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The global battery energy storage market size is expected to reach USD 26.81 billion by 2028. The growing utilization of energy storage systems will promote the market growth in the forthcoming years, mentioned in a 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, 2021-2028.” the market size stood at USD 7.81 billion in 2020 and is expected to exhibit a CAGR of 16.5% between 2021 and 2028.
Inauguration of France Biggest Battery Storage System to Incite Development
RTE hired Total, a global energy firm based in France, to build the project, with a rated output of 25 MWac and a storage capacity of 25 MWh. It was erected on the site of a former Total oil refinery in Dunkirk, northern France. The project's lithium-ion battery energy storage technology was provided by the Total-owned battery and energy storage company Saft.
Omexom, which completed the project in late January, was in charge of engineering, procurement, and construction (EPC), including civil works and system integration services. The contract will have an excellent impact on the global energy storage market during the forecast period. These services were formerly provided by fossil fuel power facilities. Still, battery storage can respond considerably faster and without causing damaging pollutants or emissions on-site. Along with five other nations, France participates in Europe's single market for FCR, which holds daily auctions to maintain the grid running at 50Hz.
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Strict Carbon Emission Regulations to Bolster Growth
Rapid population growth in many countries and new programs aimed at increasing electrification rates, particularly in rural regions, are expected to increase demand for BESS units. Furthermore, a favorable legislative environment that encourages low-carbon technology deployment to reduce the industry's Greenhouse Gas (GHG) impact is expected to enhance the battery energy storage market share. For example, in April 2021, Japan's Prime Minister stated that the country's carbon emission reduction objectives would be revised from a previous target of 26% to 46% by 2030, compared to 2013 levels.
ABB to Hold the Largest Market Share
ABB, a Swedish multinational company, is always working on expanding its BESS product and solution range for various facilities throughout the world. For example, Hitachi ABB Power Grids, a joint venture of the firm, announced in May 2021 that it would offer an intelligent industrial park in Thailand with its revolutionary BESS units and controls technologies. Battery storage will be combined with various distributed generating technologies, including rooftop and floating solar PV and co-generation gas turbines to power a total capacity of 214 MW.
The Report Lists the Key Companies in the Battery Energy Storage Market:
Further Report Findings:
Table of Segmentation
Volume (MW) and Value (USD Billion)
By Battery Type; By Connectivity; By Application; By Ownership; and By Region
By Battery Type