Specialty Lighting Market | worth $7.2 billion by 2024

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Battery Energy Storage System Market worth 8.54
Billion USD by 2023
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About our Report
                     

• 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 are
  driving 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.
• APAC comprises China, Japan, India, South Korea,
  and the Rest of APAC (RoAPAC). APAC is gradually
  becoming a hub for the battery energy storage
  system industry. The demand for battery energy
  storage systems from China, India, and Japan is
  gradually increasing. The electricity demand in
  China is on rise due to the rapid population
  growth in the country. To fulfill the increasing
  demand from this population, the state-owned
  State Grid Corporation of China, the worlds
  largest utility, has deployed battery energy
  storage systems to provide ancillary services
  throughout its grid.

               
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Inside of Report

• Browse
• 83 market data tables.
• 73 figures spread through 195 pages.
• in-depth TOC on - "Battery Energy Storage
  System Market - Global Forecast to 2023"

                     
               

• The lithium-ion batteries have a long lifespan of
  515 years, and up to 98 efficiency (i.e., only
  2 of electrical charge is lost during use). The
  lithium-ion batteries have very high energy and
  power densities, which leads to lower weight with
  low standby losses, and high life expectancy.
  Lithium-ion batteries continue to hold a large
  size of the battery energy storage system market
  owing to its features such as high energy
  density, self-discharge capability, low
  maintenance requirement, less weight, and high
  life expectancy.
• Battery energy storage system is well suited for
  smoothing the variable output of renewables and
  controlling the rapid ramping up and down of
  solar as well as wind generation. The grid
  operators and regulators are aware of the
  importance of battery energy storage systems and
  their ability to cater through multiple services.
  The utility operators are using these systems in
  their resource planning processes, which reduces
  the system costs and increases storage capacity.

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Table of Content
                     
Table of Contents 1 Introduction (Page No. -
18)    1.1 Objectives of the Study     1.2
Definition     1.3 Scope of Study           
1.3.1 Markets Covered           1.3.2 Years
Considered for Study    1.4 Currency Pricing
    1.5 Limitations     1.6 Stakeholders 2
Research Methodology (Page No. - 22)    2.1
Research Data      15 Appendix (Page No. -
187)     15.1 Insights of Industry Experts     
15.2 Discussion Guide      15.3 Knowledge Store
Marketsandmarkets Subscription Portal      15.4
Introducing RT Real-Time Market Intelligence
     15.5 Available Customizations      15.6
Related Reports      15.7 Author Details
               
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Key Players
                     

1. ABB (Switzerland),
2. LG Chem (South Korea),
3. NEC (Japan),
4. Panasonic (Japan),
5. Samsung SDI (South Korea),
6. AEG Power Solutions (Netherlands),
7. General Electric (US),
8. Hitachi (Japan),
9. Siemens (Germany), and
10. Tesla (US).

               
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Structured Cabling
Download PDF Brochure- https//www.marketsandmar
kets.com/pdfdownload.asp?id112809494 The
objective of the report is to provide a detailed
analysis of the battery energy storage system
market segmented on the basis of element, battery
type, ownership, connection type, application,
and geography. It also provides detailed
information on the major factors influencing the
growth of the battery energy storage system
market.
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Summary
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. The battery energy
storage systems market for on-grid connection is
expected to grow at a higher CAGR between 2018
and 2023. The on-grid battery energy storage
systems use the utility grids for supplying
electricity to consumers, which also helps reduce
the energy bills. The load leveling, peak
shaving, and power demand management are the main
applications of any on-grid connected battery
energy storage system installed with electrical
grids. These factors contribute to the growth of
the market for on-grid battery energy storage
systems. The market for the customer-owned
battery energy storage systems is expected to
grow at the highest CAGR between 2018 and 2023.
The customer-owned battery energy storage systems
help reduce the electricity cost, as electricity
is charged under the time-of-use (TOU) tariff.
Under the TOU tariff, the customer can easily
reduce the energy cost (electricity cost and
annual investment cost) through the adoption of
battery energy storage systems.
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