The Impact of Battery Energy Storage System Market on the Energy Transition


The Global Battery Energy Storage System Market is anticipated to increase significantly, from USD 4.4 billion in 2022 to USD 15.1 billion by 2027, with a Compound Annual Growth Rate (CAGR) of 27.9%, according to a recent research analysis by MarketsandMarkets. This growth is attributed to a number of things, including the ongoing renewable energy revolution, rising demand for grid energy storage systems, rising adoption of lithium-ion batteries in the renewable energy sector, ongoing grid modernization efforts, and a growing trend towards a low-carbon and less fossil fuel-based economy. The research also emphasises how important ownership, energy capacity, applications, region, ownership kinds, storage systems, elements, battery types, and connection types are in driving market growth.

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

Lithium-ion batteries are anticipated to rule the market for battery energy storage systems in 2021, according to new study. Due to their many benefits, including their high energy and power density, minimal standby losses, long lifespan (up to 15 years), and high efficiency (98%), lithium-ion batteries are being used more and more frequently. Lithium-ion batteries are suitable for on-grid connections because they can perform a number of additional tasks, including frequency regulation, demand charge reduction, grid buffering, and renewable integration. As a result, lithium-ion batteries are being utilised more frequently for grid energy storage systems and are probably going to keep holding the top spot in the market for battery energy storage systems.

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. As excess energy is sent to the grid and can be used later on a metered basis, on-grid connections often have lower upfront costs than off-grid solutions. The decrease in energy costs for clients that use the utility grid for electricity is anticipated to fuel this market's expansion. The market for on-grid battery energy storage systems for utilities is expanding as a result of new regulatory rules for the energy industry as well as the need for infrastructure modernisation from renewable energy suppliers.

Utility application to grow at highest CAGR from 2022 to 2027

The utility application is anticipated to have the highest Compound Annual Growth Rate (CAGR) from 2022 to 2027, making it the battery energy storage system market's fastest-growing category. The utilities application segment already controls a major portion of the market as of 2021, and it is anticipated that this dominance will hold during the projection period. Due to the importance of meeting peak electricity demands for utilities, the utility industry has been expanding. In the event of abrupt swings in energy supply, battery energy storage systems can offer power quality, frequency, and voltage control services, allowing grid operators to conserve electricity during times of excess renewable energy. The need for battery energy storage systems in the utility industry is being driven by the rising need for a consistent and efficient supply of electricity, particularly from renewable sources. As a result, the utilities application segment is anticipated to be the market for battery energy storage systems' primary growth engine in the years to come.

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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 market from 2022 to 2027. The battery energy storage system market is already centred in APAC, and ambitions to electrify isolated, often off-grid areas are anticipated to fuel additional market expansion. Remote and island villages in the area will have easier access to electricity thanks to the deployment of domestic energy storage technology. Governments in developing nations are implementing new regulations to increase the dependability and quality of household power distribution systems, which is encouraging significant investments in energy storage. The region's several governments are also concentrating on reducing the negative environmental effects of the energy industry, which is encouraging the usage of battery energy storage systems in homes and public utilities. As a result, it is anticipated that in the years to come, the APAC region would continue to dominate the market for battery energy storage systems.

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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