The global battery energy storage market is forecast to reach $13.13 billion by 2023. The Asia-Pacific (APAC) and EMEA regions will be the main markets for battery energy storage systems over the forecast period 2019-2023, according to GlobalData (a data and analytics company).

Its latest report says that the fall in technology prices and the increasing pace of development in the power market are the primary factors driving the growth of this market.

APAC will continue to be the largest regional market, reaching $6.05 billion in 2023, while lithium-ion will continue to be the preferred technology for market deployment.

A GlobalData power analyst, said: “The USA has been the largest single-country market for battery energy storage systems up to 2018, both in terms of cumulative installed capacity and by market value, and it is likely to continue to lead the market at the country level.

“US energy storage is expected to reach $2.96 billion in 2023, accounting for 23% of the global market.”

Asia-Pacific was the largest regional market for battery energy storage systems, accounting for 45% of the global market installed capacity in 2018, and the region is expected to maintain its top position in the forecast period.

With the number of grid-connected renewable-energy generating plants increasing rapidly, countries such as China, India, Japan, South Korea and the Philippines will focus on frequency regulation in the electric grid to normalise the variation in power generation from renewables.