The global battery energy storage market size is projected to reach USD 19.74 billion by 2027, exhibiting a CAGR of 20.4% during the forecast period. Improving access to electricity across the globe will be a prominent trend shaping the growth trajectory of this market, postulates Fortune Business Insights™ in its report, titled “Battery Energy Storage Market Size, Share & COVID-19 Impact Analysis, By Battery Type (Lithium-Ion Battery, Lead Acid Battery, Flow Battery, and Others), By Connectivity (Off-Grid and On-Grid), By Application (Residential, Non-Residential, Utility, and Others), By Ownership (Customer-Owned, Third-Party Owned, and Utility-Owned) and Regional Forecast, 2020-2027”. According to a 2019 report produced by the International Renewable Energy Agency (IRENA), the International Energy Agency (IEA), the World Bank, the WHO, and the UN, 87% of the global population had access to electricity in 2015 and by 2017 it had risen to 89%. However, the report highlights that approximately 840 million people still lack access to electricity. Battery energy storage systems (BESS) can play a significant role in bringing the electricity to the remotest and the poorest regions of the world. These systems are designed to store surplus energy that can be utilized at a later time and when deployed correctly, they can provide uninterrupted, reliable, and sustainable power supply in areas where ensuring access to such services is difficult through conventional means.
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Increasing Share of Renewables in Electricity amid COVID-19 to Bolster Market Growth
Despite the COVID-19 pandemic wreaking havoc across the energy & power industry, the share of renewables in electricity has increased even in these challenging times, rising from 26% in 2019 to 28% in 2020, according to the IEA. Furthermore, the IEA observes that several countries, even those that implemented strict lockdowns, experienced record-high shares of variable renewables in electricity consumption in Italy, Germany, Belgium, Hungary, and parts of the US. The main reason attributable to the impressive performance of renewables amid the current crisis, as per IEA’s analysis, is the completion of solar and wind projects in 2019, along with the favorable policies in many countries that support renewables. More importantly, renewables seem relatively insulated from the plummeting demand for energy, which is likely to encourage companies and governments to invest in energy storage systems and harness the full potential of renewables in the future.
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Massive Investments in Renewables to Foster Growth in Asia Pacific
Asia Pacific, with a market size of USD 3.13 billion in 2019, is set to occupy a dominant position in this market owing to the extensive investments made in renewables by South Korea, India, and China. Moreover, these countries are rapidly implementing rural electrification programs, such as India’s Saubhagya Scheme and China’s Village Electrification Program, which has created a huge demand for battery energy storage systems.
In North America, supportive policies framed by state-level authorities to integrate BESS with the existing infrastructure are expected to power the market for BESS in the region. Europe is anticipated to fasten its grip on the battery energy storage market share during the forecast period owing to the EU’s ambitious emission reduction targets and unwavering focus on energy efficiency of the grid.
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