Northbrook, IL 60062 -- (SBWire) -- 11/09/2023 --Japan's battery energy storage system market is witnessing significant growth as the country's emphasis on energy security and the need to adapt to an increasingly decentralized and renewable energy landscape have spurred investments in energy storage to enhance grid stability and reliability.
The global Battery Energy Storage System Market Size is estimated to be worth USD 5.4 Billion in 2023 and is projected to reach USD 17.5 Billion by 2028, at a CAGR of 26.4% during the forecast period.
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Japan's commitment to reducing carbon emissions and transitioning towards a low-carbon future has further accelerated the adoption of battery energy storage systems to integrate renewable sources and reduce dependence on fossil fuels. Supportive government policies and incentives, such as feed-in tariffs and subsidies, have also played a crucial role in incentivizing the deployment of energy storage solutions. The government in Japan is implementing policies for the adoption of storage technology.
Japan's ambitious renewable energy targets for integrating renewable energy sources into the grid and increasing demand for grid stability and energy security is driving the growth of BESS in the country. The government of Japan is focusing on installing solar and wind farms to meet the requirements of local grid operators and utilities. Toshiba and Panasonic are competing with Samsung SDI and LG Energy Solutions Co., Ltd. for leadership in the fast-growing battery energy storage market.
The major companies in the battery energy storage system companies include BYD Company Limited, SAMSUNG SDI Co., Ltd., LG Energy Solutions Co., Ltd., and Panasonic Corporation.
Japan Market to Grow at 18.5% in Battery Energy Storage System Market