The global battery energy storage system market is on a trajectory of substantial growth, expected to achieve a formidable CAGR of 11.1% and escalate from USD 18.5 billion in 2023 to a staggering USD 52.9 billion by 2033.
Blackouts and grid instability pose a significant threat to business continuity, particularly in commercial and industrial sectors. This press release highlights how solar battery storage systems are emerging as a powerful solution:
- Enhanced Resilience for Businesses: Commercial and industrial facilities are more susceptible to disruptions caused by power outages. Solar battery storage systems offer a reliable backup power source, safeguarding operations and minimizing costly downtime.
- Cost-Effectiveness Takes Charge: Advancements in technology are making solar battery storage systems more cost-efficient, increasing their appeal for businesses seeking to bolster energy security.
- Asia Pacific Leads the Charge: The Asia Pacific region, led by China, is anticipated to be a dominant force in the future solar battery storage market due to a growing focus on energy security and industrial development.
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By offering reliable backup power and enhanced grid independence, solar battery storage systems provide a compelling solution for businesses:
- Uninterrupted Operations: Secure a reliable power source to minimize disruptions and safeguard business continuity during outages.
- Reduced Operational Costs: Invest in long-term energy savings with solar battery storage, potentially reducing reliance on the grid.
- Sustainable Future: Embrace a cleaner energy future by integrating solar power with battery storage, contributing to a more sustainable energy landscape.
Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Battery Energy Storage System Market’. It has its team of analysts and consultants to look through the bottom-up approach in its primary, secondary, and tertiary modes of research.
“Growing demand for continuous and reliable power supply from the end-use sectors like marine, data centers, telecom, and medical is expected to take the battery energy storage system market by storm in the forecast period” says an analyst from Future Market Insights.
Key Takeaways from Battery Energy Storage System market
- North America holds a sizable market share. This could be credited to massive energy planning being witnessed in the US. Explosion at Arizona Public Service facility has driven the imperativeness of standardized safety regulations for integrating and monitoring energy storage system. The NYFD (New York Fire Department) has come up with regulations to deploy stationary energy storage systems in NYC.
- The Asia-Pacific is expected to grow at the quickest rate in the battery energy storage system market with Australia, South Korea, India, Japan, and China leading from the front in the wake of increase in demand for electricity.
- Europe is expected to grow in battery energy storage system market on the back of governments and private organizations encouraging deployment of green energy solutions in diverse areas.
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Competitive Battery Energy Storage System
- Samsung SDI Co., Ltd.’, in December 2021, did announce PRiMX – a novel battery brand that does offer superior quality as well as performance, which, in turn, translates into users’ convenience. The brand has also been registered as trademark all across the Europe (apart from South Korea) and would be visible in the US as well.
- LG Energy Solutions Co., Ltd., in December 2021, did sign a MoU (Memorandum of Understanding) with Siemens AG with regards to manufacturing batteries; specially to address process digitization.
- Span.IO, Inc., in June 2020, did renew its agreement with Panasonic for developing a domestic energy system. It is to be embedded into the latter’s EverVolt system; thereby making way for homeowners for a higher level of control over battery backup power via intuitive energy management.
- TotalEnergies, in December 2021, finished with constructing battery-based energy storage facility at Dunkirk (France). It claims to have total storage capacity of 61 MWh. This project could be identified as the one chosen as part of a long-term plan doled out by French Electricity Transmission Network in February 2020.
- ABB Power Grids, in April 2021, did announce entering into partnership with Atlas Renewable Energy for deploying and developing unity-scale BESS (Battery Energy Storage Systems) for the latter’s renewable energy projects. Hitachi ABB would be providing input regarding apt technical solutions along with interconnections.
- TransnetBW GmbH and Fluence Energy GmbH, in October 2022, did announce that they would be deploying the world’s biggest battery-based energy storage-as-transmission project at Kupferzell (Germany). The completion of this 250 MW battery-based energy storage system is expected to happen in 2025.
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What does the Report store?
- The research study is based on storage system (front-of-the-meter and behind-the-meter), by element (battery and others), by battery type (lithium-ion batteries, advanced lead-acid batteries, flow batteries, and likewise), by connection type (on-grid and off-grid), by ownership (customer-owned, third-party owned, and utility-owned), by energy capacity (below 100 MWh, between 100 and 500 MWh, and above 500 MWh), and by application (residential, commercial, and utility).
- The global battery energy storage system market is sustained by solar energy and the status quo is expected to remain the same even going forward.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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