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Battery Energy Storage Systems Market Driven By Growing Deployment Of Renewable Energy Sources As Wind Or Solar Power Generation | CAGR 27.2% | Grand View Research, Inc.

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Battery Energy Storage Systems Market Driven By Growing Deployment Of Renewable Energy Sources As Wind Or Solar Power Generation | CAGR 27.2% | Grand View Research, Inc.

December 20
04:06 2021
Battery Energy Storage Systems Market Driven By Growing Deployment Of Renewable Energy Sources As Wind Or Solar Power Generation | CAGR 27.2% | Grand View Research, Inc.
“Grand View Research, Inc. – Market Research And Consulting.”
According to a new report published by Grand View Research, rising demand for reliable and continuous power supply from end-use sectors such as industrial, telecom, data centers, marine, and medical are expected to strengthen the market.

The global battery energy storage systems market size is expected to reach USD 23.4 billion by 2027, ascending at a CAGR of 27.2% over the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for backup power supply across various industries along with requirement for improved grid network utilization is likely to drive the market over the forecast period.

Battery energy storage systems find application in several sectors including data centers, telecommunication, industrial, medical, and marine. In addition, growing deployment of renewable energy sources such as wind or solar power generation has led to increased adoption of these storage systems. The system provides constant power supply while compensating for intermittent nature of renewables.

The market value chain comprises of raw material suppliers, equipment suppliers, the manufacturers in the industry, and end-use segment industries. Batteries form a major component of the system followed by cables, connectors, bus bars, and module packs, which are further utilized in the manufacturing process. Advantageous features such as easy recyclability, easy charging, favorable cost, and performance ratio define the competitiveness of the market.

Industry participants are largely emphasizing on commercialization of flywheel battery storage technology. Even though the technology is in its nascent stage, it is more economical when compared to lithium-ion or lead-acid batteries. The key reasons for this are the low maintenance cost and long service life of the flywheel technology, which compensates for the high initial investment required during its installation. 

 

Browse full report with Table of Content @ https://www.grandviewresearch.com/industry-analysis/battery-energy-storage-systems-market

 

Battery Energy Storage Systems Market Report Highlights

 The lithium-ion segment occupied the largest market revenue share in 2019 owing to its high energy density and declining cost of batteries

The flywheel segment is expected to be the fastest growing type segment over the forecast period owing to its longer lifespan and higher efficiency when compared to other energy storage technologies

Data centers accounted for a dominant market position in 2019 owing to rapid development in infrastructure along with increasing requirement of continuous power supply at these facilities.

In Asia Pacific, the market was valued at USD 1.4 billion in 2019 and is expected to dominate the market over the forecast period owing to the industrial growth and rising demand for power from developing economies such as China and India.

 

For Requesting a Sample Copy Please Visit @ https://www.grandviewresearch.com/industry-analysis/battery-energy-storage-systems-market/request/rs1

 

Battery Energy Storage Systems Market Segmentation

Grand View Research has segmented the global battery energy storage system market on the basis of application, product, and region:

Battery Energy Storage System Application Outlook (Revenue, USD Million, 2016 – 2027)    

• Telecommunication     

• Data Center     

• Medical     

• Industrial     

• Marine     

• Others

Battery Energy Storage System Battery Type Outlook (Revenue, USD Million, 2016 – 2027)    

• Flywheel     

• Lead acid     

• Lithium-ion     

• Others

Battery Energy Storage System Regional Outlook (Revenue, USD Million, 2016 – 2027)     

North America        

  • The U.S.         

  • Canada         

  • Mexico     

• Europe         

  • Germany         

  • The U.K.         

  • France         

  • Russia     

• Asia Pacific         

  • China         

  • India         

  • Japan         

  • Australia     

• Central and South America         

  • Brazil         

  • Argentina     

• Middle East & Africa         

  • Saudi Arabia         

  • UAE

List of Key Players of Battery Energy Storage System Market     

ABB     

LG Chem Ltd.     

Panasonic Corporation     

Samsung SDI     

BYD Company Limited     

Contemporary Amperex Technology Co. Limited     

Exide Technologies     

General Electric     

Enersys     

Nissan     

AES Energy Storage     

Hoppecke Batteries Inc.     

• Tesla

 

Fill the Pre-Order Enquiry Form for the Report @ https://www.grandviewresearch.com/inquiry/450553/ibb

 

Browse Related Reports:

Electric Vehicle Battery Thermal Management Systems MarketSize, Share & Trends Analysis Report By Application (Passenger, Commercial), By System Type (Passive, Active), By Region, And Segment Forecasts, 2020 – 2027.

 

About Grand View Research

Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.

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Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
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Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/battery-energy-storage-systems-market

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