PUBLISHER: Allied Market Research | PRODUCT CODE: 1266538
PUBLISHER: Allied Market Research | PRODUCT CODE: 1266538
Lithium-ion batteries are widely used in the battery energy storage system market. Battery maintenance is minimal with lithium-ion. There is no memory, and the battery doesn't need to cycle on a timetable. The growth of the lithium-ion battery energy storage system market is majorly driven by an increase in demand for renewable energy sources along with rise in concerns among the governments of several nations about the adverse effects climate change. A rapid shift toward low carbon energy generation is witnessed round the globe which plays a vital role in fueling the growth of the lithium-ion battery energy storage system market.
However, the high capital expenditure required for installing lithium-ion battery energy storage systems is acting as a prime restraint of the battery energy storage system market. On the contrary, rise in number of rural electrification projects worldwide is anticipated to provide lucrative opportunities for the lithium-ion battery energy storage systems industry during the forecast period.
The lithium-ion battery energy storage system market is segmented based on connection type, application, and region. The connection type segment is bifurcated on grid and off grid. By application, the market is further divided into commercial, industrial, and residential.
Region wise, the lithium-ion battery energy storage system market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Poland, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Thailand, Philippines, Indonesia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The key players operating in the lithium-ion battery energy storage system market include: Toshiba Corporation, Parker Hannifin Corporation, Jakson Group, Siemens AG, Hitachi Ltd., Honeywell International Inc., LG Electronics Inc., Samsung Electronics Co Ltd, Panasonic Corporation, and ABB Ltd.