NEW YORK, April 19, 2016 /PRNewswire/ -- "Government support and grid-connected solutions are expected to drive the growth of the battery energy storage system market"
The global battery energy storage system market is estimated to grow at a CAGR of 37.0% between 2016 and 2022 and is expected to reach USD 6.81 billion by 2022. The factors driving the battery energy storage system market are the 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.
"Electric vehicles to gain maximum traction during the forecast period"
The residential and transportation application areas offer a huge growth potential for battery energy storage system. The electric vehicles are expected to gain traction as they are zero-emission vehicles and produce no direct emissions. The BEVs use no other fuel and widespread use of these vehicles could dramatically reduce the petroleum consumption. These factors are expected to drive the high adoption of electric vehicles, thereby supporting the growth of the battery market. Major countries have defined their long-term targets for electric vehicles deployment. It is estimated that around 20 million electric vehicles would be on road globally by 2020. Major countries contributing to the electric vehicle sales are China, the U.S., Japan, Spain, France, Germany, Portugal, the Netherlands, and India.
"Asia-Pacific expected to grow at a high CAGR by 2022"
North America is estimated to hold the largest market share by 2022; however, APAC is expected to grow at a high CAGR between 2016 and 2022. The major factor driving the growth of the battery energy storage system market in APAC is the growing number of battery energy storage system installations and electric vehicle market. According to USGS, the highest number of mine production of vanadium flow batteries was contributed by China in 2013 and 2014. These factors are expected to drive the growth of battery energy storage system in this region.
Several primary interviews have been conducted with market experts across four major geographies, namely, North America, Europe, Asia-Pacific, and Rest of the World (Middle East, Africa, and Latin America). The primary participants considered for the study are C-level executives, director level, and other executives from Tier 1, Tier 2, and Tier 3 companies. Break-up of profiles of primary participants are provided below:
- By Company Type: Tier 1 – 40%, Tier 2 – 35%, and Tier 3 – 25%
- By Designation: C-Level – 30%, Director Level – 30%, and Manager Level – 40%
- By Region: North America – 40%, Europe – 25%, APAC – 30%, and RoW – 5%
The companies involved in the development of the battery energy storage system market 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.).
Reasons to Buy the Report:
- This report includes the market statistics pertaining to battery type, connection type, ownership, application, and region, along with their respective market size.
- The Porter's five forces framework has been provided along with the value chain analysis to offer an in-depth insight into the battery energy storage system market.
- Major drivers, restraints, and opportunities for the battery energy storage system market have been detailed in this report.
- Illustrative segmentation, analysis, and forecast for the markets based on battery type, connection type, ownership, application, and region have been provided to give an overall view of the battery energy storage system market.
- The detailed analysis of market by revenue sources is provided which gives in-depth qualitative aspects of the hardware, software, and services.
- The detailed competitive landscape includes key players, in-depth analysis, and revenue of key players.
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