Battery Energy Storage System Market: Competitive Landscape

The battery energy storage system market is expected to reach USD 17.5 billion by 2028 from USD 5.4 billion in 2023, at a CAGR of 26.4 % during the 2023–2028 period according to a new report by MarketsandMarkets™. The significant growth factors associated with the battery energy storage system market is the increasing deployment of renewable energy sources. Additionally, the growth of electric vehicles (EVs) is driving the need for efficient and reliable charging infrastructure, where battery energy storage systems can play a significant role in managing peak loads and balancing the grid.