【cable.com】According to a new research report released by international market agency Technavio, the global battery market size for energy storage systems (ESS) will grow by 1,477.40 MW during 2019-2023.

The report concludes that the growing economics of energy storage systems will drive the growth of the battery market in the coming years. With the increasing number of solar photovoltaic installations, energy storage systems are becoming increasingly popular. Not only that, energy storage systems are also being used in various end-user industries, including utilities, commercial, industrial and residential sectors.

The increasing demand for electricity has led to peak hour outages and heavy loads, driving the demand for energy storage systems in the market. Moreover, the adoption of renewable energy sources in the energy mix is further driving the demand for battery energy storage systems to overcome the intermittent nature of renewable energy sources.

The battery market for energy storage systems is expected to grow at a CAGR of over 9% during the forecast period.

As the demand grows, battery technology for energy storage systems is further being optimized to improve its energy density, safety, and efficiency. Currently, the global battery market for energy storage systems is highly fragmented, with companies focusing on deploying advanced technologies to meet the changing end-user needs. During the forecast period, BYD, Kirkham, LG Chem, Samsung SDI and Nippon Hindo will be the leading battery suppliers for energy storage systems globally.

From a regional perspective, Asia Pacific will be the largest regional market for energy storage batteries throughout the forecast period due to the increasing demand for energy in the region due to rapid population growth and rising consumer living standards. In terms of the main battery material, lithium batteries will account for the highest market share for energy storage system batteries.