Battery Energy Storage System Market Is Forecast To Reach $23.4 Billion By 2027

Battery Energy Storage System Market Growth & Trends

The global battery energy storage systems market size is expected to reach USD 23.4 billion by 2027, ascending at a CAGR of 27.2% over the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for backup power supply across various industries along with requirement for improved grid network utilization is likely to drive the market over the forecast period.

Battery energy storage systems find application in several sectors including data centers, telecommunication, industrial, medical, and marine. In addition, growing deployment of renewable energy sources such as wind or solar power generation has led to increased adoption of these storage systems. The system provides constant power supply while compensating for intermittent nature of renewables.

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Battery Energy Storage System Market Segmentation

Grand View Research has segmented the global battery energy storage system market on the basis of application, product, and region:

Battery Energy Storage System Application Outlook (Revenue, USD Million, 2016–2027)

• Telecommunication
• Data Center
• Medical
• Industrial
• Marine
• Others

Battery Energy Storage System Battery Type Outlook (Revenue, USD Million, 2016–2027)

• Flywheel
• Lead acid
• Lithium-ion
• Others

Battery Energy Storage System Regional Outlook (Revenue, USD Million, 2016–2027)

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa

List of Key Players of Battery Energy Storage System Market

• ABB
• LG Chem Ltd.
• Panasonic Corporation
• Samsung SDI
• BYD Company Limited
• Contemporary Amperex Technology Co. Limited
• Exide Technologies
• General Electric
• Enersys
• Nissan
• AES Energy Storage
• Hoppecke Batteries Inc.
• Tesla