CHICAGO, Feb. 25, 2022 /PRNewswire/ — According to the new research report, the “Battery Energy Storage System Market with COVID-19 Impact by Storage System, Element, Battery Type (Lithium-Ion, Flow Batteries), Connection Type (On-Grid and Off-Grid), Ownership, Energy Capacity, Application and Geography – Global Forecast to 2027”, published by MarketsandMarkets™, the global Battery Energy Storage System Market size is expected to grow from USD 4.4 billion in 2022 to USD 15.1 billion by 2027, at a CAGR of 27.9%. The growth of this market is driven mainly by the increasing demand for grid energy storage systems owing to ongoing grid modernization, growing penetration of lithium-ion batteries in renewable energy sector, and rising trend of adopting low-carbon and less fossil fuel-based economy and ongoing renewable energy revolution.
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Battery Energy Storage System Market worth $15.1 billion by 2027
