Battery Energy Storage System Market

21 Mar

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Battery Energy Storage System Market Poised to Grow at a CAGR of 32.2% by 2024

  • By admin

  • January, 1970

Infinium Global Research has added a new report on Battery Energy Storage System Market. The report presents analysis of global as well as regional markets of battery energy storage system over the period of 2016 to 2024. The battery storage energy system is the system that uses batteries to store the produced energy. The energy generated from the power plates is the more than the requirements so the produced energy is stored in the batteries. This stored energy can be further used depending upon the necessity. Now a days, the battery energy system is become has become an important part of power system or power plants in order to provide reliability and improve the performance. There are various types of batteries are used to store the energy by using battery energy storage system that includes lead acid batteries, Lithium Ion batteries, Vanadium Flow batteries, and others.

 

Rapidly growing demand of renewable energy sources are the key factor driving the growth of battery energy storage system market worldwide. The several government organizations across various countries are taking the initiative to promote the use of renewable energy. The energy storage system plays important role in the renewable energy generation system as they helps to improve the reliability and flexibility of the system. The increasing adoption of lithium ions battery in the renewable power generation system is likely to escalate the demands of battery energy storage system market. Furthermore, the decreased pricing of lithium batteries is also one of the factors that helps to boost the growth of battery energy storage system market. However, the high initial investments are hampering the growth of battery energy storage system market. Moreover, ongoing developments in the renewable energy sector, and use of battery storage for residential application are projected to create several opportunities in the battery energy storage system market.

 

Geographically, North America holds the maximum share in the battery energy storage system market and expected to be the dominating region in this market over the forecast period. The rapidly increasing demand for battery required to store renewable energy and increase number of data centers powered through solar energy in North America are driving the growth of battery energy storage system market in this region. Furthermore, Asia Pacific is the fastest growing region in the battery energy storage system market owing to the growing adoption of renewable energy, favorable government policies and rapidly growing energy sector. Moreover, the growth matrix presented by Infinium Global Research identifies the key investment markets in the near future, this will not only help the companies to understand the competitive position in the global battery energy storage system but also make strategic decisions to capture the most lucrative markets in the near future. The market size is presented in terms of value for the historic year 2016 and estimated for forecast period of 2018-2024.

 

Get 15% discount for early purchase of global battery energy storage system report by clicking the following link, Use code IGRD15 to request the discount in the given form

 

https://www.infiniumglobalresearch.com/reports/request-discount/1589

 

The recent report identified that Asia Pacific dominated the global battery energy storage system over the last couple of years, while emerging markets of Asia-Pacific and Latin America are anticipated to contribute significantly to the growth in the battery energy storage system worldwide.

 

The report segments the global battery energy storage system on the basis of Technology, Connection Type and Application.

 

Global Battery Energy Storage System by Technology

·         Lithium-Ion Batteries

·         Sodium–Sulfur Batteries

·         Lead-Acid Batteries

·         Flow Batteries

·         Others

 

Global Battery Energy Storage System by Connection Type

·         On-Grid Connection

·          Off-Grid Connection

 

Global Battery Energy Storage System by Application

·         Residential

·         Non-Residential

·         Utilities

 

Companies Profiled in the Report

·         ABB

·          LG Chem

·         Panasonic

·         Samsung SDI

·         General Electri

·         Hitachi

·         Siemens AG

·         Tesla

·         NEC

·          AEG Power Solutions

 

About Infinium Global Research

Infinium Global Research is a business intelligence company that provides its clients with market information services, solutions, and reports. The intelligence reports include qualitative as well as quantitative information, which are blended using forecasting models in order to project future market demand. Our panels of Subject Matter Experts (SMEs), Analysts, and Consultants use numerous data gathering tools in order to provide you with detailed information on the market as well as a preview of its projected growth. Our repository includes the largest and most credible databases, through which we determine various qualitative and quantitative parameters of the market to provide you with an in-depth business intelligence report.

Infinium Global Research reports and consulting services cover numerous sectors, which include healthcare, chemicals, materials, energy, packaged goods, food and beverages, technology, and communications. These reports provide readers with market insights and detailed analysis of market segments to possible micro levels. Our reports, with stratified research methodology and wider scope of analysis, provide clients with crucial insights and information to meet their every requirement.