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The Global Battery Energy Storage System Market Will Exceed US$6.8 Billion By 2022

According to Reportsnreports, an international market research organization, the global battery energy storage system will reach US$6.81 billion by 2022, and the annual compound growth rate will be as high as 37%.

The global battery energy storage system market will exceed US$6.8 billion by 2022

The report concluded that the increase in demand for networking solutions, the rapid development of the electric vehicle market, the increase in lithium-ion battery applications, and policy support are the main reasons for the rapid growth of battery energy storage systems.

According to the report, by 2022, electric vehicles will be the primary factor in promoting the rapid growth of battery energy storage systems. It is estimated that by 2020, the global electric vehicle population will reach 20 million. China, the United States, Japan, Spain, France, Germany, Portugal, the Netherlands, and India are the major electric vehicle sales markets.

From a regional point of view, by 2022, North America will be the largest regional market for battery energy storage systems, but in terms of annual compound growth rate, the fastest growth rate in the Asia-Pacific region, the increase in the demand for electric vehicles and the increase in the installed capacity of battery energy storage systems. This is the main reason.

From a corporate perspective, by 2022, ABB Switzerland, AEG Netherlands, GE, Hitachi, Korea LG Chemical, NEC Japan, Panasonic Japan, Samsung Korea, Siemens Germany, Tesla USA will become the world's leading battery storage Energy system supplier.