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COVID-19 Impact on Battery Energy Storage Systems Market worth US$ 26 Bn by 2026

Battery Energy Storage Systems Market is anticipated to expand at a CAGR of ~12.0% from 2018 to 2026, Battery Energy Storage Systems Market is rapidly driven by rising demand for grid-connected solutions, increasing power outages and Investment in renewable energy

Battery Energy Storage Systems Market – Snapshot

Battery energy storage systems are used to store the electricity generated by power plants, especially renewable power plants. This electricity is then used to ensure smooth supply to consumers when power generation from renewable power plants fluctuates due to weather conditions.

Battery Energy Storage Systems

 

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Investment in renewable energy plants and associated battery energy storage systems a major market driver

Different countries are initiating new development programs, raising funds, or entering into public–private partnerships to promote the use of renewable energy through development of battery energy storage systems. For example, in China, the government is encouraging emerging battery energy storage system technologies to support micro grid development and renewables integration. In 2016, the government of China released a 15-year energy technology innovation action plan for further research in advanced energy storage. In 2014, the U.S. government invested US$ 34 Bn in solar power plants, wind farms, and other renewable energy projects.

Lack of standards to ensure safe installation and usage of battery energy storage systems an important restraint for the market

A report by Australia’s Commonwealth Scientific & Industrial Research Organization (CSIRO) investigated safety issues and regulations regarding battery technologies of 1–200kW capacity. No consensus was formed on the precise method to extinguish a lithium-ion battery fire. In another example, in January 2013, Boeing 787 Dreamliner commercial jets suffered safety issues, due to electric issues caused by lithium-ion batteries.

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Rise in demand in the residential sector is creating growth opportunities for the battery energy storage systems market

Policies such as net metering 2.0, net zero export limitations, and devaluation of exported solar PV are augmenting the demand for battery energy storage systems in the residential sector. Net metering (net energy metering, NEM) helps consumers who produce their own electricity to use that electricity any time. This is particularly important with wind and solar energy. Establishment of tax credit for standalone storage is expected to improve the economic scenario for the battery energy storage systems market. Deployment of energy storage systems in the U.S. is expected to increase in the near future. Since 2012, Panasonic Corp. has started mass production of compact lithium-ion battery storage systems for the residential sector in Europe. In countries across Europe, there is a growing movement among residents to adopt rooftop solar systems, motivated by the need to reduce energy costs and increase in pricing incentives by governments.

High threat to manufacturers due to constantly changing specifications of products

Constant changes in specifications and the introduction of new product lines by manufacturers of battery energy storage systems increase the possibility of internal substitution. Lithium-ion batteries are expected to face intense competition from other types of batteries such as flow batteries, sodium sulfur batteries, and sodium ion batteries. However, the threat from new entrants is likely to remain low during the forecast period. The battery energy storage systems market is driven by economies of scale and proprietary systems. These act as effective barriers to the entry of new players. Battery energy storage system operations are capital-intensive and they require substantial investment in the construction of storage facilities and their use.

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Several battery energy storage system projects have been launched recently

Governments across the world are launching battery energy storage systems at a rapid pace. For example, in March 2017, ABB received an order for Denmark’s first urban energy storage system. The company agreed to deliver a two-megawatt (MW) battery energy storage system (BESS) to DONG Energy. In August 2015, General Electric announced its plans to supply a 30-MW battery energy storage system to Coachella Energy Storage Partners (CESP) in order to develop one of the largest battery storage plants in the western U.S. In February 2015, Hitachi America, Ltd., a wholly owned subsidiary of Hitachi, Ltd., and Demansys Energy, Inc. constructed and commissioned  a 1-MW lithium-ion energy storage facility by utilizing Hitachi’s CrystEna*1, a compact, container-type energy storage system. In July 2017, Xcel Energy and Panasonic announced a collaboration with the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL), Denver International Airport (DEN), and LC Fulenwider, Inc. in order to study the possible implementation of a carbon-neutral energy district master plan for Pena Station NEXT in Denver, Colorado. The partnership has commissioned 1-MW/2-MWh lithium-ion battery energy storage systems.

Battery energy storage systems market is undergoing the introductory phase

The growth rate at which the global battery energy storage systems market is expanding has increased over the last few years. This is due to economies of scale led by the increasing number of projects. The same trend is expected to continue during the forecast period, further aided by the constant decline in prices of energy storage batteries.

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