Market Snapshot:
Battery energy storage systems (ESS) that enable energy from renewables such as solar and wind, that to be stored and then released as per customer demand. Battery energy storage systems consist of Lithium-ion batteries that have huge adoption in mobile phones and electric cars. Battery Energy Storage Systems can store energy using thermal. Battery energy storage systems are not restricted location as compared to Other Storage technologies like Pumped hydro storage (PHS) and Compressed air energy storage (CAES) are only suitable for a limited number of locations, considering water and siting-related restrictions and transmission constraints. Geographically, North America is the leading region for higher production of Battery energy storage systems due to its wide application in various renewable projects. The demand of the market is huge that is triggering the market growth over the forecast period.
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | NextEra Energy (United State), ABB (Switzerland), BYD (China), Panasonic (Japan), Toshiba (Japan), Siemens (Germany), AES (USA), Samsung SDI (South Korea), LG Chem (South Korea), General Electric (United State), Hitachi (Japan), Tesla (United States), NEC Corporation (Japan), Johnson Controls (Ireland), Renault (France) and Others |
Segment Analysis
AMA Research have segmented the market of Global Battery Energy Storage System (ESS) market by Type, Application and Region.
On the basis of geography, the market of Battery Energy Storage System (ESS) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2021.
Market Trend
Grid-independent distributed systems is trending technology that is driving the market
Market Drivers
The rising demand for ESS deployments that is more efficient, resilient, secure, cost-effective, and sustainable.
Opportunities
It has availability in a wide range of sizes and performance options
Restraints
- It required protection circuit to prevent thermal runaway if stressed
In addition to the aforementioned factor, The rising demand for ESS deployments that is more efficient, resilient, secure, cost-effective, and sustainable. is expected to propel the growth of the market over the forecast period.
Competitive Landscape
The market is expected to grow in the power and energy sector. It has wide application in Peak shaving and load leveling. Several companies such as ABB, NextEra Energy, tesla, Panasonic, etc. are operating in the market to provide customers with better offers with various features, benefits & unique offering services,s, and products. The market is a partially fragmented market with the presence of several market players. The demand for the market is huge due to wide application that is triggering the market growth over the forecast period.
The key Manufacturers profiled in the study are NextEra Energy (United State), ABB (Switzerland), BYD (China), Panasonic (Japan), Toshiba (Japan), Siemens (Germany), AES (USA), Samsung SDI (South Korea), LG Chem (South Korea), General Electric (United State), Hitachi (Japan), Tesla (United States), NEC Corporation (Japan), Johnson Controls (Ireland), Renault (France) and Others.