PUNE, India, March 31, 2016 /PRNewswire/ --
According to the new market research report "Battery Energy Storage System Market by Battery Type (Lithium-Ion, Advanced Lead Acid, Flow Batteries,, & Sodium Sulfur), Connection Type (On-Grid and Off-Grid), Ownership, Revenue Source, Application, And Geography - Global Forecast to 2022", published by MarketsandMarkets, the market is expected to reach USD 6.81 Billion by 2022, growing at a CAGR of 37.0% between 2016 and 2022.
(Logo: http://photos.prnewswire.com/prnh/20160303/792302 )
Browse 75 market data Tables and 75 Figures spread through 178 Pages and in-depth TOC on "Battery Energy Storage System Market"
http://www.marketsandmarkets.com/Market-Reports/battery-energy-storage-system-market-112809494.html
Early buyers will receive 10% customization on this report.
Factors such as increasing demand for grid-connected solutions, growing electric vehicle market, high requirement of lithium-ion batteries in various applications, and government support are expected to boost the growth of the battery energy storage system market.
The transportation sector expected to lead the battery energy storage system market
The growing implementation of batteries in battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) is expected to support the growth of the BESS market. The implementation of battery types such as lithium-ion, Nickel-cadmium (NiCd), Nickel-metal hydride (NiMh), Li-ion polymer is driving the transportation application of the battery energy storage system market. The lithium-ion batteries gain huge traction as they provide high energy and power density in terms of volume and high charge/discharge efficiency and are more lightweight than other batteries such as lead-acid batteries. These factors are supporting the growth of battery energy storage system in transportation sector.
The residential sector expected to grow at a high rate between 2016 and 2022
The market for battery energy storage system for the residential sector is expected to grow at a high CAGR between 2016 and 2022. The residential segment use battery energy storage systems to provide power to houses. The renewable energy such as wind and solar generates power intermittently with high variable output. The ability of BESS to store this energy during peak production is driving the mass adoption of renewable energy in residential and commercial applications. All these factors are expected to drive the residential sector supporting the growth of the battery energy storage system market.
APAC expected to hold the largest market share by 2022
The Battery Energy Storage System Market in Asia-Pacific is expected to hold a large market share by 2022, growing at a high CAGR between 2016 and 2022. The installations of battery energy storage system in various countries in the APAC region such as China, India, and Japan are supporting the growth of the battery energy storage system market. Also, owing to the interest from the residential sector to use renewable resources and growing government support is expected to boost the growth in this region.
Inquiry Before Buying: http://www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=112809494
Companies involved in the development of battery energy storage system include ABB Ltd. (Switzerland), AEG Power Solutions (The Netherland), General Electric Co. (U.S.), Hitachi ltd (Japan), LG Chem. (South Korea), NEC Corporation (Japan), Panasonic Corporation (Japan), Samsung SDI Co., ltd. (South Korea), Siemens AG (Germany), and Tesla Motors ltd. (U.S.).
This research report categorizes the global battery energy storage system market on the basis of battery type, connection type, ownership, revenue source, application, and geography. This report describes the drivers, restraints, opportunities, and challenges with respect to the battery energy storage system market. The Porter's five forces analysis has been included in the report with a description of each of its forces and their respective impact on the battery energy storage system market. Brief information on the research methodology implemented for the report can be found in the report description provided on the website.
Browse Related Reports
Electric Vehicle Charging Stations Market by Charging Station (AC Charging Station, DC Charging Station, Inductive Charging Station), Connector Type (Chademo, CCS, Others), Location (Public, Private), and Geography - Global Trend and Forecast to 2022
http://www.marketsandmarkets.com/Market-Reports/electric-vehicle-charging-stations-market-21599205.html
Home Energy Management System Market by Hardware (Control Device, Display/ Communication Device), by Communication Technology (Z-Wave, ZigBee, Wi-Fi) and by Software & Service (Behavioral, Proactive) - Global Forecast to 2022
http://www.marketsandmarkets.com/Market-Reports/home-energy-management-systems-hems-market-757.html
About MarketsandMarkets
MarketsandMarkets is world's No. 2 firms in terms of annual published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
M&M's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical info graphics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.
We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.
Contact:
Mr. Rohan
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India
Tel: + 1-888-600-6441
Email: [email protected]
Visit MarketsandMarkets Blog @ http://www.marketsandmarketsblog.com/market-reports/electronics-and-semiconductors
Connect with us on LinkedIn @ http://www.linkedin.com/company/marketsandmarkets
Share this article