Battery Energy Storage System Market is Forecast to Cross US$ 9 Billion by 2024
New York: The scope of the report includes a detailed study of Battery Energy Storage System Market with the reasons given for variations in the growth of the industry in certain regions.
The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global market. Key players profiled in the report ABB Ltd., General Electric Co., Tesla Motors Ltd, and Siemens AG. Company profile includes assign such as company summary, financial summary, business strategy and planning, SWOT analysis and current developments.
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This report provides:
1) An overview of the global market for Battery Energy Storage System Market and related technologies.
2) Analyses of global market trends, with data from 2015, estimates for 2016 and 2017, and projections of compound annual growth rates (CAGRs) through 2024.
3) Identifications of new market opportunities and targeted promotional plans for Battery Energy Storage System Market
4) Discussion of research and development, and the demand for new products and new applications.
5) Comprehensive company profiles of major players in the industry.
The battery energy storage system market has expanded significantly in recent years owing to increasing demand for renewable energy sources. Some necessary applications of battery energy storage systems include electrification of grid and this needs great deal of renewable energy resources, therefore contribute to the consistent increase in demand for battery energy storage system. Gradual advancement in energy storage technology leads to important value reduction and enhances the efficiency of battery energy storage system. This, in turn, is probably going to boost its demand within the market throughout the forecast period.
The Battery Energy Storage System Market is expected to exceed more than US$ 9 Billion by 2024 at a CAGR of 34% in the given forecast period.
The Battery Energy Storage System Market has been segmented as below:
The Battery Energy Storage System Market is segmented on the Basis of Element Type, Connection Type, Application Type, Ownership Type, Type and Regional Analysis. By Element Type this market is segmented on the basis of Battery and Hardware.
By Connection Type this market is segmented on the basis of On-Grid and Off-Grid. By Application Type this market is segmented on the basis of Residential, Non-Residential and Utilities. By Ownership Type this market is segmented on the basis of Customer Owned, Third-Party Owned and Utility Owned. By Type this market is segmented on the basis of Lithium-Ion Batteries, Sodium-Sulphur Batteries, Advanced Lead-Acid Batteries and Flow Batteries. By Regional Analysis this market is segmented on the Basis of North America, Europe, Asia-Pacific and Rest of the World.
The major driving factors of Battery Energy Storage System Market are as follows:
Increasing Demand for Grid-Connected Solutions
High Demand for the Lithium-Ion Technology within the Renewable Energy trade
Declining costs of Lithium-Ion Batteries
The major restraining factors of Battery Energy Storage System Market are as follows:
High Capital Investment needed for the preparation
Lack of the supply of Vendors and Project finance
The major opportunities factor of Battery Energy Storage System Market are as follows:
Increasing Focus on Rural Electrification Worldwide
Development of Molten-Salt Battery Technology
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Table of Contents:
1. Introduction
2. Research Methodology
3. Summary with Insights
4. Market Overview
5. Battery Energy Storage System Market Analysis, By Type
6. Battery Energy Storage System Market Analysis, By Connection
6.1 On-Grid
6.2 Off-Grid
7. Battery Energy Storage System Market Analysis, By Application
8. Battery Energy Storage System Market Analysis, By Ownership
9. Battery Energy Storage System Market Analysis, By Element
10. Battery Energy Storage System Market Analysis, By Region
10.1 North America
10.2 Europe
10.3 Asia-Pacific
10.4 Rest of the World
11. Competitive Overview
12. Company Profiles
12.1 ABB
12.2 LG Chem
12.3 NEC
12.4 Panasonic
12.5 Samsung SDI
12.6 AEG Power Solutions
12.7 General Electric
12.8 Hitachi
12.9 Siemens AG
12.10 Tesla
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Source: marketwatch
