New York, NY -- (SBWire) -- 03/19/2020 --Battery Energy Storage Systems (BESS) is a technology which has been developed for storing energy, using specifically designed batteries. Growing focus on renewable sources of energy, such as wind & solar energy, has led to the adoption of BESSs to store the generated energy. BESS assist in overcoming the challenges of large-scale grid integration of renewables, by storing excess of energy when demand is low and re-injecting the same when consumption is at its peak. The advent of BESS has been a major contributor in balancing the supply & demand for power and simultaneously improving operational & performance features of novel battery technologies.
Market Industry Reports (MIR) has published a new report titled "Battery Energy Storage System (BESS) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030." According to the report, the global Battery Energy Storage System (BESS) market was valued to be over US$ 2.5 billion in 2019. It is anticipated to grow at a CAGR of ~33.0% from 2019 to 2030.
Major Key Players of the Battery Energy Storage System (BESS) Market are:
Tesla, Siemens, Hitachi Chemical Co., Ltd., GENERAL ELECTRIC, AEG, SAMSUNG SDI CO., LTD., NEC Energy Solutions, Inc., Panasonic Corporation
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The global Battery Energy Storage System (BESS) market has witnessed exponential growth in the recent past. Several factors that attributed to the growth of this market, such as growing focus on renewable sources of energy, advancements in technology and rising demand for grid-connected solutions among others. Moreover, favorable government regulations to support the utilization of clean energy is another factor which has been pivotal in contributing to the growth of the market. However, high costs associated with project financing, and requirement of high capital for deployment of such services may restrict the growth of the global Battery Energy Storage System (BESS) market to a certain extent.
Conservation of nature-based energy such as wind & solar energy, faces several complications, such as varying wind speed & overcast weather limiting solar energy, thereby leading to fluctuations in the amount of energy generated. All these factors makes it mandatory for a grid system to have flexibility for storing varying levels of energy. The introduction of BESS assists grid operators to directly store electricity, when the amount of electricity generated is high. Thereby, directly improving flexibility & consistency of the electricity supply system in terms of generation, transmission, and distribution. Application of BESS for transmission & distribution of electricity, caters to a wide variety of features such as frequency regulation, voltage support, asset deferral, harmonic suppression, and power quality among others.
Major Types of Battery Energy Storage System (BESS) Market covered are:
Sodium–Sulfur Batteries
Flow Batteries
Lithium-Ion Batteries
Advanced Lead-Acid Batteries
Major Applications of Battery Energy Storage System (BESS) Market covered are:
Residential
Utilities and Non-Residential
Research objectives:-
– To study and analyze the global Battery Energy Storage System (BESS) consumption (value & volume) by key regions/countries, product type and application, history data.
– To understand the structure of the Battery Energy Storage System (BESS) market by identifying its various sub-segments.
– Focuses on the key global Battery Energy Storage System (BESS) manufacturers, to define, describe and analyze the sales volume, value, market share, market competitive landscape, SWOT analysis, and development plans in the next few years.
– To analyze the Battery Energy Storage System (BESS) with respect to individual growth trends, future prospects, and their contribution to the total market.
– To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
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Table of Content
1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered
1.4 Market Analysis by Type
1.5 Market by Application
1.6 Study Objectives
1.7 Years Considered
2 Global Growth Trends
2.1 Battery Energy Storage System (BESS) Market Size
2.2 Battery Energy Storage System (BESS) Growth Trends by Regions
2.3 Industry Trends
3 Market Share by Key Players
3.1 Battery Energy Storage System (BESS) Market Size by Manufacturers
3.2 Battery Energy Storage System (BESS) Key Players Head office and Area Served
3.3 Key Players Battery Energy Storage System (BESS) Product/Solution/Service
3.4 Date of Enter into Battery Energy Storage System (BESS) Market
3.5 Mergers & Acquisitions, Expansion Plans
4 Breakdown Data by Product
4.1 Global Battery Energy Storage System (BESS) Sales by Product
4.2 Global Battery Energy Storage System (BESS) Revenue by Product
4.3 Battery Energy Storage System (BESS) Price by Product
5 Breakdown Data by End User
5.1 Overview
5.2 Global Battery Energy Storage System (BESS) Breakdown Data by End User
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In the end, Battery Energy Storage System (BESS) industry report specifics the major regions, market scenarios with the product price, volume, supply, revenue, production, and market growth rate, demand, forecast and so on. This report also presents SWOT analysis, investment feasibility analysis, and investment return analysis.
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