The battery energy storage system market is expected to grow exponentially over the next five years, increasing from $2.9 billion in 2020 to $12.1 billion by 2025, according to a new report titled Battery Energy Storage System Market with COVID-19 Impact, published by MarketsandMarkets.
Battery energy storage systems are gaining traction, with applications such as utilities, residential and commercial due to the growing adoption of low-carbon energy sources. As a result, the market is expected to experience an annual growth rate of 32.8 percent.
According to the report, Asia Pacific accounted for the largest market in 2019, followed by North America and Europe. The study shows the market in Asia Pacific mainly comprises developing economies, such as China and India, which have tremendous potential for installation of energy storage projects due to increasing renewable energy integration.
Some of the major battery energy storage system manufacturers base