According to reports, the main drivers of the growth of the battery energy storage system market include the growing demand for grid-connected solutions, the high demand for the lithium-ion technology in the renewable energy industry, and the falling price of lithium-ion batteries.
However, factors such as the deployment and installation of battery storage systems in remote areas pose new challenges for market participants. The new generation of REDOX (reduction-oxidation) flow batteries for battery energy storage systems are more suitable for medium and large scale applications.
Heavy-duty applications, long life cycling, durability, and safety are the most important. These factors have contributed to the growth of the liquid flow battery energy storage system market.
North America is expected to account for the largest share of the battery energy storage systems market in 2023, with growth in the North American market attributed to heavy demand for these systems in the region's utility and residential sectors. A growing number of projects related to utilities and residential applications in North America are expected to drive the market over the next few years, but few nonprofits are organizing conferences and exhibitions to support the implementation of battery storage systems.
According to the report, the energy storage market has been divided into lithium-ion, advanced lead-acid, liquid flow, and sodium-sulfur batteries. Based on ownership, the market for battery energy storage systems has been divided into customer-owned, utility-owned, and third-party systems. According to the application, the battery energy storage system market can be divided into residential, non-residential, utility, and other applications.