Battery energy storage system is a type of rechargeable battery system which stores the energy form the electric grid or solar arrays to provide energy to the business or homes. A battery energy storage system comprises of advanced technology which the regular batteries do not have and have the capability to perform certain tasks that used to be difficult such as load shifting and peak shaving. The modern battery storage system usually includes computerized control systems along with a built-in inverter and is known as the all-in-one turnkey system, which is simple to install, is weatherproof and largely maintenance-free. The battery technology for the energy storage devices can be differentiated based on the charge and discharge efficiency, lifespan, energy density, and eco-friendliness of the devices.
Request Sample Report : https://www.gmiresearch.com/report/global-battery-energy-storage-system-market/sample-request
The factors which are driving the growth of global energy storage system market include the growing demand for grid-connected solutions and the lithium-ion technology across the renewable energy industry owing to the reducing prices of the lithium-ion batteries. The rising focus on bringing electrical power to the rural areas in the developing countries will result in growth in the demand for the battery energy storage system during the forecast period. The improving cost of the system, the need to upgrade the ageing grid infrastructure coupled with various favorable markets and regulation are paving the way for the battery energy storage system in the market worldwide. Furthermore, the increasing demand for electricity generation and the adoption of grid technology are bolstering the growth of global battery energy storage system market. The need for high capital investments for the deployment of a battery energy storage system hinder the growth of global battery energy storage market.
Read Full Report Description: Global Battery Energy Storage System Market by Element (Battery, Hardware and Other Elements), By Battery Type (Sodium-Sulfur Batteries, Lithium-Ion Batteries, Advanced Lead-Acid Batteries, Flow Batteries, and Others {Nickel-Cadmium Battery, Nickel Metal Hydride Battery and Nickel-Iron Battery}), By Connection Type (Off-Grid Connection and On-Grid Connection), By Ownership (Utility Owned, Customer Owned and Third-Party Owned), By Application (Residential, Non-Residential, Utilities and Others) and By Region – Opportunities & Forecast, 2019-2026
https://www.gmiresearch.com/report/global-battery-energy-storage-system-market/
Based on battery type, the lithium-ion batteries are expected to increase at a higher compound annual growth rate in upcoming years due to their high power and energy densities, low weight along with increased life span leading to an increase in the adoption among the OEMs of battery energy storage systems. These batteries have various features which include the requirement of low maintenance along with the need for less space.
On the basis of connection type, an on-grid connection is anticipated to increase at a faster rate as it enhances the flexibility and reliability of the electricity supply system in terms of transmission, generation and distribution. This type of connection generates the power only on the availability of the utility power grid & must be connected to the grid for performing the function and it sends the excess power generated back to the grid when the power is being overproduced so that it can be credited for later use. It is able to provide the energy in the bad weather conditions when compared with the off-grid connection which can store only a certain amount of energy.
Based on application, utilities are expected to grow at higher rate during the forecast period owing to due to the increasing adoption of the system by the utility operators for their process of resource planning which leads to the reduction in the costs of the system and also increase the storage capacity.
Request Full Table of Content: https://www.gmiresearch.com/report/global-battery-energy-storage-system-market/toc
On the basis of region, Asia-Pacific is anticipated to grow at the highest compound annual growth rate during the forecast period due to the rising demand for the battery energy storage system from emerging countries such as India, Japan and China, among others. China is expected to be the leader in storage deployment owing to the increase in the demand for electricity as a result of the rising population in the country. The rising investments in the ageing grid infrastructure along with the population growth are some of the key factors propelling the growth of the market in India.
Request free 25% Customization: https://www.gmiresearch.com/report/global-battery-energy-storage-system-market/request-for-customization
Various notable players operating in the global battery energy storage system market include LG Chem, Panasonic Corporation, ABB, NEC Corporation, Samsung SDI Co., Ltd., General Electric, Siemens AG, Hitachi, AEG Power Solutions, Tesla Inc., Toshiba Corporation, Exergonix Inc. and Mitsubishi Heavy Industries Ltd. among others.
Key Market Developments:
Global battery energy storage system market is segmented by element, battery type, connection type, ownership, application, and key regions. On the basis of element, the market is segmented into Battery, Hardware and Other Elements. Based on battery type, the market is segmented into sodium-sulfur batteries, lithium-ion batteries, advanced lead-acid batteries, flow batteries and others. The others segment is further categorized into nickel-cadmium battery, nickel metal hydride battery and nickel-iron battery. On the basis of connection type, the market is segmented into off-grid connection and on-grid connection. Based on ownership, the market is segmented into utility owned, customer owned and third-party owned. On the basis of application, the market is segmented into residential, non-residential, utilities and others.
Key questions answered in this research report:
Leading market players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)
About GMI Research
GMI Research is a market research & consulting firm which helps its client to address their most pressing strategic and business challenges. Our market research helps our clients to address business challenges and also helps them to make better business decisions with our fact-based insights, intelligence, and data. Our insights and intelligence equip our clients with information not known to them and aid them in solving the toughest business problems. We help business leaders through independent fact-based insight, ensuring their business achieve success by beating the competition.
GMI Research leverages its industry expertise and experience to identify the industry trends, big opportunities and potential growth areas across industries. Our Syndicated reports provide actionable insights and covers industry trends, market drivers & restraints, macroeconomic factors, market estimates & forecasts, competitive landscape etc. which helps our clients to strengthen its market position by deploying specific strategies and actions that will lead to higher growth.