Battery Market for Energy Storage Systems (ESS) 2019-2023
- Published: Feb 2019
- Pages: 119
- SKU: IRTNTR30917
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The global battery market size for energy storage systems (ESS) will grow by 1,477.40 MW during 2019-2023. This report offers an analysis of the market based on technology (lithium batteries, sodium batteries, and others) and geography (APAC, Europe, North America, and RoW). The battery market research report for ESS further analyzes the market’s competitive landscape and offers information on several companies including BYD Company Ltd., Kokam, LG Chem, NGK INSULATORS, LTD., and SAMSUNG SDI CO.,LTD.
Below are some of the key findings from this battery energy storage system market research report
See the complete table of contents and list of exhibits, as well as selected illustrations and example pages from this report.
Global battery market for energy storage systems: Industry Overview
The increasing economic benefits of ESS will drive the market’s growth in the coming years. Energy storage systems have been gaining popularity over the last few years. The increase is attributed to the rising number of solar PV installations. Battery energy storage systems also being used in various end-user industries including utility, commercial, industrial, and residential sectors. The increasing demand for power has led to power outages and heavy loads during peak hours in several countries, driving the need for ESS. Additionally, the adoption of renewables in the energy mix is further boosting the need for battery ESS for overcoming the intermittent nature of renewable power. This will subsequently drive the battery market for energy storage systems market growth at a CAGR of over 9% during the forecast period.
Several advances in battery ESS technologies are expected to gain traction in the market. Battery technologies are being optimized continuously for improving their energy density, safety, and efficiency. Furthermore, some companies are also developing new battery platforms using an unconventional inorganic electrolyte which provides high durability. These advancements in battery ESS technologies will further help in the optimization of these batteries, in turn, boosting battery energy storage system market growth.
Top battery companies for ESS covered in this market research report
The battery energy storage system market is highly fragmented with companies focusing on deploying advanced technologies to cater to the evolving end-user requirements. By offering a complete analysis of the market’s competitive landscape and with information on the products offered by companies, this report will aid clients to identify new growth opportunities and design new growth strategies.
The report offers a complete analysis of various companies including:
- BYD Company Ltd.
- LG Chem
- NGK INSULATORS, LTD.
- SAMSUNG SDI CO.,LTD.
Segmentation of the battery energy storage system market based on geographic regions
- North America
With a complete study of the growth opportunities for companies, it has been estimated that the APAC region will account for the highest battery energy storage system market share throughout the forecast period. The region is expected to continue contributing the highest revenue to the market because of the rising demand for energy in the region due to rapid growth in population and improvement in the living standards of consumers.
Segmentation of the battery energy storage system market based on technology
- Lithium batteries
- Sodium batteries
The lithium batteries segment will account for the highest battery market share for energy storage systems during the forecast period. The report provides an accurate prediction of the contribution of the various technology segments to the growth of the battery energy storage system market size.
Key highlights of the global battery market for energy storage systems (ESS) for the forecast years 2019-2023:
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the battery market growth for ESS during the next five years
- Precise estimation of the global battery market size for ESS and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the global battery energy storage system industry across the APAC, Europe, North America, and RoW.
- A thorough analysis of the market’s competitive landscape and detailed information on several vendors
- Comprehensive details on the factors that will challenge the growth of the battery energy storage system companies
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Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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