Demand for energy conservation is increasing and considering the depleting level of energy resources, numerous companies emphasize on efficient energy consumption techniques. Rising population coupled with increasing industrial activities are likely to raise the demand for battery energy storage systems during the forecast period. Battery energy storage systems have been increasingly utilized in the production of renewable energy sources such as solar cell, wind turbine.
The battery energy storage system market has expanded considerably in recent years due to increasing demand for renewable energy sources. Some important applications of battery energy storage systems include electrification of grid and this requires large amount of renewable energy resources, thus contributing to the consistent increase in demand for battery energy storage system. Gradual advancement in energy storage technology leads to significant cost reduction and enhances the efficiency of battery energy storage system. This, in turn, is likely to boost its demand in the market during the forecast period.
A battery energy storage system allows integration of renewable energy and fossil fuel sources. This system utilizes intermittent energy, which is projected to offer a growth opportunity for the market during the forecast period. Rural electrification has been a major agenda of the government and in emerging economies such as China and India this issue gets substantial government support. Battery energy storage systems have been majorly used in areas where grid power is very weak. Increasing application of renewable sources is estimated to propel the battery energy storage system market during the forecast period.
In terms of region, the battery energy storage system market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific held a prominent share of the market due to the rise in number of housing units in the region, latest trend of using renewable energy, and significant number of industrial belts.
Key player operating in the global battery energy storage system market include ABB Ltd., General Electric Co., Tesla Motors Ltd, and Siemens AG.
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