Battery Energy Storage System Market Key Strategies, Application, Technology, Trends and Opportunities 2027
Utility Application to grow at highest CAGR from 2022 to 2027 The utility application dominates the Battery Energy Storage System Market in 2021 and is estimated to hold the largest CAGR during the forecast period. The need to fulfill the requirement of peak electricity demands is the major factor contributing to the growth of the market for utility. The utility BESS provides power quality, frequency, and voltage control services in case of sudden fluctuation in the energy supply. The battery energy storage systems enable grid operators to save electricity when there is a surplus of renewable energy. The increasing demand for a reliable and efficient supply of electricity in most regions and the growing need for renewable energy are responsible for the high demand for battery energy storage systems in the utility sector. 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 substant