The global battery energy storage system market will reach $2018.19 billion in 8

According to a report by market research institute Markets and Markets, the global battery energy storage system market is expected to grow from $1.
98 billion in 2018 to $8.
54 billion in 2023, with a CAGR of 33.
9%
during the period.

The global battery energy storage system market will reach $1.
98 billion in 2018

The factors driving the growth of the market include the growing demand for grid interconnection solutions, high demand for lithium-ion technology in the renewable energy industry, and declining
prices for lithium-ion batteries.

Lithium-ion batteries will account for the largest share of the market by 2023

Lithium-ion batteries have a service life of 5-15 years and an efficiency of up to 98%, i.
e.
only 2% of the power
is lost during use.
The extremely high energy and power density of lithium-ion batteries results in lighter weight, lower standby losses and longer
life.
High energy density, strong self-discharge ability, low maintenance requirements, light weight, long life and other characteristics promote lithium-ion batteries to continue to maintain absolute market share
.

In 2017, utility-owned battery energy storage systems accounted for the major market share

The ability of utility-owned battery energy storage systems to manage large amounts of energy demand during peak hours is supporting the adoption
of these systems.
According to the American Energy Storage Association, utility battery energy storage capacity increased by 221 MW in 2016
.
This indicates that customers are highly dependent
on the energy needs of utility battery storage systems.

The utilities segment will maintain the largest market share during the forecast period

Battery energy storage systems are ideal for smoothing the variable output of renewable energy and controlling the rapid rise and fall
of solar as well as wind power.
Grid operators and regulators are aware of the importance of battery energy storage systems and their ability to
meet multiple services.
Utilities use these systems in their resource planning processes, reducing system costs and increasing storage capacity
.

In the next five years, the battery energy storage system market in the Asia-Pacific region will grow at the highest compound annual growth rate

Asia Pacific includes China, Japan, India, South Korea and the rest of
Asia Pacific.
The Asia-Pacific region is gradually becoming the center of
the battery energy storage system industry.
The demand for battery energy storage systems in China, India and Japan is gradually increasing
.
China's electricity demand is rising
due to the rapid growth of Chinese.
To meet the growing demand of this population, the State Grid Corporation of China, the world's largest utility, has deployed battery energy storage systems to provide auxiliary services
to its grid.

Key players in the global battery energy storage systems market include ABB (Switzerland), LG Chem (Korea), NEC Japan (Japan), Panasonic (Japan), Samsung SDI (Korea), AEG Power Solutions (Netherlands), General Electric (USA), Hitachi (Japan), Siemens (Germany), and Tesla (US).

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