The global battery energy storage market is projected to grow from USD 5.7 billion in 2020 to USD 7.3 billion by 2021
The study covers the battery energy storage market across segments. It aims at estimating the market size and its growth potential across different segments such as application and region. The study also includes an in-depth COVID-19-focused profiles and analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies to cater to the growing market demand during the current pandemic.
The utilities segment is projected to grow at a higher growth rate than the other applications during the forecast period
The utilities segment is likely to account for the largest share in the battery energy storage market, by application. According to the US EIA and NREL, utility-owned battery energy storage systems play a crucial role in the operations of current and future energy generation mix of a country. In addition to the system flexibility it provides, a battery energy storage system also offers reliable interconnections in neighboring power systems. The utilities segment is mainly being driven by the increasing financial incentives and regulatory supports from the governments globally.
Asia Pacific is projected to be the largest and fastest-growing battery energy storage market during the forecast period
The Asia Pacific region is projected to be the fastest-growing market for battery energy storage during the forecast period. The market in the region is expected to witness a moderate decline during the forecast period due to the COVID-19 pandemic. The region is the largest market for battery energy storage and home to some of the fastest-growing economies in the world.
Asia Pacific also plans for electrification in remote areas, which are mainly off-grid in several countries. The governments of various countries in this region focus on minimizing the adverse effects of the energy sector on the environment. Some of the major battery energy storage system manufacturers based in Asia Pacific are Samsung SDI, LG Chem, Hitachi, Panasonic, and NEC Corporation.
The battery energy storage market includes major players, such as ABB (Switzerland), LG Chem (South Korea), NEC (Japan), Panasonic (Japan), Samsung SDI (South Korea), AEG Power Solutions (Netherlands), General Electric (US), Hitachi (Japan), Siemens (Germany), Tesla (US), and Schneider Electric (France). The study includes COVID-19-focused profiles and analysis of these players in the battery energy storage sector, with their company profiles, recent developments, and the key market strategies.
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