May 18, 2021
According to the research report titled ‘Global Advanced Battery Energy Storage System Market Size study, by Technology (Solid State Batteries, Flow Battery, Thermal Energy Storage, Pumped Hydro Storage), by Application (Residential, Commercial, Industrial, Utility) and Regional Forecasts 2020-2027’, global advanced battery energy storage system market was remunerated USD 151.96 billion in 2019 and is projected to expand at 4.8% CAGR over 2020-2027, accumulating USD 221.12 billion by the end of the forecast timeframe.
Growing adoption of clean energy sources and increasing focus on enhancing cost competitiveness of the power grid by ensuring high stability are the key factors stimulating global advanced battery energy storage system market growth.
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Citing an instance, in October 2019, the government of Saudi Arabia announced a funding worth USD 28 billion for a renewable energy initiative, which includes a loan of up to 1.2 billion riyals (USD 0.32 billion) for clean energy projects. Hence, rising funding and grant availability for renewable energy projects are likely to boost demand in global advanced battery energy storage systems market.
Notably, battery energy storage systems can store a significant amount of energy from renewable sources like the wind and sun. This ensures supply to power grids by using renewable, natural sources, and subsequently saves money on electricity production and prevents pollutants from entering the atmosphere.
Power storage has the advantage of quick response, and when compared to fossil fuels, storage technologies can produce energy much faster. This is beneficial, particularly as the demand for electricity increases and exceeds the supply.
Soaring demand for technologically advanced grid infrastructure and rising production and sales of automotive vehicles are further adding impetus to worldwide advanced battery energy storage system industry expansion. On the downside, environmental safety concerns and high capital investment are anticipated to hamper the remuneration scope of the industry.
Geographically, Asia Pacific holds significant portion of global advanced battery energy storage system market share, owing to presence of major vendors and increasing government support to implement advanced solutions in grid network. In addition, mounting demand for power across developing economies like India and China, along with escalating application of these systems in electric vehicles are creating lucrative prospects for the regional market expansion.