The global battery energy storage market is expected to grow to $ 13.13 billion by 2023. GlobalData, a world-renowned research institution, revealed in its latest research report that the Asia-Pacific region (APAC), Europe, the Middle East and Africa (EMEA) will become the battery during the forecast period. The main market for energy storage systems.
GlobalData believes that the decline in technology prices and faster development of the power market are the main driving factors for energy storage batteries.
As countries are increasing investment to improve their grid infrastructure and market structure to attract foreign investment, the Asia-Pacific region will continue to be the world's largest regional market, and its market size is expected to reach US $ 6.05 billion by 2023. In terms of technology, lithium-ion batteries will Continue to be the technology of choice for market deployment.
"The United States has been the largest market for battery energy storage systems (BESS) in terms of cumulative installed capacity and market value of projects installed in 2018, and is likely to continue to lead the country," said Bhavana Sri, a power analyst at GlobalData. Market. The US battery energy storage market is expected to reach $ 2.96 billion in 2023, accounting for 23% of the global market. "
The Asia-Pacific region is the largest regional market for battery energy storage systems. In 2018, it accounted for 45% of the global market installed capacity. It is expected that the region will also maintain its highest share during the forecast period. With the substantial increase in the number of grid-connected renewable power plants, countries such as China, India, Japan, South Korea, and the Philippines will focus on grid frequency adjustments to regulate changes in renewable energy generation.
The market value of the EMEA battery energy storage market in 2018 was approximately $ 1.73 billion, accounting for 26% of the global market. Demand for grid flexibility is strong in the region due to technological advances, changing market conditions, strong research facilities and supportive policies. The Middle East and Africa are small markets, and once renewable power generation gains significant traction in the market, the demand for storage is expected to increase.
The American battery energy storage market in 2018 had a market value of approximately $ 1.97 billion in 2018, accounting for 28%. The battery energy storage market in the region is growing, and countries such as the United States, Chile, Canada and Brazil are promoting battery storage installations across consumer groups. Several U.S. state governments have issued strong incentive programs, most notably California, which has set a 1.3GW energy storage target by 2020, which has now been exceeded and new targets are awaiting approval .
Bhavana Sri concludes: "As countries actively promote grid modernization and develop their ability to respond to current and future needs, batteries are being deployed to support smart grids, integrate renewable energy, create responsive power markets, provide ancillary services, and improve System resilience and energy self-sufficiency. "
Overall, market conditions are improving, and more and more companies are entering the deployment of distributed power grids, spurring increased on-site deployment of renewable energy and batteries. At the same time, supportive policies and high electricity bills have also driven market demand for renewable energy and / or storage and end-consumer levels. As the power industry continues to develop to adapt to new technologies and different market trends, energy storage will play a central role in the transformation of the power industry.