The global battery energy storage market size is projected to reach USD 19.74 billion by 2027, exhibiting a CAGR of 20.4% during the forecast period. Improving access to electricity across the globe will be a prominent trend shaping the growth trajectory of this market, postulates Fortune Business Insights™ in its report, titled “Battery Energy Storage Market Size, Share & COVID-19 Impact Analysis, By Battery Type (Lithium-Ion Battery, Lead Acid Battery, Flow Battery, and Others), By Connectivity (Off-Grid and On-Grid), By Application (Residential, Non-Residential, Utility, and Others), By Ownership (Customer-Owned, Third-Party Owned, and Utility-Owned) and Regional Forecast, 2020-2027”. According to a 2019 report produced by the International Renewable Energy Agency (IRENA), the International Energy Agency (IEA), the World Bank, the WHO, and the UN, 87% of the global population had access to electricity in 201 5 and by 2017 it had risen to 89%. However, the report highlights that approximately 840 million people still lack access to electricity. Battery energy storage systems (BESS) can play a significant role in bringing the electricity to the remotest and the poorest regions of the world. These systems are designed to store surplus energy that can be utilized at a later time and when deployed correctly, they can provide uninterrupted, reliable, and sustainable power supply in areas where ensuring access to such services is difficult through conventional means.
The report states that the value of the global market stood at USD 7.06 billion in 2019 and offers the following:
· Granular examination of the major market trends, drivers, and constraints;
· Detailed evaluation of all segments of the market;
· Careful study of the leading players and their strategies; and
· In-depth analysis of the regional developments influencing the market.
Regional Insights
Massive Investments in Renewables to Foster Growth in Asia Pacific
Asia Pacific, with a market size of USD 3.13 billion in 2019, is set to occupy a dominant position in this market owing to the extensive investments made in renewables by South Korea, India, and China. Moreover, these countries are rapidly implementing rural electrification programs, such as India’s Saubhagya Scheme and China’s Village Electrification Program, which has created a huge demand for battery energy storage systems.
In North America, supportive policies framed by state-level authorities to integrate BESS with the existing infrastructure are expected to power the market for BESS in the region. Europe is anticipated to fasten its grip on the battery energy storage market share during the forecast period owing to the EU’s ambitious emission reduction targets and unwavering focus on energy efficiency of the grid.
Industry Developments:
· August 2020: INFOWARE Zrt. chose the Convert SC Flex storage converters developed by AEG Power Solutions for the micro-grid that INFOWARE is constructing in Békéscsaba, Hungary. This smart-grid project is part of Hungary’s “Modern Cities” program and its object is to meet the energy needs of the city’s sports center area.
· April 2020: Clean Power Alliance, an electricity supplier in Southern California, signed its first Energy Storage Agreement (ESA) with the California Public Utilities Commission (CPUC). Named the Luna Storage project, the venture is a standalone 100 MW lithium-ion battery storage undertaking and one of the largest ESAs in the state.
List of Key Companies Profiled in the Battery Energy Storage Market Report:
· Siemens Energy (Germany)
· LG Chem (South Korea)
· VRB Energy (Canada)
· Fluence (United States)
· Total (France)
· Black & Veatch (United States)
· ABB (Switzerland)
· Eve Energy Co. Ltd. (China)
· GE Renewable Energy (France)
· Hitachi Chemical Co., Ltd. (China)
· Hitachi ABB Power Grids (Switzerland)
· Samsung SDI (South Korea)
· Kokam (South Korea)
