Battery Energy Storage System Market

ABB (Switzerland), LG Chem (South Korea) and Samsung SDI (South Korea) are Leading Players in the Battery Energy Storage System Market

A battery energy storage system is embedded with a rechargeable battery in the form of battery packs and modules. The system stores energy from solar arrays or the electric grid and then discharges that energy at a later time to provide electricity or other grid services when needed. The rechargeable batteries are usually expensive and have a less environmental impact than non-rechargeable (disposable) batteries. Battery energy storage systems are mainly based on lithium-ion batteries due to their high energy density. These energy storage systems are widely used in residential, commercial, utilities, and other applications. The battery energy storage system market is projected to grow from USD 2.9 billion in 2020 to USD 12.1 billion by 2025; it is expected to grow at a CAGR of 32.8% from 2020 to 2025.

ABB (Switzerland), Panasonic (Japan), Siemens AG (Germany), Samsung SDI (South Korea), LG Chem (South Korea), General Electric (US), Hitachi (Japan), Tesla (US), Toshiba (Japan), AEG Power Solutions (Netherlands), The AES Corporation (US), Delta Electronics, Inc. (Taiwan), TrinaBESS (China), Primus Power (US), NEC Corporation (Japan), BYD (China), and Johnson Controls (US) are some of the major players in the battery energy storage system market.

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ABB (Switzerland)

ABB is a pioneer and technology leader in the field of battery energy storage systems, having 15 years of experience with a firm expertise back-up. The company offers energy storage systems (ESS) that store electrical energy and transform it into electrochemical energy by using battery systems, and then supply this energy for a longer duration are known as battery energy storage systems. Product innovations allow the company to stay competitive in the market. The company is nurturing its growth through product launches and acquisitions of strategic companies. In September 2017, ABB acquired GE Industrial Solutions and integrated it into its Electrification division. Strategies such as new launches of energy storage products and upcoming contracts can help the company to sustain its market position and improve its financial position in the market.

LG Chem (South Korea)

Another important player in the battery energy storage system market is LG Chem (South Korea). LG Chem has the world’s best energy storage system technology and manufacturing capability. It is an eco-friendly energy industry that develops differentiated materials and next-generation batteries. Major customers for energy storage systems are Hewlett-Packard Co. and General Motors Corp., among many others. The company aims to expand its product portfolio by continuously focusing on launching innovative products and investing heavily in R&D activities.

Samsung SDI (South Korea)

Samsung SDI (South Korea) is one of the significant players in the battery energy storage system market. Samsung SDI is a leading manufacturer of the rechargeable batteries and ESS. The company offers ESS from kWh to MWh for the residential, utilities, commercial, UPS, and base transceiver station applications. Samsung SDI aims to provide means for the environmentally friendly production of electric power to the world of green energy. Samsung SDI equally focuses on both organic and inorganic growth strategies to strengthen its position in the battery energy storage system market.

Related Reports:

Battery Energy Storage System Market with COVID-19 Impact by Element (Battery, Others), Battery Type (Lithium-Ion, Flow Batteries), Connection Type (On-Grid And Off-Grid), Ownership, Energy Capacity, Application, and Geography - Global Forecast to 2025

Mr. Aashish Mehra
MarketsandMarkets™ INC.
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[email protected]

Report Code
SE 4200
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