The battery energy storage system market is expected to grow at a CAGR of 33.9 percent between 2018 and 2023 – from USD 1.98 billion in 2018 to reach USD 8.54 billion by 2023, says a new report from Reportlinker.
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 are driving the market.
However, the factors such as the installation of battery energy storage systems in remote locations pose a challenge for the players in the market, according to the report.
Market for flow batteries is expected to grow at the highest CAGR between 2018 and 2023. The battery energy storage system market for flow batteries is expected to grow at the highest CAGR between 2018 and 2023.
North America is expected to hold the largest share of the battery energy storage system market between 2018 and 2023.The growth of the North American market is attributed to high demand for these systems from the utility and residential sectors in this region.
The increasing number of projects related to utility and residential applications in North America is further expected to drive the market in the coming years.Few non-profit organizations organize various conferences and exhibitions to support the implementation of battery energy storage systems.
The key 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), the report said.