BANGALORE, India, Sept. 17, 2020 /PRNewswire/ -- According to the Latest Market Research Report "Battery Energy Storage System Market by Technology ( Flow Batteries, Lead-acid Batteries, Lithium-ion Batteries, and Sodium-sulfur Batteries), Connection Type (Off-grid Connection and On-grid Connection), by Application (Non-residential, Residential, and Utilities), and Region – Global Forecast to 2025", published on Valuates Reports. The Global Battery Energy Storage System Market size is expected to grow from USD 2,194.70 Million in 2019 to USD 6,905.64 Million by 2025 at a CAGR of 21.05% during the forecast period.
Major factors driving the Battery Energy Storage System Market size are the increased demand for grid-connected solutions, rising demand for lithium-ion technology, and a decrease in lithium-ion battery prices.
This report focuses on the Battery Energy Storage System Market's volume and value at the global, regional, and company levels. From a global perspective, this study reflects the overall Battery Energy Storage System Market size by examining historical data and prospects.
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TRENDS INFLUENCING THE BATTERY ENERGY STORAGE SYSTEM MARKET SIZE
The renewable energy penetration and increasing demand for distributed power generation across several economies are expected to accelerate the Battery Energy Storage System Market size growth.
Battery energy storage systems help energy producers conserve surplus electricity for later use, thus enhancing the grid's stability and efficiency in terms of power generation, transmission, and distribution. These factors are expected to drive the Battery Energy Storage System Market size during the forecast period.
The demand for uninterrupted power is expected to rise exponentially in the coming years due to continuous population growth, infrastructure development, and rapid industrialization. These factors further stress the need for efficient energy storage infrastructure, thereby increasing the Battery Energy Storage System Market size.
In the telecommunications industry, the replacement of diesel generators by highly efficient batteries is expected to increase the battery energy storage systems market size. Market players in the telecommunications industry have contracts with manufacturers of battery energy storage systems that facilitate continuous and cost-effective power supply. The increase in the number of telecom subscriptions has contributed to the growth of telecom tower facilities, which is expected to have a positive effect on the demand for battery energy storage systems.
BATTERY ENERGY STORAGE SYSTEM MARKET SHARE ANALYSIS
North America is expected to hold a significant Battery Energy Storage System Market share during the forecast period. Energy storage has been the core of all energy planning in the US due to the rising number of utilities and companies.
Due to a rise in demand for battery energy storage systems from key economies such as India, China, Japan, and Korea, among others, Asia-Pacific is projected to grow at the highest CAGR during the forecast period. Growing government spending in renewable energy projects across emerging economies like India and China is driving the growth of this region's markets.
The global virtual power plant market size was valued at USD 1.3 Billion in 2019 and is projected to reach USD 5.9 Billion by 2027, growing at a CAGR of 21.3% from 2020 to 2027.
Major factors driving the Virtual Power Plant Market size are the growing penetration for renewable energy in the power generation sector and changes in the dynamics of power grids from centralized to distributed.
Major players have adopted product launch, business expansion to sustain the intense market competition. The key players profiled in the report include ABB Ltd., AGL Energy, AutoGrid Systems, Inc., Enbala Power Networks, Enel X Inc., General Electric Company, Siemens AG, Schneider Electric SE, Limejump Ltd., and others.
Instability of renewable energy sources like wind and solar energy, increasing awareness about the environmental crisis, government support, and carbon dioxide emission is the main factor contributing to the market's growth.
Battery Energy Storage Systems for Smart Grid Market
The Americans dominated the smart grid's battery energy storage market and accounted for most of the total market share. Much of the region's growth can be attributed to the increasing use of smart grids and the increasing need for energy storage for distributed systems.
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