Report indicates growth in global market

Research company ResearchAndMarkets’ 2022 report shows that the global battery energy storage system (BESS) market is expected to grow from $4.4-billion in 2022 to $15.1-billion by 2027, at a compound annual growth rate (CAGR) of 27.9%. The growth of this market is mainly driven by the increasing demand for grid energy storage systems owing to ongoing grid modernisation, growing penetration of lithium-ion batteries in the renewable energy sector, and the rising trend of low-carbon and less fossil fuel-based economies and the ongoing renewable energy revolution.