Global Battery Energy Storage System market was valued at US$ 2.69 Bn in 2019, and is expected to reach US$ XX Bn by 2026, at a CAGR of XX % during forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.To know about the Research Methodology :- Request Free Sample ReportThe 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
for more information visit: https://www.maximizemarketresearch.com/market-report/battery-energy-storage-system-market/2753/
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.The objective of the report is to present comprehensive analysis of Global Battery Energy Storage System market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with analysis of complicated data in simple language. The report covers all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.The report also helps in understanding Global Battery Energy Storage System market dynamics, structure by analyzing the market segments, and project the Global Battery Energy Storage System market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Battery Energy Storage System market make the report investor’s guide.
