Battery Energy Storage System Market worth 8.54 Billion USD by 2023
The battery energy storage systems are primarily used to reduce peak demand charges; integrate renewable source, regulate voltage, and frequency; and provide backup power supply. The battery energy storage system market was valued at USD 1.45 Billion in 2017 and is expected to reach USD 8.54 Billion by 2023, at a CAGR of 33.9% between 2018 and 2023. The base year considered for the study is 2017, and the forecast period is between 2018 and 2023. The major factors driving the growth of the battery energy storage system 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. The objective of the report is to provide a detailed analysis of the battery energy storage system market segmented on the basis of element, battery type, ownership, connection type, application, and geography. It also provides detailed information on the major factors influencing the growth of the battery energy storage system market. Request for smple Pages: https://www.marketsandmarkets.com/pdfdownload.asp?id=112809494 [
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