Five years later, the market of battery storage systems has $8.54 billion.

A few days ago, a market research company Reportlinker announced in the report that the battery energy storage systems market is expected to be grown from $1.98 billion in 2018 to $2023 in 8.54 billion. The compound annual growth rate will reach 33.9%.

According to the report, the battery energy storage system the main drivers of market growth include demand for grid solution increased, the renewable energy industry and lithium-ion technology of high demand lithium ion battery falling prices. In remote areas, however, factors include deployment and installation of battery energy storage system constitutes a new challenge to market participants.

It is understood that a new generation of REDOX battery energy storage system (i.e., reduction - oxidation) flow battery is more suitable for medium-sized and large-scale applications, including heavy duty application, long cycle, the durability and safety is the most important. These factors help to market growth flow battery energy storage system.

Reported that North America is expected between 2018 and 2023 account for the lion's share of the market, battery energy storage system of the north American market growth to the public utilities in the region and residential sector a lot of demand for these systems. In North America, more and more related to utilities and residential application of the project is expected to drive the market in the coming years, but in terms of application market, there are few nonprofits through organize meetings and exhibitions to support the implementation of the battery energy storage system.

Research report pointed out that the energy storage market on the battery type has been divided into lithium ion, advanced lead-acid batteries, flow batteries, such as sodium sulfur battery type. Based on ownership, battery energy storage system market is divided into customer having, utilities and the third party system. According to the application of battery energy storage system market can be divided into residential and non-residential, utilities and other applications.

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