Battery Energy Storage System Market estimated to reach 8.54 Billion USD by 2023

1. Battery Energy Storage System Market worth 8.54 Billion USD by 2023

2. About our Report The battery energy storage system market is expected to grow from USD 1.98 Billion in 2018 to reach USD 8.54 Billion by 2023, at a CAGR of 33.9% between 2018 and 2023. Factors that are driving the growth of the market include the 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. • APAC comprises China, Japan, India, South Korea, and the Rest of APAC (RoAPAC). APAC is gradually becoming a hub for the battery energy storage system industry. The demand for battery energy storage systems from China, India, and Japan is gradually increasing. The electricity demand in China is on rise due to the rapid population growth in the country. To fulfill the increasing demand from this population, the state-owned State Grid Corporation of China, the world’s largest utility, has deployed battery energy storage systems to provide ancillary services throughout its grid. •

4. Inside of Report Browse:  83 market data tables.  73 figures spread through 195 pages.  in-depth TOC on “- "Battery Energy Storage System Market - Global Forecast to 2023" The lithium-ion batteries have a long lifespan of 5–15 years, and up to 98% efficiency (i.e., only 2% of electrical charge is lost during use). The lithium-ion batteries have very high energy and power densities, which leads to lower weight with low standby losses, and high life expectancy. Lithium-ion batteries continue to hold a large size of the battery energy storage system market owing to its features such as high energy density, self-discharge capability, low maintenance requirement, less weight, and high life expectancy. • Battery energy storage system is well suited for smoothing the variable output of renewables and controlling the rapid ramping up and down of solar as well as wind generation. The grid operators and regulators are aware of the importance of battery energy storage systems and their ability to cater through multiple services. The utility operators are using these systems in their resource planning processes, which reduces the system costs and increases storage capacity. •

5. Table of Content Table of Contents 1 Introduction (Page No. - 18) 1.1 Objectives of the Study 1.2 Definition 1.3 Scope of Study 1.3.1 Markets Covered 1.3.2 Years Considered for Study 1.4 Currency & Pricing 1.5 Limitations 1.6 Stakeholders 2 Research Methodology (Page No. - 22) 2.1 Research Data … 15 Appendix (Page No. - 187) 15.1 Insights of Industry Experts 15.2 Discussion Guide 15.3 Knowledge Store: Marketsandmarkets’ Subscription Portal 15.4 Introducing RT: Real-Time Market Intelligence 15.5 Available Customizations 15.6 Related Reports 15.7 Author Details

6. Key Players 1. ABB (Switzerland), 2. LG Chem (South Korea), 3. NEC (Japan), 4. Panasonic (Japan), 5. Samsung SDI (South Korea), 6. AEG Power Solutions (Netherlands), 7. General Electric (US), 8. Hitachi (Japan), 9. Siemens (Germany), and 10.Tesla (US).

7. Structured Cabling Download PDF Brochure:- https://www.marketsandmarkets.com/pdfdownload.asp?id=112809494 The objective of the report is to provide a detailed analysis of the battery energy storage system market segmented on the basis of element, battery type, ownership, connection type, application, and geography. It also provides detailed information on the major factors influencing the growth of the battery energy storage system market.

8. Summary The battery energy storage system market is expected to grow from USD 1.98 Billion in 2018 to reach USD 8.54 Billion by 2023, at a CAGR of 33.9% between 2018 and 2023. Factors that drive the growth of the market include the 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. The battery energy storage systems market for on-grid connection is expected to grow at a higher CAGR between 2018 and 2023. The on-grid battery energy storage systems use the utility grids for supplying electricity to consumers, which also helps reduce the energy bills. 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. These factors contribute to the growth of the market for on-grid battery energy storage systems. The market for the customer-owned battery energy storage systems is expected to grow at the highest CAGR between 2018 and 2023. The customer-owned battery energy storage systems help reduce the electricity cost, as electricity is charged under the time-of-use (TOU) tariff. Under the TOU tariff, the customer can easily reduce the energy cost (electricity cost and annual investment cost) through the adoption of battery energy storage systems.

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