Global Battery Energy Storage System Market to Reach $8.54 Billion by 2023 - Driven by the Increasing Demand for Grid-Connected Solutions - ResearchAndMarkets.com
Jun. 06, 2018
DUBLIN--(BUSINESS WIRE)--Jun 6, 2018--The "Battery Energy Storage System Market by Element, Battery Type, Connection Type, Ownership, Application, and Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
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 drive 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.
Major factors restraining the growth of the battery energy storage system market include high capital investment required for the deployment and lack of the availability of vendors and project financing.
Key market players such as ABB (Switzerland), LG Chem (South Korea), NEC (Japan), Panasonic (Japan), Samsung SDI (South Korea) have adopted strategies such as product launches and developments, expansions, acquisitions, agreements, contracts, collaborations, and partnerships to gain a competitive edge in the battery energy storage system market and expand their distribution networks.
Segmentational Analysis & ForecastsThe lithium-ion batteries are expected to hold the largest share of the battery energy storage system market between 2018 and 2023. The battery energy storage systems market for on-grid connection is expected to grow at a higher CAGR between 2018 and 2023. The market for the customer-owned battery energy storage systems is expected to grow at the highest CAGR between 2018 and 2023. Batteries held the largest size of the battery energy storage system market in 2017. The battery energy storage system market for utilities is expected to grow at the highest CAGR between 2018 and 2023. The battery energy storage system market in APAC is expected to grow at the highest CAGR between 2018 and 2023.
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Battery Energy Storage System Market, By Element
8 Battery Energy Storage System Market, By Battery Type
9 Battery Energy Storage System Market, By Connection Type
10 Battery Energy Storage System Market, By Ownership
11 Battery Energy Storage System Market, By Application
12 Geographic Analysis
13 Competitive Landscape
14 Company ProfilesABB AEG Power Solutions Alevo Group Corvus Energy East Penn Manufacturing Enerdel Exergonix General Electric Hitachi LG Chem Mitsubishi Heavy Industries (MHI) Group NEC NGK Insulators Panasonic Samsung SDI Siemens AG Tesla The AES Corporation Toshiba Infrastructure Systems & Solutions Trinabess
For more information about this report visit https://www.researchandmarkets.com/research/wsctpz/global_battery?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20180606006247/en/
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Related Topics:Battery Technology,Energy Storage
INDUSTRY KEYWORD: ENERGY OTHER ENERGY TECHNOLOGY OTHER TECHNOLOGY
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 06/06/2018 02:51 PM/DISC: 06/06/2018 05:47 PM