The global battery energy storage system market is estimated to grow at a CAGR of 37.0% between 2016 and 2022 and is expected to reach USD 6.81 billion by 2022. The factors driving the battery energy storage system market are the increasing demand for grid-connected solutions, growing electric vehicle market, high requirement of lithium-ion batteries in various applications, and government support are expected to boost the growth of the battery energy storage system market.

Complete report on Battery Energy Storage System Market spread across 178 pages, with 75 tables and 75 figures

“Electric vehicles to gain maximum traction during the forecast period”

The residential and transportation application areas offer a huge growth potential for battery energy storage system. The electric vehicles are expected to gain traction as they are zero-emission vehicles and produce no direct emissions. The BEVs use no other fuel and widespread use of these vehicles could dramatically reduce the petroleum consumption. These factors are expected to drive the high adoption of electric vehicles, thereby supporting the growth of the battery market. Major countries have defined their long-term targets for electric vehicles deployment. It is estimated that around 20 million electric vehicles would be on road globally by 2020. Major countries contributing to the electric vehicle sale sare China, the U.S., Japan, Spain, France, Germany, Portugal, the Netherlands, and India.

“Asia-Pacific expected to grow at a high CAGR by 2022”

North America is estimated to hold the largest market share by 2022; however, APAC is expected to grow at a high CAGR between 2016 and 2022. The major factor driving the growth of the battery energy storage system market in APAC is the growing number of battery energy storage system installations and electric vehicle market. According to USGS, the highest number of mine production of vanadium flow batteries was contributed by China in 2013 and 2014. These factors are expected to drive the growth of battery energy storage system in this region.

Several primary interviews have been conducted with market experts across four major geographies, namely, North America, Europe, Asia-Pacific, and Rest of the World (Middle East, Africa, and Latin America).

The companies involved in the development of the battery energy storage system market include ABB Ltd. (Switzerland), AEG Power Solutions (The Netherland), General Electric Co. (U.S.), Hitachi ltd (Japan), LG Chem. (South Korea), NEC Corporation (Japan), Panasonic Corporation (Japan), Samsung SDI Co., ltd. (South Korea), Siemens AG (Germany), and Tesla Motors ltd. (U.S.).

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