ALBANY, New York, July 18, 2017: In a recent market research report, Transparency Market Research provides a detailed description of the global battery energy storage systems market. The report is titled “Battery Energy Storage System Market – Global industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025.” The report offers forecast of the global market between the years of 2017 and 2025. The demand for various sources of renewable energy has been rising consistently, creating a positive impact on the battery energy storage system markets. The production tools of renewable energy such as wind turbine and solar cells utilizes battery energy storage systems to ensure seamless operations. Thus, a shifting focus toward renewable energy is likely to bolster the growth of the global battery energy storage system market.
The consistent demand for battery energy storage systems have been accelerated because of the electrification grids where a huge extent of renewable sources have been used. The report presents a complete overview of the battery energy storage system and provides data about the current state of the market and its future growth prospects. The latest trends such as utilizing renewable energies and plenty number of industrial belts have been anticipated to widen the growth in the market. China and India gets substantial government support for rural electrification.
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The transportation segment is expected to present promising growth opportunities over the forecast owing to the vast rise in use of electric vehicles. The demand for the system is likely to increase owing to the rapid rise in use of wind energy and power plants based on solar energy over the coming years.
On the basis of connection type, the battery energy storage market can be segmented into off-grid and on-grid. The battery energy storage system is considered as one of the most desirable method of distributing and generating power energy. The on-grid energy storage system gets legal support for installing essential capacity in storage and for desirable infrastructure. The off-grid energy storage system is mostly demanded by the countries where the solar radiation is extremely high.
According to the report, a substantial extent of space is required for battery energy storage systems. On the basis of geography, the concerned market can be divided into Europe, Asia Pacific, Latin America, Middle East, and North America., A prominent share is held by Asia Pacific in this particular market because of the continuous rising numbers of housing units in the region. Factors such as rapid urbanization and growing population are expected make key contributing factors in this regional market.
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The report highlights the competitive landscape of the market and gives an accurate idea about effective challenges faced by the market in using plug-in hybrid and battery electric vehicles through this system. The report provides a section on key vendors such as General Electric Co., Tesla Motors Ltd, ABB Ltd, and Siemens AG, who are operating in the market.
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