Battery Energy Storage System Battery Energy Storage System Market worth 8.54 Bi | Page 4

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Forecast to 2023"
• The lithium-ion batteries have a long lifespan of 5–15 years, and up to 98% efficiency
(i.e., only 2% of electrical charge is lost during use). The lithium-ion batteries have
very high energy and power densities, which leads to lower weight with low standby
losses, and high life expectancy. Lithium-ion batteries continue to hold a large size of
the battery energy storage system market owing to its features such as high energy
density, self-discharge capability, low maintenance requirement, less weight, and high
life expectancy.
• Battery energy storage system is well suited for smoothing the variable output of
renewables and controlling the rapid ramping up and down of solar as well as wind
generation. The grid operators and regulators are aware of the importance of battery
energy storage systems and their ability to cater through multiple services. The utility
operators are using these systems in their resource planning processes, which
reduces the system costs and increases storage capacity.