Global Battery Market for Energy Storage Systems (ESS) Market 2019-2023
In the commercial and industrial (CSJ) sectors, downtime caused by a power outage for even a minute will lead to huge losses for companies. Interruption of any length in electricity supply creates difficulties for business operations in these sectors, as in facilities such as hospitals and nursing homes, a short power outage can put lives at risk. In commercial and industrial facilities in the manufacturing, engineering and construction, pharmaceutical and healthcare, oil and gas, industrial farming, mining, energy, aerospace, petrochemical, and warehousing and distribution sectors, power backup is highly essential for smooth operations. Many companies have started investing in energy storage to overcome the issue of power outages. Therefore, the increased need for power backup across many industries will significantly drive the global battery market for ESS. Technavio's analysts have predicted that the battery market for energy storage systems (ESS) market will register a CAGR of almost 3% by 2023.
Energy storage systems have been gaining popularity over the past decade. The proliferation of ESS is mainly attributed to the rise in the number of solar PV installations. ESS are being used in various market segments, including in the utility, commercial, industrial, and residential sectors. In the residential sector, people use energy storage systems as power backup devices to store the solar power generated during the daytime, which is used at night time.
The disposal of battery waste requires a proper management system to ensure the safety of people and the environment. Therefore, the increase in lead pollution owing to the improper disposal of lead components from batteries poses a significant barrier to the use of lead as a component, which impedes the adoption of lead-acid batteries as an energy storage technology. This will have a negative impact on the growth of the global battery market for ESS.
For the detailed list of factors that will drive and challenge the growth of the battery market for energy storage systems (ESS) market during the 2019-2023, view our report.
The market appears to be highly fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.