# Battery Energy Storage Systems Market Projected to Gain Significant Value by 2018-2026 
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-11-30
Category: Research Reports
Category URL: https://financedigest.com/category/research-reports
Meta Title: Electric Vehicles Driving Growth in Battery Energy Storage Market
Meta Description: Discover the key drivers for growth in the battery energy storage market, with a focus on lithium-ion batteries and the rise in demand for electric vehicles
URL: https://financedigest.com/battery-energy-storage-systems-market-projected-to-gain-significant-value-by-2018-2026html

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The rising global demand for electric vehicles, rising consumer demand for electronics, and increasing policy push for sustainable use of energy are expected to emerge as key drivers for growth in the [battery energy storage market](https://www.transparencymarketresearch.com/battery-energy-storage-system-market.html). The market will grow at a robust 12.0% CAGR during 2018-2026, with its valuation rising from US$9 bn in 2017 to an all-time high with large investments by China and the US in sustainable energy.

Recently released battery energy storage system market report by TMR, will focus on various technologies in the market including Lithium-ion batteries, Sodium sulphur batteries, Nickel cadmium batteries, flow batteries, sodium-ion batteries.  Among these, the lithium-ion batteries segment is likely to witness highest growth, thanks to its widespread use in [electric vehicles](https://www.financedigest.com/bmw-invests-1-7-billion-to-build-electric-vehicles-in-u-s.html "BMW invests .7 billion to build electric vehicles in U.S"), and smartphones. The growth of 5G will also create significant opportunities in the [battery energy storage system market with expected rise in sales](https://www.financedigest.com/home-battery-sales-in-germany-may-surge-59-this-year-study.html "Home battery sales in Germany may surge 59% this year -study") of smartphones.

The [rise in adoption of sustainable energy](https://www.financedigest.com/factbox-how-far-are-uk-energy-bills-set-to-rise-and-what-help-are-consumers-getting.html "Factbox-How far are UK energy bills set to rise and what help are consumers getting?") globally is expected to remain a major growth driver during the forecast period. Among regions, Asia Pacific, and North America will [remain at the forefront of growth](https://www.financedigest.com/euro-zone-credit-growth-remains-brisk-despite-gloomy-outlook.html "Euro zone credit growth remains brisk despite gloomy outlook") as both countries have supported key initiatives to support electric vehicle development infrastructure, and innovative products in the region continue to drive demand.

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**[Rise in Demand](https://www.financedigest.com/uk-home-asking-prices-rise-tax-cuts-to-spur-demand-rightmove.html "UK home asking prices rise, tax cuts to spur demand: Rightmove") in Residential Sector to Boost Growth**

The UK is on a quest to install [smart meters in homes](https://www.financedigest.com/improving-your-home-with-smart-automation.html "Improving Your Home with Smart Automation") countrywide. The country plans on sourcing half of its current [energy usage from renewables](https://www.financedigest.com/ges-investors-seek-solutions-to-renewable-energy-supply-chain-challenges.html "GE’s investors seek solutions to renewable energy, supply chain challenges") by 2021. As planned by the National trust, UK will witness an installation of 53 million new meters in 26 million homes. The new meter will not help [power sustainable energies but also bring](https://www.financedigest.com/edpr-brings-iberias-first-wind-solar-power-plant-on-stream.html "EDPR brings Iberia’s first wind-solar power plant on-stream") in more transparency, and efficiency in usage of energy. The rising demand for energy-efficiency is expected to [drive demand for energy-efficiency storage systems](https://www.financedigest.com/mercedez-benz-to-deploy-advanced-automated-driving-system-in-nevada.html "Mercedez-Benz to deploy advanced automated driving system in Nevada") like batteries. The rising demand for [storage of energies](https://www.financedigest.com/german-gas-storage-levy-adds-to-energy-consumers-woes.html "German gas storage levy adds to energy consumers’ woes"), and increasing usage of smart home-appliances will drive demand for power-backups. Power-backups are essential component of electrical infrastructure as without these, expensive smart gadgets are at [higher risk](https://www.financedigest.com/dollar-higher-on-risk-aversion-euro-revisits-parity.html "Dollar higher on risk aversion; euro revisits parity") of electrical fluctuations, and these can be essentially for smart grids also.

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**[Electric Vehicles are on the Move to Drive Growth in the Battery](https://www.financedigest.com/battery-swapping-spurs-kenyas-electric-motorbike-drive.html "Battery swapping spurs Kenya’s electric motorbike drive") Energy Storage System Market**

China’s largest electric vehicle manufacturer, BYD has [secured a contract](https://www.financedigest.com/hermes-secures-long-term-contract-extension-with-kingstown-associates.html "Hermes secures long-term contract extension with kingstown associates") to deliver 259 green buses to Netherlands. The company has received first of its kind-order from Europe, for a Chinese company. Similarly, [Tesla has been shortlisted by China](https://www.financedigest.com/us-house-committee-chair-concerned-by-tesla-deals-in-china.html "US House committee chair ‘concerned’ by Tesla deals in China") among foreign companies, the government will help support to boost electric infrastructure in the country. The developments are promising for players in the battery [energy storage system market](https://www.financedigest.com/from-legacy-systems-to-ctrmtechnology-how-dow-chemical-is-reacting-to-todays-volatile-energy-markets-and-increasing-visibility-into-daily-risk.html "From legacy systems to CTRMtechnology – how Dow Chemical is reacting to today’s volatile energy markets and increasing visibility into daily risk"). Electric vehicles with their [heavy usage of electric energy](https://www.financedigest.com/heavy-norwegian-gas-maintenance-adds-to-energy-price-pressure.html "Heavy Norwegian gas maintenance adds to energy price pressure"), and next-gen connected systems, will require advanced battery energy storage systems. The rising demand and [support for electric vehicles worldwide will drive](https://www.financedigest.com/seenthis-joins-ad-net-zero-uk-and-supports-drive-in-the-us.html "SeenThis joins Ad Net Zero UK and supports drive in the US") create several opportunities for growth for players in the battery energy storage system market.

The study presented here is based on a report by Transparency [Market Research](https://www.financedigest.com/car-dvr-market-forecast-and-trends-analysis-research-report-2021-to-2031.html "Car DVR  Market Forecast and Trends Analysis Research Report 2021 to 2031") (TMR) titled “Battery Energy Storage [Systems Market](https://www.financedigest.com/palletizing-systems-market-notable-developments-geographical-outlook.html "Palletizing Systems Market: Notable Developments & Geographical Outlook") (Technology – Lithium-ion Batteries (Lithium Cobalt Oxide, Lithium Manganese Oxide, Lithium Nickel Manganese Cobalt Oxide, Lithium Iron Phosphate, Lithium Nickel Cobalt Aluminum Oxide, Lithium Titanate), Flow Batteries (Redox Flow Batteries, Iron Chromium Flow Batteries, Vanadium Redox Batteries, Hybrid Flow Batteries (Zinc Hybrid Cathode, Other Hybrid Batteries), Nickel Cadmium Batteries, Sodium Sulfur Batteries, Sodium Ion Batteries); Application – On-grid Connected Systems, Off-grid Connected Systems, Automotives) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018-2026.”

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