Attractive Growth Opportunities in Battery Energy Storage System Market By Application, Residential,
The battery energy storage systems are primarily used to reduce peak demand charges; integrate renewable source, regulate voltage, and frequency; and provide backup power supply. The battery energy storage system market was valued at USD 1.45 Billion in 2017 and is expected to reach USD 8.54 Billion by 2023, at a CAGR of 33.9% between 2018 and 2023. The base year considered for the study is 2017, and the forecast period is between 2018 and 2023. The major factors driving the growth of the battery energy storage system 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.
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The objective of the report is to provide a detailed analysis of the battery energy storage system market segmented on the basis of element, battery type, ownership, connection type, application, and geography. It also provides detailed information on the major factors influencing the growth of the battery energy storage system market.
The research methodology used to estimate and forecast the battery energy storage system market begins with obtaining the data on the revenues of key vendors through secondary research via sources such as European Committee for Standardization (CEN), and International Electrotechnical Commission (IEC). The vendors’ offerings have also been taken into consideration to determine market segments. The bottom-up procedure has been employed to arrive at the overall size of the battery energy storage system market from the revenues of key players. After arriving at the overall market size, the total market has been split into several segments and subsegments, which have then been verified through primary research by conducting extensive interviews with the key experts such as CEOs, VPs, directors, and executives. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments.
Some of the major players operating in the battery energy storage system market are ABB (Switzerland), LG Chem (South Korea), NEC (Japan), Panasonic (Japan), Samsung SDI (South Korea). The battery energy storage systems provided by these players are required to meet the standards mandated by governmental organizations, such as International Organization for Standardization (ISO).
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