Battery Energy Storage Systems Market is Expected to Reach\ US Bn To 2026
Posted by pranav suryawanshi on September 25th, 2019
The global battery energy storage systems market features a highly consolidated landscape with small number of players accounting for a large share in the market, reports Transparency Market Research (TMR). Prominent players in the market comprise Tesla, Panasonic, and LG Chem. Additionally, there are several new companies such as General Electric and Fluence trying to emerge in the market. Key players in the battery energy storage systems market are engaging in research and development activities to expand their footprints globally.
Due to growing demand and rapid industrialization, battery energy storage systems market has witnessed major technological advancements. Researchers are developing new battery structures and compositions to push the performance of battery and enhance its sustainability. They are also working on reducing the cost of lithium-ion batteries to expand its consumer base. They are replacing the expensive cobalt with nickel or manganese which are comparatively cheaper. Prominent players in the market continue to diversify their product applications to increase their revenue share in the market. Some of the key companies engage in collaborations and contracts to gain a competitive edge in the global battery energy storage systems market.
Several emerging economies are promoting the use of renewable energy sources. Governments are taking initiatives to educate people regarding environmental concerns and the need for the use of renewable energy sources. This has led to an increase in adoption of battery energy storage systems, thereby propelling the global battery energy storage systems market. Developed nations such as the U.S. are investing in renewable energy projects such as solar power plants to promote its use.
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Joined: September 19th, 2019
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