Understanding the Impact of Battery Energy Storage Systems Market on Energy Efficiency
A battery energy storage system (BESS) utilize batteries that can be charged, discharged and recharged multiple times to store energy for use when needed. They are deployed for various applications such as grid energy storage, power backup for telecom towers and data centers. Advanced battery technologies are being developed that offer higher capacity, longer run times and shorter charging periods. Lithium-ion batteries dominate the market currently due to their energy density and efficiency advantages over lead-acid batteries.
The battery energy storage system market is estimated to be valued at USD 8.15 Bn in 2024 and is expected to reach USD 48.88 Bn by 2031, growing at a compound annual growth rate (CAGR) of 29.16% from 2024 to 2031.
The growing demand for Battery Energy Storage System Market from the renewable energy sector is fueling market growth. With increasing installations of solar and wind power plants globally, battery storage systems play a crucial role in absorbing excess energy produced during peak generations and releasing it when renewable power sources are unavailable.
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