The Battery Energy Storage System Global Market Report 2023 by The Business Research Company, provides battery energy storage system market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-yearforecast period – 2023-2032.
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According to The Business Research Company’s Battery Energy Storage System Global Market Report 2023, the market size is expected to grow from$4.34 billion in 2022 to $5.53 billion in 2023 at a compound annual growth rate (CAGR) of 27.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of global battery energy storage system is expected to grow to $13.8 billion in 2027 at a CAGR of 25.7%.
The ongoing renewable energy revolution is expected to propel the growth of battery energy storage system (BESS) market going forward. Renewable energy comes from natural resources that regenerate more quickly than they are depleted. Renewable energy is being used more frequently as it lowers emissions of pollutants and greenhouse gases that contribute to climate change. In BESS, energy is gathered from the electrical grid or renewable energy sources such as solar and wind, and stored using battery storage technology.
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The battery energy storage system market is segmented:
1) By Storage System: Front-Of-The-Meter, Behind-The-Meter
2) By Connection Type: On-Grid, Off-Grid
3) By Battery Type: Lithium-Ion Batteries, Advanced Lead-Acid Batteries, Flow Batteries, Other Battery Types
4) By Application: Telecommunication, Data Center, Medical, Industrial, Marine, Other Applications
Top Major Players:
BYD Company Limited
General Electric Company
Hitachi Ltd
Honeywell International Inc
Panasonic Corporation
North America was the largest region in the battery energy storage system market in 2022.
Technological advancements are a key trend gaining popularity in the battery energy storage system market. Major companies operating in the market are focused on technological advancements to make the battery energy storage system more efficient. For instance, in January 2022, Franklin Whole Home, a US-based privately funded cleantech company, launched its integrated battery and control system based on artificial intelligence technology. The Franklin Home Power solution creates a unique form of enhanced storage by combining its lithium iron phosphate with aGate smart control technology. The aGate control system includes adaptive learning algorithms, enabling it to handle even the most challenging load circumstances successfully.
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The battery energy storage system market report table of contents includes:
1. Executive Summary
2. Battery Energy Storage System Market Characteristics
3. Battery Energy Storage System Market Trends And Strategies
4. Battery Energy Storage System Market – Macro Economic Scenario
5. Battery Energy Storage System Market Size And Growth
………………………………………………………
26. Africa Battery Energy Storage System Market
27. Battery Energy Storage System Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Battery Energy Storage System Market
29. Battery Energy Storage System Market Future Outlook and Potential Analysis
30. Appendix
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