The global battery energy storage system market size is expected to grow at a CAGR of 32.8% from 2020 to 2025, reaching USD 12.1 billion by 2025 from USD 2.9 billion in 2020

New York, Oct. 13, 2020 (GLOBE NEWSWIRE) — announces the release of the report “Battery Energy Storage System Market with COVID-19 Impact by Element, Battery Type, Connection Type, Ownership, Energy Capacity, Application And Geography – Global Forecast to 2025” –
Various players in the market are working toward improving the performance of lithium-ion batteries that makes them an attractive option for stationary energy storage applications. Cells or batteries embedded in battery energy storage systems play an important role in deciding the service life of these systems. LG Chem (South Korea), Panasonic (Japan), and Samsung SDI (South Korea) are some companies providing lithium-ion batteries and using them in their battery energy storage systems. The declining price of lithium-ion batteries is anticipated to act as an opportunity for energy storage system providers. This, in turn, is expected to contribute to the production of battery energy storage systems enabled with lithium-ion batteries.
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