The global battery energy storage market is forecast to grow at US$13.13bn by 2023. Asia-Pacific (APAC) and EMEA will be the dominant markets for battery energy storage systems over the forecast period 2019-2023.
The fall in technology prices and increasing pace of development in the power market are the primary driving factors for the battery energy storage market.
APAC will continue to be the largest market reaching $6.05bn in 2023, as countries are increasing investments for improving their grid infrastructure and improving the market structure to attract foreign investments. With respect to technology, lithium-ion is and will continue to be, the preferred technology for market deployment.