Global Battery Storage System Market
In a new report, MarketsandMarkets has explored the Global Battery Storage System Market. The report provides an in-depth analysis of the market using a blend of quantitative and subjective methods. It analyzes the competitive landscape and identifies opportunities and challenges for the vendors. In addition, it provides information on the key players and regions in the market. The report also provides information about the latest technological advancements in the industry.
The growth of the market is largely based on the rising penetration of renewable energy. Moreover, the increasing demand for dependable electricity supply and the ageing battery storage in the grid are some other driving factors for the market growth. Despite the positive outlook, the recent outbreak of the COVID-19 virus is expected to adversely impact the market in 2020. Moreover, the virus outbreak has also led to flight cancellations and travel bans. In addition, stock markets have experienced a sharp decline in the last few months. As a result, business confidence is decreasing and the general population is panicking.
The APAC region is projected to dominate the market during the forecast period of 2021-2026. This region is growing rapidly due to rapid industrialization and urbanization. Rapid electrification is also boosting the market in APAC. The growing adoption of renewable energy is also gaining momentum in APAC countries. Many of them are investing heavily in energy storage systems. For example, India’s solar PV capacity is expected to reach 800 GW by 2040. In addition to this, the rising environmental consciousness is expected to lead to tremendous growth opportunities in the APAC Battery Energy Storage System Market.
The Global battery storage system Market is segmented by type, application, and region. The segments include residential, photovoltaic power station, and lithium-ion batteries. Key players in this market include Exide Industries, East Penn, Saft Batteries, LG Chem, Hoppecke Batteries, Samsung SDI, and BlueNova.
Market sand Markets Explores the Global Battery Storage System Market
In North America, the battery storage system market is expected to grow at a considerable rate over the forecast period. This growth is supported by favorable government policies and tax benefits, as well as growing investments by both private and public companies in the region. In fact, the Senate Energy and Natural Resources Committee has recently introduced an amended draft of the Better Energy Storage Technology Act (BESSTA) to encourage the development of long-duration BESS units.
The global Battery Storage System Market is driven by growing demand for lithium-ion batteries. This technology has several benefits including low maintenance and high energy density. Furthermore, lithium-ion batteries have high specific energy and high capacity. The market for lithium-ion batteries is predicted to grow at a significant rate over the forecast period.
The global Battery Storage System market report also highlights opportunities and barriers that are hindering growth. It also provides information on the regional and country-level competitive landscape. This information will enable businesses to formulate strategies for growth and development.
A battery storage system for solar can be purchased for an average of $25,000 and can be installed yourself or with the help of a solar installer. The battery itself will cost anywhere from $12,000 to $22,000, depending on the size of your system. In addition, you may be able to take advantage of federal tax credits or other incentives for using solar plus battery systems.