How big is the Battery Energy Storage System Market?
The global battery energy storage systems market size was valued at USD 3.4 billion in 2019 and is projected to witness a compound annual growth rate (CAGR) of 27.2% over the forecast period. Rising demand for reliable and continuous power supply from end-use sectors such as industrial, telecom, data centers, marine, and medical are expected to strengthen the market over the forecast period.
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In the U.S., the market is projected to witness prominent growth on account of an increasing number of battery energy storage system manufacturers across the country. For instance, U.S. based electric services company NextEra Energy has integrated a 10-MW capacity battery storage with a large scale solar power plant, providing clean energy through a solar-plus-storage facility.
The cost of lithium ion batteries has decreased by 80.0% between 2010 to 2019 reaching approximately $200/kWh for small installations and is predicted to reach $96/kWh within the next seven years. Lithium-ion batteries offer the best option today in terms of cost, performance, calendar and cycle life, and technology maturity.
Segments Covered in the Report
This report forecasts revenue growth at global, regional, country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global battery energy storage systems market on the basis of application, battery type, and region:
- Application Outlook (Revenue, USD Million, 2016–2027)
- Telecommunication
- Data Center
- Medical
- Industrial
- Marine
- Others
- Battery Type Outlook (Revenue, USD Million, 2016–2027)
- Flywheel battery
- Lead acid battery
- Lithium-ion Battery
- Others
