Post COVID-19, the report "COVID-19
Impact on Battery Energy Storage Market by Application (Residential,
Nonresidential, and Utilities) and Region - Global Forecast to 2021",
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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The utilities application segment is projected to account for the largest
share in the Battery Energy Storage Market during the forecast period
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.
Browse in-depth TOC on "COVID-19 Impact on Battery
Energy Storage Market"
20 – Tables
11 – Figures
52 – Pages
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The Asia Pacific region is projected to be the fastest growing market
for 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 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.
Browse Related Reports:
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Battery Market by Type (Lithium-Ion, Lead Acid, Flow Battery,
Sodium-Based), Ownership-Model (Third-Party, Utility), Application (Renewable
Integration, Peak Shift, Ancillary Services, Back-Up Power), and Region -
Global Forecast to 2023
Residential
Energy Storage Market by Power Rating (3–6 kW & 6–10 kW), Connectivity
(On-Grid & Off-Grid), Technology (Lead–Acid & Lithium-Ion), Ownership
(Customer, Utility, & Third-Party), Operation (Standalone & Solar),
Region - Global Forecast to 2024
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Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : +1-888-600-6441
Email: newsletter@marketsandmarkets.com
