The global battery energy storage market is likely to gain momentum from a shortage of energy and peak demand reported worldwide. Fortune Business Insights, in a report, titled, “Battery Energy Storage Market Size, Share and Global Trend by Technology (Lithium-Ion Battery, Lead Acid Battery, Flow Batteries, Sodium Sulphur Battery, Nickel Cadmium battery) by Application (On-grid, Off-grid, Automotive), and Geography Forecast till 2026,” the populace across the globe are slowly shifting towards cleaner energy sources. This has led to a rise in the number of solar and wind energy power plants, which in turn, is increasing the demand for battery energy storage system. This expected to boost the global battery energy storage market growth.
Increasing Awareness Programs Regarding the Usage of Renewable Energy to Propel Growth
The report also states that several countries are conducting awareness campaigns and latest development programs to stimulate the use of renewable energy sources. This is causing a rise in the demand for battery energy storage systems around the world. The government of China, for instance, released a 15-year energy technology innovation action plan. It will help in conducting research and developed activities in advanced battery energy storage. Furthermore, the ever increasing demand for energy has aided in forcing the populace to opt for energy storage systems that are self-reliant. The wind and solar power plants require a lot of storage systems to store the generated energy. All these factors are driving the global battery energy storage market sales.
Top Players Overview:
- LG Chem
- Samsung SDI
- Sunverge Energy, Inc.
- AEG Power Solutions
- JLM Energy, Inc.
- Solar One
Rural Electrification and Increasing Number of Power Plants to Favor Growth in Asia Pacific
The global battery energy storage market is geographically divided into Asia Pacific, the Middle East and Africa, North America, Europe, and Latin America. Amongst these regions, in North America, the U.S. currently holds the largest global battery energy storage market share. Asia Pacific, on the other hand, has a huge potential to grow during the forecast period because of the increasing demand for energy in the region. This has further given rise in the number of battery storage plants. Electrification in the remote areas in countries, namely, India, China, and South Korea is another important factor that is likely to boost growth. There has been a rapid shift towards cleaner energy source that is increasing the battery energy storage market revenue. Countries, such as France, U.K., and Germany, on the other hand, make the maximum use of solar energy. This is the main factor driving the growth of market in Europe.
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Leading Market Players Aim to Drive Growth Through Strategic Collaboration and Expansion Programs
Tesvolt, a prominent producer of energy storage systems based on lithium batteries, based in Germany, announced in May 2019 that it can win in the intense race to build Gigafactory, Europe’s first lithium-ion storage system. The factory will be fully supplied by solar energy. The company, however, did not disclose a timeline for completion of the production lines. It has stated that the workforce will double due to the expansion. The government of India announced in May 2019 that it is planning to establish a battery making capacity of 40 gigawatts to drive the renewable energy and electric vehicle initiatives.
The government is expected to invest $40 million to attract attention of the giant market players, such as Softbank and Tesla who operate in renewable energy and battery manufacturing sectors. Lithium Australia, a supplier of ethically and sustainably sourced materials, announced that it has signed a contract with DLG Battery Co Ltd., a leading manufacturer of Li-ion battery, based in China in May 2019. The collaboration took place to develop a 50-50 jointly owned business that would aid in the supply of lithium-ion batteries in Australia. It would also help to fast-track the commercialization of cathode powders.
Fortune Business Insights has profiled some of the key market players operating in the global battery energy storage market. They are Siemens, Samsung SDI, ABB, General Electric, Peak NRG, Panasonic, Sunverge Energy, Inc., Tesla, LG Chem, Bosch, NEC, Hitachi, Solar City Corp, AEG Power Solutions, JLM energy, and other prominent market players.
Key Segmental Overview:
- By Technology
- By Application
- By Geography
Browse Complete Report at https://www.fortunebusinessinsights.com/industry-reports/battery-energy-storage-market-100489
Major Table of Content For Battery Energy Storage Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Battery Energy Storage Market Analysis, Insights and Forecast, 2014-2025
- North America Battery Energy Storage Market Analysis, Insights and Forecast, 2014- 2025
- Europe Battery Energy Storage Market Analysis, Insights and Forecast, 2014-2025
- Asia Pacific Battery Energy Storage Market Analysis, Insights and Forecast, 2014-2025
- The Middle East and Africa Battery Energy Storage Market Analysis, Insights and Forecast, 2014-2025
- Latin America Battery Energy Storage Market Analysis, Insights and Forecast, 2014-2025
- Competitive Landscape
- Company Profile
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