Battery Energy Storage System Market Size Report Analysis, Share, Revenue, Growth Rate With Forecast Overview

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Summary

The market for battery energy storage system is expected to register a CAGR of over 24% during the forecast period. The major factors driving the market studied are the increasing levels of renewable penetration, demand for reliable and uninterrupted power supply, and aging grid infrastructure.

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The lithium-ion battery segment is expected to be the fastest-growing segment for the battery energy storage system market. Additionally, the commercial and industrial segment is expected to dominate the market by application.

The commercial and industrial (C&I) sector is far more sensitive to power outages than the residential sector, and thereby the increase in reliability and decrease in the cost of battery energy storage system is expected to propel the adoption by the commercial and industrial sector, creating an opportunity for the growth of the market during the forecast period.

Asia-Pacific dominated the market across the globe with the largest consumption from countries, such as China.

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Increasing Demand from Commercial and Industrial Sector

Utilities can use batteries to store electricity during periods of low demand and then tap the stored energy during peak periods to shave peak loads. The demand for energy storage systems in the utility sector is expected to increase in the future on account of technical advantages and decreasing prices of energy storage systems.

The commercial and industrial segment has recently been explored by project developers, for whom it constitutes a significant growth opportunity. Key factors like increasing energy bills and price volatility are expected to drive the segment’s growth in the coming years. Further, developing hybrid energy storage systems with the ability to respond to a wide variety of needs is expected to be a key to unlocking future segment growth.

Asia-Pacific to Dominate the Market

The Asia-Pacific region consists of two main types of power grids, each with different characteristics and opportunities for energy storage systems. On the one side are highly developed nations, such as Japan, South Korea, with advanced grids that operate reliably and utilize advanced technologies. On the other side, there are nations that are still developing and have unreliable or limited power grids.

The developing regions are also witnessing rapid population growth and urbanization, which is increasing the demand for electricity. Renewable energy is becoming increasingly cost-effective, and the developing countries are expected to include huge amounts of renewable energy into their grid.