Battery Energy Storage System (BESS) Market Report from The Delvens highlights on deep analysis of market characteristics, sizing, estimates and growth by segmentation, regional breakdowns & country along with competitive landscape, Key Competitors market shares, and strategies that are key to the Global market. These Battery Energy Storage System (BESS) Market insights help the business decision-makers to formulate better business plans and make informed decisions to improved profitability. In addition, the study helps venture or private players in understanding the companies in more detail to make better informed decisions.
The global Battery Energy Storage System (BESS) market size was estimated at USD 5.4 billion in 2023 and is projected to reach USD 26.9 billion in 2030 at a CAGR of 25.8% during the forecast period 2023-2030.
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Battery energy storage systems are a type of technology that allows electricity suppliers to store excess power for later use. This technology is important because it improves the flexibility and reliability of the power grid in terms of power generation, transmission, and distribution. By storing excess power, electricity suppliers can better manage fluctuations in demand and supply, which can help prevent blackouts and other disruptions. Battery energy storage systems are particularly useful in areas where renewable energy sources like wind and solar are used, as these sources can be intermittent and unpredictable. The demand for uninterrupted power is expected to grow exponentially in the coming years due to factors like population growth, infrastructure development, and rapid industrialization.
Top Key Players of Battery Energy Storage System (BESS) market:
· BYD Company Limited
· Contemporary Amperex Technology Co. Limited
· Tesla Inc
· Panasonic Corporation
· LG Energy Solution, Ltd.
· ABB
· Samsung SDI
· Exide Technologies
· General Electric
· Enersys
· Nissan
· AES Energy Storage
· Hoppecke Batteries Inc.
· Hitachi
· Sony Corp.
· Varta AG
· Cellcube energy storage system
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Key Findings:
· On the basis of Type, The demand for lithium-ion batteries for energy storage systems is expected to increase in the future due to several reasons. One of the primary reasons is the low weight of lithium-ion batteries, which makes them easy to transport and install. This feature is particularly useful in remote areas where heavy equipment cannot be easily transported. Another reason for the increasing demand for lithium-ion batteries is their low cost.
· On the basis of Application, Irregularities in power supply, such as energy dips and spikes, can cause damage to the equipment at data centers, leading to losses. To prevent such damage, a line-interactive UPS (Uninterruptible Power Supply) system can be used.
· The Asia-Pacific region, This region has two main types of power grids, each with unique characteristics and opportunities for energy storage systems. There are highly developed countries like Japan, South Korea, New Zealand, and Australia, which have advanced power grids that work well and use the latest technologies.
Regions Covered
• North America
• Europe
• Asia-Pacific
• South America
• Middle East, Africa and rest of the world
Recent Developments
· In February 2023, The New York Power Authority and the New York State Energy Research and Development Authority have implemented a battery energy storage system using high-safety lithium-ion technology for peak-shaving capabilities at NYPA's White Plains offices.
· In October 2023, Fluence Energy and TransnetBW will deploy the world's largest battery-based energy storage project in Kupferzell, Germany, by 2025, improving energy security and supporting the country's energy transition.
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Reasons to Acquire
· Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
· Gain authentic and granular data access for the Battery Energy Storage System (BESS) Market to understand the trends and the factors involved in changing market situations.
· Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
In addition to the market data for the Battery Energy Storage System (BESS) Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirements.
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