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DUBLIN, Aug. 15, 2022 /PRNewswire/ — The “Battery Energy Storage Systems – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Battery Energy Storage Systems Market to Reach US$12.9 Billion by the Year 2026
Growing need for steady and reliable electricity and energy storage systems in important infrastructures, initiatives related to modernization of the grid, rising use of energy storage systems based on lithium-ion battery due to its exceptional attributes, and use of grid energy storage solutions are driving gains in the global battery energy storage systems market.
Grid modernization initiatives including the movement to novel technologies such as smart grids are spurring demand for battery energy storage systems. Batteries aid in leveraging the capabilities of smart technologies. In 2019, in Dubaia wind solar project that is smart-grid based was commenced by the KEPCO (Korean Electric Power Corporation). The project is likely to include a lithium-ion battery storage system (500 kWh) comprising 2000 IoT connected sensors in addition to smart meters . Battery energy storage systems are employed in various power applications for off- and on-grid flexibility.
Amid the COVID-19 crisis, the global market for Battery Energy Storage Systems estimated at US$4.7 Billion in the year 2022, is…
Full story available on Benzinga.com
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