April 23, 2018 - 4:18 AM EDT
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Global Battery Energy Storage System Market 2018-2023: The Key Drivers, Restraints, Opportunities & Challenges

Dublin, April 23, 2018 (GLOBE NEWSWIRE) -- The "Battery Energy Storage System Market by Element, Battery Type, Connection Type, Ownership, Application, and Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The battery energy storage system market is expected to grow from USD 1.98 billion in 2018 to reach USD 8.54 billion by 2023, at a CAGR of 33.9% between 2018 and 2023.

The major drivers for the growth of the market include the increasing demand for grid-connected solutions, high demand for the lithium-ion technology in the renewable energy industry, and declining prices of lithium-ion batteries. However, the factors such as the installation of battery energy storage systems in remote locations pose a challenge for the players in the market.

The battery energy storage system market for flow batteries is expected to grow at the highest CAGR between 2018 and 2023. The redox, hybrid, and membrane-less batteries are the different classes of flow batteries. A new generation of redox (i.e., reduction-oxidation) flow batteries in battery energy storage system are much better suited for medium- and large-scale applications where heavy use, long-term cycling, durability, and safety are paramount. These factors contribute to the growth of the battery energy storage system market for flow batteries.

The customer-owned battery energy storage system help reduce the electricity cost, as used electricity is charged under the time-of-use (TOU) tariff. There are 3 periods for TOU pricing: peak, shoulder, and off-peak. Commonly, prices are highest in peak times and lowest in off-peak times. Through the adoption of battery energy storage systems, the customers can easily reduce their energy spendings (electricity cost and annual investment cost) under the TOU tariff. Battery energy storage systems also help solve the over-voltage issues by controlling the fluctuation of voltage and frequency.

North America is expected to hold the largest share of the battery energy storage system market between 2018 and 2023. The growth of the North American market is attributed to high demand for these systems from the utility and residential sectors in this region. The increasing number of projects related to utility and residential applications in North America is further expected to drive the market in the coming years. Few non-profit organizations organize various conferences and exhibitions to support the implementation of battery energy storage systems.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Growth Opportunities in Battery Energy Storage System Market
4.2 Battery Energy Storage System Market, By Battery Type
4.3 Battery Energy Storage System Market, By Ownership
4.4 Battery Energy Storage System Market, By Connection Type
4.5 Battery Energy Storage System Market, By Application
4.6 Battery Energy Storage System Market in APAC, By Application & Country
4.7 Battery Energy Storage System Market, By Geography

5 Market Overview
5.1 Introduction
5.1.1 Drivers
5.1.1.1 Increasing Demand for Grid-Connected Solutions
5.1.1.2 High Demand for the Lithium-Ion Technology in the Renewable Energy Industry
5.1.1.3 Declining Prices of Lithium-Ion Batteries
5.1.2 Restraints
5.1.2.1 High Capital Investment Required for the Deployment
5.1.2.2 Lack of the Availability of Vendors and Project Financing
5.1.3 Opportunities
5.1.3.1 Increasing Focus on Rural Electrification Worldwide
5.1.3.2 Development of Molten-Salt Battery Technology
5.1.3.3 Large Storage Requirements in Datacenters
5.1.3.4 Efforts Taken By Governments Around the World to Reduce Carbon Emissions By Mandating on Fuel Economy
5.1.4 Challenge
5.1.4.1 Installation of Battery Energy Storage Systems in Remote Locations

6 Industry Trends
6.1 Introduction
6.2 Value Chain Analysis
6.3 Standards & Regulations for Battery Energy Storage System
6.4 Software & Services in Battery Energy Storage System
6.4.1 Services
6.5 List of Installed Battery Energy Storage System Projects in 2017

7 Battery Energy Storage System Market, By Element
7.1 Introduction
7.2 Battery
7.3 Hardware
7.4 Other Elements

8 Battery Energy Storage System Market, By Battery Type
8.1 Introduction
8.2 Lithium-Ion Batteries
8.3 Sodium-Sulfur Batteries
8.4 Advanced Lead-Acid Batteries
8.5 Flow Batteries
8.6 Others
8.6.1 Nickel-Cadmium Battery
8.6.2 Nickel Metal Hydride Battery
8.6.3 Nickel-Iron Battery

9 Battery Energy Storage System Market, By Connection Type
9.1 Introduction
9.2 On-Grid Connection
9.3 Off-Grid Connection

10 Battery Energy Storage System Market, By Ownership
10.1 Introduction
10.2 Customer Owned
10.3 Third-Party Owned
10.4 Utility Owned

11 Battery Energy Storage System Market, By Application
11.1 Introduction
11.1.1 Residential
11.1.2 Non-Residential
11.1.3 Utilities
11.1.4 Other Applications

12 Geographic Analysis

13 Competitive Landscape
13.1 Overview
13.2 Market Ranking Analysis: Battery Energy Storage System Market, 2017
13.3 Competitive Situation & Trends
13.3.1 Agreements, Contracts, Collaborations, & Partnerships
13.3.2 Product Launches & Developments
13.3.3 Expansions
13.3.4 Acquisitions

14 Company Profiles
14.1 Introduction
14.2 Key Players
14.2.1 ABB
14.2.2 LG Chem
14.2.3 NEC
14.2.4 Panasonic
14.2.5 Samsung SDI
14.2.6 AEG Power Solutions
14.2.7 General Electric
14.2.8 Hitachi
14.2.9 Siemens AG
14.2.10 Tesla
14.3 Other Key Players
14.3.1 The Aes Corporation
14.3.2 Alevo Group
14.3.3 Exergonix
14.3.4 Corvus Energy
14.3.5 East Penn Manufacturing
14.3.6 Enerdel
14.3.7 Mitsubishi Heavy Industries (MHI) Group
14.3.8 NGK Insulators
14.3.9 Toshiba Infrastructure Systems & Solutions
14.3.10 Trinabess

For more information about this report visit https://www.researchandmarkets.com/research/jlzjbd/global_battery?w=12

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Source: GlobeNewswire (April 23, 2018 - 4:18 AM EDT)

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