According to MarketsandMarkets’ research report, "Battery Energy Storage System Market by Element, Battery Type, Connection Type, Ownership, Application, and Geography - Global Forecast to 2023", the market is expected to grow from $1.98 Billion in 2018 to $8.54 Billion by 2023, at a CAGR of 33.9% between 2018 and 2023. Factors driving growth include the increasing demand for grid-connected solutions, demand for the lithium-ion technology in the renewable energy industry, and declining prices of lithium-ion batteries.
- Lithium-ion batteries to hold largest size of the battery energy storage system market throughout the forecast period
- Utility-owned battery energy storage system held a major share of the market in 2017
- Utilities to hold largest size of the battery energy storage system market during the forecast period
- Battery energy storage system market in APAC to grow at the highest CAGR between 2018 and 2023
- The major players operating in the battery energy storage system market are ABB (Switzerland), LG Chem (South Korea), NEC (Japan), Panasonic (Japan), Samsung SDI (South Korea), AEG Power Solutions (Netherlands), General Electric (US), Hitachi (Japan), Siemens (Germany), and Tesla (US).
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