Battery Energy Storage System Market accounted for US$ 7.81 billion in 2020 and is estimated to be US$ 159.86 billion by 2030 and is anticipated to register a CAGR of 35.58%. Battery energy storage systems are used for frequency regulation, demand response, transmission and distribution infrastructure deferral, renewable energy integration, and microgrids, to name a few (BESS). Different battery technologies can enable various applications that benefit utility services, independent system operators (ISOs), regional transmission organisations (RTOs), and consumers in various ways. Lithium-ion and flow batteries are the two most commonly employed technologies in this article. While each technology has advantages and disadvantages, lithium-ion has seen the most rapid growth and cost reductions, especially to the widespread use of electric cars. In the future years, both lithium-ion and flow battery technologies will witness considerable cost reductions.
The report "Global Battery Energy Storage System Market, By Battery Type (Lithium-Ion Batteries, Sodium–Sulfur Batteries, Flow Batteries, Nickel Cadmium Batteries, and Others), By Connection Type (On-Grid Connection and Off-Grid Connection), By Application (Residential, Non-residential, and Utilities), and By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa) - Trends, Analysis, and Forecast till 2029’’
Key Highlights:
Honeywell announced its Battery Energy Storage System (BESS) Platform, which integrates Honeywell asset monitoring, distributed energy resource management, supervisory control and analytics functionality to enable organizations to accurately forecast and optimize their overall energy use.
Analyst View:
Over the forecast period, the market is likely to benefit from rising demand for stable and continuous power supply from end-use sectors such as industrial, telecom, data centres, maritime, and medical. Electricity suppliers can employ battery energy storage systems to store excess power for later use, boosting grid flexibility and dependability in terms of power generation, transmission, and distribution. Furthermore, due to continued population increase, infrastructure development, and increasing industrialization, demand for uninterrupted power is likely to grow enormously in the future years.
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Key Market Insights from the report:
Global Battery Energy Storage System market accounted for US$ 7.81 billion in 2020 and is estimated to be US$ 159.86 billion by 2030 and is anticipated to register a CAGR of 35.58%. Global Battery Energy Storage System market is segmented into battery type, connective type, application and region.
Competitive Landscape & their strategies of Global Battery Energy Storage System Market:
The key players in the global Battery Energy Storage System market includes ABB Limited, LG Chem. NEC Corporation, Panasonic Corporation, Samsung SDI Ltd., AEG Power Solutions B.V., General Electric co., Hitachi Chemical Co. Ltd., Siemens AG, and Tesla Inc.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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