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Global Ancillary Services for Battery Energy Storage Systems Market Size study, by Type, by Battery Energy Storage System Type, by End-Use and Regional Forecasts 2024-2032

Global Ancillary Services for Battery Energy Storage Systems Market Size...

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Global Ancillary Services for Battery Energy Storage Systems Market Size study, by Type, by Battery Energy Storage System Type, by End-Use and Regional Forecasts 2024-2032
Global Ancillary Services for Battery...
Report Code
RO2/103/1317

Publish Date
13/Sep/2024

Pages
200
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Global Ancillary Services for Battery Energy Storage Systems Market is valued approximately at USD 1.62 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 14.77% over the forecast period 2024-2032. Ancillary services for battery energy storage systems encompass a variety of supportive functions beyond mere energy storage. These include frequency regulation, congestion relief, voltage support, power smoothing, and peak shaving, all of which are crucial for enhancing grid stability and reliability. By swiftly adjusting power output to meet demand fluctuations and maintain system balance, these services play an indispensable role in integrating renewable energy sources and managing grid variability effectively. Technological advancements in battery technology are further fuelling the market's growth. Innovations aimed at improving energy density, cycle life, safety, scalability, and affordability are ongoing, with lithium-ion batteries gaining significant attention due to their high energy density and rapid charging capabilities. Additionally, flow batteries, which utilize liquid electrolytes in external tanks, offer scalability and longer-duration storage options, positioning them as strong competitors in the energy storage domain.

The increasing penetration of renewable energy sources such as solar and wind power is a significant driver propelling the market growth. Fossil fuels have been a predominant energy source, causing climate change and adverse health impacts due to greenhouse emissions and pollution. The shift towards renewable sources, prompted by their abundance and minimal environmental impact, has led to a surge in demand for these sustainable energy options. According to the Energy Information Administration, U.S. solar power generation is projected to grow by 75%, from 163 billion kilowatt-hours (kWh) in 2024 to 286 billion kWh in 2025. Wind energy usage is also expected to rise, driven by the high demand for energy, increasing by 11% from 430 billion kWh in 2024 to 476 billion kWh in 2025. Renewable sources are anticipated to constitute 22% of the U.S. electric power generation in 2024, surpassing nuclear and coal.

The key regions considered for the global Ancillary Services for Battery Energy Storage Systems market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. In 2023, the Asia Pacific region dominate the market in terms of revenue and expected to grow at a fastest CAGR during the forecast period 2024-2032, driven by the need for reliable and efficient electricity infrastructures amid ongoing industrialization and urbanization. The region is also witnessing significant investments in grid modernization and energy storage projects, particularly in countries such as China, Japan, South Korea, and Australia.

Major market player included in this report are:
Nidec Industrial Solutions
ESS Inc.
EDF Energy
Powin Energy
Saft
Mitsubishi Heavy Industries, Ltd.
Honeywell International, Inc.
LG Energy Solution Ltd.
NextEra Energy
Doosan GridTech
General Electric
Tesla, Inc.
Siemens AG
ABB Ltd.
Samsung SDI
The detailed segments and sub-segment of the market are explained below:
By Type:
Frequency Regulation (and Balancing)
Congestion Relief
Voltage Support
Power Smoothing
Peak Shaving
Backup Power
Solar Plus Storage
Grid Reliability & Microgrid Capability
Others
By Battery Energy Storage System Type:
Lead Acid
Lithium-ion
Flow Batteries
Nickel-based Batteries
Sodium-Sulphur
Zinc-Bromide
By End-Use:
Residential
Commercial
Industrial
Utilities
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

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