2 weeks Ago By [email protected] (MENAFN)
( MENAFN - GlobeNewsWire - Nasdaq) Dublin, Nov. 11, 2024 (GLOBE NEWSWIRE) -- The "Growth Opportunities in the Commercial & Industrial Battery energy Storage Systems (BESS) Industry" report has been added to ResearchAndMarkets.com's offering.
Battery energy storage systems (BESS) have rapidly become the fastest-growing clean energy technology driven by the growth of wind and solar and the need for grid flexibility. While commercial and industrial (C&I) BESS installations have traditionally lagged behind grid-scale and residential deployments, the sector holds considerable opportunity, especially in the present context of increasing electrification and decreasing battery costs. In 2023, the market was estimated at $3.
18 billion, with newly installed capacity reaching 2.36 GW/4.86 GWh.
The global C&I BESS market is forecast to grow to $10.88 billion by 2030, more than triple its size today, and reach $21.64 billion by 2035.
BESS's annual power capacity will register a CAGR of 20.1% from 2023 to 2035, achieving 122.97 GW of cumulative capacity.
The business case for C&I BESS typically requires a combination of applications to drive cost savings and revenues. This highlights a demand for advanced software and controls for co-optimization across applications, typically peak shaving, load shifting, RE self-consumption, and backup. In more advanced energy markets, the possibility of enrolling C&I BESS in DR programs or VPPs or providing grid services through aggregators further improves the business case, expediting the adoption of batteries and market growth.
This study provides a regional-level forecast and analysis of how C&I BESS capacity and investments will evolve by 2035. It discusses the main drivers and trends in the battery value chain, technology, business models, and applications. In addition, it highlights growth opportunities and action points for industry participants to reap the benefits of this developing market.
Key Growth Opportunities Key Topics Covered: Strategic Imperatives Growth Opportunity Analysis Key Trends Shaping the C&I Battery Energy Storage Industry Companies to Action Growth Opportunity Analysis Regional Analysis For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. MENAFN11112024004107003653ID1108871574 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind.
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