The battery energy storage system market is projected to grow from USD 1.98 Billion in 2018 to reach USD 8.54 Billion by 2023, at a CAGR of 33.9% between 2018 and 2023. The key factors driving the growth of the market contain the growing demand for grid-connected solutions, high request for the lithium-ion technology in the renewable energy industry, and declining prices of lithium-ion batteries. However, the installation of battery energy storage systems in isolated locations is one of the challenges for the players in the market.
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The market for flow batteries is projected to grow at the highest CAGR between 2018 and 2023. The flow batteries are considered safer than most usually used lithium-ion batteries as they can resist higher temperatures and longer periods of idleness. Compared with lithium-ion batteries, vanadium redox flow batteries (VRB) are non-flammable and environment-friendly, have a extended lifespan, and maintain 90% of their capacity over 20 years, resulting into the reduction of the total cost of ownership.
The battery energy storage system market in APAC is projected to grow at the highest CAGR between 2018 and 2023. APAC is progressively becoming a hub for the battery energy storage system industry, and the demand for these systems from China, India, and Japan is gradually increasing.
In December 2017, Hyundai planned to build and install a 150 MW energy storage battery near Ulsan, at the southeast coast of South Korea. Hyundai plans to build its battery energy storage system, which will be ~50% bigger than Tesla's 129 MWh grid storage battery installed in South Australia. The government of South Australia has invested USD 113.6 million in November 2017 for 4 utility-scale energy storage projects, and one of these 4 has the battery energy storage system deployed in it. Such developments and investments are fostering the growth of the battery energy storage system market in APAC.
The major players operating in the battery energy storage system market are 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), and Tesla (US).
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Category: Battery & Fuel Cell