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According to the new market research report "Battery Energy Storage System Market by Element (Battery, Hardware), Battery Type (Lithium-Ion, Advanced Lead Acid, Flow Batteries, Sodium Sulfur), Connection Type (On-Grid And Off-Grid), Ownership, Application, and Geography - Global Forecast to 2023", the battery energy storage system market is expected to grow from USD 1.98 Billion in 2018 to reach USD 8.54 Billion by 2023, at a CAGR of 33.9% between 2018 and 2023. Factors that are driving the growth of the market include the increasing demand for grid-connected solutions, high demand for the lithium-ion technology in the renewable energy industry, and declining prices of lithium-ion batteries.
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Scope of the Report
This research report categorizes the battery energy storage system market on the basis of element, battery type, ownership, connection type, application, and geography.
Battery Energy Storage System Market, by Element:
BatteryHardwareOther Elements
Battery Energy Storage System Market, by Battery Type:
Lithium-Ion BatteriesSodium–Sulfur BatteriesFlow BatteriesAdvanced Lead-Acid BatteriesOthers
Battery Energy Storage System Market, by Ownership:
Utility OwnedCustomer OwnedThird-Party Owned
Battery Energy Storage Systems Market, by Connection Type:
On-Grid ConnectionOff-Grid Connection
Battery Energy Storage System Market, by Application:
ResidentialNon-ResidentialUtilitiesOther Applications
Battery Energy Storage System Market, by Geography:
North AmericaEuropeAsia Pacific (APAC)Rest of the World (RoW)
Battery energy storage system market in APAC to grow at the highest CAGR between 2018 and 2023
APAC comprises China, Japan, India, South Korea, and the Rest of APAC (RoAPAC). APAC is gradually becoming a hub for the battery energy storage system industry. The demand for battery energy storage systems from China, India, and Japan is gradually increasing. The electricity demand in China is on rise due to the rapid population growth in the country. To fulfill the increasing demand from this population, the state-owned State Grid Corporation of China, the world’s largest utility, has deployed battery energy storage systems to provide ancillary services throughout its grid.
The major players operating in the battery energy storage system market are ABB (Switzerland), LG Chem (South Korea), NEC (Japan), Panasonic (Japan), Samsung SDI (South Korea), AEG Power Solutions (Netherlands), General Electric (US), Hitachi (Japan), Siemens (Germany), and Tesla (US).
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