Global Battery Energy Storage System Market expected to grow significantly due to renewable energy adoption

From GlobeNewswire: 2024-06-25 21:30:00

The global Battery Energy Storage System Market is estimated to be worth USD 5.4 Billion in 2023, projected to reach USD 17.5 Billion by 2028, with a CAGR of 26.4% during the forecast period. Factors driving market growth include grid modernization, lithium-ion battery use, and the renewable energy revolution.

Major companies in the Battery Energy Storage System Market include BYD, SAMSUNG SDI, LG Energy Solutions, and Panasonic.
Segmentation analysis is based on battery type, connection type, ownership, energy capacity, and application, with lithium-ion batteries dominating the market and various ownership options available.

Asia Pacific is the fastest growing region for the battery energy storage system market, driven by economic growth, urbanization, and industrialization. Increased energy demand and the shift towards renewable energy sources are key factors shaping the market in the region.

China leads the market with investments in large-scale battery storage projects to support its renewable energy capacity. Japan focuses on renewable energy integration and disaster resilience, while South Korea benefits from its strong manufacturing base for battery technologies and government support for clean energy initiatives.



Read more at GlobeNewswire: Battery Energy Storage System Market: Trends, Competitive