Battery Energy Storage Systems Market Revenue to close at USD 29.27 billion by 2027
Posted On August 18, 2021
The Global Battery Energy Storage Systems Market is foreseen to grow at a remarkable CAGR of 28% during the year 2021-2027 as estimated by the report from Value Market Research wherein the market value is expected to grow to USD 29.27 billion by 2027. Factors such as 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 likely to boost the growth of battery energy storage system market. Factors like high capital investment required for the deployment and lack of the availability of vendors and project financing is restraining the market growth. Whereas an increasing focus on rural electrification worldwide, large storage requirements in data centers are expected to offer opportunities to the market.
The battery energy storage systems are primarily used to decrease peak demand charges, integrate renewable source, regulate voltage and frequency, and provide backup power supply. Battery energy storage systems are utilized 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 environmental changes.
The geographical and segmentation study covered in the report "Global Battery Energy Storage Systems Market Report By Technology (Lithium-Ion Batteries, Sodium–Sulfur Batteries, Lead-Acid Batteries, Flow Batteries, And Others), Type (On-Grid Connection And Off-Grid Connection), Application (Residential, Non-Residential, And Utilities) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2021-2027" helps in understanding the upcoming trends of the market.
On the basis of battery technology the market is segmented into Lithium-Ion Batteries, Sodium–Sulfur Batteries, Lead-Acid Batteries, Flow Batteries, Others. By application the battery energy storage systems market is categorised as Residential, Non-Residential, Utilities, Other. Geographically the research study provides data on North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions. This section provides the estimates of market by segment, thus providing valuable data to take strategic decisions.
The Report Segments Global Battery Energy Storage Systems Market -
By Battery Technology
- Lithium-Ion Batteries
- Sodium–Sulfur Batteries
- Lead-Acid Batteries
- Flow Batteries
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Players Profiled In the Report:
LG Chem., ABB, The AES Corporation, Enerbrax Acumuladores Ltda, Beacon Power, LLC, BYD Company Limited, Alevo Group, Convergent Energy + Power, Greensmith Energy Management Systems, SMA Solar Technology AG, Exide Industries Ltd.
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About Value Market Research -
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