The global battery energy storage systems market features a highly consolidated landscape with small number of players accounting for a large share in the market, reports Transparency Market Research (TMR).
Prominent players in the market comprise Tesla, Panasonic, and LG Chem. Additionally, there are several new companies such as General Electric and Fluence trying to emerge in the market.
Key players in the battery energy storage systems market are engaging in research and development activities to expand their footprints globally.
Due to growing demand and rapid industrialization, battery energy storage systems market has witnessed major technological advancements. Researchers are developing new battery structures and compositions to push the performance of battery and enhance its sustainability. They are also working on reducing the cost of lithium-ion batteries to expand its consumer base.
They are replacing the expensive cobalt with nickel or manganese which are comparatively cheaper. Prominent players in the market continue to diversify their product applications to increase their revenue share in the market. Some of the key companies engage in collaborations and contracts to gain a competitive edge in the global battery energy storage systems market.