Growing adoption of lithium-ion batteries in renewable energy sector owing to their low costs and improved performance is expected to favour the rise in the global battery energy storage systems for smart grid market
Reports and Insights has published a new report titled, “Battery Energy Storage Systems for Smart Grid Market: Opportunity Analysis and Future Assessment 2020-2028”
Global Battery Energy Storage Systems for Smart Grid Market, By Element (Battery, Power conversion system, Battery management system, Others), By Application (Residential, Commercial & Industrial, Utilities), By Battery Type (Lithium-Ion, Flow Batteries, Lead Acid Batteries, Others), By Connection Type (On-Grid, Off-Grid), By Ownership (Customer-Owned, Third-Party-Owned, Utility-Owned), By Energy Capacity (Below 100 MWh, Between 100 and 500 MWh, Above 500 MWh) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global battery energy storage systems for smart grid market in 2020 is estimated for more than US$ xx Bn and expected to reach a value of US$ xx Bn by 2028 with a significant CAGR of xx%.
A smart grid implies technology applications that will enable a simpler incorporation and greater penetration of renewable energy. To put it briefly, the digital technology that enables two-way communication among the utility and its consumers, and the detection along the transmittance lines is what molds the grid into a “smart” grid. Also, it is considered crucial for propelling the development and comprehensive application of plug-in hybrid electric vehicles (PHEVs) and their possible use as storage for the grid.
Energy storage has the potential to provide more pliability and counterbalance to the grid, offering a backup to spasmodic renewable energy. Narrowly, it has the capacity to enhance the administration of distributing networks, lower the costs and enhance the entire efficiency. In this manner, the energy storage systems of smart grids can relieve the market advent of renewables, boost the decarburisation of the electricity grid, enhance the efficacy and safety of electricity distribution and transmission, balance and equalize market prices for electricity, whilst also making sure a greater protection of energy supply. Owing to all such factors, the global battery energy storage systems for smart grid market is projected to witness significant growth over the forecast period.
Moreover, battery energy storage systems have the potential to offer various lucrative opportunities, on condition that reduced costs can be acquired. The battery energy storage systems enable for improved usage of renewable energy. In addition to that, it provides additional protection, less dependency on the grid and minimizes electricity bills. Attributing to which, the global battery energy storage systems for smart grid market is estimated to grow rapidly in the coming years.
Reports and Insights Study identifies some of the key participating players in the battery energy storage systems for smart grid market globally are ABB Ltd. LG Chem Ltd, Panasonic Corporation, Samsung SDI Co., Ltd., Siemens AG, General Electric, Hitachi, Ltd., Tesla, Inc., Toshiba Corporation, AEG Power Solutions among others.
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