Sorotec Has 20 Years Manufacturing Experience In Power Supply
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Sorotec Has 20 Years Manufacturing Experience In Power Supply
According to an analysis by Future Market Insights, a market research and consulting firm, the battery energy storage system market is expected to be worth $64.92 billion in 2032, growing at a CAGR of 27.9% during the forecast period.
The expansion of the global energy storage market can be attributed to continued grid modernization, increasing penetration of lithium-ion batteries in the renewable energy sector, trend towards adoption of a low-carbon, fossil-free economy, growing demand for grid-scale energy storage systems, and The ongoing renewable energy revolution.
The most common renewable energy sources that battery storage systems store on the grid are solar and wind. However, when there is insufficient sunlight or wind, its power generation process is interrupted. Also, on the other hand, the large financial investments required to build battery energy storage systems are limiting the expansion of the energy storage industry.
As a result, grid operators need to deploy flexible grid solutions for energy storage systems, and modern grids increasingly use battery storage technology.
However, the sudden outbreak of the Covid-19 pandemic has hampered the growth of energy storage deployments. In 2021, there will be fewer battery storage systems installed around the world. Additionally, the closure of global manufacturing facilities in the first and second quarters of 2020 resulted in a lower growth rate for the energy storage market in 2020.
Some countries are working on developing remote areas, such as remote rural and peri-urban areas and islands cut off from the grid. While bringing electricity to rural and remote areas is called rural electrification, achieving rural electrification can benefit from battery energy storage systems.
Due to the factors mentioned above, the global battery energy storage systems market size is likely to increase to USD 15.1 billion by 2027.
Lithium-ion batteries held the most significant market share in 2021 and are expected to continue throughout the forecast period.
In 2021, grid-connected energy storage systems will account for the largest share of the battery energy storage systems market and are expected to register a high CAGR during the forecast period. Lower energy bills for customers who rely on the power system for power are likely to drive growth in the segment.
In 2021, the utility application market is growing rapidly. The need to meet peak electricity demand is a fundamental factor driving the growth of the utility sector.
From 2022 to 2027, the Asia-Pacific market is expected to grow at the fastest rate. The region will hold the largest share of the battery energy storage systems market by 2021.
The global battery market is dominated by companies such as BYD Co., Ltd. (China), Samsung SDI Co., Ltd. (South Korea), LG Energy Solutions Co., Ltd. (South Korea), and Panasonic Corporation (Japan).
Significant investments by key players can positively contribute to the battery energy storage systems market.
Samsung SDI Co., Ltd. announced the launch of a new battery brand PRiMX in December 2021, providing consumers with quality, performance and clear advantages, which means that the battery technology developed by the company brings convenience to users. In Korea and Europe, the brand has been trademarked and will soon be registered in the United States.
LG Energy Solutions and Siemens AG signed a Memorandum of Understanding (MoU) in December 2021 to collaborate on battery manufacturing, especially the digitization of the manufacturing process. As a result of this strategic relationship, LG Energy Solutions Inc. uses innovative technologies at its factories to create smart battery manufacturing methods.
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