The global battery energy storage market size is expected to reach USD 26.81 billion in 2028, exhibiting a CAGR of 16.5% during the forecast period. The introduction of innovative technologies due to the rapidly growing energy demand can have a tremendous impact on the battery energy storage market growth in the foreseeable future, states Fortune Business Insights in a report titled, “Battery Energy Storage Market, 2021-2028.” The market size stood at USD 7.81 billion in 2020.
The Report Lists the Key Companies in the Battery Energy Storage Market:
- ABB (Switzerland)
- Kokam (South Korea)
- Samsung SDI (South Korea)
- Total (France)
- Hitachi ABB Power Grids (Switzerland)
- Siemens Energy (Germany)
- Black & Veatch (U.S.)
- EVE Energy Co., Ltd. (China)
- VRB Energy (Canada)
- Narada (China)
- Fluence (U.S.)
- LG Chem (South Korea)
- Hitachi Chemical Co., Ltd. (Japan)
- GE (U.S.)
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What Does the Report Highlights?
The study provides a detailed analysis of the industry, focusing on the variables that drive, repel, obstruct, and provide market possibilities. It also clarifies the segmentation table, the list of leading categories with statistics, and the variables that influence them. The competitive landscape of the market, the list of prominent players, and the major steps are also included in the study. Besides this, the report highlights the major industry developments of the market, current market trends, and other interesting insights into the market.
Driving Factor:
Rising Emphasis on Renewable Energy Technologies to Aid Market
Expansion
Different governments have set significant goals to increase the use of sustainable energy technologies, which is expected to boost the market. To ensure peak power use supply, BESS devices may be easily incorporated into residential, commercial, and industrial-scale solar and wind energy generating techniques. Global renewable power generation was predicted at 2,805.5 Terawatt-hours (TWh) in 2019, up 13.7 percent from 2,468.0 TWh in 2018, according to the Statistical Review of World Energy 2020 published by BP in June 2020.
Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/industry-reports/battery-energy-storage-market-100489
COVID-19 Impact:
The rapid outbreak of COVID-19, or coronavirus viral illness, has had an extraordinary impact on many countries across the world. The sudden surge in the number of cases of Severe Acute Respiratory Syndrome Coronavirus 2 has had a significant impact on the economics of many countries (SARS-CoV-2). Furthermore, limited worldwide interactions to prevent the fatal virus from spreading across the population have hampered global supply chain logistics, thus hurting the global battery energy storage industry.
However, the demand for BESS units is expected to be counterbalanced by supporting economic stimulus packages proposed by a number of governments, as well as ongoing efforts by industry participants. In August 2020, for example, ABB announced a partnership with Zenob Energy Limited, a BESS producer, to deliver an advanced traction power solution for U.K. railways.
Regional Insights:
Increasing Carbon Reduction Targets to Favor Growth in Europe
In 2020, the Asia Pacific market for battery energy storage was expected to be worth USD 3.29 billion, accounting for the lion's share in terms of both value and volume. Rapidly expanding renewable energy generating capacity, continued urbanization and industrialization, increased electrification objectives, and the presence of diverse industry participants are some of the variables that are complementing the growth in the region. Furthermore, the huge carbon reduction targets set out by regional organizations such as the European Commission and national governments support the expansion of the European market. A wide range of encouraging renewable deployment goals and energy security regulations are also helping to boost demand for BESS devices in the region.
Competitive Landscape:
Prominent Companies Focus on Novel Offerings to Consolidate their
Market Positions
The global battery energy storage industry is very fragmented, with various companies offering a wide range of goods, services, and solutions to retain their battery energy storage market share. In addition, the sector has seen significant global and regional players, as well as a large number of small and medium-sized system integrators, introduce new tactics.
Key Development:
January 2021: Siemens announced that it had signed a contract with Britishvolt to establish the first lithium-ion battery Gigafactory in the UK. Siemens will offer its automation, electrification, and digital twin solutions to Britishvolt to boost the lithium-ion output from the facility.
Read Press Release: https://www.fortunebusinessinsights.com/press-release/global-battery-energy-storage-market-10282
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