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The demand for continuous energy is now a basic need in all the sectors. There has to be a solution to the situation of peak demands and the shortage of energy. Battery energy storage systems serve this purpose very well as it stores the energy generated by power plants. The drift towards cleaner energy has led to more number of wind and solar power projects. This has boosted the demand for battery energy storage market, as batteries are also installed with the power plants, to store the energy produced and utilize it at the correct time. New development programs initiated by various countries to promote the use of renewable energy through the development of battery energy storage systems have also helped the market to grow. Recently, the government of China has released a 15-year energy technology innovation action plan for further research in advanced energy storage.
On the basis of their technology, global battery energy storage market can be segmented into lithium-ion, lead acid, flow batteries, sodium sulfur, nickel cadmium, and others. The increasing trend of replacing sodium-sulfur battery by lithium-ion battery on account of cost-effectiveness and energy efficiency have made lithium-ion batteries dominant in recent time. On the basis of application, the global battery energy storage market has been segmented into on-grid, off-grid, automotive and others. The growing use of batteries to work at peak loads has led to a rise in the global battery storage market.
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The key market driver for the global battery energy storage market is the increasing demand for energy. The increasing demand has forced many users to store energy which would be self-sufficient. The installation of solar and wind stations requires energy generated to be stored, which in turn has acted as a boost for the global battery energy storage market.
Key market restraint for the global battery energy storage market is the high initial investment. With the increasing adoption of highly advanced and energy efficient batteries, the overall cost of the plant increases which in turn acts as a market restraint for the battery energy storage market.
Key players operating in the global battery energy storage market are ABB, LG Chem, NEC, Panasonic, Samsung SDI, AEG Power Solutions, General Electric, Hitachi, Siemens, Tesla, JLM energy, Peak NRG, Sunverge Energy, Inc., Bosch, and Solar City Corp.
· Lithium-Ion Battery
o Lithium Cobalt Oxide
o Lithium Manganese Oxide
o Lithium Nickel Manganese Cobalt Oxide
o Lithium Ion Phosphate
o Lithium Nickel Cobalt Aluminium Oxide
o Lithium Titanate
· Lead Acid Battery
· Flow Batteries
o Vanadium Redox Flow Battery
o Hybrid Flow Battery
o Iron Chromium Flow Battery
· Sodium Sulphur Battery
· Nickel Cadmium battery
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
The global battery energy storage market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The US holds the largest market in the North America region and all over the world in the global battery energy storage market. Asia Pacific region has huge potential for the global battery energy market as there has been an increase in the demand for energy and there has been a rise in a number of battery storage plants. Rural electrification has been an important factor behind the growth. The rural electrification has also been supported by the governments of countries like South Korea, China, and India. In Europe, there has been a drift towards a cleaner source of energy which has helped the battery energy storage market to rise. Countries like Germany, UK, and France derives most of their energy from solar have been the main contributors to the growth of battery energy storage market in this region. Recent steps taken by countries in Latin America to use renewable sources has helped the battery energy storage market to slowly grow in this region.
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