Battery Energy Storage Market worth $17.5 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 26, 2023 /PRNewswire/ -- The battery energy storage system market is expected to reach USD 17.5 billion by 2028 from USD 5.4 billion in 2023, at a CAGR of 26.4 % during the 2023–2028 period according to a new report by MarketsandMarkets™. The significant growth factors associated with the battery energy storage system market is the increasing deployment of renewable energy sources. Additionally, the growth of electric vehicles (EVs) is driving the need for efficient and reliable charging infrastructure, where battery energy storage systems can play a significant role in managing peak loads and balancing the grid. Furthermore, advancements in battery technology, cost reduction, and favorable government policies and incentives are also contributing to the market's growth by making battery energy storage systems more accessible and economically viable for various applications.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=112809494

Browse in-depth TOC on "Battery Energy Storage Market" 180 – Tables
80 – Figures
280 – Pages

Battery Energy Storage Market Report Scope:

Battery element segment is expected to account for the largest share of the battery energy storage system market during the forecast period.

The battery energy storage system constitutes components such as a battery, battery management system, energy management system, monitoring and control system, and power conversion system. The battery elements used in the battery energy storage system are in the form of modules and racks. The battery element alone constitutes 60% of the total battery energy storage system. It is the major element, where the functioning is regularized by hardware and software, which increases its efficiency. Mostly used battery types in battery energy storage systems are lithium-ion and advanced lead-acid batteries.

Utility application is projected to account for significant share of battery energy storage system market during the forecast period.

Battery energy storage systems play a crucial role in grid stabilization and peak load management, which are essential for maintaining a stable and reliable power supply. They can respond quickly to fluctuations in power supply and demand, regulating frequency and voltage to ensure grid stability. The need to fulfill the requirement of peak electricity demands is the major factor contributing to the growth of the market for utilities.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=112809494

Asia Pacific is expected to register the highest CAGR during the forecast period.

Asia Pacific rapid economic growth, urbanization, and industrialization have resulted in higher energy consumption. This increased demand for energy, along with the need for reliable and sustainable power supply, has driven the adoption of battery energy storage industry. The use of residential energy storage technology will enable to increase access to electricity for these remote and island communities in the region. Energy storage investments are expected to increase substantially within the region as the governments in growing economies are making new policies to improve the reliability and quality of the power distribution facilities to the residential customers. The growth of the market in the region is driven by several factors, including the increasing demand for renewable energy, growing concerns about climate change, improvements in battery technology, and government policies and regulations.

The report profiles key players in battery energy storage companies such as BYD Company Limited, SAMSUNG SDI Co., Ltd., LG Energy Solutions Co., Ltd., and Panasonic Corporation.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=112809494

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports:

RFID Market Size, Share & Industry Growth Analysis Report by Offering (Tags, Readers, Software & Services), Tag Type (Passive, Active), Wafer Size, Frequency, Form Factor (Card, Implant, Key Fob, Label, Paper Ticket, Band), Material, Application & Region - Global Growth Driver and Industry Forecast to 2030

Battery Management System Market by Type (Motive Battery and Stationary Battery), Battery Type (Lithium-ion, Lead-acid, Nickel-based, Solid-state, Flow battery), Topology (Centralized, Distributed and Modular), Application and Region - Global Forecast to 2028

Interactive Display Market with COVID-19 Impact Analysis by Product (Interactive Kiosk, Whiteboard, Table, Video Wall, Monitor), Technology (LCD, LED, OLED), Panel Size, Panel Type, Vertical, and Geography - Global Forecast to 2025

Lithium-ion Battery Market by Type (Lithium Nickel Manganese Cobalt Oxide (LI-NMC), Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide (LCO)), Capacity, Voltage, Industry (Consumer Electronics, Automotive, Aerospace) and Region - Global Forecast to 2031

Display Market by Display Technology (LCD, OLED, Micro-LED, Direct-view LED), Panel Size (Microdisplays, Small & Medium-sized Panels, Large Panels), Product Type (Smartphones, Television Sets, Wearables), Vertical, and Region- Global Forecast to 2028

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/battery-energy-storage-system-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/battery-energy-storage-system.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg