DUBLIN--(BUSINESS WIRE)--The "Battery Energy Storage System Market by Element, Battery Type, Connection Type, Ownership, Application, and Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The battery energy storage system market is expected to grow from USD 1.98 billion in 2018 to reach USD 8.54 billion by 2023, at a CAGR of 33.9% between 2018 and 2023.
The major drivers for the growth of the market include the increasing demand for grid-connected solutions, high demand for the lithium-ion technology in the renewable energy industry, and declining prices of lithium-ion batteries. However, the factors such as the installation of battery energy storage systems in remote locations pose a challenge for the players in the market.
The battery energy storage system market for flow batteries is expected to grow at the highest CAGR between 2018 and 2023. The redox, hybrid, and membrane-less batteries are the different classes of flow batteries. A new generation of redox (i.e., reduction-oxidation) flow batteries in battery energy storage system are much better suited for medium- and large-scale applications where heavy use, long-term cycling, durability, and safety are paramount. These factors contribute to the growth of the battery energy storage system market for flow batteries.
The customer-owned battery energy storage system help reduce the electricity cost, as used electricity is charged under the time-of-use (TOU) tariff. There are 3 periods for TOU pricing: peak, shoulder, and off-peak. Commonly, prices are highest in peak times and lowest in off-peak times. Through the adoption of battery energy storage systems, the customers can easily reduce their energy spendings (electricity cost and annual investment cost) under the TOU tariff. Battery energy storage systems also help solve the over-voltage issues by controlling the fluctuation of voltage and frequency.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Battery Energy Storage System Market, By Element
8 Battery Energy Storage System Market, By Battery Type
9 Battery Energy Storage System Market, By Connection Type
10 Battery Energy Storage System Market, By Ownership
11 Battery Energy Storage System Market, By Application
12 Geographic Analysis
13 Competitive Landscape
14 Company Profiles
- LG Chem
- Samsung SDI
- AEG Power Solutions
- General Electric
- Siemens AG
- The AES Corporation
- Alevo Group
- Corvus Energy
- East Penn Manufacturing
- Mitsubishi Heavy Industries (MHI) Group
- NGK Insulators
- Toshiba Infrastructure Systems & Solutions
For more information about this report visit https://www.researchandmarkets.com/research/r9395t/8_5_bn_battery?w=4