The Battery Energy Storage System Market is anticipated to rise significantly, according to a recent research analysis from MarketsandMarkets. The market, which was estimated to be worth USD 4.4 billion in 2022, is predicted to increase at an excellent compound annual growth rate (CAGR) of 27.9% to reach USD 15.1 billion by 2027.

The battery energy storage system market is expanding significantly as a result of numerous important considerations. A significant factor is the rising demand for grid energy storage systems brought on by ongoing grid modernization initiatives. Additionally, the market is expanding due to the increasing use of lithium-ion batteries in the field of renewable energy. The market is being further driven forward by the rising trend of moving towards a low-carbon and less fossil fuel-based economy as well as the ongoing renewable energy revolution. As the globe moves towards more dependable and sustainable energy sources, these factors all contribute to the spike in demand for battery energy storage systems.

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

Lithium-ion batteries became the market leader in battery energy storage systems in 2021, accounting for the biggest proportion. This is due to the many benefits that lithium-ion batteries have to offer, including their high energy and power density, which results in minimal standby losses and a long lifespan of 5 to 15 years with 98% efficiency. Additionally, lithium-ion-sulfur battery energy storage systems enable a range of functions, making them suitable for on-grid connections. These functions include frequency management, demand charge reduction, grid-buffering, and renewable integration. These positive traits and their capacity to satisfy the various requirements of the energy storage market are the main reasons for the rising use of lithium-ion batteries.

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

The market for battery energy storage systems saw an uptick in the on-grid connection type segment in 2021. This is mainly because on-grid systems have lower initial costs because excess energy may be transferred to the grid and used on a metered basis. The decrease in energy bills for clients that use the utility grid is a key factor in this market segment's expansion. In addition, the market for on-grid battery energy storage systems is growing, especially for utility applications, as a result of rising grid modernization demands from renewable energy producers and the implementation of new regulatory rules in the energy sector.

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Utility application to grow at highest CAGR from 2022 to 2027

From 2022 to 2027, the battery energy storage system market is anticipated to develop at the greatest compound annual growth rate (CAGR) for the utility application. It presently controls the market and is anticipated to keep expanding. The necessity to effectively meet peak electricity consumption is the main motivator in this. Utility battery energy storage systems are essential for providing services for power quality, frequency, and voltage regulation, especially during abrupt changes in the energy supply. Additionally, these devices give grid operators the ability to store extra renewable energy, ensuring its effective use. The enormous demand for battery energy storage systems in the utility industry is being fueled by the rising demand for a stable and efficient electricity supply as well as the growing emphasis on renewable energy.

The battery energy storage system market in APAC is expected to grow at the highest CAGR from 2022 to 2027

The Asia-Pacific (APAC) region is anticipated to have the greatest compound annual growth rate (CAGR) for the battery energy storage system market from 2022 to 2027. The battery energy storage system business has a substantial base in APAC, and the area is seeing an increase in ambitions for electrification, especially in off-the-grid isolated locations. Residential energy storage technology is essential for increasing the number of isolated and island populations in APAC that have access to electricity. As a result of government initiatives targeted at enhancing the dependability and calibre of electricity distribution facilities for residential consumers, there has been a significant rise in energy storage investments in the area.

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).

News Covered:

https://www.globenewswire.com/news-release/2023/05/23/2673991/0/en/Germany-Battery-Energy-Storage-System-Industry-to-Grow-at-a-CAGR-24-6-from-2022-to-2027.html

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