2024-08-02
The global batery energy storage market size is estimated to be UsD7.8 bion in 2024and is prjectedto reach UsD 25.6 biion by2029, ata CAGR of 28.9% duning the forecast period. BateryEnergy Storage Systems (BESS) are rechargeable systems that store energy from vanous sources and release it as needed. Comprising one or more baienes BESS helps balance the electric arid, provides backup power, and enhances grid stability.
·The growth of the battery energy storage system market in Asia Pacific can be attributed to the growing trend of electrification of remote areas.
·The growth of this market can be attributed to the increasing renewable energy generation and integration in the grid to reduce carbon footprint.
·The reduction of li-ion battery prices to further boost the demand for battery energy storage systems in the coming years.
·Product launches,collaborations, and contracts are expected to offer lucrative growth opportunities for market players during the forecast period.
·The utility application segment is anticipated to bolster the market growth of the battery energy storage system.
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