London, June 05, 2023 (GLOBE NEWSWIRE) -- Increasing penetration of renewable energy sources has created greater need for effective energy storage systems to balance supply and demand fluctuations. As battery energy storage systems play a critical role in the integration of renewable energy to the grid and in stabilizing the power supply, a new study of Fairfield Market Research predicts a promising pace of growth in demand across the global battery energy storage system market. Additionally, these systems provide fast-response power to enhance grid stability, regulate grid frequency, and mitigate voltage fluctuations. They also help maintain a reliable and resilient grid infrastructure, particularly in areas with high renewable energy penetration.
Moreover, battery energy storage systems allow for efficient load management by storing excess energy during off-peak periods and delivering the same during peak demand hours. This aids in reducing electricity costs for consumers and optimizes grid operations. Various governments have also begun to lend financial incentives while offering favorable policies that promote the deployment and adoption of energy storage systems, in a move to achieve their respective energy efficiency goals. Factors such as these are expected to have a profound influence on the growth trajectory of the global battery energy storage system market in the coming years.
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Insights into Segmentation Analysis
The global battery energy storage system market is segmented on the basis of – Battery Type, Connection Type, Application, and Region. With respect to the Battery Type aspect of this market, the ‘Lithium-Ion Battery’ sub-segment is slated to account for the majority share of this market. Based on Connection Type, the ‘On-Grid Connection’ sub-segment is expected to have the highest market share. Whereas, from an Application segmentation perspective, the ‘Utility-Scale' application sub-segment held the largest share in the global BESS market.
Insights into Regional Analysis
As per a study conducted by Fairfield Market Research, North America is expected to index the highest share of the battery energy storage system market based on the highest impact and growth potential, as well as the presence of supportive governmental policies, increasing renewable energy integration, and grid modernization initiatives. Europe is also slated to account for a significant share of this market, with countries such as Germany, the UK, and France leading the race. The Asia Pacific region is also expected to index a high CAGR over the forecast timeline with China, Japan, and South Korea at the forefront.
Key Market Players
EnerSys, BYD Company Limited, EVE Energy Co. Ltd., Siemens AG, LG Energy Solutions Co. Ltd., Kokam, Narada Asia Pacific PTE. Ltd., ABB Ltd., Tesla, Fluence Energy Inc., General Electric, TotalEnergies SE, Tata Power Company Limited, Samsung SDI Co. Ltd., Nissan Motor Co. Ltd., VRB Energy, and Black & Veatch Holding Company, constitute some of the major competitors steering the competitive landscape of the global battery energy storage system market.
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Key Elements Included In The Study: Global Battery Energy Storage System Market
- Battery Energy Storage System Market by Product/Technology/Grade, Application/End-user, and Region
- Executive Summary (Opportunity Analysis and Key Trends)
- Historical Market Size and Estimates, Value and Volume, 2018 - 2022
- Volume Consumption at Regional and Country Level, 2023 - 2030
- Market Dynamics and Economic Overview
- Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
- Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies
- Regional and Product/Grade/Application/End-user Price Trends Analysis
- Value Chain and Five Force’s Analysis
- Regional/Sub-region/Country Market Size and Trend Analysis
- Company Market Share Analysis and Key Player Profiles
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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