Battery Energy Storage Market to be Valued at $5.7B in 2020 and $7.3B in 2021 (COVID-19 Adjusted)

DUBLIN, May 29, 2020 /PRNewswire/ -- The "COVID-19 Impact on the Battery Energy Storage Market by Application (Residential, Nonresidential, and Utilities) and Region - Global Forecast to 2021" report has been added to ResearchAndMarkets.com's offering.

The global battery energy storage market is projected to grow from USD 5.7 billion in 2020 to USD 7.3 billion by 2021

The study covers the battery energy storage market across segments. It aims at estimating the market size and its growth potential across different segments such as application and region. The study also includes an in-depth COVID-19-focused profiles and analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies to cater to the growing market demand during the current pandemic.

The utilities segment is projected to grow at a higher growth rate than the other applications during the forecast period

The utilities segment is likely to account for the largest share in the battery energy storage market, by application. According to the US EIA and NREL, utility-owned battery energy storage systems play a crucial role in the operations of current and future energy generation mix of a country. In addition to the system flexibility it provides, a battery energy storage system also offers reliable interconnections in neighboring power systems. The utilities segment is mainly being driven by the increasing financial incentives and regulatory supports from the governments globally.

Asia Pacific is projected to be the largest and fastest-growing battery energy storage market during the forecast period

The Asia Pacific region is projected to be the fastest-growing market for battery energy storage during the forecast period. The market in the region is expected to witness a moderate decline during the forecast period due to the COVID-19 pandemic. The region is the largest market for battery energy storage and home to some of the fastest-growing economies in the world.

Asia Pacific also plans for electrification in remote areas, which are mainly off-grid in several countries. The governments of various countries in this region focus on minimizing the adverse effects of the energy sector on the environment. Some of the major battery energy storage system manufacturers based in Asia Pacific are Samsung SDI, LG Chem, Hitachi, Panasonic, and NEC Corporation.

The battery energy storage market includes major players, such as ABB (Switzerland), LG Chem (South Korea), NEC (Japan), Panasonic (Japan), Samsung SDI (South Korea), AEG Power Solutions (Netherlands), General Electric (US), Hitachi (Japan), Siemens (Germany), Tesla (US), and Schneider Electric (France). The study includes COVID-19-focused profiles and analysis of these players in the battery energy storage sector, with their company profiles, recent developments, and the key market strategies.

Key Topics Covered

1 Introduction
1.1 COVID-19
1.2 Confirmed Cases and Deaths by Geography

2 Covid-19 Impact Battery Energy Storage Ecosystem
2.1 Value Chain of Battery Energy Storage Industry
2.2 Impact on Value Chain
2.2.1 Raw Materials/Suppliers
2.2.2 Battery Manufacturer
2.2.3 Power Conversion Supplier
2.2.4 Software Supplier
2.2.5 Energy Storage System Supplier
2.2.6 Energy Storage Integrator
2.2.7 Energy Storage Operator
2.3 Macroeconomic Indicators
2.3.2 Drivers
2.3.2.1 Growing Need for Critical Infrastructure Power Requirement
2.3.2.2 Need to Integrate Increasing Renewable Energy Sources and Rural Electrification
2.3.2 Restraints
2.3.2.1 Government Focus on Healthcare and Economic Revival
2.3.2.2 Integration and Deployment Challenges

3 Growth Opportunites in Battery Energy Storage Market
3.1 Most Attractive Market- Impact & Opportunites
3.1.1 Utility Owned
3.2 Worst-Affected Market- Impact & Opportunites
3.2.1 Customer-Owned

4 Competitive Landscape and COVID-19 Impact
4.1 Impact on Battery Energy Storage Companies Portfolio
4.1.1 Product
4.1.2 Application
4.1.3 Region
4.2 Winning Strategies to Gain Market Share
4.2.1 Short Term Strategies
4.2.2 Mid Term Strategies
4.2.3 Long Term Strategies

5 Customer Analysis
5.1 Shift in Lithium-Ion Batteries
5.1.1 Disruption in the Industry
5.1.2 Impact in Customers' Output & Strategies to Resume/Improve Production
5.1.3 New Market Opportunities/Growth Opportunites
5.2 Shift in Lead Acid Batteries
5.2.1 Disruption in the Industry
5.2.2 Impact in Customers' Output & Strategies to Resume/Improve Production
5.2.3 New Market Opportunities/Growth Opportunites

6 Impact of COVID-19 in Battery Energy Storage Market
6.1 Battery Energy Storage by Connection Type
6.1.1 On-Grid Connection
6.1.2 Off-Grid Connection
6.2 Battery Energy Storage by Ownership
6.2.1 Customer-Owned
6.2.2 Third-Party Owned
6.2.3 Utility Owned
6.3 Battery Energy Storage by Application
6.3.1 Residential
6.3.2 Non-Residential
6.3.3 Utilities
6.3.4 Others
6.4 Region
6.4.1 North America
6.4.1.1 US
6.4.1.2 Canada
6.4.1.3 Mexico
6.4.2 Europe
6.4.2.1 Germany
6.4.2.2 UK
6.4.2.3 France
6.4.2.4 Rest of Europe
6.4.3 Asia Pacific
6.4.3.1 China
6.4.3.2 India
6.4.3.3 Japan
6.4.3.4 South Korea
6.4.3.5 Rest of Asia Pacific
6.5.4 Rest of World
6.5.4.1 South America
6.5.4.2 Middle East
6.5.4.3 Africa
6.5.4.4 Rest of Middle East & Africa

Companies Mentioned

• ABB
• AEG Power Solutions
• General Electric
• Hitachi
• LG Chem
• NEC
• Panasonic
• Samsung SDI
• Schneider Electric
• Siemens
• Tesla

For more information about this report visit https://www.researchandmarkets.com/r/9jk7ag

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