The battery energy storage system market was valued at USD 747.61 Million in 2015 and is
expected to grow at a CAGR of 37.0% between 2016 and 2022. The base year used
for the study is 2015 and the forecast period is between 2016 and 2022. This
report provides a detailed analysis of the battery energy storage system market
segmented on the basis of battery type, connection type, revenue source,
ownership, application, and geography. The increasing demand for grid-connected
solutions and growing electric vehicle market is expected to impact the market
in the future.
The growing
implementation of batteries in battery electric vehicles (BEV) and plug-in
hybrid electric vehicles (PHEV) is expected to support the growth of the BESS
market. The implementation of battery types such as lithium-ion, Nickel-cadmium
(NiCd), Nickel-metal hydride (NiMh), Li-ion polymer is driving the
transportation application of the battery energy storage system market. The
lithium-ion batteries gain huge traction as they provide high energy and power
density in terms of volume and high charge/discharge efficiency and are more
lightweight than other batteries such as lead-acid batteries. These factors are
supporting the growth of battery energy storage system in transportation
sector.
The market for
battery energy storage system for the residential sector is expected to grow at
a high CAGR between 2016 and 2022. The residential segment use battery energy
storage systems to provide power to houses. The renewable energy such as wind
and solar generates power intermittently with high variable output. The ability
of BESS to store this energy during peak production is driving the mass
adoption of renewable energy in residential and commercial applications. All
these factors are expected to drive the residential sector supporting the
growth of the battery energy storage system market.
Companies
involved in the development of battery energy storage system include ABB Ltd.
(Switzerland), AEG Power Solutions (The Netherland), General Electric Co.
(U.S.), Hitachi ltd (Japan), LG Chem. (South Korea), NEC Corporation (Japan),
Panasonic Corporation (Japan), Samsung SDI Co., ltd. (South Korea), Siemens AG
(Germany), and Tesla Motors ltd. (U.S.).