Research Nester has released a report titled “Renewable Battery Storage Market: Global Demand Analysis & Opportunity Outlook 2019-2028″ which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.
The total electricity generated from non-hydroelectric renewable energy sources across the globe grew from 271.71 Billion kWh in the year 2000 to 2588.14 Billion kWh in the year 2018, according to the statistics by the United States Energy Information Administration (EIA).
The statistics portray the growing adoption of renewable energy sources worldwide, backed by the increasing concerns for emissions generated from conventional energy sources. Battery energy storage systems form an important part of the overall renewable energy system as it stores the energy generated from solar, wind and other renewable sources. Owing to the surge in demand for electricity worldwide, and the need to curb emissions, a surge in the deployment of renewable electricity generation processes have been observed in the recent years, which is anticipated to drive the demand for battery energy storage systems. Moreover, the increase in the number of energy-storage-as-a-service (ESaaS) providers, and the numerous benefits associated with these battery systems, are some of the additional factors anticipated to drive the growth of the market.
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The global renewable battery storage market is estimated to grow with a CAGR of 37.29% during the forecast period, i.e., 2019-2028. The market is segmented on the basis of battery type into lithium-ion batteries, lead-acid batteries, flow batteries, and others. Out of these segments, the lithium-ion batteries segment is anticipated to hold the largest market share throughout the forecast period. The segment is further anticipated to attain a market revenue of USD 9928.25 Million by the end of 2028 by growing at a CAGR of 27.53% during the forecast period. The growth of the segment can be attributed to the lowering price of the batteries over the years, and the high efficiency of these batteries.
Geographically, the global renewable battery storage market is segmented into four major regions including North America, Europe, Asia Pacific, and Rest of the World. Among the market in these regions, the market in the Asia Pacific region is projected to reach a value of USD 6110.48 Million by the end of 2028. Moreover, the market in the region is also anticipated to grow with the highest CAGR of 37.84% over the forecast period and hold the largest market share by the end of 2028.
However, the concern for the high investment costs required for manufacturing renewable battery storage systems is anticipated to hamper the market growth during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global renewable battery storage market, which includes company profiling of ABB, Delta Electronics, Inc., Toshiba Corporation, General Electric, Hitachi, Ltd., Siemens Energy, LG Chem, Samsung SDI Co., Ltd., Panasonic Corporation, Tesla, Inc., AEG Power Solutions Group, and others. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global renewable battery storage market in the near future.
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Henry Lucas is an experienced Industry researcher with more than 10 years of experience and he has a great interest and knowledge about the Business industry in research Strategy, Strategic Planning, new innovations and technology.