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Markets and Markets, the world's second largest market research institution, recently released a report
on the impact of the COVID-19 virus pandemic on the battery energy storage market in 2020-2021.
According to the report, due to the impact of the COVID-19 virus pandemic, the global battery energy storage market will reach $5.
7 billion in 2020 and is expected to increase to $7.
3 billion
by 2021.
The major factors contributing to the growth of the market are the growing demand for continuous power in critical infrastructure sectors and the growing
need to integrate renewable energy and rural electrification.
Utility applications are expected to account for the largest share
of the battery energy storage market during the forecast period.
According to the U.
S.
EIA and NREL reports, utility-owned battery energy storage systems play a vital role
in the operation of a country's current and future energy production structure.
In addition to the system flexibility it provides, battery energy storage systems can provide reliable interconnection
in adjacent power systems.
The utilities sector is mainly driven
by increasing financial incentives and regulatory support from governments across the globe.
Current utility-owned energy storage systems are primarily impacted
by the COVID-19 pandemic.
Most projects in China, the United States, Germany and South Korea have been delayed, and these companies are facing short-term operational issues
due to supply chain constraints and insufficient site access due to the COVID-19 pandemic.
Asia Pacific is expected to be the fastest growing regional market in the battery energy storage market
during the forecast period.
The Asia Pacific market is expected to experience a moderate decline
due to COVID-19 during the forecast period.
The region is the largest market for battery energy storage systems and is home
to some of the fastest growing economies in the world.
The Asia-Pacific region also plans to build electrification systems in remote areas to reduce the adverse environmental
impact of the energy sector.
Markets and Markets, the world's second largest market research institution, recently released a report
on the impact of the COVID-19 virus pandemic on the battery energy storage market in 2020-2021.
According to the report, due to the impact of the COVID-19 virus pandemic, the global battery energy storage market will reach $5.
7 billion in 2020 and is expected to increase to $7.
3 billion
by 2021.
The major factors contributing to the growth of the market are the growing demand for continuous power in critical infrastructure sectors and the growing
need to integrate renewable energy and rural electrification.
Utility applications are expected to account for the largest share
of the battery energy storage market during the forecast period.
According to the U.
S.
EIA and NREL reports, utility-owned battery energy storage systems play a vital role
in the operation of a country's current and future energy production structure.
In addition to the system flexibility it provides, battery energy storage systems can provide reliable interconnection
in adjacent power systems.
The utilities sector is mainly driven
by increasing financial incentives and regulatory support from governments across the globe.
Current utility-owned energy storage systems are primarily impacted
by the COVID-19 pandemic.
Most projects in China, the United States, Germany and South Korea have been delayed, and these companies are facing short-term operational issues
due to supply chain constraints and insufficient site access due to the COVID-19 pandemic.
Asia Pacific is expected to be the fastest growing regional market in the battery energy storage market
during the forecast period.
The Asia Pacific market is expected to experience a moderate decline
due to COVID-19 during the forecast period.
The region is the largest market for battery energy storage systems and is home
to some of the fastest growing economies in the world.
The Asia-Pacific region also plans to build electrification systems in remote areas to reduce the adverse environmental
impact of the energy sector.
