The Role of Battery Energy Storage Market in the Transition to Clean Energy: A $17.5 Billion
The Battery Energy Storage System Market is expected to reach USD 17.5 billion by 2028 from USD 5.4 billion in 2023, at a CAGR of 26.4 % during the 2023–2028 period. The report profiles key players such as BYD Company Limited, SAMSUNG SDI Co., Ltd., LG Energy Solutions Co., Ltd., and Panasonic Corporation. The significant growth factors associated with the battery energy storage system market is the increasing deployment of renewable energy sources. Additionally, the growth of electric vehicles (EVs) is driving the need for efficient and reliable charging infrastructure, where battery energy storage systems can play a significant role in managing peak loads and balancing the grid. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=112809494 Furthermore, advancements in battery technology, cost reduction, and favorable government policies and incentives are also contributing to the market's growth by making battery energy storage systems m...