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Battery Energy Storage Market to Witness Huge Growth by 2032 – Mitsubishi Heavy Industries Ltd., Hitachi, Toshiba Corp, General Electric, LG Chem, Exergonix Inc
WILMINGTON, DELAWARE, UNITED STATES, February 8, 2024 /EINPresswire.com/ -- An energy storage system stores energy in electro-chemical, thermal, or electro-mechanical ways. Battery energy storage system generally uses electrochemical ways to store energy. It can also store energy through renewable sources of energy such as wind and solar. Energy storage through renewable and natural sources helps to save the costs required for the production of energy. Power storage is an added benefit as it helps in emergency conditions. These energy storage devices are very useful when the energy demand is higher than the supply. They can also be charged up when the demand is relatively lower than the supply and sufficient energy is available for consumption.
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The demand for lithium-ion technology in the renewable energy sector is consistently on the rise due to the greater benefits associated with this technology. However, lithium-ion battery technology exhibits higher prices compared to other battery technology. Moreover, lithium-ion batteries can store high power and energy. This leads to lower weight and higher shelf life of the batteries, which also require low maintenance and are self-chargeable. As a result, lithium-ion battery technology has gained significant popularity among other battery types. Battery storage systems can very efficiently be used for smoothing and stabilizing the variable output generated by renewables. In addition, battery energy storage systems can very well handle and control the rapid increase and decrease in solar and wind generation. It is also being used by utility operators for resource planning purposes, thereby reducing the system costs and increasing the storage capacity.
The ever-increasing demand for grid-connected solutions is among one of the key factors driving the battery energy storage market growth. The main types of renewable sources of energy are wind and sun. In the case of the sun, there is an increased need to conserve and store energy well in advance. The same case is observed with wind, but it has less chance of not flowing. At such times, the battery energy storage systems help the operators to store the energy when the energy demand is more than the supply of energy. The usage of battery energy storage systems for grid solutions fuels the demand for energy storage systems. Rural electrification is another sector where countries are trying to undertake major developments. As remote areas constantly need uninterrupted sources of power supply, battery energy storage systems prove to be the efficient way to provide such power supply. These are the major factors that drive the battery energy storage market growth.
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Key restraints of the market:
Battery energy storage technologies include all the technologies with high capital investment, owing to high energy storage capacity and low maintenance. Lithium-ion batteries cost more due to their attributes of low maintenance and high energy storage capacity. Such high prices of lithium-ion batteries increase the costs of battery energy storage systems. The overall configuration of the battery energy storage systems adds to the cost to a significant level. The operational costs, including the cost of charging the systems, labor costs associated with the systems, installation & maintenance charges, and repairs also increase the costs of battery energy storage systems to a significant level. Therefore, high cost is a major restraining factor in this market.
Key Battery Energy Storage Market Segments:
Battery Energy Storage Market By Battery Type
Sodium Sulfur Batteries
Advanced Lead Acid Batteries
Lithium Ion Batteries
Flow Batteries
Others
Battery Energy Storage Market By Element
Battery
Hardware
Others
Battery Energy Storage Market By Ownership
Utility Owned
Customer Owned
Third-party Owned
Battery Energy Storage Market By Connection Type
On-Grid
Off-Grid
Battery Energy Storage Market By Application
Residential
Non-residential
Utilities
Others
Battery Energy Storage Market By Region
North America (US, Canada)
Europe (Germany, UK, France, rest of Europe)
Asia-Pacific (China, Japan, India, rest of Asia-Pacific)
Latin America (Brazil, Mexico, rest of LATAM)
the Middle East
Africa
Key Market Players
Mitsubishi Heavy Industries Ltd.
Hitachi
Toshiba Corporation
General Electric
LG Chem
Exergonix Inc.
ABB
Tesla Inc.
AEG Power Solutions
Panasonic Corporation
NEC Corporation
Siemens AG
Samsung SDI Co. Ltd.
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Key developments:
Panasonic Corporation launched a new residential energy storage system, Evervolt. This system has been developed to improve the residential energy requirements. Tesla launched a battery energy storage system, Megapack. This system helps to provide an easy connection & installation process and also reduces the complexity of large-scale storage systems.
COVID-19 scenario:
- Governments across most countries are effectively practicing nationwide lockdowns in response to the emergence of the pandemic situation.
- Only essential goods and services are being operational. Energy and related services are categorized under the essential goods & services category. Therefore, the global battery energy storage market has not been affected much due to this situation.
- However, all the industrial and commercial applications have witnessed sluggish growth trends during the lockdown period and similar growth trends are anticipated during the forecast period.
Key benefits of the report:
- This study presents the analytical depiction of the battery energy storage market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the battery energy storage market share.
- The current market is quantitatively analyzed to highlight the battery energy storage market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in the coming years.
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