Battery Energy Storage System Market Worth 6.81 Billion USD by 2022
Published: Mar 31, 2016 11:31 a.m. ET
PUNE, India, Mar 31, 2016 (PR Newswire Europe via COMTEX) — PUNE, India, March 31, 2016 /PRNewswire/ —
According to the new market research report “Battery Energy Storage System Market by Battery Type (Lithium-Ion, Advanced Lead Acid, Flow Batteries,, & Sodium Sulfur), Connection Type (On-Grid and Off-Grid), Ownership, Revenue Source, Application, And Geography – Global Forecast to 2022″, published by MarketsandMarkets, the market is expected to reach USD 6.81 Billion by 2022, growing at a CAGR of 37.0% between 2016 and 2022.
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Factors such as increasing demand for grid-connected solutions, growing electric vehicle market, high requirement of lithium-ion batteries in various applications, and government support are expected to boost the growth of the battery energy storage system market.
The transportation sector expected to lead the battery energy storage system market
The growing implementation of batteries in battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) is expected to support the growth of the BESS market. The implementation of battery types such as lithium-ion, Nickel-cadmium (NiCd), Nickel-metal hydride (NiMh), Li-ion polymer is driving the transportation application of the battery energy storage system market. The lithium-ion batteries gain huge traction as they provide high energy and power density in terms of volume and high charge/discharge efficiency and are more lightweight than other batteries such as lead-acid batteries. These factors are supporting the growth of battery energy storage system in transportation sector.
The residential sector expected to grow at a high rate between 2016 and 2022
The market for battery energy storage system for the residential sector is expected to grow at a high CAGR between 2016 and 2022. The residential segment use battery energy storage systems to provide power to houses. The renewable energy such as wind and solar generates power intermittently with high variable output. The ability of BESS to store this energy during peak production is driving the mass adoption of renewable energy in residential and commercial applications. All these factors are expected to drive the residential sector supporting the growth of the battery energy storage system market.
APAC expected to hold the largest market share by 2022
The Battery Energy Storage System Market in Asia-Pacific is expected to hold a large market share by 2022, growing at a high CAGR between 2016 and 2022. The installations of battery energy storage system in various countries in the APAC region such as China, India, and Japan are supporting the growth of the battery energy storage system market. Also, owing to the interest from the residential sector to use renewable resources and growing government support is expected to boost the growth in this region.
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Companies involved in the development of battery energy storage system include ABB Ltd. (Switzerland), AEG Power Solutions (The Netherland), General Electric Co. (U.S.), Hitachi ltd (Japan), LG Chem. (South Korea), NEC Corporation (Japan), Panasonic Corporation (Japan), Samsung SDI Co., ltd. (South Korea), Siemens AG (Germany), and Tesla Motors ltd. (U.S.).
This research report categorizes the global battery energy storage system market on the basis of battery type, connection type, ownership, revenue source, application, and geography. This report describes the drivers, restraints, opportunities, and challenges with respect to the battery energy storage system market. The Porter’s five forces analysis has been included in the report with a description of each of its forces and their respective impact on the battery energy storage system market. Brief information on the research methodology implemented for the report can be found in the report description provided on the website.
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