Chicago, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The Battery Energy Storage Market by Element, Battery Type (Lithium-ion, Advanced Lead Acid, Flow), Connection Type (On-Grid and Off-Grid), Ownership (Customer Owned, Third-Party Owned, Utility Owned), Energy Capacity - Global Forecast to 2028", The market is expanding due to several factors. These include the rising demand for grid energy storage systems as part of ongoing grid modernization efforts, the increasing use of lithium-ion batteries, and the growing adoption of low-carbon and less fossil fuel-dependent economies. Additionally, the ongoing revolution in renewable energy is contributing to this market growth.
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Battery Energy Storage System Market Report Scope:
| Report Metric | Details |
| Estimated Market Size in 2023 | USD 5.4 Billion |
| Projected Market Size in 2028 | USD 17.5 Billion |
| Growth Rate | CAGR of 26.4% |
| Years Considered | 2019–2028 |
| Base year considered | 2022 |
| Forecast period | 2023–2028 |
Key Market Players in Battery Energy Storage Market
- BYD Company Limited,
- SAMSUNG SDI Co., Ltd.,
- LG Energy Solutions Co., Ltd., and
- Panasonic Corporation
“Browse in-depth TOC on " Battery Energy Storage Market Trends, Growth Drivers"
198 – Tables
81 – Figures
287 – Pages
Battery Energy Storage System Market Trends
Driver: Accelerated deployment of grid energy storage systems in ongoing grid modernization on projects
Grid modernization initiatives often involve the integration of renewable energy, such as solar and wind power, into the grid. However, renewable sources are intermittent in nature, which can lead to fluctuations in power supply. Battery energy storage systems help address this challenge by storing excess energy during periods of high generation and releasing it during times of high demand or when renewable sources are not actively generating electricity.
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Restraint: High initial investment costs of installing battery energy storage systems
Battery energy storage technologies, including lithium-ion batteries, flow batteries, and lead-acid batteries, require increased installation investment owing to the high energy density and improved performance offered by them. Lithium-ion batteries are costly as they offer high energy density, have a low rate of self-discharge, and require less maintenance. However, the costs of lithium-ion batteries are expected to decline in the future. These batteries are also used in electric vehicles (EVs) as they are lightweight and compact, as well as have a large capacity.
Opportunity: Reduction in prices of lithium-ion batteries
There has been a notable decline in the cost of lithium-ion batteries, driven by advancements in technology, economies of scale, and increased manufacturing efficiency. This price reduction has made battery energy storage systems more affordable and accessible for various applications. The lower cost per kilowatt-hour (kWh) of energy storage enables businesses to invest in larger and more robust systems, ensuring they have sufficient capacity to meet their power needs during outages or peak demand periods. Moreover, the reduction in prices of lithium-ion batteries is having a major impact on the growth of the BESS market. This is because lower battery prices are making BESS more affordable, more competitive, and a more attractive solution for ensuring reliable and uninterrupted power supply.
Challenge: Difficulties pertaining to installation of battery energy storage systems in remote and isolated locations
Installing battery energy storage systems in remote areas can be challenging due to the limited or unreliable availability of grid power. Establishing a reliable power source for the initial installation and subsequent maintenance activities may be necessary, which could involve alternative energy sources like solar panels. Moreover, providing regular maintenance and servicing for battery energy storage systems in remote areas can be difficult due to the lack of local service providers and limited access to spare parts. Subsequently, remote, and isolated locations may have harsh environmental conditions, such as extreme temperatures, high humidity, or corrosive atmospheres. These conditions can impact the performance and lifespan of the battery system and require additional measures for protection and durability.
Battery Energy Storage System for above 500 MWh capacity to contribute the largest market size in the market during 2023 to 2028.
Battery energy storage systems with capacities exceeding 500 MWh accounted for the largest share in the battery energy storage system market primarily due to their suitability for utility-scale applications, their ability to support grid stability and reliability, and their role in efficiently integrating and balancing intermittent renewable energy sources. These larger systems can store and release significant amounts of energy, meeting the demands of large-scale power grids and enabling the efficient utilization of renewable energy. Additionally, economies of scale and the increasing focus on decarbonization and clean energy systems have further propelled the demand for battery energy storage systems with capacities above 500 MWh, driving their dominant position in the market.
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