The global battery energy storage market will increase to $13.1 billion by 2023

The global battery energy storage market is expected to grow to $13.
13 billion by 2023, and GlobalData, a globally renowned research institute, revealed in its latest research report that Asia Pacific (APAC), Europe, Middle East, and Africa (EMEA) will be the major markets
for battery energy storage systems during the forecast period.

GlobalData believes that the decline in technology prices and the acceleration of development in the electricity market are the main drivers of
energy storage batteries.

Asia Pacific will continue to be the world's largest regional market as countries are increasing investments to improve their grid infrastructure and market structure to attract foreign investment, with a market size expected to reach $6.
05 billion by 2023; in terms of technology, lithium-ion batteries will continue to be the preferred technology
for market deployment.

Bhavana Sri, power analyst at GlobalData, said: "The U.
S.
has been the largest market for battery energy storage systems (BESS) in terms of cumulative installed capacity and the market value of projects installed in 2018 (by country), and is likely to continue to lead the national market
.
The U.
S.
battery energy storage market is expected to reach $2.
96 billion in 2023, accounting for 23%
of the global market.
”

Asia Pacific is the largest regional market for battery energy storage systems, accounting for 45% of the global market installed capacity in 2018, and the region is also expected to maintain its highest share
during the forecast period.
As the number of grid-connected renewable power plants increases significantly, countries such as China, India, Japan, South Korea and the Philippines will focus on grid frequency regulation to regulate changes
in renewable energy generation.

The EMEA battery energy storage market was valued at approximately $1.
73 billion in 2018, accounting for 26%
of the global market.
Due to technological advancements, changing market conditions, strong research facilities, and supportive policies, the region has a strong
demand for grid flexibility.
The Middle East and Africa are small markets and the demand for storage is expected to increase
once renewable energy generation gains significant traction in the market.

In 2018, the market value of the Americas battery energy storage market in 2018 was about $1.
97 billion, accounting for 28%.

The battery energy storage market in the region is growing, with countries such as the United States, Chile, Canada, and Brazil promoting storage installations
of batteries across consumer groups.
Several U.
S.
state governments have issued strong incentive programs, most notably California, which has set a 1.
3GW energy storage target by 2020, which has been exceeded and new targets are awaiting approval
.

Bhavana Sri concluded: "As countries actively modernize their grids and develop their capacity to respond to current and future needs, batteries are being deployed to support smart grids, integrate renewable energy, create responsive electricity markets, provide ancillary services, and improve system resilience and energy self-sufficiency
.
”

Overall, market conditions are improving, and more and more companies are moving into the deployment of distributed grids, spurring an increase
in on-site deployment of renewable energy and batteries.
At the same time, supportive policies and high electricity tariffs are driving demand for renewable energy and/or storage and end-consumer level
.
As the power industry continues to evolve to adapt to new technologies and adapt to different market trends, energy storage will play a central role
in the transformation of the power industry.
”