Battery Energy Storage System Global Market Report 2022: Ongoing Renewable Energy Revolution Drives Growth
DUBLIN, Jan. 23, 2023 /PRNewswire/ — The “Battery Energy Storage System Global Market Report 2022: Ukraine-Russia War Impact” report has been added to ResearchAndMarkets.com’s offering.
The global battery energy storage system market is expected to grow from $3.36 billion in 2021 to $4.34 billion in 2022 at a compound annual growth rate (CAGR) of 29.1%. The battery energy storage system market is expected to reach $11.14 billion in 2026 at a CAGR of 26.6%.
North America was the largest region in the battery energy storage system market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the battery energy storage system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of battery energy storage system are front-of-the-meter and behind-the-meter. A front-of-the-meter refers to the battery integrated into the electricity network and used to smooth out the flow of energy. A front-of-the-meter is used to provide power to off-site locations. The different connection types include on-grid and off-grid, and involve various types of batteries such as lithium-ion batteries, advanced lead-acid batteries, flow batteries, and others. It is used in telecommunication, data center, medical, industrial, marine, and other applications.
The ongoing renewable energy revolution is expected to propel the growth of battery energy storage system (BESS) market going forward. Renewable energy comes from natural resources that regenerate more quickly than they are depleted. Renewable energy is being used more frequently as it lowers emissions of pollutants and greenhouse gases that contribute to climate change. In BESS, energy is gathered from the electrical grid or renewable energy sources such as solar and wind, and stored using battery storage technology.
For instance, according to a report by the International Energy Agency, a Paris-based autonomous intergovernmental organization, in 2020, the utilization of renewable energy rose by 3%. In addition, the proportion of renewable energy in the world’s power generation increased from 27% in 2019 to 29% in 2020. Therefore, the rising demand for clean and renewable energy is expected to drive the growth of the battery energy storage system market.
Technological advancements are a key trend gaining popularity in the battery energy storage system market. Major companies operating in the market are focused on technological advancements to make the battery energy storage system more efficient.
For instance, in January 2022, Franklin Whole Home, a US-based privately funded cleantech company, launched its integrated battery and control system based on artificial intelligence technology. The Franklin Home Power solution creates a unique form of enhanced storage by combining its lithium iron phosphate with aGate smart control technology. The aGate control system includes adaptive learning algorithms, enabling it to handle even the most challenging load circumstances successfully.
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1) By Storage System: Front-Of-The-Meter; Behind-The-Meter
2) By Connection Type: On-Grid; Off-Grid
3) By Battery Type: Lithium-Ion Batteries; Advanced Lead-Acid Batteries; Flow Batteries; Other Battery Types
4) By Application: Telecommunication; Data Center; Medical; Industrial; Marine; Other Applications
- BYD Company Limited
- General Electric Company
- Hitachi Ltd.
- Honeywell International Inc.
- Panasonic Corporation
- SAMSUNG SDI Co. Ltd.
- Siemens AG
- Tesla Inc.
- Toshiba Corporation
- ABB Ltd.
- Contemporary Amperex Technology Co. Limited
- LG Chem Ltd.
- Johnson Controls International PLC
For more information about this report visit https://www.researchandmarkets.com/r/hkt889
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SOURCE Research and Markets