November, 2024
The battery energy storage system market provides solutions to store energies derived from batteries. This market deals in storing energies of different batteries, including lithium-ion batteries, lead-acid batteries, flow batteries, and others. The growing emphasis on designing various BESS devices is expected to propel the market growth. This market is driven by rising developments related to off-grid connectivity. Also, BESS companies have started opening new battery storage facilities worldwide, which is likely to boost the growth of the battery energy storage system market.
The rising advancement in 3D Li-metal anodes and solid-state batteries is expected to create growth opportunities for the market players in the upcoming days. In April 2024, Schneider Electric launched a battery energy storage system. This system is designed to optimize several microgrid operations.
This market comprises several players such as GE (U.S.), ABB (Switzerland), Samsung SDI (South Korea), Hitachi Chemical Co., Ltd. (Japan), Siemens Energy (Germany), and others. Siemens Energy is a leading company operating in this industry with market revenue of US$ 153.54 million from the grid technologies segment. General Electric is another major brand in this market that generated around 57% revenue from other region segments and 43% from the U.S. in 2023. The market is expected to grow due to a growing demand for electric vehicles, especially in the Asia Pacific. In August 2024, Foxconn announced the opening of a new battery energy storage facility in India. This new facility is inaugurated to cater to the demands of digital health, robotics, and electric vehicles.
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