An energy storage system is a system which is used to store the energy by using the electro-mechanical, thermal and electro-chemical solutions. A battery energy storage system is a sub-set of energy storage system and typically utilizes an electro-chemical solution. The battery technologies for the energy storage devices can be differentiated on the basis of charge and discharge, energy density, eco-friendliness, lifespan of the devices. The major characteristics taken into consideration while selecting a battery energy storage system includes the capital cost, response time, cycling lifetime, operation & maintenance and self-discharge among others.
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The major factors propelling the global battery energy storage system market growth include the increasing demand for lithium-ion technology in renewable energy sectors and the reducing cost of lithium-ion batteries. In addition, favourable government policies and regulations, upcoming mega projects across major economies along with the rising demand for the grid-connected solutions are the other important drivers of battery energy storage system market. Moreover, the higher penetration of variable renewable generation technology across the globe is anticipated to drive the demand for battery energy storage systems. There has been an increased demand for technologically advanced battery energy storage systems which possess properties such as enhanced capacity, durability and reliability across the globe.
According to IEA, the overall installed battery energy storage system capacity in 2018 is 3.1GWh. In China, the demand for domestic applications increased significantly owing to the two companies of China, which financed a range of projects supporting the network operations, and the country became a global leader, having around 0.5 GW of the new storage installed and also 1GW in the development stage.
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Battery element segment dominated the market in 2018 and is anticipated to grow at the highest rate during the forecast period. The battery is the key element of the battery energy storage system and holds the maximum share in the overall cost of the entire battery energy storage system. The battery used in the energy storage system enhances the power density and is beneficial in managing the sources of renewable energy. The battery can be utilized as stabilisers during the balancing problem owing to the fluctuations in the energy, which leads to an increase in the deployment of batteries in the energy storage system.
Lithium-Ion Batteries segment held the largest revenue share in 2018 and is expected to grow at the highest CAGR of 39.0% during the forecast period owing to the rise in the number upcoming mega renewable energy projects across the globe wherein the battery energy storage system containing lithium-ion batteries are being extensively used. In addition, there are several advantages associated with lithium-ion battery such as high energy & power density, extended lifespan, requirement of less space, high specific energy, high capacity, simple charge algorithm coupled with reasonably short charge times.
On-Grid Connection type segment captured the maximum share in 2018 owing to its characteristic to improve the reliability and flexibility of distribution, generation, and transmission of electricity through the grid. This type of connection helps the grid operators to save the electricity so that it can be utilized for later use and is thus gaining prominence across the globe.
Utilities end-user segment dominated the market in 2018 due to the rising awareness among the grid regulators and operators regarding the battery energy storage system and their characteristics to provide numerous services. The battery energy storage system enables the utilities sector to overcome the problem of deviation in voltage and frequency which can cause damage to the equipment and power outages leading to increase in the demand of such system in this application.
Utility-Owned segment captured the maximum share the market in 2018 as a result of rising deployment of the battery energy storage system in the utility sector having high installed capacity. The favourable government policies pertaining to the usage of battery energy storage system coupled with the declining costs of battery energy storage system for both grid and power consumers are the other important factors propelling the growth of the segment.
Asia-Pacific is projected to grow at the highest CAGR during the forecast period owing to the increase in the demand of battery energy storage systems from key economies such as India, China, Japan, and Korea among others. The rising government investments in renewable energy projects across emerging economies such as India and China are propelling the market growth in this region.
Major key players in 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.
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