The Battery Energy Storage Market is expected to grow at a CAGR of XX.XX% to reach US$XX billion by 2024, from US$XX billion in 2019. Battery energy storage system comprises the use of battery technology to store the energy to be used at a later time. Companies are investing heavily in the R&D to store the renwable energy and there is a huge demand for the storage batteries, which shows a significant increase in the growth of this market during the forecasted period.
By battery type the battery energy storage market is segmented as lead-acid batteries, lithium-ion batteries, sodium-sulfur batteries and others. This market is expected to grow in the lithium-ion segment due to its characterisitcs and features these are having a lighter weight than batteries consisiting other metals. Extreme demand for the lithium-ion technology in the renewable energy industry, and declining costs of lithium-ion batteries. The lithium-ion batteries are more durable as well as high power in terms of volume, high charge/discharge characterisitcs, and low maintainance costs, which as a result act as driving forces of this market.
By end- user, battery energy storage market is segmented as residential,
non-residential, utilities and others. The segment of the residential storage
systems is expected to grow at a higher rate as it will help reducing the
electricity costs as there will be more dependance on these storage systems.
Major industry players profiled as a part of this report are ABB, LG Chem, EOS Energy Storage, Sonnen, Nissan, Sunverge Energy Inc, General Electric Company, Siemens, Hitachi Chemical Co. Ltd, NEC Energy Solutions.
The Battery Energy Storage Market has been analyzed through the following segments:
By Battery type
United States of America
Middle East and Africa
United Arab Emirates
Key insights offered
What will be the Battery Energy Storage Market size from 2018 to 2024?
How are the major drivers and restraints affecting the Battery Energy Storage Market growth and the opportunities which exist for key vendors?
Which segment and region will lead the market growth and why?
A comprehensive analysis of competitive landscape and key market participants’ behaviour.
Key strategies being adopted by vendors, with in-depth analysis along with their impact on competition and market growth.