Allied Market Research published a report on the Lithium-Ion Battery Energy Storage System Market by Connection Type, and Application: Global Opportunity Analysis and Industry Forecast, 2021-2031.
The global lithium-ion battery energy storage system market was valued at $4.5 billion in 2021, and is projected to reach $17.1 billion by 2031, growing at a CAGR of 15% from 2022 to 2031.
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A lithium-ion battery energy storage system is an electrochemical device that charges or collects energy from the grid or a power plant and then discharges that energy later to provide electricity or other grid services when needed. Battery storage is an important technology that can enhance power system flexibility and enable high levels of renewable energy integration.
Modern lithium-ion battery energy storage systems usually include a built-in inverter and computerized control systems that make them simple to install, largely maintenance-free and do not require any effort or expertise from the user. Battery energy storage systems have a wide range of end-users for both commercial and residential purposes. Commercial end-users include peak shaving, load shifting, emergency backup, and various grid services. Residential end-users include self-consumption, off-grid homes, and emergency backup.
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Competitive Analysis:
The competitive environment of the lithium-ion battery energy storage system market is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, lithium-ion battery energy storage system market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Some of the major key players of the lithium-ion battery energy storage system industry include:
- Panasonic Corporation
- Toshiba Corporation
- Honeywell International Inc.
- LG Electronics Inc.
- Siemens AG
- Samsung Electronics Co Ltd.
- ABB Ltd.
- Jakson Group
- Parker Hannifin Corporation
- Hitachi Ltd.
Some of the prime drivers of the lithium-ion battery energy storage system industry are rise in demand for energy resources across developed and developing nations along with the growing concerns to ensure energy security. Moreover, the lithium-ion battery energy storage systems are becoming an integral part of grid modernization as they help grid operators to save electricity when the electricity generated exceeds the electricity demand.
However, the high capital expenditure required for installing lithium-ion battery energy storage systems is a restraining factor for the growth of the market. On the contrary, significant decrease in prices of lithium-ion batteries and the surge in number of rural electrification projects worldwide are anticipated to provide lucrative opportunities for the lithium-ion battery energy storage system industry during the forecast period.
The on-grid segment was the highest contributor to the market in 2021, owing to widespread support for renewable energy and carbon reduction. In addition, increasing virtual power plants network such as solar PV systems, energy storage system, and demand response. The Industrial segment was the highest revenue contributor to the lithium-ion battery energy storage system market.
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Key Benefits for Stakeholders:
- This study comprises analytical depiction of the lithium-ion battery energy storage system market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall lithium-ion battery energy storage system market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The lithium-ion battery energy storage system market forecast is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.
- The Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the lithium-ion battery energy storage system market.
- The report includes the share of key vendors and market trends.
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