Pune, India -- (SBWIRE) -- 04/23/2019 -- The report on Battery Energy Storage System Market by technology (lithium-ion batteries, sodium-sulfur batteries, lead-acid batteries), connection type (on-grid connection and off-grid connection), applications (residential, non-residential and utilities) trends analysis and forecasts up to 2024 studies the market sizes, key trends and opportunities in the main geographies such as North America, Europe, Asia-Pacific, Rest of the World. According to the report the global battery energy storage system market is projected to grow at a CAGR 32.2% in terms of value over the period of 2018-2024. The growth in the world market is primarily driven by significant contribution by North America (Leading region) region to this market.

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Rapidly Growing Demand of Renewable Energy Sources to Promote the Growth of Battery Storage Energy System Market

The rapidly growing demand for renewable energy sources is the key factor driving the growth of battery energy storage system market worldwide. Several government organizations across various countries are taking the initiative to promote the use of renewable energy. The energy storage system plays an important role in the renewable energy generation system as they help to improve the reliability and flexibility of the system. The increasing adoption of lithium ions battery in the renewable power generation system is likely to escalate the demands of battery energy storage system market. Furthermore, the decreased pricing of lithium batteries is also one of the factors that help to boost the growth of battery energy storage system market. However, the high initial investments are hampering the growth of battery energy storage system market. Moreover, ongoing developments in the renewable energy sector and the use of battery storage for residential application are projected to create several opportunities in the battery energy storage system market.

North America Holds the Maximum Share in the Battery Energy Storage System Market

North America holds the maximum share in the battery energy storage system market and expected to be the dominating region in this market over the forecast period. The rapidly increasing demand for battery required to store renewable energy and the increasing number of data centers powered through solar energy in North America are driving the growth of battery energy storage system market in this region. Furthermore, Asia Pacific is the fastest growing region in the battery energy storage system market owing to the growing adoption of renewable energy, favorable government policies, and rapidly growing energy sector

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Tesla Wins the Contract for Another Massive Battery System with Powerpacks

In August 2018, Tesla's energy division is on a roll when it comes to large battery projects, especially in Australia since the success of its giant battery system in the country. Tesla won another contract for a massive battery system project to deploy Powerpacks at another wind farm in Australia. Tesla's 100MW/129MWh Powerpack project in South Australia provide the same grid services as peaker plants, but cheaper, quicker, and with zero-emissions, through its battery system.

Tesla, Inc., formerly Tesla Motors, Inc., incorporated on July 1, 2003, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products.

The various companies such as ABB, LG Chem, Panasonic, AEG Power Solutions, Hitachi, Siemens AG and many others are focusing on new product launches to improve their product portfolio. For instance, in March 2017, ABB delivers first urban battery storage solution in Denmark to support renewables energy storage.

Report Findings

1. Drivers

- Rapidly Growing Demand of Renewable Energy Sources

- Government's Initiative to Promote the Use of Renewable Energy

- Increasing Adoption of Lithium Ions Battery in the Renewable Power Generation System

- Decreased Pricing of Lithium Batteries

2. Restraints

- High Initial Investments

3. Opportunities

- Ongoing Developments in The Renewable Energy Sector

- Rising Use of Battery Storage for Residential Application

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Report Highlights:

The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global battery energy storage system. Moreover, IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of battery energy storage system. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the battery energy storage system that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the battery energy storage system to understand the present and future trends in this market and formulate their strategies accordingly.