Battery Energy Storage System Battery Energy Storage System Market worth 8.54 Bi | Page 2

About our Report
• The battery energy storage system market is expected to grow from
USD 1.98 Billion in 2018 to reach USD 8.54 Billion by 2023, at a CAGR
of 33.9% between 2018 and 2023. Factors that are driving the growth of
the market include the increasing demand for grid-connected solutions,
high demand for the lithium-ion technology in the renewable energy
industry, and declining prices of lithium-ion batteries.
• APAC comprises China, Japan, India, South Korea, and the Rest of
APAC (RoAPAC). APAC is gradually becoming a hub for the battery
energy storage system industry. The demand for battery energy storage
systems from China, India, and Japan is gradually increasing. The
electricity demand in China is on rise due to the rapid population growth
in the country. To fulfill the increasing demand from this population, the
state-owned State Grid Corporation of China, the world’s largest utility,
has deployed battery energy storage systems to provide ancillary
services throughout its grid.