Limited (China), Primus Power (United States) and Tesla (United States) are some of the key players profiled in the study.
Global Battery Energy Storage System is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching Products. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Battery Energy Storage System market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Battery Energy Storage System market by Type, Application and Region.
On the basis of geography, the market of Battery Energy Storage System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rising Energy Consumption World Wide
- Increasing Demand from Electric Vehicle Sector
- Demand for Lithium-Ion Technology in the Renewable Energy Industry
Market Trend
- Replacement of Sodium-Sulphur Battery by Lithium-Ion Battery
Opportunities
- Growing Need for More Power Quality and Highly Efficient Energy Systems
- Increasing Demand for Grid-Connected Solutions
Challenges
- High Capital Investment for System Deployment
On 23rd March 2018, ABB launched a new solar power storage solution REACT 2 which has a capacity of 12kWh increasing electricity self-efficiency of homes. REACT 2 inverter and energy storage solution includes a high-voltage Li-ion battery with a long life.
On 13th February 2019, The AES Corporation and Mitsubishi Corporation collaborate with Tata Power-DDL to power up South Asia’s largest Grid-Scale Energy Storage System in India.
Key Target Audience
Battery Energy Storage System Providers, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others