Dublin, Aug. 16, 2022 (GLOBE NEWSWIRE) -- The "Battery Energy Storage Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Battery Energy Storage Systems Market to Reach US$12.9 Billion by the Year 2026
Growing need for steady and reliable electricity and energy storage systems in important infrastructures, initiatives related to modernization of the grid, rising use of energy storage systems based on lithium-ion battery due to its exceptional attributes, and use of grid energy storage solutions are driving gains in the global battery energy storage systems market.
Grid modernization initiatives including the movement to novel technologies such as smart grids are spurring demand for battery energy storage systems. Batteries aid in leveraging the capabilities of smart technologies. In 2019, in Dubai, a wind solar project that is smart-grid based was commenced by the KEPCO (Korean Electric Power Corporation). The project is likely to include a lithium-ion battery storage system (500 kWh) comprising 2000 IoT connected sensors in addition to smart meters. Battery energy storage systems are employed in various power applications for off- and on-grid flexibility.
Amid the COVID-19 crisis, the global market for Battery Energy Storage Systems estimated at US$4.7 Billion in the year 2022, is projected to reach a revised size of US$12.9 Billion by 2026, growing at a CAGR of 26.1% over the analysis period.
The U.S. Market is Estimated at $1.3 Billion in 2022, While China is Forecast to Reach $2.4 Billion by 2026
The Battery Energy Storage Systems market in the U.S. is estimated at US$1.3 Billion in the year 2022. The country currently accounts for a 27.61% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$2.4 Billion in the year 2026 trailing a CAGR of 32.6% through the analysis period.
Select Competitors (Total 85 Featured):
AEG Power Solutions
Amara Raja Group
BYD Co. Ltd.
Delta Electronics, Inc.
Exide Industries Limited
General Electric Company
Johnson Controls, Inc.
LG Chem Ltd.
Primus Power Corporation
Samsung SDI Co., Ltd.
The AES Corporation
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
Growth of Intermittent Renewable Energy Sources and the Resulting Need for Energy Storage: A Key Opportunity for Battery Energy Storage Systems
Investment Scenario on Renewable Energy Remains Impacted
Inevitable Rise in Energy Demand Post COVID-19 to Throw Spotlight on Renewable Energy & Energy Storage Technologies
Burgeoning Global Population Propels Demand for Electric Power
Growing Investments in Renewable Energy to Trigger Growth in Energy Storage Domain
Optimization of Plant Efficiency Using Smart Solutions for Energy Storage
Established Image of Lithium-ion Batteries to Drive Market Momentum
Flow Batteries: One of the Key Battery Chemistries of BESS
Growing Opportunities for Flow Batteries in Clean Energy Space
New Solar Flow Battery with Increased Energy Conversion Efficiency
Pandemic Impact on the Vanadium Redox Battery Market
Vanadium Redox Flow Batteries Face Stiff Challenge in Replacing Li-ion Batteries for Utility-Scale Storage
Utilities: The Major End-Use Market for Battery Energy Storage Systems
Need for Improved Energy Management amidst Increasing Demand for Electricity Benefits Market Expansion
Grid Modernization Programs Emphasize Grid Connected Energy Storage
Smart Grids Elevate the Prospects for BESS
Residential Applications to Witness Increased Penetration of BESS in the Long Run
Robust Outlook for EVs Opens New Avenues of Growth for EV Batteries & BESS Integrated EVCS Market
With COVID-19 Pandemic Affecting EV Sales, Prospects Hit for Battery Materials and BESS Market
Increasing Importance of Batteries in the Modern World Presents Opportunities for Cathode Materials
Recycling of Battery Systems
Challenges Confronting the Global Battery Storage System Market
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/bf36p
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