The Battery Energy Storage System Market is anticipated to increase from USD 4.4 billion in 2022 to USD 15.1 billion by 2027, at a CAGR of 27.9%, according to a recent research analysis by MarketsandMarketsTM. The continuous grid modernization, the rising use of lithium-ion batteries in the renewable energy industry, the movement towards a low-carbon, less fossil fuel-based economy, and the current renewable energy revolution are all cited as factors in this increase. The COVID-19 pandemic's effects on the market are also taken into account. The research evaluates the market based on storage system, element, battery type, connection method, ownership, energy capacity, application, and geography.

Lithium-ion batteries to hold the largest share of the battery energy storage system market in 2021

Due to their growing usage, lithium-ion batteries are anticipated to hold the greatest market share for battery energy storage systems in 2021. This is explained by the benefits of lithium-ion batteries, such as their high energy and power density, which produce low standby losses and a lengthy lifespan of 5 to 15 years with 98% efficiency. In addition to enabling frequency regulation, demand charge reduction, grid-buffering, and renewable integration, lithium-ion-sulfur battery energy storage systems are ideal for on-grid connections. Overall, it is anticipated that the market would rise due to the increasing use of lithium-ion batteries in the energy storage industry.

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On-grid connection type segment is dominating the battery energy storage system market in 2021

The market for battery energy storage systems is dominated by the on-grid connection type segment in 2021. While the excess energy is sent to the grid and can be used later on a metered basis, on-grid connections have reduced upfront costs as a result. The category is anticipated to develop as a result of the decrease in energy bills for consumers who rely on the utility grid for their electricity. In addition, the market for utility-scale on-grid battery energy storage systems is expanding as a result of new regulations for the energy sector, a rising demand from renewable energy suppliers for infrastructure modernisation, and other factors. In general, it is anticipated that the on-grid connection type segment will continue to rule the industry in the years to come.

Utility application to grow at highest CAGR from 2022 to 2027

In the market for battery energy storage systems, the utility application is anticipated to experience the largest CAGR growth between 2022 and 2027. This is a result of the requirement to meet peak electricity demand, which is the main driver of the expansion of the utility market. In the event of an abrupt change in the energy supply, the utility BESS offers control services for power quality, frequency, and voltage. Also, grid operators can save electricity when there is an excess of renewable energy thanks to battery energy storage systems. The increased demand for battery energy storage systems in the utility industry is caused by the growing need for renewable energy and the increasing requirement for a consistent and efficient supply of electricity in most locations.

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The Battery Energy Storage System Market in APAC is expected to grow at the highest CAGR from 2022 to 2027

The market for battery energy storage systems is anticipated to grow at the greatest rate during the projected period in the Asia-Pacific (APAC) region. The industry for battery energy storage systems is thought to be centred in this area, and numerous APAC nations are concentrating on electrification strategies for distant, off-grid areas. Residential energy storage technology deployment is anticipated to improve these locations' access to electricity. In order to increase the dependability and calibre of power distribution facilities for residential customers, the governments of APAC's developing economies are also implementing new legislation. Also, there is an increased emphasis on decreasing the negative environmental effects of the energy sector, which has led to an increase in the use of battery energy storage systems in the region's household and public utility applications.

Major companies operating in this battery energy storage system market include BYD Company Limited (China), SAMSUNG SDI Co., Ltd. (South Korea), LG Energy Solutions Co., Ltd. (South Korea), and Panasonic Corporation (Japan).

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