The rising global demand for electric vehicles, rising consumer demand for electronics, and increasing policy push for sustainable use of energy are expected to emerge as key drivers for growth in the battery energy storage market. The market will grow at a robust 12.0% CAGR during 2018-2026, with its valuation rising from US$9 bn in 2017 to an all-time high with large investments by China and the US in sustainable energy.
Recently released battery energy storage system market report by TMR, will focus on various technologies in the market including Lithium-ion batteries, Sodium sulphur batteries, Nickel cadmium batteries, flow batteries, sodium-ion batteries. Among these, the lithium-ion batteries segment is likely to witness highest growth, thanks to its widespread use in electric vehicles, and smartphones. The growth of 5G will also create significant opportunities in the battery energy storage system market with expected rise in sales of smartphones.
The rise in adoption of sustainable energy globally is expected to remain a major growth driver during the forecast period. Among regions, Asia Pacific, and North America will remain at the forefront of growth as both countries have supported key initiatives to support electric vehicle development infrastructure, and innovative products in the region continue to drive demand.
Rise in Demand in Residential Sector to Boost Growth
The UK is on a quest to install smart meters in homes countrywide. The country plans on sourcing half of its current energy usage from renewables by 2021. As planned by the National trust, UK will witness an installation of 53 million new meters in 26 million homes. The new meter will not help power sustainable energies but also bring in more transparency, and efficiency in usage of energy. The rising demand for energy-efficiency is expected to drive demand for energy-efficiency storage systems like batteries. The rising demand for storage of energies, and increasing usage of smart home-appliances will drive demand for power-backups. Power-backups are essential component of electrical infrastructure as without these, expensive smart gadgets are at higher risk of electrical fluctuations, and these can be essentially for smart grids also.
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Electric Vehicles are on the Move to Drive Growth in the Battery Energy Storage System Market
China’s largest electric vehicle manufacturer, BYD has secured a contract to deliver 259 green buses to Netherlands. The company has received first of its kind-order from Europe, for a Chinese company. Similarly, Tesla has been shortlisted by China among foreign companies, the government will help support to boost electric infrastructure in the country. The developments are promising for players in the battery energy storage system market. Electric vehicles with their heavy usage of electric energy, and next-gen connected systems, will require advanced battery energy storage systems. The rising demand and support for electric vehicles worldwide will drive create several opportunities for growth for players in the battery energy storage system market.
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