Battery Energy Storage System Market to Witness Comprehensive Growth by 2031

-

Allied Market Research, titled, “Battery Energy Storage System Market By Battery Type, Connection Type, Application: Global Opportunity Analysis And Industry Forecast, 2022-2031," was valued at $8.4 billion in 2021, and is estimated to reach $51.7 billion by 2031, growing at a CAGR of 20.1% from 2022 to 2031.

A battery energy storage system is a technology developed for storing electric charge by using specially developed batteries. The main purpose of the system is to store energy can be utilized at a later time. Battery energy storage system has the advantage over other energy storage technologies as it has small footprint and no restrictions on geographical locations that it could be located in. Other storage technologies including pumped hydro storage (PHS) and compressed air energy storage (CAES) are only suitable for limited number of locations, considering water and other restrictions and transmission constraints.

The growth of the battery energy storage system market is majorly driven by increasing demand for energy resources across developed and developing nations along with the increasing concerns to ensure energy security. Moreover, the battery energy storage systems are becoming an integral part of grid modernization as they help grid operators to save electricity when the electricity generated exceeds the electricity demand. However, high capital expenditure required for installing battery energy storage systems is a restraining factor for the growth of the market. On the contrary, significant fall in prices of lithium-ion batteries and the rise in number of rural electrification projects worldwide are anticipated to provide lucrative opportunities for the battery energy storage system industry during the forecast period.

According to battery energy storage system market analysis, the lithium ion segment was the highest contributor to the market in 2021 and is expected to follow the same trend during the forecasted period. The on grid segment accounted for around 57.5% market share in 2021. Surge in adoption of Internet of Things solution and digital electronics solution has driven the growth of the lithium ion segment and thereby, expanding the battery energy storage system market growth.

Battery Energy Storage System Market

The outbreak of the COVID-19 has significantly impacted the growth of the battery energy storage system.

Decline in demand for battery energy storage system has significantly impacted the demand for energy storage solutions during the pandemic. Further, lack of availability of a professional workforce due to partial and complete lockdown implemented by governments across the globe has restrained the growth of the battery energy storage system market during the pandemic. However, the rise in demand for the Internet of Things and machine learning solutions has led to the growth of the battery energy storage system market size post pandemic.

The battery energy storage system market key players profiled in the report include EnerSys, BYD Company Limited, EVE Energy Co., Ltd., Siemens AG, LG Energy Solutions Co., Ltd., Kokam, Narada Asia Pacific Pte. Ltd., ABB Ltd., Tesla, Fluence Energy, Inc., General Electric, TotalEnergies, Tata Power Company Limited, Samsung SDI Co., Ltd., Nissan Motor Co., Ltd., VRB Energy and Black & Veatch Holding Company. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold and gain a competitive edge in the global battery energy storage system market.

KEY FINDINGS OF THE STUDY

  • In 2021, the lithium ion segment accounted for maximum revenue, and is projected to grow at a notable CAGR of 21.15% during the forecast period.
  • The on grid segment accounted for around 57.5% of the battery energy storage system market trends in 2021.
  • The behind-the-meter segment is projected to growth at a CAGR of 20.65% during the forecast period.
  • Asia-Pacific region contributed for the major Battery Energy Storage System Market Share in 2021.

Key players profiled in the report include EnerSys, BYD Company Limited, EVE Energy Co., Ltd., Siemens AG, LG Energy Solutions Co., Ltd., Kokam, Narada Asia Pacific Pte. Ltd., ABB Ltd., Tesla, Fluence Energy, Inc., General Electric, TotalEnergies, Tata Power Company Limited, Samsung SDI Co., Ltd., Nissan Motor Co., Ltd., VRB Energy and Black & Veatch Holding Company. Market players have adopted various strategies, such as product launch, collaboration& partnership, joint venture, and acquisition to expand their foothold in the consumer product safety testing market.

Comments

Post a Comment

Popular posts from this blog

Southeast Asia and Middle East Copper Wire and Cable Market: A Brief Evaluation of the Industry’s Prospects from 2023 to 2032

-
Image
Allied Market Research issued a report on the Southeast Asia and Middle East copper wire and cable market . The industry was valued at $22.74 billion in 2022 and is projected to reach $52.63 billion by 2032, rising at a CAGR of 9.77% from 2023 to 2032. Research procedure      AMR’s reports undergo rigorous scrutiny to deliver actionable insights that support strategic decision-making. The company’s experts provide accurate and in-depth analysis, ensuring that the clients have access to the most reliable data and industry projections. Recognizing the distinct needs of each business, Allied offers tailored solutions crafted by our in-house experts. Customizable research services allow companies to explore niche markets. The study also identifies untapped opportunities and achieves a competitive advantage in the industry . Regional highlights The Southeast Asia and Middle East copper wire and cable market is segmented into Southeast Asia and the Middle East...
Read more

The Global Beacon Market: Exploring Its Emerging Trends and Investment Opportunities (2024-2032)

-
The global beacon market report provides an in-depth analysis of market size, share, and growth rates across different segments at both country and regional levels. It also offers valuable qualitative insights, emphasizing key findings on market dynamics and investment opportunities. A report by Allied Market Research projects the industry to achieve a remarkable CAGR of 53%, reaching a market value of $395.9 billion by 2032. The study utilizes Porter’s Five Forces model and PESTEL analysis to examine the competitive landscape of the beacon market. These analytical frameworks are assessed based on their CAGR and market share. Advancements in BLE and immersive AR experiences transforming beacon technology The latest trends in beacon technology focus on enhancing user engagement, improving location-based services, and expanding applications across industries. The advancements in Bluetooth Low Energy (BLE) technology have offered improved battery life, accuracy, and range. These ad...
Read more

Strategic Developments in Semiconductor Foundry Technologies and Their Global Impact

-
Image
The semiconductor foundry sector plays a significant role in the technology sector. A semiconductor foundry is a company that produces computer chips for different industries. These chips are important for powering devices such as smartphones, computers, and vehicles. The dependence on semiconductor chips is necessary since they enable key functions like processing and connectivity. Any disruption in chip production could delay product development and technological progress. However, the demand for advanced chips is increasing as technology evolves. For example, smartphones require chips designed to execute artificial intelligence while electric cars rely on advanced chips to sustain performance as well as safety capabilities. Moreover, the increased demand offers new opportunities for innovation in the foundry sector. Major companies such as TSMC, Samsung, and GlobalFoundries are leading manufacturers of advanced chips and invest heavily in fabrication technologies. Competition amon...
Read more