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Battery Energy Storage System Global Market Report 2023
Major players in the battery energy storage system market are BYD Company Limited, General Electric Company, Hitachi Ltd., Honeywell International Inc., Panasonic Corporation, SAMSUNG SDI Co Ltd., Siemens AG, Tesla Inc.
New York, March 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Battery Energy Storage System Global Market Report 2023" - https://www.reportlinker.com/p06426374/?utm_source=GNW
, Toshiba Corporation, ABB Ltd., Contemporary Amperex Technology Co Limited, LG Chem Ltd., Kokam, Johnson Controls International PLC, and Enersys.
The global battery energy storage system market grew from $4.34 billion in 2022 to $5.53 billion in 2023 at a compound annual growth rate (CAGR) of 27.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The battery energy storage system market is expected to grow to $13.8 billion in 2027 at a CAGR of 25.7%.
The battery energy storage system market consists of sales of nickel metal hydride batteries, zinc bromine batteries and sodium-sulphur batteries.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A battery energy storage system (BESS) is a device that stores energy from renewable sources, such as solar and wind, and releases it when the customer needs it. The battery energy storage system (BESS) technology uses specially developed batteries to store electric charge.
North America was the largest region in the battery energy storage system market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the battery energy storage system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of battery energy storage system are front-of-the-meter and behind-the-meter.A front-of-the-meter refers to the battery integrated into the electricity network and used to smooth out the flow of energy.
A front-of-the-meter is used to provide power to off-site locations.The different connection types include on-grid and off-grid, and involve various types of batteries such as lithium-ion batteries, advanced lead-acid batteries, flow batteries, and others.
It is used in telecommunication, data center, medical, industrial, marine, and other applications.
The ongoing renewable energy revolution is expected to propel the growth of battery energy storage system (BESS) market going forward.Renewable energy comes from natural resources that regenerate more quickly than they are depleted.
Renewable energy is being used more frequently as it lowers emissions of pollutants and greenhouse gases that contribute to climate change.In BESS, energy is gathered from the electrical grid or renewable energy sources such as solar and wind, and stored using battery storage technology.
For instance, according to a report by the International Energy Agency, a Paris-based autonomous intergovernmental organization, in 2020, the utilization of renewable energy rose by 3%.In addition, the proportion of renewable energy in the world’s power generation increased from 27% in 2019 to 29% in 2020.
Therefore, the rising demand for clean and renewable energy is expected to drive the growth of the battery energy storage system market.
Technological advancements are a key trend gaining popularity in the battery energy storage system market.Major companies operating in the market are focused on technological advancements to make the battery energy storage system more efficient.
For instance, in January 2022, Franklin Whole Home, a US-based privately funded cleantech company, launched its integrated battery and control system based on artificial intelligence technology.The Franklin Home Power solution creates a unique form of enhanced storage by combining its lithium iron phosphate with aGate smart control technology.
The aGate control system includes adaptive learning algorithms, enabling it to handle even the most challenging load circumstances successfully.
In February 2022, LG Energy Solution, a South Korea-based battery company, acquired NEC Energy Solutions for an undisclosed amount.Through the acquisition, LGES will have access to both the operational data and the technology of NEC Energy Solutions.
As a result, system-level performance and reliability will be enhanced, and inverters and other PCS components will be easier to monitor and collect data from. NEC Energy Solutions is a US-based company that provides energy storage solutions and battery systems.
The countries covered in the battery energy storage system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The battery energy storage system market research report is one of a series of new reports that provides battery energy storage system market statistics, including battery energy storage system industry global market size, regional shares, competitors with a battery energy storage system market share, detailed battery energy storage system market segments, market trends and opportunities, and any further data you may need to thrive in the battery energy storage system industry. This battery energy storage system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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