The global advanced battery energy storage system market is anticipated to witness growth over the forecast period. The global rise in energy consumption as well as an increasing need for energy efficiency in the electricity supply system has led to the growth in the advanced battery energy storage systems technology. The advanced battery energy storage system industry has multiple applications including solar (household solar PV) and wind energy (wind turbine). The rising demand for renewable energy has contributed to the growth of the market in the last few years and this growth is expected to continue over the forecast period. Some of the application areas for the advanced battery storage systems include off-grid electrification which is a key driver for the market growth owing to unique capabilities of integrating large amounts of renewable energy. Advancement in battery storage technology, reduction in costs, and an increase in energy efficiency has further augmented for the advanced battery storage systems market growth.
The increasing preference for sodium-sulfur battery over lithium-ion battery on account of cost-effectiveness and energy efficiency were prime drivers of growth in the advanced battery energy storage system market and this trend is expected to continue over the next seven years. Safer and efficient battery storage systems are also responsible for the rising consumption of these advanced battery systems. Although there are some regulatory barriers in certain parts of the world, which have not allowed the advanced battery storage system to become a mainstream option for the power sector, these barriers are being challenged by the growing need for more power quality, highly efficient energy systems, and more sophisticated technology.
Rural electrification has become one of the key areas for the advanced battery energy sector in recent years which is getting a lot of government support especially in the emerging economies including China and India. As a result, the advanced battery energy storage system market is expected to witness further growth in the emerging markets of the Asia Pacific region. The growth in the advanced battery storage in recent years is also due to the installation of island systems which are basically deployed in areas where the power grid may be weak and unreliable. These types of island systems have been deployed in countries like India where the government has extended full support for the development of these systems using advanced battery energy storage owing to the rising focus on energy storage.
North America was the largest region in the advanced battery energy storage system market whereas Asia Pacific is expected to grow at a very rapid rate on account of increasing adoption in countries including China and South Korea where there has been a rising focus on building battery storage plants. The key players in the market include AES Energy Storage, General Electric, Beckett Energy Systems, ZBB Energy, Altair Nanotechnologies, and Zest Energy.
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