According to a report recently released by the international market research organization MarketsandMarkets Analysis, the global battery energy storage system market is expected to reach US$2.9 billion in 2020, and this figure is expected to increase to US$12.1 billion by 2025, with a compound annual growth rate of 32.8% during the period.

　　According to the report, the growth of the market is expected to be driven by the general trend of a low-carbon and less fossil fuel-based economy, as well as the continuous renewable energy revolution, and a surge in demand.

　　After COVID-19, the continuous acceleration of infrastructure construction, the low cost and high performance of lithium batteries, and the increasing demand for grid energy storage systems have led to the continuous increase in the adoption rate of lithium batteries. These factors have helped the battery energy storage system market gain attention in utilities, residential and commercial applications.

　　Lithium-ion battery (LIB) has become the main energy storage solution in modern social life. Among them, lithium iron phosphate batteries are a perfect replacement for lead-acid batteries, and they are the first choice for grid-connected peak shaving, off-grid energy storage, photovoltaic energy storage, UPS, data center and other industries.

　　It is expected that during the forecast period, the Asia-Pacific region will become the fastest growing regional market for the battery energy storage market. The region is the largest market for battery energy storage systems and is home to some of the fastest-growing economies in the world.