Global Battery Energy Storage System Market, By Element (Battery, Hardware), Battery Type (Lithium-Ion, Advanced Lead Acid, Flow Batteries, Sodium Sulfur), Connection Type (On-Grid And Off-Grid), Ownership (Customer Owned ,Third-Party Owned, Utility Owned), Application (Residential, Non-Residential, Utilities and Other), Geographical Segments (North America, South America, Europe, Asia-Pacific, Middle East and Africa)- Industry Trends and Forecast to 2025
Market Analysis: Global Battery Energy Storage System Market
The Global Battery Energy Storage System Market is expected to reach USD 111.34 million by 2025 from USD 92.47 million in 2017 and is projected to grow at a CAGR of 47.6% in the forecast period of 2018 to 2025. The upcoming market report contains data for historic year 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
Market Definition: Global Battery Energy Storage System Market
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 smooth supply to consumers when power generation from renewable power plants fluctuates due to weather conditions.
Battery energy storage systems is defined as system that stores energy which is used to store the energy generated by power plants. These are especially used to accumulate the energy produced by renewable energy power plants in order to guarantee smooth flow of electricity regardless of fluctuation in power generation by renewable energy plants. They are also used in the automotive sector. The battery energy storage systems market is expected to expand at a fast-paced CAGR due to the growth in usage of renewable energy plants as well as electric and hybrid cars. It provides grid stabilization and increased power quality: Four-Quadrant Operation (Active and Reactive Power Control), Peak Shaving and Load Balancing, day to night shifting of renewable PV Energy, reliable PV Power Supply by rolling clouds and provide control power to battery energy storage.
In 2016, the government of China released a 15-year energy technology innovation action plan for further research in advanced energy storage.
In 2014, the U.S. government invested USD 34 Billion in solar power plants, wind farms, and other renewable energy projects.
In January 2013, Boeing 787 Dreamliner commercial jets suffered safety issues, due to electric issues caused by lithium-ion batteries.
Market Drivers and Restraints:
- Increasing demand for grid-connected solutions.
- High demand for the lithium-ion technology in the renewable energy industry.
- Declining prices of lithium-ion batteries.
- Lack of the availability of vendors and project financing
- High capital investment required for the deployment.
Market Segmentation: Global Battery Energy Storage System Market
- The market is segmented based on element, battery type, connection type, ownership, application and geographical segments.
- Based on element, the market is segmented into battery and hardware.
- Based on battery type, the market is segmented into lithium-ion, advanced lead acid, flow batteries and sodium sulfur.
- Based on connection type, the market is segmented into on-grid and off-grid.
- Based on ownership, the market is segmented into customer owned, third-party owned, utility owned.
- Based on Application, the market is segmented into residential, non-residential, utilities and other.
- Based on geography, the market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
Competitive Analysis: Global Battery Energy Storage System Market
The global battery energy storage system market is fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market in order to sustain in long run. The report includes market shares of battery energy storage system market for global, Europe, North America, Asia Pacific and South America.
In July 2017, Xcel Energy and Panasonic announced collaboration with the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL), Denver International Airport (DEN), and LC Fulenwider, Inc. in order to study the possible implementation of a carbon-neutral energy district master plan for Pena Station NEXT in Denver, Colorado. The partnership has commissioned 1-MW/2-MWh lithium-ion battery energy storage systems.
In February 2015, Hitachi America, Ltd., and Demansys Energy, Inc. constructed and commissioned a 1-MW lithium-ion energy storage facility by utilizing Hitachi's CrystEna*1, a compact, container-type energy storage system.
Key Players: Global Battery Energy Storage System Market
The renowned players in battery energy storage system market are LG Chem., ABB Ltd. ,AES Energy Storage, LLC ,Beacon Power, LLC , BYD Company Limited, Convergent Energy and Power Inc., Greensmith Energy Management Systems , Eos Energy Storage ,Seeo, Inc. , S&C Electric Company Scheider Electric ,SMA Solar Technology AG ,Exide Industries Ltd. ,SK Holdings. ,Autobat SACI,Enerbrax Acumuladores Ltda, Eguana Technologies ,Imergy Power Systems, Ionotec Ltd, Tata Power and many more.
Research Methodology: Global Battery Energy Storage System Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
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Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other