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Battery Energy Storage Market to Hit $26.81 bn by 2028; Collaboration of GE Renewable Energy and Wykes to Accelerate Market Growth

September 14, 2021 | Energy & Power

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/battery-energy-storage-market-100489


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.


Key Development:



  • August 2020: GE Renewable Energy announced its partnership with a process plant equipment provider, Wykes, to deliver a 25 MW DC-Coupled BESS for a wind-solar park located in the UK.


The Report Lists the Key Companies in the Battery Energy Storage Market:



  • ABB (Switzerland)

  • Kokam (South Korea)

  • Samsung SDI (South Korea)

  • Total (France)

  • Hitachi ABB Power Grids (Switzerland)

  • Siemens Energy (Germany)

  • Black & Veatch (U.S.)

  • EVE Energy Co., Ltd. (China)

  • VRB Energy (Canada)

  • Narada (China)

  • Fluence (U.S.)

  • LG Chem (South Korea)

  • Hitachi Chemical Co., Ltd. (Japan)

  • GE (U.S.)


Further Report Findings:



  • Asia Pacific accounted for the largest share with a market size of USD 3.29 billion in 2020. Rapidly expanding renewable energy generating capacity, continued urbanization, increased electrification objectives, and the presence of diverse industry participants are some of the variables that are complementing the growth in the region.


Table of Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Volume (MW) and Value (USD Billion)



Segmentation



By Battery Type;  By Connectivity; By Application; By Ownership; and By Region



By Battery Type




  • Lithium-Ion Battery

  • Lead Acid Battery

  • Flow Battery

  • Others



By Connectivity




  • Off-Grid

  • On-Grid



By Application




  • Residential

  • Non-Residential

  • Utility

  • Others



By Ownership




  • Customer Owned

  • Third-Party Owned

  • Utility Owned



By Geography




  • North America (By Battery Type, By Connectivity, By Application, By Ownership, By Country)

    • U.S. (By Battery Type)

    • Canada (By Battery Type)



  • Europe (By Battery Type, By Connectivity, By Application, By Ownership, By Country)

    • U.K. (By Battery Type)

    • Germany (By Battery Type)

    • Italy (By Battery Type)

    • Rest of Europe (By Battery Type)



  • Asia Pacific (By Battery Type, By Connectivity, By Application, By Ownership, By Country)

    • China (By Battery Type)

    • Japan (By Battery Type)

    • Australia (By Battery Type)

    • South Korea (By Battery Type)

    • Rest of Asia Pacific (By Battery Type)



  • Rest of the World (By Battery Type, By Connectivity, By Application, By Ownership)


Global battery energy storage market
  • PDF
  • 2020
  • 2017-2019
  • 309

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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