Categories
Energy

Battery Energy Storage Industry Growth Factors, Business Developments, Segmentation and Technologies 2020-2027

The global battery energy storage market size is projected to reach USD 19.74 billion by 2027, exhibiting a CAGR of 20.4% during the forecast period. Improving access to electricity across the globe will be a prominent trend shaping the growth trajectory of this market, postulates Fortune Business Insights™ in its report, titled “Battery Energy Storage Market Size, Share & COVID-19 Impact Analysis, By Battery Type (Lithium-Ion Battery, Lead Acid Battery, Flow Battery, and Others), By Connectivity (Off-Grid and On-Grid), By Application (Residential, Non-Residential, Utility, and Others), By Ownership (Customer-Owned, Third-Party Owned, and Utility-Owned) and Regional Forecast, 2020-2027”. According to a 2019 report produced by the International Renewable Energy Agency (IRENA), the International Energy Agency (IEA), the World Bank, the WHO, and the UN, 87% of the global population had access to electricity in 2015 and by 2017 it had risen to 89%. However, the report highlights that approximately 840 million people still lack access to electricity. Battery energy storage systems (BESS) can play a significant role in bringing the electricity to the remotest and the poorest regions of the world. These systems are designed to store surplus energy that can be utilized at a later time and when deployed correctly, they can provide uninterrupted, reliable, and sustainable power supply in areas where ensuring access to such services is difficult through conventional means.

Request a Sample Copy of the Global Market Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/battery-energy-storage-market-100489

Market Driver

Increasing Share of Renewables in Electricity amid COVID-19 to Bolster Market Growth

Despite the COVID-19 pandemic wreaking havoc across the energy & power industry, the share of renewables in electricity has increased even in these challenging times, rising from 26% in 2019 to 28% in 2020, according to the IEA. Furthermore, the IEA observes that several countries, even those that implemented strict lockdowns, experienced record-high shares of variable renewables in electricity consumption in Italy, Germany, Belgium, Hungary, and parts of the US. The main reason attributable to the impressive performance of renewables amid the current crisis, as per IEA’s analysis, is the completion of solar and wind projects in 2019, along with the favorable policies in many countries that support renewables. More importantly, renewables seem relatively insulated from the plummeting demand for energy, which is likely to encourage companies and governments to invest in energy storage systems and harness the full potential of renewables in the future.

Regional Insights

Massive Investments in Renewables to Foster Growth in Asia Pacific

Asia Pacific, with a market size of USD 3.13 billion in 2019, is set to occupy a dominant position in this market owing to the extensive investments made in renewables by South Korea, India, and China. Moreover, these countries are rapidly implementing rural electrification programs, such as India’s Saubhagya Scheme and China’s Village Electrification Program, which has created a huge demand for battery energy storage systems.

In North America, supportive policies framed by state-level authorities to integrate BESS with the existing infrastructure are expected to power the market for BESS in the region. Europe is anticipated to fasten its grip on the battery energy storage market share during the forecast period owing to the EU’s ambitious emission reduction targets and unwavering focus on energy efficiency of the grid.

Request for Customization: https://www.fortunebusinessinsights.com/enquiry/customization/battery-energy-storage-market-100489

 

Industry Developments:

  • August 2020: INFOWARE Zrt. chose the Convert SC Flex storage converters developed by AEG Power Solutions for the micro-grid that INFOWARE is constructing in Békéscsaba, Hungary. This smart-grid project is part of Hungary’s “Modern Cities” program and its object is to meet the energy needs of the city’s sports center area.     
  • April 2020: Clean Power Alliance, an electricity supplier in Southern California, signed its first Energy Storage Agreement (ESA) with the California Public Utilities Commission (CPUC). Named the Luna Storage project, the venture is a standalone 100 MW lithium-ion battery storage undertaking and one of the largest ESAs in the state.

Quick Buy – Battery Energy Storage Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100489

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Collaborative Robots Market Opportunities, Share Analysis Up To 2027

Smart Elevator Market Opportunities, Share Analysis Up To 2027

HVAC System Market 2021 – Industry Size, Share, Dynamics, Status, Outlook and Opportunities: 2027

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About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune – 411045, Maharashtra, India.
Phone:
US :+1 424 253 0390
UK : +44 2071 939123ac
APAC : +91 744 740 1245
Email: [email protected]

Categories
Energy

Battery Energy Storage Industry Growth Factors, Business Developments, Segmentation and Technologies 2020-2027

The global battery energy storage market size is projected to reach USD 19.74 billion by 2027, exhibiting a CAGR of 20.4% during the forecast period. Improving access to electricity across the globe will be a prominent trend shaping the growth trajectory of this market, postulates Fortune Business Insights™ in its report, titled “Battery Energy Storage Market Size, Share & COVID-19 Impact Analysis, By Battery Type (Lithium-Ion Battery, Lead Acid Battery, Flow Battery, and Others), By Connectivity (Off-Grid and On-Grid), By Application (Residential, Non-Residential, Utility, and Others), By Ownership (Customer-Owned, Third-Party Owned, and Utility-Owned) and Regional Forecast, 2020-2027”. According to a 2019 report produced by the International Renewable Energy Agency (IRENA), the International Energy Agency (IEA), the World Bank, the WHO, and the UN, 87% of the global population had access to electricity in 2015 and by 2017 it had risen to 89%. However, the report highlights that approximately 840 million people still lack access to electricity. Battery energy storage systems (BESS) can play a significant role in bringing the electricity to the remotest and the poorest regions of the world. These systems are designed to store surplus energy that can be utilized at a later time and when deployed correctly, they can provide uninterrupted, reliable, and sustainable power supply in areas where ensuring access to such services is difficult through conventional means.

Request a Sample Copy of the Global Market Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/battery-energy-storage-market-100489

Market Driver

Increasing Share of Renewables in Electricity amid COVID-19 to Bolster Market Growth

Despite the COVID-19 pandemic wreaking havoc across the energy & power industry, the share of renewables in electricity has increased even in these challenging times, rising from 26% in 2019 to 28% in 2020, according to the IEA. Furthermore, the IEA observes that several countries, even those that implemented strict lockdowns, experienced record-high shares of variable renewables in electricity consumption in Italy, Germany, Belgium, Hungary, and parts of the US. The main reason attributable to the impressive performance of renewables amid the current crisis, as per IEA’s analysis, is the completion of solar and wind projects in 2019, along with the favorable policies in many countries that support renewables. More importantly, renewables seem relatively insulated from the plummeting demand for energy, which is likely to encourage companies and governments to invest in energy storage systems and harness the full potential of renewables in the future.

Regional Insights

Massive Investments in Renewables to Foster Growth in Asia Pacific

Asia Pacific, with a market size of USD 3.13 billion in 2019, is set to occupy a dominant position in this market owing to the extensive investments made in renewables by South Korea, India, and China. Moreover, these countries are rapidly implementing rural electrification programs, such as India’s Saubhagya Scheme and China’s Village Electrification Program, which has created a huge demand for battery energy storage systems.

In North America, supportive policies framed by state-level authorities to integrate BESS with the existing infrastructure are expected to power the market for BESS in the region. Europe is anticipated to fasten its grip on the battery energy storage market share during the forecast period owing to the EU’s ambitious emission reduction targets and unwavering focus on energy efficiency of the grid.

Request for Customization: https://www.fortunebusinessinsights.com/enquiry/customization/battery-energy-storage-market-100489

 

Industry Developments:

  • August 2020: INFOWARE Zrt. chose the Convert SC Flex storage converters developed by AEG Power Solutions for the micro-grid that INFOWARE is constructing in Békéscsaba, Hungary. This smart-grid project is part of Hungary’s “Modern Cities” program and its object is to meet the energy needs of the city’s sports center area.     
  • April 2020: Clean Power Alliance, an electricity supplier in Southern California, signed its first Energy Storage Agreement (ESA) with the California Public Utilities Commission (CPUC). Named the Luna Storage project, the venture is a standalone 100 MW lithium-ion battery storage undertaking and one of the largest ESAs in the state.

Quick Buy – Battery Energy Storage Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100489

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Power Distribution Unit Market Opportunities, Share Analysis Up To 2026

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Ultrafine Tungsten Wire Market Size, Latest Trend, Growth by Size, Application and Forecast 2025

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune – 411045, Maharashtra, India.
Phone:
US :+1 424 253 0390
UK : +44 2071 939123ac
APAC : +91 744 740 1245
Email: [email protected]

Categories
Energy

Battery Energy Storage Industry Growth Factors, Business Developments, Segmentation and Technologies 2020-2027

The global battery energy storage market size is projected to reach USD 19.74 billion by 2027, exhibiting a CAGR of 20.4% during the forecast period. Improving access to electricity across the globe will be a prominent trend shaping the growth trajectory of this market, postulates Fortune Business Insights™ in its report, titled “Battery Energy Storage Market Size, Share & COVID-19 Impact Analysis, By Battery Type (Lithium-Ion Battery, Lead Acid Battery, Flow Battery, and Others), By Connectivity (Off-Grid and On-Grid), By Application (Residential, Non-Residential, Utility, and Others), By Ownership (Customer-Owned, Third-Party Owned, and Utility-Owned) and Regional Forecast, 2020-2027”. According to a 2019 report produced by the International Renewable Energy Agency (IRENA), the International Energy Agency (IEA), the World Bank, the WHO, and the UN, 87% of the global population had access to electricity in 2015 and by 2017 it had risen to 89%. However, the report highlights that approximately 840 million people still lack access to electricity. Battery energy storage systems (BESS) can play a significant role in bringing the electricity to the remotest and the poorest regions of the world. These systems are designed to store surplus energy that can be utilized at a later time and when deployed correctly, they can provide uninterrupted, reliable, and sustainable power supply in areas where ensuring access to such services is difficult through conventional means.

Request a Sample Copy of the Global Market Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/battery-energy-storage-market-100489

Market Driver

Increasing Share of Renewables in Electricity amid COVID-19 to Bolster Market Growth

Despite the COVID-19 pandemic wreaking havoc across the energy & power industry, the share of renewables in electricity has increased even in these challenging times, rising from 26% in 2019 to 28% in 2020, according to the IEA. Furthermore, the IEA observes that several countries, even those that implemented strict lockdowns, experienced record-high shares of variable renewables in electricity consumption in Italy, Germany, Belgium, Hungary, and parts of the US. The main reason attributable to the impressive performance of renewables amid the current crisis, as per IEA’s analysis, is the completion of solar and wind projects in 2019, along with the favorable policies in many countries that support renewables. More importantly, renewables seem relatively insulated from the plummeting demand for energy, which is likely to encourage companies and governments to invest in energy storage systems and harness the full potential of renewables in the future.

Regional Insights

Massive Investments in Renewables to Foster Growth in Asia Pacific

Asia Pacific, with a market size of USD 3.13 billion in 2019, is set to occupy a dominant position in this market owing to the extensive investments made in renewables by South Korea, India, and China. Moreover, these countries are rapidly implementing rural electrification programs, such as India’s Saubhagya Scheme and China’s Village Electrification Program, which has created a huge demand for battery energy storage systems.

In North America, supportive policies framed by state-level authorities to integrate BESS with the existing infrastructure are expected to power the market for BESS in the region. Europe is anticipated to fasten its grip on the battery energy storage market share during the forecast period owing to the EU’s ambitious emission reduction targets and unwavering focus on energy efficiency of the grid.

Request for Customization: https://www.fortunebusinessinsights.com/enquiry/customization/battery-energy-storage-market-100489

 

Industry Developments:

  • August 2020: INFOWARE Zrt. chose the Convert SC Flex storage converters developed by AEG Power Solutions for the micro-grid that INFOWARE is constructing in Békéscsaba, Hungary. This smart-grid project is part of Hungary’s “Modern Cities” program and its object is to meet the energy needs of the city’s sports center area.     
  • April 2020: Clean Power Alliance, an electricity supplier in Southern California, signed its first Energy Storage Agreement (ESA) with the California Public Utilities Commission (CPUC). Named the Luna Storage project, the venture is a standalone 100 MW lithium-ion battery storage undertaking and one of the largest ESAs in the state.

Quick Buy – Battery Energy Storage Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100489

Other Exclusive Reports:

Workforce Management Market to Surge at 10.1% CAGR till 2026; Growing Uptake of AI- Powered Software to Foster Promising Prospects

Workforce Management Market to Surge at 10.1% CAGR till 2026; Growing Uptake of AI- Powered Software to Foster Promising Prospects

Workforce Management Market to Surge at 10.1% CAGR till 2026; Growing Uptake of AI- Powered Software to Foster Promising Prospects

Workforce Management Market to Surge at 10.1% CAGR till 2026; Growing Uptake of AI- Powered Software to Foster Promising Prospects

Workforce Management Market to Surge at 10.1% CAGR till 2026; Growing Uptake of AI- Powered Software to Foster Promising Prospects

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune – 411045, Maharashtra, India.
Phone:
US :+1 424 253 0390
UK : +44 2071 939123ac
APAC : +91 744 740 1245
Email: sal[email protected]