The global push towards reducing carbon emissions and dependence on fossil fuels is driving the adoption of electric vehicles, thereby increasing the demand for battery energy storage systems.
Wilmington, Delaware, United States, Transparency Market Research Inc. -, July 11, 2024 (GLOBE NEWSWIRE) — The battery energy storage system market for Evs(EV용 배터리 에너지 저장 시스템 시장) was projected to attain US$ 3.1 billion in 2023. It is likely to garner a 25.6% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 38.9 billion.
There is a growing trend of integrating BESS with renewable energy sources such as solar and wind to provide a more sustainable and reliable energy supply for EVs. The repurposing of used EV batteries for secondary applications, such as residential or commercial energy storage, is gaining traction, creating additional value and extending the lifecycle of batteries.
Vehicle-to-Grid technology allows EVs to discharge stored energy back to the grid, is becoming increasingly popular. This not only enhances grid stability but also provides an additional revenue stream for EV owners. The development of ultra-fast charging infrastructure is a significant trend, aimed at reducing the charging time for EVs and addressing range anxiety, thereby encouraging more consumers to switch to EVs.
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The adoption of modular battery systems that allow for easy replacement and upgrade of battery modules is increasing, providing flexibility and reducing long-term maintenance costs. Collaborations between automotive manufacturers, battery producers, and technology firms can lead to the development of innovative solutions and faster market penetration.
Key Findings of Market Report
- The expansion of fast-charging networks and the development of new charging technologies, including wireless and ultra-fast chargers, are facilitating the wider adoption of EVs.
- The rise of energy storage as a service, where businesses and consumers can subscribe to energy storage solutions without the need for large upfront investments, is making BESS more accessible.
- The shift towards electric buses and public transportation systems is significantly contributing to the demand for high-capacity battery storage solutions.
- The integration of BESS with smart grids is enhancing the efficiency and reliability of energy distribution, making it more attractive for utilities and consumers.
Market Trends for Pre-owned Vehicles
- By battery type, the lithium-ion batteries segment is expected to boost the growth of the battery energy storage system market for Evs (mercato dei sistemi di accumulo dell’energia a batteria per veicoli elettrici).
- Lithium-ion batteries have a high energy density, meaning they can store a significant amount of energy in a relatively small and lightweight package. This makes them ideal for EVs, which require compact and efficient energy storage solutions.
- Lithium-ion batteries offer a longer cycle life compared to other types of batteries. They can be charged and discharged many times before their performance degrades significantly, which is crucial for the lifespan of EVs.
- On the basis of material type, the lithium segment is anticipated to accelerate the market growth.
- Lithium is crucial in achieving the high energy density needed for efficient and long-range EV batteries. This high energy density is a significant factor in the performance and appeal of EVs.
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Global Market for Pre-owned Vehicles: Regional Outlook
North America
- Advances in battery technology, particularly lithium-ion batteries, are enhancing the energy density, driving range, and overall performance of EVs.
- Significant investments are being made to expand the network of public and private EV charging stations across North America, addressing range anxiety and making EVs more convenient to use.
Asia Pacific
- The development of fast-charging networks reduces charging time, which is critical for the adoption of EVs.
- Companies are integrating renewable energy sources with battery storage to power their operations, promoting the use of BESS.
Battery Energy Storage System Market for EVs: Key Players
The competitive landscape of the battery energy storage system market for Evs (Markt für Batteriespeichersysteme für Elektrofahrzeuge) is dynamic and evolving, driven by technological advancements, regulatory policies, and market dynamics. The following companies are well known participants in the battery energy storage system market for EVs:
- ABB Ltd.
- AEG Power Solutions
- BYD Company Ltd.
- Delta Electronics Inc.
- East Penn Manufacturing Company
- General Electric Company
- Hitachi, Ltd.
- Honeywell International Inc.
- LG Energy Solution.
- MTU Solutions
- NEC Corporation
- Panasonic Corporation
- Samsung SDI.
- Siemens
- Tesla
- TOSHIBA CORPORATION
Key Developments
- In 2022, Eaton unveiled new power management solutions to aid the Asia Pacific (APAC) region in its transition to green energy. This launch features a comprehensive suite of electric vehicle charging infrastructure (EVCI) solutions and the xStorage range of battery energy storage systems (BESS), specifically tailored for APAC’s unique business and operational landscape.
- In the same year 2022, the Public Utilities Regulatory Authority (PURA) in Connecticut, U.S., introduced Energy Storage Solutions, a statewide electric storage program. This initiative is designed for all residential, commercial, and industrial customers of Eversource and United Illuminating (UI). The program aims to enhance the reliability and resilience of the electric distribution system, with a particular focus on supporting vulnerable communities.
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Battery Energy Storage System Market for EVs Segmentation
By Battery Type
- Lithium-ion Batteries
- Lead Acid Batteries
- Nickel Cadmium Batteries
- Others
By Material Type
- Cobalt
- Lithium
- Natural Graphite
- Manganese
- Others
By Battery Capacity
- 0 – 100 MWh
- 101 – 500 MWh
- Above 500 MWh
By Connection Type
- Off-grid Systems
- Micro-grid Systems
- On-grid Systems
By Power Source
- Power Grids
- Renewable Energy
- Solar
- Wind
- Others
By Ownership
- Customer-owned
- Third-party Owned
- Utility-owned
By Electric Vehicle Type
- Battery Electric Vehicles (BEVs)
- Hybrid/Plug-in Hybrid Vehicles (HEVs/PHEVs)
- Fuel Cell Electric Vehicles (FCEVs)
By Application
- Public
- Private
By Region
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
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