According to the new market research report "Battery Energy Storage System Market by Element (Battery, Hardware), Battery Type (Lithium-Ion, Advanced Lead Acid, Flow Batteries, Sodium Sulfur), Connection Type (On-Grid And Off-Grid), Ownership, Application, and Geography - Global Forecast to 2023", the battery energy storage system market is projected 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 are driving the development of the market contain the growing request for grid-connected solutions, high demand for the lithium-ion technology in the renewable energy industry, and decreasing prices of lithium-ion batteries.

Lithium-ion batteries to hold largest size of the battery energy storage system market throughout the forecast period

Utility-owned battery energy storage system held a major share of the market in 2017

Utilities to hold largest size of the battery energy storage system market during the forecast period

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Battery energy storage system market in APAC to grow at the highest CAGR between 2018 and 2023

APAC includes China, Japan, India, South Korea, and the Rest of APAC (RoAPAC). APAC is progressively becoming a hub for the battery energy storage system industry. The request for battery energy storage systems from China, India, and Japan is gradually increasing. The electricity demand in China is on rise due to the rapid population growth in the country. To fulfill the increasing demand from this population, the state-owned State Grid Corporation of China, the world’s largest utility, has deployed battery energy storage systems to provide ancillary services throughout its grid.

The main players operating in the battery energy storage system market are ABB (Switzerland), LG Chem (South Korea), NEC (Japan), Panasonic (Japan), Samsung SDI (South Korea), AEG Power Solutions (Netherlands), General Electric (US), Hitachi (Japan), Siemens (Germany), and Tesla (US).

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