Battery Energy Storage System Market - Global Forecast to 2023
DUBLIN, April 17, 2018 /PRNewswire/ --
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.
The lithium-ion batteries are expected to hold the largest share of the battery energy storage system market between 2018 and 2023. The lithium-ion batteries have reliable cycle life as well as high energy and power density in terms of volume, high charge/discharge efficiency, and low maintenance needs. Additionally, these batteries have lighter weight than nickel-cadmium and nickel metal-hydride batteries. These features of lithium-ion batteries are expected to drive the battery energy storage system market.
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.
Batteries held the largest size of the battery energy storage system market in 2017. Battery is the major part of the battery energy storage systems. It leads to 60% of the total cost of the system. The different types of batteries used in the battery energy storage systems are lithium-ion, advanced lead-acid batteries, sodium-sulfur, and flow batteries, among others. The choice of these batteries depends on the characteristics of these batteries and their intended application. Availability of types of battery is driving the growth of the battery energy storage system market for this market.
The battery energy storage system market for utilities is expected to grow at the highest CAGR between 2018 and 2023. The generation and consumption of electricity need to be matched at all times, as mismatch leads to the voltage and frequency deviations, and causes power outages and damage to the equipment. To overcome this problem, the utilities install battery energy storage systems with the electric grids, which control the voltage and frequency deviations. The battery energy storage systems used in utilities is a cost-effective alternative to replace a conventional infrastructure, especially in helping substations, and transmission and distribution (T&D) line to meet growing peak demands. These factors are fostering the growth of the battery energy storage system market.
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.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities in Battery Energy Storage System Market
4.2 Battery Energy Storage System Market, By Battery Type
4.3 Battery Energy Storage System Market, By Ownership
4.4 Battery Energy Storage System Market, By Connection Type
4.5 Battery Energy Storage System Market, By Application
4.6 Battery Energy Storage System Market in APAC, By Application & Country
4.7 Battery Energy Storage System Market, By Geography
5 Market Overview
5.1 Introduction
5.1.1 Drivers
5.1.1.1 Increasing Demand for Grid-Connected Solutions
5.1.1.2 High Demand for the Lithium-Ion Technology in the Renewable Energy Industry
5.1.1.3 Declining Prices of Lithium-Ion Batteries
5.1.2 Restraints
5.1.2.1 High Capital Investment Required for the Deployment
5.1.2.2 Lack of the Availability of Vendors and Project Financing
5.1.3 Opportunities
5.1.3.1 Increasing Focus on Rural Electrification Worldwide
5.1.3.2 Development of Molten-Salt Battery Technology
5.1.3.3 Large Storage Requirements in Datacenters
5.1.3.4 Efforts Taken By Governments Around the World to Reduce Carbon Emissions By Mandating on Fuel Economy
5.1.4 Challenge
5.1.4.1 Installation of Battery Energy Storage Systems in Remote Locations
6 Industry Trends
6.1 Introduction
6.2 Value Chain Analysis
6.3 Standards & Regulations for Battery Energy Storage System
6.4 Software & Services in Battery Energy Storage System
6.4.1 Services
6.5 List of Installed Battery Energy Storage System Projects in 2017
7 Battery Energy Storage System Market, By Element
7.1 Introduction
7.2 Battery
7.3 Hardware
7.4 Other Elements
8 Battery Energy Storage System Market, By Battery Type
8.1 Introduction
8.2 Lithium-Ion Batteries
8.3 Sodium-Sulfur Batteries
8.4 Advanced Lead-Acid Batteries
8.5 Flow Batteries
8.6 Others
8.6.1 Nickel-Cadmium Battery
8.6.2 Nickel Metal Hydride Battery
8.6.3 Nickel-Iron Battery
9 Battery Energy Storage System Market, By Connection Type
9.1 Introduction
9.2 On-Grid Connection
9.3 Off-Grid Connection
10 Battery Energy Storage System Market, By Ownership
10.1 Introduction
10.2 Customer Owned
10.3 Third-Party Owned
10.4 Utility Owned
11 Battery Energy Storage System Market, By Application
11.1 Introduction
11.1.1 Residential
11.1.2 Non-Residential
11.1.3 Utilities
11.1.4 Other Applications
12 Geographic Analysis
13 Competitive Landscape
13.1 Overview
13.2 Market Ranking Analysis: Battery Energy Storage System Market, 2017
13.3 Competitive Situation & Trends
13.3.1 Agreements, Contracts, Collaborations, & Partnerships
13.3.2 Product Launches & Developments
13.3.3 Expansions
13.3.4 Acquisitions
14 Company Profiles
14.1 Introduction
14.2 Key Players
14.2.1 ABB
14.2.2 LG Chem
14.2.3 NEC
14.2.4 Panasonic
14.2.5 Samsung SDI
14.2.6 AEG Power Solutions
14.2.7 General Electric
14.2.8 Hitachi
14.2.9 Siemens AG
14.2.10 Tesla
14.3 Other Key Players
14.3.1 The Aes Corporation
14.3.2 Alevo Group
14.3.3 Exergonix
14.3.4 Corvus Energy
14.3.5 East Penn Manufacturing
14.3.6 Enerdel
14.3.7 Mitsubishi Heavy Industries (MHI) Group
14.3.8 NGK Insulators
14.3.9 Toshiba Infrastructure Systems & Solutions
14.3.10 Trinabess
For more information about this report visit https://www.researchandmarkets.com/research/khg2zf/battery_energy?w=5
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