LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global battery market for energy storage systems (ESS) since 2016 and the market is poised to grow by 1477.40 MW in terms of units during 2019-2023, progressing at a CAGR of over 9% during the forecast period.
Read the 119-page research report with TOC on "Global Battery Market for Energy Storage Systems (ESS) Analysis Report by Technology (lithium batteries, sodium batteries, and others), by Geography (APAC, Europe, North America, and RoW), and Segment Forecasts, 2019 - 2023"
The market is driven by the increasing economic benefits of ESS. In addition, several advances in battery ESS technologies are anticipated to further boost the growth of the battery market for ESS.
The growing focus on the installation of solar PV across various end-user industries including utility, commercial, industrial, and residential sectors is driving the popularity of energy storage systems. Several countries are experiencing heavy loads and power outages due to the growing demand for power during peak hours. This is driving the adoption of renewables in the energy mix and thus the need for ESS. Thus, the increasing economic benefits of ESS are expected to drive the market during the forecast period.
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Major Five Battery Market for Energy Storage Systems (ESS) Companies:
BYD Company Ltd.
BYD Company Ltd. owns and operates businesses under various segments such as automobiles and related products, mobile handset components and assembly service, rechargeable batteries and photovoltaic, and others. The company is expanding its production capacity in the new energy vehicle industry. The company launched the first electric bus leasing program in the US in July 2018.
Kokam
Kokam manufactures various systems including Kokam containerized energy storage system (KCE), Kokam all in one series, Kokam uninterruptible power supply (KUPS) series, and community energy storage (CES). In addition, the company launched K-UPS, a new line of Li-ion high UPS battery racks in July 2018.
LG Chem
LG Chem has business operations under various segments, namely basic materials & chemicals, energy solutions, IT & electronic materials and advanced materials, life sciences, and common and others. The company provides efficient energy solutions to its customers and offers battery cells, battery packs, battery modules, and battery rack systems.
NGK INSULATORS, LTD.
NGK INSULATORS, LTD. owns and operates businesses under various segments such as power, ceramics, electronics, and process technology. The company offers NAS battery energy. The NAS is a large-scale battery system with advantages such as long duration, high power, and long-life expectancy.
SAMSUNG SDI CO., LTD.
SAMSUNG SDI CO., LTD. has business operations under various segments such as energy solutions and electronic materials. The company’s key offerings in the battery ESS include energy platform, medium platform, 1,500 high voltage platform, and 40FT ISO container platform.
Technavio has segmented the battery market for energy storage systems (ESS) based on the type and region.
Battery for Energy Storage Systems (ESS) Technology Outlook (Revenue, USD Million, 2019 - 2023)
- Lithium batteries
- Sodium batteries
- Others
Battery Market for Energy Storage Systems (ESS) Regional Outlook (Revenue, USD Million, 2019 - 2023)
- APAC
- Europe
- North America
- ROW
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