The global battery energy storage systems market features a highly consolidated landscape with small number of players accounting for a large share in the market, reports Transparency Market Research (TMR). Prominent players in the market comprise Tesla, Panasonic, and LG Chem. Additionally, there are several new companies such as General Electric and Fluence trying to emerge in the market. Key players in the battery energy storage systems market are engaging in research and development activities to expand their footprints globally.
Due to growing demand and rapid industrialization, battery energy storage systems market has witnessed major technological advancements. Researchers are developing new battery structures and compositions to push the performance of battery and enhance its sustainability. They are also working on reducing the cost of lithium-ion batteries to expand its consumer base. They are replacing the expensive cobalt with nickel or manganese which are comparatively cheaper. Prominent players in the market continue to diversify their product applications to increase their revenue share in the market. Some of the key companies engage in collaborations and contracts to gain a competitive edge in the global battery energy storage systems market.
Increasing Adoption Renewable Energy Sources to Drive the Market’s Growth
Several emerging economies are promoting the use of renewable energy sources. Governments are taking initiatives to educate people regarding environmental concerns and the need for the use of renewable energy sources. This has led to an increase in adoption of battery energy storage systems, thereby propelling the global battery energy storage systems market. Developed nations such as the U.S. are investing in renewable energy projects such as solar power plants to promote its use.
Furthermore, factors such as increasing power outages have fostered the growth of global battery energy storage systems market. Moreover, favourable battery storage industry policies have expedited the market’s growth. For instance, Japan develops battery storage industry policies that promote the adoption of battery energy storage systems. Additionally, increasing demand for grid-connected solutions has driven battery energy storage system’s growth.
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Factors such as high capital investment and the risk of internal substitution due to introduction of new product lines may hinder the market’s growth. However, perpetual research and development activities to enhance the efficiency and shelf life of the battery may lessen the effects of the restraints, thereby contributing to the expansion of global battery storage systems market.
Electric Mobility to Present New Growth Opportunities for the Market
Governments and regulatory bodies of a number of companies have introduced limitations on the emission of carbon dioxide. This has resulted in an increasing adoption of electric mobility which requires efficient energy storage systems. This has presented significant growth opportunities for the global battery storage systems market. Emerging economies such as China are increasingly focusing on the development and adoption of electric cars to lessen the carbon dioxide emission. Further, implementation of policies such as net metering 2.0 which lets consumers produce their own electricity and use it anytime have increased the growth prospects of the market.