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Global Battery Energy Storage System Market
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Global Battery Energy Storage System Market

Home Energy And Power Global Battery Energy Storage System Market

Global Battery Energy Storage System Market, By Element (Battery, Other Elements), By Battery Type (Lithium-Ion Batteries, Lead-Acid Batteries, Flow Batteries, Others), By Application (Residential, Commercial, Utility), By Connection Type (On-Grid Connection, Off-Grid Connection), By Ownership (Customer-Owned, Third-Party-Owned, Utility-Owned), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: September 2021
  • Report ID: BWC21110
  • Available Format: PDF
  • Page: 194

Report Overview

Global battery energy storage system market is thriving due to the growing move toward renewable energy sources such as wind and solar energy and thriving industries such as telecommunications, industrial, and healthcare, which are driving the need for continuous power supply.

Global Battery Energy Storage System Market- Industry Trends & Forecast Report 2027

Global battery energy storage system market was worth USD 3.34 billion in 2020 and is further projected to reach USD 17.25 billion by the year 2027, growing at a CAGR of 27.7% in the forecast period. The growth of the global battery energy storage system market is attributable to the increasing reliance on renewable energy sources like wind and solar energy and the flourishing industries, such as telecom, industrial, healthcare, etc., which is propelling the demand for continuous power supply.

Battery Energy Storage System Market

Source: BlueWeave Consulting

Global Battery Energy Storage System Market- Overview

Battery energy storage systems are devices that store electrical energy from sources such as solar energy or wind energy and transfer it as and when required. These systems are prominently used in renewable energy sources like solar or wind as it stores the energy and delivers it according to the customer’s needs. Battery energy storage systems work by converting the DC energy produced by solar or wind panels and storing it as AC for later use.

Global Battery Energy Storage System Market Forecast and Trends

Growth Drivers

Rising Shift Towards Renewable Energy Sources

The growing shift from hydroelectricity to renewable energy sources such as solar power or wind energy is significantly propelling the growth of the global battery energy storage systems market. Battery energy storage systems store the excess solar energy from the PV system for nighttime use or other purposes. The government and private entities, especially in emerging economies, are significantly investing in the installation of solar energy panels at the residential and commercial spaces, which is expected to boost the demand for battery energy storage systems during the forecast period.

Introduction of Battery Energy Storage Systems with Controlled Prices

The manufacturers are significantly focusing on overcoming the barrier of the high cost of battery energy storage systems by innovating their technologies and launching cost-effective components. Battery manufacturers are investing in the development of low-cost lithium-ion batteries, which is expected to drive the global battery energy storage systems market. The average energy capacity cost of utility energy battery storage has already significantly decreased from USD 2,152 per kilowatt-hour (kWh) in 2015 to USD 625/kWh. The decreasing price is emerging as a major growth factor for the global battery energy storage systems market.

Restraints

High Investment Involved in the Installation of Battery Energy Storage System

The battery energy storage systems involve advanced technologies and expensive components which makes the installation of these systems a highly expensive process. These systems include batteries, monitoring and control systems, power conversion systems, and other components that are exceedingly expensive when the cost of technicians and other human resources is factored in—the cost of batteries rises in tandem with their capacity and energy density. The expensive initial investment is therefore, a major impediment to the global battery energy storage system market's growth.

Impact of COVID-19 on Global Battery Energy Storage System Market

The global battery energy storage systems market was severely hit by the sudden outbreak of the COVID-19 pandemic. The demand and adoption of these systems were halted with the nationwide lockdowns imposed in various regions. Battery manufacturing and distribution were restricted, causing the battery energy storage systems market to suffer significant losses during the COVID-19 period. Furthermore, the decline in people's purchasing power and the shift from infrastructure development to healthcare development negatively impacted the global battery energy storage system industry.

Global Battery Energy Storage System Market - By Battery Type

Based on battery types, the global battery energy storage system market is segmented into lithium-ion batteries, lead-acid batteries, flow batteries, and others. Lithium-ion batteries have the largest market share due to their low weight and size and their high capacity to store energy. Due to high demand, BESS manufacturers are increasingly focusing on expanding their production capacity and research and development activities towards lithium-ion batteries. Lead-acid batteries, however, also account for a sizeable share of the market due to their relative affordability.

Global Battery Energy Storage System Market - By Connection Type

Based on connection types, the global battery energy storage system market is segmented into on-grid connection and off-grid connection. The off-grid segment holds the largest market share and is projected to witness significant growth in the forecast period. This segment is mainly driven by the high prominence of behind-the-meter units, especially in developing countries. However, the on-grid connection segment is also likely to witness the highest CAGR during the forecast period because of the declining cost of the utilities.

Global Battery Energy Storage System Market - Regional Insights

Geographically, the global battery energy storage system market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region dominates the market with the expanding utilization of renewable energy in countries with flourishing manufacturing countries, such as Japan and South Korea. China and India also hold great potential with the surging demand for battery energy storage systems because of the increasing renewable energy application in the residential as well as commercial spaces. On the other hand, North America and Europe also cover substantial shares in the market.

Regional Insights

Source: BlueWeave Consulting

Competitive Landscape

The leading players in the global battery energy storage system market are BYD Company Limited, Cellcube Energy Storage System Inc, Panasonic Corporation, Samsung SDI Co Ltd, LG Chem Ltd, Tesla Inc., Contemporary Amperex Technology Co. Limited, Panasonic Corporation, Sony Corp., ABB, Hoppecke Batteries Inc., Exide Technologies, General Electric, Enersys, AES Energy Storage, Hitachi, Mitsubishi, and other prominent players.

The market is highly fragmented and yet concentrated, with the presence of leading industry giants such as Mitsubishi, Hitachi, Exide, etc. The players significantly invest in R&D activities to improve the battery storage capacity. They are significantly working on increasing their product penetration in the regional market with developed nations in focus. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, collaborations, etc., is also very prominent in this market.

Recent Developments

  • In September 2021, RWE Renewables, a US-based renewable energy company, announced its partnership with LG Energy Solution, a South Korean eco-friendly energy solutions provider, to provide an integrated battery energy storage system (BESS) for two of RWE ‘s upcoming projects with co-located solar PV facilities in the US.
  • In September 2021, Schnitzer Steel Industries, Inc., a US-based steel manufacturing and scrap metal recycling company announced to have selected PowerFlex, a US-based renewable energy company, to design, build, and operate a 1,600 KW Battery Energy Storage System.

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Billion

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia

Product Service/Segmentation

By Element, By Battery Type, By Application, By Connection Type, By Ownership, By Region

Key Players

BYD Company Limited, Cellcube Energy Storage System Inc, Panasonic Corporation, Samsung SDI Co Ltd, LG Chem Ltd, Tesla Inc., Contemporary Amperex Technology Co. Limited, Panasonic Corporation, Sony Corp., ABB, Hoppecke Batteries Inc., Exide Technologies, General Electric, Enersys, AES Energy Storage, Hitachi, Mitsubishi, and other prominent players.

 

By Element

  • Battery
  • Other Elements
  1. Hardware
  2. Others

By Battery Type

  • Lithium-Ion Batteries
  • Lead-Acid Batteries
  • Flow Batteries
  • Others
  1. Sodium–Based Batteries
  2. Nickel–Cadmium Battery
  3. Nickel-Metal Hydride Battery
  4. Nickel–Iron Battery

By Application

  • Residential
  • Commercial
  • Utility

By Connection Type

  • On-Grid Connection
  • Off-Grid Connection

By Ownership

  • Customer-Owned
  • Third-Party-Owned
  • Utility-Owned

By Region

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Latin America (LATAM)
  • Middle-East & Africa (MEA)
-
  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
    2. Methodology
    3. Regional Split of Primary & Secondary Research
    4. Secondary Research
    5. Primary Research
      1. Breakdown of Primary Research Respondents, By Region
      2. Breakdown of Primary Research Respondents, By Industry Participants
    6. Market Size Estimation
    7. Assumptions for the Study
    8. Market Breakdown & Data Triangulation
  3. Executive Summary
  4. Industry Insight and Growth Strategy
    1. Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Rising Shift Towards Renewable Energy Sources
        2. Introduction Of Battery Energy Storage Systems With Controlled Prices
      2. Restraints
        1. High Investment Involved in the Installation Of Battery Energy Storage System
      3. Opportunities
        1. Growing Consumer-Owned Storage Systems
        2. Increasing Demand For BESS System In Residential Application
      4. Challenges
        1. Negative Influence of the COVID-19 Pandemic
    3. Recent Developments
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Buyers
      2. Bargaining Power of Suppliers
      3. Intensity of Rivalry
      4. Threat of New Entrants
      5. Threat of Substitutes
  5. Global Battery Energy Storage System Market Overview
    1. Market Estimates & Forecast by Value, 2017-2027
    2. Market Share & Forecast, by Segment
      1. By Element
        1. Battery
        2. Other Elements
          1. Hardware
          2. Others
      2. By Battery Type
        1. Lithium-Ion Batteries
        2. Lead-Acid Batteries
        3. Flow Batteries
        4. Others
          1. Sodium–Based Batteries
          2. Nickel–Cadmium Battery
          3. Nickel-Metal Hydride Battery
          4. Nickel–Iron Battery
      3. By Application
        1. Residential
        2. Commercial
        3. Utility
      4. By Connection Type
        1. On-Grid Connection
        2. Off-Grid Connection
      5. By Ownership
        1. Customer-Owned
        2. Third-Party-Owned
        3. Utility-Owned
      6. By Region
        1. North America
        2. Europe
        3. Asia-Pacific (APAC)
        4. Latin America (LATAM)
        5. Middle-East & Africa (MEA)
  6. North America Battery Energy Storage System Market Overview
    1. Market Size and Forecast
      1. By Value (USD Billion), 2017-2027
    2. Market Share and Forecast
      1. By Element
      2. By Battery Type
      3. By Application
      4. By Connection Type
      5. By Ownership
      6. By Country
        1. U.S.
        2. Canada
  7. Europe Battery Energy Storage System Market Overview
    1. Market Size and Forecast
      1. By Value (USD Billion), 2017-2027
    2. Market Share and Forecast
      1. By Element
      2. By Battery Type
      3. By Application
      4. By Connection Type
      5. By Ownership
      6. By Country
        1. Germany
        2. U.K.
        3. France
        4. Italy
        5. Spain
        6. Netherlands
        7. Rest of Europe
  8. APAC Battery Energy Storage System Market Overview
    1. Market Size and Forecast
      1. By Value (USD Billion), 2017-2027
    2. Market Share and Forecast
      1. By Element
      2. By Battery Type
      3. By Application
      4. By Connection Type
      5. By Ownership
      6. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Rest of APAC
  9. LATAM Battery Energy Storage System Market Overview
    1. Market Size and Forecast
      1. By Value (USD Billion), 2017-2027
    2. Market Share and Forecast
      1. By Element
      2. By Battery Type
      3. By Application
      4. By Connection Type
      5. By Ownership
      6. By Country
        1. Mexico
        2. Brazil
        3. Rest of LATAM
  10. MEA Battery Energy Storage System Market Overview
    1. Market Size and Forecast
      1. By Value (USD Billion), 2017-2027
    2. Market Share and Forecast
      1. By Element
      2. By Battery Type
      3. By Application
      4. By Connection Type
      5. By Ownership
      6. By Country
        1. Saudi Arabia
        2. UAE
        3. South Africa
        4. Rest of MEA
  11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share / Ranking Analysis (2020)
    3. Competitive Benchmarking, By Operating Parameters
  12. Impact of COVID-19 on Global Battery Energy Storage System Market
  13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
    1. BYD Company Limited
    2. Cellcube Energy Storage System Inc
    3. Panasonic Corporation
    4. Samsung SDI Co Ltd
    5. LG Chem Ltd
    6. Tesla Inc.
    7. Contemporary Amperex Technology Co. Limited
    8. Panasonic Corporation
    9. Sony Corp.
    10. ABB
    11. Hoppecke Batteries Inc.
    12. Exide Technologies
    13. General Electric
    14. Enersys
    15. AES Energy Storage
    16. Hitachi
    17. Mitsubishi
    18. Other Prominent Players
  14. Key Strategic Recommendations

 

 

List of Figures

 

 

Figure 1: Global Battery Energy Storage System Segmentation

 

Figure 2: Global Battery Energy Storage System Market Value Chain Analysis,

 

Figure 3: Company Market Share Analysis, 2020

 

Figure 4: Global Battery Energy Storage System Market Size, By Value (USD Billion), 2017-2027

 

Figure 5: Global Battery Energy Storage System Market Share (%), By Element, By Value, 2017-2027

 

Figure 6: Global Battery Energy Storage System Market Share (%), By Battery Type, By Value, 2017-2027

 

Figure 7: Global Battery Energy Storage System Market Share (%), By Application, By Value, 2017-2027

 

Figure 8: Global Battery Energy Storage System Market Share (%), By Connection Type, By Value, 2017-2027

 

Figure 9: Global Battery Energy Storage System Market Share (%), By Ownership, By Value, 2017-2027

 

Figure 10: Global Battery Energy Storage System Market Share (%), By Region, By Value, 2017-2027

 

Figure 11: North America Battery Energy Storage System Market Size, By Value (USD Billion), 2017-2027

 

Figure 12: North America Battery Energy Storage System Market Share (%), By Element, By Value, 2017-2027

 

Figure 13: North America Battery Energy Storage System Market Share (%), By Battery Type, By Value, 2017-2027

 

Figure 14: North America Battery Energy Storage System Market Share (%), By Application, By Value, 2017-2027

 

Figure 15: North America Battery Energy Storage System Market Share (%), By Connection Type, By Value, 2017-2027

 

Figure 16: North America Battery Energy Storage System Market Share (%), By Ownership, By Value, 2017-2027

 

Figure 17: North America Battery Energy Storage System Market Share (%), By Country, By Value, 2017-2027

 

Figure 18: Europe Battery Energy Storage System Market Size, By Value (USD Billion), 2017-2027

 

Figure 19: Europe Battery Energy Storage System Market Share (%), By Element, By Value, 2017-2027

 

Figure 20: Europe Battery Energy Storage System Market Share (%), By Battery Type, By Value, 2017-2027

 

Figure 21: Europe Battery Energy Storage System Market Share (%), By Application, By Value, 2017-2027

 

Figure 22: Europe Battery Energy Storage System Market Share (%), By Connection Type, By Value, 2017-2027

 

Figure 23: Europe Battery Energy Storage System Market Share (%), by Ownership, By Value, 2017-2027

 

Figure 24: Europe Battery Energy Storage System Market Share (%), By Country, By Value, 2017-2027

 

Figure 25: Asia-Pacific Battery Energy Storage System Market Size, By Value (USD Billion), 2017-2027

 

Figure 26: Asia-Pacific Battery Energy Storage System Market Share (%), By Element, By Value, 2017-2027

 

Figure 27: Asia-Pacific Battery Energy Storage System Market Share (%), By Battery Type, By Value, 2017-2027

 

Figure 28: Asia-Pacific Battery Energy Storage System Market Share (%), By Application, By Value, 2017-2027

 

Figure 29: Asia-Pacific Battery Energy Storage System Market Share (%), By Connection Type, By Value, 2017-2027

 

Figure 30: Asia-Pacific Battery Energy Storage System Market Share (%), By Ownership, By Value, 2017-2027

 

Figure 31: Asia-Pacific Battery Energy Storage System Market Share (%), By Country, By Value, 2017-2027

 

Figure 32: Latin America Battery Energy Storage System Market Size, By Value (USD Billion), 2017-2027

 

Figure 33: Latin America Battery Energy Storage System Market Share (%), By Element, By Value, 2017-2027

 

Figure 34: Latin America Battery Energy Storage System Market Share (%), By Battery Type, By Value, 2017-2027

 

Figure 35: Latin America Battery Energy Storage System Market Share (%), By Application, By Value, 2017-2027

 

Figure 36: Latin America Battery Energy Storage System Market Share (%), By Connection Type, By Value, 2017-2027

 

Figure 37: Latin America Battery Energy Storage System Market Share (%), By Ownership, By Value, 2017-2027

 

Figure 38: Latin America Battery Energy Storage System Market Share (%), By Country, By Value, 2017-2027

 

Figure 39: Middle East & Africa Battery Energy Storage System Market Size, By Value (USD Billion), 2017-2027

 

Figure 40: Middle East & Africa Battery Energy Storage System Market Share (%), By Element, By Value, 2017-2027

 

Figure 41: Middle East & Africa Battery Energy Storage System Market Share (%), By Battery Type, By Value, 2017-2027

 

Figure 42: Middle East & Africa Battery Energy Storage System Market Share (%), By Application, By Value, 2017-2027

 

Figure 43: Middle East & Africa Battery Energy Storage System Market Share (%), By Connection Type, By Value, 2017-2027

 

Figure 44: Middle East & Africa Battery Energy Storage System Market Share (%), By Ownership, By Value, 2017-2027

 

Figure 45: Middle East & Africa Battery Energy Storage System Market Share (%), By Region, By Value, 2017-2027

 

 

 

List of Tables

 

 

Table 1: Global Battery Energy Storage System Market Size, By Element, By Value, 2017-2027

 

Table 2: Global Battery Energy Storage System Market Size, By Battery Type, By Value (USD Billion), 2017-2027

 

Table 3: Global Battery Energy Storage System Market Size, By Application, By Value (USD Billion), 2017-2027

 

Table 4: Global Battery Energy Storage System Market Size, By Connection Type, By Value (USD Billion), 2017-2027

 

Table 5: Global Battery Energy Storage System Market Size, By Ownership, By Value (USD Billion), 2017-2027

 

Table 6: Global Battery Energy Storage System Market Size, By Region, By Value (USD Billion), 2017-2027

 

Table 7: North America Battery Energy Storage System Market Size, By Element, By Value (USD Billion), 2017-2027

 

Table 8: North America Battery Energy Storage System Market Size, By Battery Type, By Value (USD Billion), 2017-2027

 

Table 9: North America Battery Energy Storage System Market Size, By Application, By Value (USD Billion), 2017-2027

 

Table 10: North America Battery Energy Storage System Market Size, By Connection Type, By Value (USD Billion), 2017-2027

 

Table 11: North America Battery Energy Storage System Market Size, By Ownership, By Value (USD Billion), 2017-2027,

 

Table 12: Europe Battery Energy Storage System Market Size, By Element, By Value (USD Billion), 2017-2027

 

Table 13: Europe Battery Energy Storage System Market Size, By Battery Type, By Value (USD Billion), 2017-2027

 

Table 14: Europe Battery Energy Storage System Market Size, By Application, By Value (USD Billion), 2017-2027

 

Table 15: Europe Battery Energy Storage System Market Size, By Connection Type, By Value (USD Billion), 2017-2027

 

Table 16: Europe Battery Energy Storage System Market Size, By Ownership, By Value (USD Billion), 2017-2027

 

Table 17: the Asia-Pacific Battery Energy Storage System Market Size, By Element, By Value (USD Billion), 2017-2027

 

Table 18: the Asia-Pacific Battery Energy Storage System Market Size, By Battery Type, By Value (USD Billion), 2017-2027

 

Table 19: the Asia-Pacific Battery Energy Storage System Market Size, By Application, By Value (USD Billion), 2017-2027

 

Table 20: the Asia-Pacific Battery Energy Storage System Market Size, By Connection Type, By Value (USD Billion), 2017-2027

 

Table 21: the Asia-Pacific Battery Energy Storage System Market Size, By Ownership, By Value (USD Billion), 2017-2027

 

Table 22: Latin America Battery Energy Storage System Market Size, By Element, By Value (USD Billion), 2017-2027

 

Table 23: Latin America Battery Energy Storage System Market Size, By Battery Type, By Value (USD Billion), 2017-2027

 

Table 24: Latin America Battery Energy Storage System Market Size, By Application, By Value (USD Billion), 2017-2027

 

Table 25: Latin America Battery Energy Storage System Market Size, By Connection Type, By Value (USD Billion), 2017-2027

 

Table 26: Latin America Battery Energy Storage System Market Size, By Ownership, By Value (USD Billion), 2017-2027

 

Table 27: The Middle-East & Africa Battery Energy Storage System Market Size, By Element, By Value (USD Billion), 2017-2027

 

Table 28: The Middle-East & Africa Battery Energy Storage System Market Size, By Battery Type, By Value (USD Billion), 2017-2027

 

Table 29: The Middle-East & Africa Battery Energy Storage System Market Size, By Application, By Value (USD Billion), 2017-2027

 

Table 30: The Middle-East & Africa Battery Energy Storage System Market Size, By Connection Type, By Value (USD Billion), 2017-2027

 

Table 31: The Middle-East & Africa Battery Energy Storage System Market Size, By Ownership, By Value (USD Billion), 2017-2027

 

Table 32: BYD Company Limited Financial Analysis

Table 33: BYD Company Limited Business Overview

Table 34: Cellcube Energy Storage System Inc Financial Analysis

Table 35: Cellcube Energy Storage System Inc Business Overview

Table 36: Panasonic Corporation Financial Analysis

Table 37: Panasonic Corporation Business Overview

Table 38: Samsung SDI Co Ltd Financial Analysis

Table 39: Samsung SDI Co Ltd Business Overview

Table 40: LG Chem Ltd Financial Analysis

Table 41: LG Chem Ltd Business Overview

Table 42: Tesla Inc. Financial Analysis

Table 43: Tesla Inc. Business Overview

Table 44: Contemporary Amperex Technology Co. Limited Financial Analysis

Table 45: Contemporary Amperex Technology Co. Limited Business Overview

Table 46: Panasonic Corporation Financial Analysis

Table 47: Panasonic Corporation Business Overview

Table 48: Sony Corp. Financial Analysis

Table 49: Sony Corp. Business Overview

Table 50: ABB Financial Analysis

Table 51: ABB Business Overview

Table 52: Hoppecke Batteries Inc. Financial Analysis

Table 53: Hoppecke Batteries Inc. Financial Analysis

Table 52: Exide Technologies Financial Analysis

Table 53: Exide Technologies Business Overview

Table 54: General Electric Financial Analysis

Table 55: General Electric Business Overview

Table 56: Enersys Financial Analysis

Table 57: Enersys Business Overview

Table 58: AES Energy Storage Financial Analysis

Table 59: AES Energy Storage Business Overview

Table 60: Hitachi Financial Analysis

Table 61: Hitachi Business Overview

Table 62: Mitsubishi Financial Analysis

Table 63: Mitsubishi Business Overview

 

Market Segmentation

By Element

  • Battery
  • Other Elements
  1. Hardware
  2. Others

By Battery Type

  • Lithium-Ion Batteries
  • Lead-Acid Batteries
  • Flow Batteries
  • Others
  1. Sodium–Based Batteries
  2. Nickel–Cadmium Battery
  3. Nickel-Metal Hydride Battery
  4. Nickel–Iron Battery

By Application

  • Residential
  • Commercial
  • Utility

By Connection Type

  • On-Grid Connection
  • Off-Grid Connection

By Ownership

  • Customer-Owned
  • Third-Party-Owned
  • Utility-Owned

By Region

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Latin America (LATAM)
  • Middle-East & Africa (MEA)
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Frequently Asked Questions (FAQs):

Ans: The global battery energy storage system market reached USD 3.34 billion in 2020.
Ans: The major factors driving the growth of the global battery energy storage system market are the rising shift towards renewable energy sources and introduction of battery energy storage systems with controlled prices.
Ans: The key players in the global battery energy storage system market are: BYD Company Limited, Cellcube Energy Storage System Inc, Panasonic Corporation, Samsung SDI Co Ltd, LG Chem Ltd, Tesla Inc., Contemporary Amperex Technology Co. Limited, Panasonic Corporation, Sony Corp., ABB, Hoppecke Batteries Inc., Exide Technologies, General Electric, Enersys, AES Energy Storage, Hitachi, Mitsubishi, and other prominent players.
Ans: The utility segment accounted for the largest share in the global battery energy storage system market.
Ans: Asia-Pacific holds the largest share in the global battery energy storage system market.