US to Lead the BESS Market followed by Japan, Germany and China by 2020
The utility-scale grid-connected BESS market is currently led by the US, followed by Japan, Germany and China. The US is expected to continue to lead the BESS market in the next five years due to regulatory framework and policies by State. The projects commissioned between 2011 and 2014 have been funded largely by the American Recovery and Reinvestment Act (ARRA). The 1.3 GW California energy storage mandate has driven the utilities to install over 565 MW of storage in 2014, and remaining to be commissioned between 2015 and 2020. The US BESS market grew from $144m in 2010 to more than $750m by 2015 and the country is expected to reach about $1.7 billion in terms of market value by 2020.
The BESS markets for Japan, Germany and China are forecasted to reach around $1.5 billion, $1.2 billion and $1.07 billion by 2020 from $533m, $158m and $156m in 2015, respectively. While Italy, the UK, South Korea, India and Chile to have a market value of $0.89 billion, $0.88 billion, $0.71 billion, $0.69 billion and $0.16 billion respectively by 2020.
GlobalData’s latest report “Grid Connected Battery Energy Storage System – Market Size, Competitive Landscape, Key Country Analysis and Forecasts to 2020” provides an overview of the energy storage market, defining various energy storage technologies and their maturity level. The report also provides in-depth analysis of the global BESS market and market analysis of key countries including the US, Chile, Germany, Italy, the UK, France, China, India, Japan, South Korea, and Australia. The report analyzes the regional and country-level BESS market value for the historical (2006-2015) and forecast (2016-2020) periods, the regional and country-level BESS market share by technology and application by 2015, and the competitive landscape for respective countries in 2015.
Price: $3,995 (Single User License)
Published: Jun -16
Report Format: electronic pdf