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The utilities segment is projected to grow at a higher growth rate than the other applications during the forecast period
MarketsandMarkets projects that the global battery energy storage market size is projected to grow from USD 5.7 billion in 2020 to USD 7.3 billion by 2021 during the forecast period. The utilities segment is likely to account for the largest share in the battery energy storage market, by application. According to the US EIA and NREL, utility-owned battery energy storage systems play a crucial role in the operations of current and future energy generation mix of a country. In addition to the system flexibility it provides, a battery energy storage system also offers reliable interconnections in neighboring power systems. The utilities segment is mainly being driven by the increasing financial incentives and regulatory supports from the governments globally.
Asia Pacific is projected to be the largest and fastest growing battery energy storage market during the forecast period
The Asia Pacific region is projected to be the fastest growing market for battery energy storage during the forecast period. The market in the region is expected to witness a moderate decline during the forecast period due to the COVID-19 pandemic. The region is the largest market for battery energy storage and home to some of the fastest growing economies in the world.
Asia Pacific also plans for electrification in remote areas, which are mainly off-grid in several countries. The governments of various countries in this region focus on minimizing the adverse effects of the energy sector on the environment. Some of the major battery energy storage system manufacturers based in Asia Pacific are Samsung SDI, LG Chem, Hitachi, Panasonic, and NEC Corporation.
In-depth interviews were conducted with CXOs, managers, and key executives from various key organizations operating in the battery energy storage market.
- By Company Type:Tire 1: 46%, Tire 2: 31%, and Tire 3: 23%
- By Designation: Managers: 42%, CXOs: 37%, and Executives: 21%
- By Region: Asia Pacific: 21%, Europe: 24%, North America: 49%, and RoW: 6%
The battery energy storage market includes major players, such as 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), Tesla (US), and Schneider Electric (France). The study includes COVID-19-focused profiles and analysis of these players in the battery energy storage sector, with their company profiles, recent developments, and the key market strategies.
The study covers the battery energy storage market across segments. It aims at estimating the market size and its growth potential across different segments such as application and region. The study also includes an in-depth COVID-19-focused profiles and analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies to cater to the growing market demand during the current pandemic.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall battery energy storage market and sub segments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report will also help the stakeholders to understand the pulse of the market and will provide them with information on key market drivers, restraints, challenges, and opportunities.