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Home | Search Global IT News: IT News & Press Release Distribution: Projected Growth of Battery Energy Storage Systems in Germany: A 24.6% CAGR from 2022 to 2027 (IT-NEWSWIRE.COM, June 08, 2023 ) According to the new research report "Germany Battery Energy Storage System Market with COVID-19 Impact by Storage System, Element, Battery Type (Lithium-Ion, Flow Batteries), Connection Type (On-Grid and Off-Grid), Ownership, Energy Capacity, Application and Geography - Global Forecast to 2027" , published by MarketsandMarkets, Germany Battery Energy Storage System Market to Grow at a CAGR 24.6% from 2022 to 2027 Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=112809494 Germany is witnessing significant growth in the battery energy storage system market. A battery energy storage (BESS) is a type of energy storage system that stores electrical energy in batteries to use later whenever required. BESS is embedded with a rechargeable battery through battery packs and modules. The system provides backup power during outages, reducing the need for expensive peak-demand power generation. It also helps reduce greenhouse gas emissions and promote energy independence by enabling businesses and homes to generate and store their electricity from renewable resources. Battery energy storage systems are used in various applications such as electric vehicles, grid-scale energy storage, and commercial & residential energy storage. The key factor boosting BESS market growth is the rising focus of BESS on grid modernization. Germany Battery Energy Storage System Industry Some future battery technologies expected to boost the battery market in the coming years are sodium-sulfur, solid-state, flow, and lead-acid batteries. Lithium-ion batteries are also highly adopted in the energy storage system as their performance makes them an attractive option for stationary energy storage applications. According to the Energy Information Administration (EIA), more than 80% of large-scale battery energy storage systems are powered by lithium-ion batteries across the globe. According to the MarketsandMarkets Analysis, Germany is the prominently growing country in the battery energy storage market. It will hold more than 40% of the European battery energy storage market in 2022. The growth of the market in the country is mainly driven by the surge in demand for renewable energy sources, alongside the necessity for enhanced grid stability and energy security. According to the German Renewable Energy Federation (BEE), Germany’s renewable energy industry has been growing steadily due to the Renewable Energy Act (REG). The country aims to phase out its nuclear plants by 2025. Besides, the government of Germany has set an aim of achieving a 65% share of renewable energy in electricity production by 2030. BESS plays a crucial role in integrating renewable energy into the grid by providing flexibility and balancing demand and supply. The market growth in Germany is also attributed to the growing number of homeowners in the country who are installing battery energy storage systems. One of every two rooftop solar panels is now sold with a battery storage system. According to an Energy Storage System Association report, the residential BESS market in Germany will grow by around 23% in 2021. Homeowners prefer BESS owing to the declining costs of lithium-ion batteries, which have made BESS more affordable for homeowners. Additionally, the German government’s subsidies and incentives for renewable energy and energy storage have made it more attractive for households to invest in BESS. Another factor contributing to the growing residential BESS in Germany is the increasing demand for energy independence and self-sufficiency. Many households want to reduce their reliance on the grid, generate electricity through solar panels, and store excess energy in a BESS. Thus, the BESS market in Germany is expected to continue growing in the coming years. Key Market Players BYD Company Limited (China), SAMSUNG SDI Co., Ltd. (South Korea), LG Energy Solutions Co., Ltd. (South Korea), and Panasonic Corporation (Japan) are a few major players in battery energy storage system companies. Ask for Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=112809494 About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. MarketsandMarkets™ Mr. Aashish Mehra 1-888-600-6441 sales@marketsandmarkets.com Source: EmailWire.Com Source: EmailWire.com

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