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The global battery energy storage market size is projected to reach USD 19.74 billion by 2027 owing to the escalating demand for uninterrupted power supply during peak demand periods, finds 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 the report, the global market value was at USD 7.06 billion in 2019 and is expected to surge at a CAGR of 20.4% from 2020 to 2027.
The outbreak of the coronavirus pandemic has affected the battery energy storage market growth as trade restrictions have disrupted energy supply chains worldwide. Moreover, imposition of social distancing measures has reduced workforce in factories and plants, which gravely injured production activities in the energy industry.
NYPA Begins Construction of Energy Storage Project in North Country
In August 2020, the New York Power Authority (NYPA) announced the commencement of the construction of a 20 MW, large-scale battery energy storage project in the Northern New York at an estimated cost of USD 29.8 million. Located in Franklin County, the project is touted as one of the largest of its kind in the country and will be established by the Ontario County-based O’Connell Electric Company. The aim of this venture is to accelerate New York State’s progress towards its ambitious target of achieving 3 GW of energy storage by 2030, which can potentially power 40% of homes across New York.
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Implementation of BESS Projects by Countries to Feed Market Growth
Battery energy storage systems (BESS) hold tremendous potential in not only improving access to electricity but also in aiding transition of countries to renewables. Recognizing this potential, several major economies around the globe are actively undertaking BESS projects to strengthen their power generation and distribution capacities. In Belgium, for example, Japan-based Nippon Koei and Belgium-based Yuso joined forces in 2018 to create the Ruien Energy Storage NV to develop a battery energy storage system in Belgium. This system will provide ancillary services to European grid providers and energy services to local businesses. The Neyveli Lignite Corporation in India has started a project on similar lines in the Andaman & Nicobar Islands, which was announced in July 2020. Under the project, the electricity department of the islands will develop a 20 MW solar power farm integrated with an 8MWh BESS. These national-level, large-scale ventures are expected to brighten the outlook of this market in the forthcoming years.
Top Competitors to Focus on Amplifying Their Scope of Operations
Entities in the battery energy storage industry are constantly exploring avenues to expand their operational horizons, riding on the back of the rapidly progressing global renewable sector. With countries setting ambitious sustainability targets, the demand for efficient energy storage technologies is at an all-time high. As a result, the scope for innovation in this market is widening at a prolific pace and companies are looking to exploit through different strategies such as collaborations, mergers & acquisitions, and increased R&D spending. Moreover, the COVID-19 pandemic has highlighted the resiliency of renewables to demand and supply shocks, which has further encouraged players to invest in BESS.
List of Key Players Covered in the Battery Energy Storage Market Report:
Further Report Findings:
Table of Segmentation
Volume (MW) and Value (USD Billion)
By Battery Type