Key Trends Driving the Battery Energy Storage System Market


The Battery Energy Storage System (BESS) Market is expected to increase from USD 4.4 billion in 2022 to USD 15.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 27.9%, according to a new research study by MarketsandMarketsTM. This expansion is anticipated to be fueled by a number of variables, including the rising trend towards adopting a low-carbon and less fossil fuel-based economy, the ongoing renewable energy revolution, and the rising demand for grid energy storage systems as a result of ongoing grid modernization. The report also examines a number of other elements, including ownership, ownership type, battery type, connection type, energy capacity, application, and region.

Lithium-ion batteries to hold the largest share of the battery energy storage system market in 2021

A recent analysis predicts that lithium-ion batteries would dominate the battery energy storage system (BESS) industry in 2021 because of all of its benefits. High energy and power density, minimal standby losses, and a lengthy lifespan of up to 15 years with 98% efficiency are a few of these. Furthermore, lithium-ion batteries are perfect for on-grid connections since they can support numerous applications like frequency management, demand charge reduction, grid-buffering, and the integration of renewable energy. As a result, the sector as a whole is expanding due to the rapid development in the usage of lithium-ion batteries in the BESS market.

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On-grid connection type segment is dominating the battery energy storage system market in 2021

The battery energy storage system (BESS) market will continue to be dominated by the on-grid connection type segment in 2021. This is mainly because on-grid systems have cheaper initial costs because excess energy can be transferred to the grid and utilised subsequently on a metered basis. Likewise, consumers that rely on the utility grid for their electricity can experience a decrease in their energy costs by using on-grid BESS. The on-grid BESS market for utilities is expanding as a result of new regulatory rules for the energy industry as well as the rising demand for grid modernisation from suppliers of renewable energy. The on-grid connection type segment is therefore anticipated to maintain its dominance in the BESS market over the next few years.

Utility application to grow at highest CAGR from 2022 to 2027

In the battery energy storage system (BESS) market, the utility application is anticipated to develop at the greatest compound annual growth rate (CAGR) from 2022 to 2027. In 2021, the utilities application will continue to rule the BESS market and is anticipated to grow at the fastest rate. This expansion is related to the rise in electricity demand, which is being met by the utility BESS, which also offers power quality, frequency, and voltage management services in the event of unexpected variations in energy supply. When there is an excess of renewable energy, the BESS also enables grid operators to reduce their electricity usage. The strong demand for BESS in the utility sector is caused by the expanding requirement for a consistent and efficient supply of electricity in the majority of regions, as well as the rising need for renewable energy. The utility application is therefore anticipated to keep expanding in the BESS market over the ensuing years. 

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The battery energy storage system market in APAC is expected to grow at the highest CAGR from 2022 to 2027

The Asia-Pacific (APAC) region is anticipated to experience the highest Compound Annual Growth Rate (CAGR) for the battery energy storage system (BESS) market from 2022 to 2027. Plans for electrifying distant areas, many of which are now off-grid in numerous nations, are anticipated to be implemented in the APAC region, which is regarded as a hub for the BESS business. These isolated and island villages in the area will have more access to electricity thanks to the deployment of domestic energy storage technologies. As governments in developing economies establish new rules to enhance the dependability and quality of power distribution infrastructure for residential users, energy storage investments are also anticipated to rise dramatically within the APAC area. The region's governments are also putting more of an emphasis on reducing the negative environmental consequences that the energy sector has, which is encouraging more BESS to be used in home and public utility applications. As a result, during the forecast period, the APAC region is anticipated to have the worldwide BESS market's highest growth rate.

Major companies operating in this battery energy storage system market include BYD Company Limited (China), SAMSUNG SDI Co., Ltd. (South Korea), LG Energy Solutions Co., Ltd. (South Korea), and Panasonic Corporation (Japan).

News Covered:

https://www.prnewswire.com/news-releases/battery-energy-storage-system-market-worth-15-1-billion-by-2027--exclusive-report-by-marketsandmarkets-301490426.html 

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