The "Battery Energy Storage System: Global Industry Analysis, Trends, Market Size, and Forecasts up to 2024" report has been added to ResearchAndMarkets.com's offering.
The rapidly growing demand of renewable energy sources is the key factor driving the growth of battery energy storage system market worldwide.
Several government organizations across various countries are taking the initiative to promote the use of renewable energy. The energy storage system plays important role in the renewable energy generation system as they help to improve the reliability and flexibility of the system.
The increasing adoption of lithium ions battery in the renewable power generation system is likely to escalate the demands of the battery energy storage system market. Furthermore, the decreased pricing of lithium batteries is also one of the factors that help to boost the growth of the battery energy storage system market.
However, the high initial investments are hampering the growth of the battery energy storage system market. Moreover, ongoing developments in the renewable energy sector and use of battery storage for residential application are projected to create several opportunities in the battery energy storage system market.
Geographically, North America holds the maximum share in the battery energy storage system market and expected to be the dominating region in this market over the forecast period. The rapidly increasing demand for battery required to store renewable energy and increasing number of data centers powered through solar energy in North America are driving the growth of battery energy storage system market in this region.