Battery Energy Storage System Market estimated to be worth USD 15.1 Billion by 2027
The Global Battery Energy Storage System Market Size is expected to grow from USD 4.4 billion in 2022 to USD 15.1 billion by 2027, at a CAGR of 27.9%. The growth of this market is driven mainly by the increasing demand for grid energy storage systems owing to ongoing grid modernization, growing penetration of lithium-ion batteries in renewable energy sector, and rising trend of adopting low-carbon and less fossil fuel-based economy and ongoing renewable energy revolution. Lithium-ion batteries to hold the largest share of the Battery Energy Storage System Market in 2021 The adoption of lithium-ion batteries is increasing at a substantial rate attributed to the advantages of the battery such as high energy and power density, which leads to low standby losses and a high life expectancy of about 5–15 years with 98% efficiency. Also, lithium-ion-sulfur battery energy storage systems support frequency regulation, demand charge reduction, grid-buffering, and renewable integration, which