Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
post

Global Battery Energy Storage Market To Reach $19.74 Billion By 2027: Fortune Business Insights

- Advertisement -
  • It will exhibit a CAGR of 20.4 per cent during the forecast period
  • Asia Pacific, with market size of $3.13 billion in 2019, is set to occupy a dominant position in this market
Image for representation (pic credit-ceth ksu)

The global battery energy storage market size is projected to reach $19.74 billion by 2027 as per a report by Fortune Business Insights. It will exhibit a CAGR of 20.4 per cent during the forecast period. It added that improving access to electricity across the globe will be a prominent trend shaping the growth trajectory of this market.

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 per cent of the global population had access to electricity in 2015 and by 2017 it had risen to 89 per cent.

The report highlights that approximately 840 million people still lack access to electricity. It adds, “Battery energy storage systems (BESS) can play a significant role in bringing electricity to the remotest and the poorest regions of the world. These systems are designed to store surplus energy that can be utilised 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. “

- Advertisement -

Asia-Pacific to lead

It adds that despite the COVID-19 pandemic wreaking havoc across the energy and power industry, the share of renewables in electricity has increased even in these challenging times, rising from 26 per cent in 2019 to 28 per cent in 2020, according to the IEA. 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. Other factor includes favorable policies in many countries that support renewables.

Asia Pacific, with market size of $3.13 billion in 2019, is set to occupy a dominant position in this market. This is due to extensive investments made in renewables by South Korea, India, and China. 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 the energy efficiency of the grid. As per the report, public authorities and private companies are frequently entering into partnerships to synergize their resources and expertise and provide comprehensive energy storage solutions.

- Advertisement -

Most Popular Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

Electric 2-Wheelers May Cost Less Than ICE Models in 4-5 Years: Report

0
In a scenario where a subsidy of ₹15,000 per kWh is provided, it is anticipated that the upfront cost parity for short- and mid-range...

Thoughtworks And AWS Unveil SDV Pulse For Industry Megatrend Navigation

0
Global technology consultancy and Amazon Web Services have released their first annual report, designed to assist automakers in quickly maximizing the potential of software-defined...

EV Sales in India jumped 21% in H1 2024

0
As per JMK Research, electric vehicle sales in India hit a notable 927,097 units in the first half of this year, with the E2W...

Buzz

Electric 2-Wheelers May Cost Less Than ICE Models in 4-5 Years: Report

0
In a scenario where a subsidy of ₹15,000 per kWh is provided, it is anticipated that the upfront cost parity for short- and mid-range...

Germany Likely To Abstain On EU China EV Tariffs Vote

0
The proposal might be hindered if a qualified majority of the European Union's 27 members oppose it. For a qualified majority, at least 15...

Zapp And Bounce Infinity Partner On Scooter Production at Bhiwadi Plant

0
The partnership will facilitate the manufacturing and distribution of Zapp's i300 electric urban motorcycles across India. Zapp Electric Vehicles Group Limited has unveiled a strategic...

Important Sectors

Electric 2-Wheelers May Cost Less Than ICE Models in 4-5 Years: Report

0
In a scenario where a subsidy of ₹15,000 per kWh is provided, it is anticipated that the upfront cost parity for short- and mid-range...

Germany Likely To Abstain On EU China EV Tariffs Vote

0
The proposal might be hindered if a qualified majority of the European Union's 27 members oppose it. For a qualified majority, at least 15...

Zapp And Bounce Infinity Partner On Scooter Production at Bhiwadi Plant

0
The partnership will facilitate the manufacturing and distribution of Zapp's i300 electric urban motorcycles across India. Zapp Electric Vehicles Group Limited has unveiled a strategic...

New EV Policy: Will It Kill More Than Two Birds With One Stone?

0
With China taking the lead in electric vehicle production and sales in many global markets, can India’s new electric vehicle manufacturing policy encourage champion...

Empowering Innovation: The Role of MSMEs in India’s Defence Sector

0
If large industries are the “face” of the Indian economy as they provide the most visible aspect, then the MSMEs are surely the “firm...

Manufacturing

Zapp And Bounce Infinity Partner On Scooter Production at Bhiwadi Plant

0
The partnership will facilitate the manufacturing and distribution of Zapp's i300 electric urban motorcycles across India. Zapp Electric Vehicles Group Limited has unveiled a strategic...

Empowering Innovation: The Role of MSMEs in India’s Defence Sector

0
If large industries are the “face” of the Indian economy as they provide the most visible aspect, then the MSMEs are surely the “firm...

Quality Control With AI-Driven Optical Inspection

0
This collaboration combines optical inspection technology with high-performance Edge AI hardware, significantly improving printed circuit board assembly efficiency, reducing waste, and enhancing overall process...

River Mobility To Invest INR 1,000 cr In New EV Plant

0
River Mobility is gearing up to invest in the automotive industry with a new INR 1,000 crore plant in Telangana, strategic expansions, and robust...

Audi to Begin Local Assembly Of Q6 e-tron In India

0
This marks Audi's first locally assembled electric vehicle, potentially leading to competitive pricing. It also represents a significant milestone in the brand's strategic plans...