Chicago, May 21, 2023 (GLOBE NEWSWIRE) — According to a research report South Korea Battery Energy Storage System Market by Storage System, Element, Battery Type (Lithium-Ion, Flow Batteries), Connection Type (On-Grid and Off-Grid), Ownership, Energy Capacity, Application and Geography – Global Forecast to 2027″ , published by MarketsandMarkets, South Korea Battery Energy Storage System Industry to Grow at a CAGR 29.6% from 2022 to 2027.
South Korea holds the largest share of battery energy storage systems.
A battery energy storage system (BESS) is a type of energy storage system that uses batteries to store electrical energy, typically from renewable energy sources such as solar or wind power. BESS is designed to store electrical energy when it is plentiful and release it when needed. This can help balance the supply and demand of electricity, particularly during peak demand or when renewable energy sources are intermittent and unavailable. BESS is used in homes, businesses, and utility-scale applications. They can also be used with other energy storage technologies, such as pumped hydro storage, to provide a more comprehensive and reliable energy storage solution.
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Asia Pacific dominates the battery energy storage system market and is expected to hold the most significant market growth rate during the forecast period. The market growth in the region is attributed to factors such as rising demand for renewable energy, grid stability, and energy security. The adoption of BESS is also driven by the growing demand for energy storage solutions to support electric vehicle charging infrastructure and provide backup power during grid outages. Furthermore, energy storage investments are expected to increase substantially within the region as the governments in growing economies are taking new policies to improve the reliability and quality of the power distribution facilities to residential customers. The governments of various countries in this region focus on minimizing the adverse effects of the energy sector on the environment. These factors lead to the growth in the deployment of battery energy storage systems in residential and public utility applications.
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According to the MarketsandMarkets Analysis, South Korea is the prominently growing country in the battery energy storage system market. It will hold more than a 30% share of the Asia Pacific battery energy storage market in 2022. The country has been actively promoting the development and deployment of BESS to improve the stability of its grid, manage peak demand, and integrate renewable energy sources into its energy mix. The BESS market in South Korea has been driven by the country’s strong manufacturing base in the battery industry. Major battery manufacturers such as LG Chem and Samsung SDI Co., Ltd. are based in South Korea. They have been investing heavily in developing advanced battery technologies, which has contributed to the growth of the BESS market in the country. Besides, the increasing adoption of renewable energy sources, such as solar and wind power, has also contributed to the growth of the BESS market in South Korea, as these sources require energy storage solutions to balance their intermittent nature. Thus, the BESS market in South Korea is expected to continue growing in the coming years.
Top Key Market Players in Battery Energy Storage System companies
- BYD Company Limited (China),
- General Electric (US)
- SAMSUNG SDI Co., Ltd. (South Korea),
- LG Energy Solutions Co., Ltd. (South Korea),
- Panasonic Corporation (Japan) among others
See Also :
Germany Battery Energy Storage System Industry to Grow at a CAGR 24.6% from 2022 to 2027