Growing Demand for Grid Modernization to Drive Battery Energy Storage System Market Growth
The Battery Energy Storage System Market Size is anticipated to increase, with the impact of COVID-19, from USD 4.4 billion in 2022 to USD 15.1 billion by 2027, growing at a CAGR of 27.9%. According to the report, a number of factors, including the rising demand for grid energy storage systems as a result of ongoing grid modernization, the increasing use of lithium-ion batteries in the renewable energy sector, and the rising trend of moving towards a low-carbon and less fossil fuel-based economy in tandem with the ongoing renewable energy revolution, are driving the market's growth. Additionally, the study divides the market into categories based on the kind of ownership, energy capacity, application, element, battery, connection, and geography.
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).
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Lithium-ion batteries to hold the largest share of the battery energy storage system market in 2021
In 2021, the battery energy storage system market is anticipated to be dominated by lithium-ion batteries, according to a recent analysis. This is a result of lithium-ion batteries' several benefits, including their high energy and power density, low standby losses, and long lifespan of 5–15 years with 98% efficiency. In addition to supporting a number of features like frequency management, demand charge reduction, grid-buffering, and renewable integration, lithium-ion-sulfur battery energy storage systems are perfect for on-grid connections. These benefits and their applicability for a variety of applications in the energy storage sector are responsible for the rising use of lithium-ion batteries.
On-grid connection type segment is dominating the battery energy storage system market in 2021
In 2021, the battery energy storage system market will be dominated by the on-grid connection type segment, according to recent study. This is because on-grid systems have lower initial costs because excess energy can be transferred to the grid and utilised subsequently on a metered basis. Customers who rely on the utility grid for power see lower energy costs as a result, which is likely to propel the segment's growth. The market for on-grid battery energy storage systems for utilities is expanding as a result of new regulations for the energy sector, the demand for grid modernization from renewable energy suppliers, and other factors. In general, the market for battery energy storage systems is anticipated to remain dominated by the kind of on-grid connection segment in the near future.
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Utility application to grow at highest CAGR from 2022 to 2027
Recent studies predict that the market for battery energy storage systems would develop at the greatest CAGR from 2022 to 2027 for the utility sector. Utility applications are expected to grow at the highest CAGR over the projected period and already control the market in 2021. The necessity to meet peak electricity consumption is what is being blamed for the expansion of the market for utility applications. When there are sudden fluctuations in energy supply, utility BESS offers power quality, frequency, and voltage control services, allowing grid operators to conserve electricity. Also, the growing need for renewable energy and the rising demand for a consistent and efficient supply of electricity in most regions are to blame for the strong demand for battery energy storage systems in the utility sector. In general, the utility application is anticipated to significantly influence the market expansion for battery energy storage systems in the upcoming years.
The battery energy storage system market in APAC is expected to grow at the highest CAGR from 2022 to 2027
The battery energy storage system market in APAC is anticipated to develop at the highest CAGR from 2022 to 2027, according to latest research. Plans for electrifying distant areas, most of which are off-grid in various nations, are anticipated to be implemented in APAC, which is a hub for the battery energy storage system 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 countries implement new regulations to strengthen the dependability and calibre of power distribution facilities for residential users, energy storage investments are anticipated to rise significantly in the APAC region. The governments of numerous nations in this region are also concentrating on reducing the unfavourable consequences of the energy industry on the environment. These elements contribute to an increase in the use of battery energy storage systems in household and industrial applications. The APAC region is anticipated to significantly influence the market for battery energy storage systems over the next few years.
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