The global Battery Energy Storage System (BESS) market has witnessed exponential growth in the recent past. Several factors that attributed to the growth of this market, such as growing focus on renewable sources of energy, advancements in technology and rising demand for grid-connected solutions among others. Moreover, favorable government regulations to support the utilization of clean energy is another factor which has been pivotal in contributing to the growth of the market. However, high costs associated with project financing, and requirement of high capital for deployment of such services may restrict the growth of the global Battery Energy Storage System (BESS) market to a certain extent.
Market Industry Reports (MIR) has published a new report titled “Battery Energy Storage System (BESS) Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global Battery Energy Storage System (BESS) market was valued to be over US$ 2.5 billion in 2019. It is anticipated to grow at a CAGR of ~33.0% from 2019 to 2030.
Major Key Players of the Battery Energy Storage System (BESS) Market are:Tesla, Siemens, Hitachi Chemical Co, GENERAL ELECTRIC, AEG, SAMSUNG SDI CO, NEC Energy Solutions, Panasonic Corporatio
Conservation of nature-based energy such as wind & solar energy, faces several complications, such as varying wind speed & overcast weather limiting solar energy, thereby leading to fluctuations in the amount of energy generated. All these factors makes it mandatory for a grid system to have flexibility for storing varying levels of energy. The introduction of BESS assists grid operators to directly store electricity, when the amount of electricity generated is high. Thereby, directly improving flexibility & consistency of the electricity supply system in terms of generation, transmission, and distribution. Application of BESS for transmission & distribution of electricity, caters to a wide variety of features such as frequency regulation, voltage support, asset deferral, harmonic suppression, and power quality among others.
Moreover, BESS provides a broad spectrum of additional advantages, which proves to be an important aspect for various grid applications. Few of the most common application includes reliability/resilience of electric service, effective demand side management, energy arbitrage, fast response frequency regulation, and transmission/distribution system deferral among others. For instance, BESS allows storage of energy in tandem with intermittent wind or solar, thereby providing a more stable power supply source. Few other features of BESS which proves to be extremely beneficial are baseload leveling, peak shaving, renewables capacity firming, electric energy time shift and renewable energy time shift among others.
Major Types of Battery Energy Storage System (BESS) Market covered are:Sodium–Sulfur Batteries
Flow Batteries
Lithium-Ion Batteries and Advanced Lead-Acid Batteries
Flow Batteries
Lithium-Ion Batteries and Advanced Lead-Acid Batteries
Major Applications of Battery Energy Storage System (BESS) Market covered are:Residential
Utilities and Non-Residential
Utilities and Non-Residential
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