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, at a CAGR of 13.7% during the forecast period. The major factors driving the battery energy storage industry include the growing need for continuous power from critical infrastructure sectors and the rising need to integrate renewable energy sources and rural electrification.
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COVID-19 Impact on the Battery Energy Storage Market by Application (Residential, Nonresidential, and Utilities) and Region – Global Forecast to 2021
The utilities segment is expected to account for the largest share in the global battery energy storage industry during the forecast period. 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 they provide, battery energy storage systems also offer reliable interconnections in neighboring power systems. The utility-owned segment is mainly being driven by increasing financial incentives and regulatory supports from the governments globally. The current utility-owned energy storage systems are affected primarily by the COVID-19 pandemic. Most of the projects in China, the US, Germany, and South Korea are delayed, and the companies are facing short-term operational issues due to supply chain constraints and lack of site access due to the COVID-19 outbreak.
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The Asia Pacific region is projected to be the fastest growing market for battery energy storage during the forecast period. The market in Asia Pacific is expected to witness a moderate decline due to COVID-19 during the forecast period. The region is the largest market for battery energy storage systems and home to some of the fastest growing economies in the world. Asia Pacific also plans for electrification in remote areas, which are majorly off-grid in several countries. The governments of various countries are focusing 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.
Key questions addressed by the report:
- Who are the major market players in the battery energy storage market?
- What are the regional growth trends and the largest revenue-generating regions for the battery energy storage industry?
- What are the key regions and industries that are projected to witness significant growth in the battery energy storage market?
- What is the impact of COVID-19 outbreak across various stakeholders in the supply chain of the battery energy storage market during the forecast period?
- What strategies are market players undertaking to sustain in the market?
