Global Battery Energy Storage System Market to Reach $8.54 Billion by 2023 - Driven by the Increasing Demand for Grid-Connected Solutions - ResearchAndMarkets.com
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.
Factors that drive 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.
Major factors restraining the growth of the battery energy storage
system market include high capital investment required for the
deployment and lack of the availability of vendors and project financing.
Key market players such as ABB (Switzerland), LG Chem (South Korea), NEC
(Japan), Panasonic (Japan), Samsung SDI (South Korea) have adopted
strategies such as product launches and developments, expansions,
acquisitions, agreements, contracts, collaborations, and partnerships to
gain a competitive edge in the battery energy storage system market and
expand their distribution networks.
Segmentational Analysis & Forecasts
-
The lithium-ion batteries are expected to hold the largest share of
the battery energy storage system market between 2018 and 2023.
-
The battery energy storage systems market for on-grid connection is
expected to grow at a higher CAGR between 2018 and 2023.
-
The market for the customer-owned battery energy storage systems is
expected to grow at the highest CAGR between 2018 and 2023.
-
Batteries held the largest size of the battery energy storage system
market in 2017.
-
The battery energy storage system market for utilities is expected to
grow at the highest CAGR between 2018 and 2023.
-
The battery energy storage system market in APAC is expected to grow
at the highest CAGR between 2018 and 2023.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Battery Energy Storage System Market, By Element
8 Battery Energy Storage System Market, By Battery Type
9 Battery Energy Storage System Market, By Connection Type
10 Battery Energy Storage System Market, By Ownership
11 Battery Energy Storage System Market, By Application
12 Geographic Analysis
13 Competitive Landscape
14 Company Profiles
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ABB
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AEG Power Solutions
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Alevo Group
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Corvus Energy
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East Penn Manufacturing
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Enerdel
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Exergonix
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General Electric
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Hitachi
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LG Chem
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Mitsubishi Heavy Industries (MHI) Group
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NEC
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NGK Insulators
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Panasonic
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Samsung SDI
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Siemens AG
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Tesla
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The AES Corporation
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Toshiba Infrastructure Systems & Solutions
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Trinabess
For more information about this report visit https://www.researchandmarkets.com/research/wsctpz/global_battery?w=4
View source version on businesswire.com: https://www.businesswire.com/news/home/20180606006247/en/
Copyright Business Wire 2018
Source: Business Wire
(June 6, 2018 - 2:51 PM EDT)
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