PRESS REALESE

Battery Energy Storage Systems for Smart Grid Global Market Share, Size and Forecast 2027

By Trouve 360 Reports 2 years ago
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The growth of the market is associates to the increasing demand for framework energy storage systems matured to on-going grid modernization, growing entrance of lithium-ion batteries in renewable energy sector, and rising trend of adopting low-carbon and less fossil fuel-based economy and on-going renewable energy revolution. Thus , high capital expenditure required for built-in battery energy storage systems is restraining the market hype . On the other hand , growth   in number of rural electrification projects throughout the globe , increase in need for continuous power supply attributed to rise in number of data centres, and decrease  in prices of lithium-ion batteries are expected to create huge chances  for the adoption of battery energy storage system in the coming years. Hence, the battery energy storage system manufacturers are facing challenges due to factors such as complications in installing battery energy storage systems at islands or in remote areas, overheating of lithium-ion batteries, and aging of lithium-ion batches.

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COVID-19 has much bad impact in global economy and all the industries throughout the globe. Government of various countries have imposed lockdowns to contain the spread of the outbreak. As a result, complete global lockdown in the initial stage of the pandemic in various countries critically impacted the livelihoods of people and quality of lifestyle. It has been resulted into the disruptions in the supply chain across the world. These economies across the globe have declined as there is a major decline in the demand for brands. Moreover, this production across industries has been limited due to the pandemic resulting in the shortage of raw components. The decline in exports and the disruptions in the supply chain are the major factors contributing to the decline in production.

Sudden crash of the novel corona virus has adversely affected the growth of utility applications. A decline had been witnessed in the installation of battery energy storage system in various projects in 2021. Moreover, the increasing installation of battery energy storage system in the operational projects and rising focus of government towards modernizing the power sector is estimated to increase adoption of batteries, and thus the battery energy storage systems. However, the market value may not reach that of the pre-COVID-19 value until 2028.

Therefore, Solar and wind energy are the most outstanding renewable energy types that are stored in grids. However, the concealing of the sun by clouds or fluctuating wind currents leads to variations in the process of energy generation. Such variation creates the requirement for flexible grid systems used to store energy. Battery energy storage systems are becoming an integral part of grid modernization. Hence, the systems help grid operators to save electricity when the electricity generated exceeds the electricity demand.

This acceptance of these systems improves the reliability and flexibility of electricity supply systems with respect to the generation, transmission, and distribution of electric capability.

This on-grid segment holds the largest share of the battery energy storage system market in 2022 and is expected to hold significant CAGR during the forecast time. The on-grid connections exhibit lower upfront costs than the off-grid system, as the surplus energy is sent to the grid, which can be used later on a metered basis. The cutback in the energy bills for the customers relying on the utility grid for electricity is expected to drive the growth of the segment. The demand for grid modernization from renewable energy suppliers and new regulatory policies for the energy sector are also driving the growth of the on-grid battery energy storage system market for services.

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Companies Covered in this report are Siemens, ABB, Samsung SDI, GEAlstom, A123, Bosch, BYD, AES Energy Storage, LG Chem, Saft, Axion Power International, Solar Grid Storage and more.

Segmented By Storage System:

  • Front-of-the-meter
  • Behind-the-meter

Segmented By Element:

  • Battery
  • Others
  • Hardware
  • Others

Segmented By Battery Type

  • Lithium-Ion Batteries
  • Advanced Lead-Acid Batteries
  • Flow Batteries
  • Others

Segmented By Connection Type

  • On-grid
  • Off-grid

Segmented By Ownership

  • Customer-Owned
  • Third-Party Owned
  • Utility-Owned

Segmented By Energy Capacity

  • Below 100 MWh
  • Between 100 to 500 MWh
  • Above 500 MWh

By Application

  • Residential
  • Commercial
  • Utility

Segmented By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World