The global Battery Energy Storage Systems (BESS) market is projected to grow significantly over the next few years due to increasing demand for energy storage solutions, renewable energy integration, and grid stabilization. The market is expected to reach a value of USD 19.15 billion by 2026, growing at a CAGR of 28.2% from 2021 to 2026. The Asia-Pacific region is expected to lead the market growth, followed by North America and Europe. Factors such as government initiatives, declining battery prices, and increasing demand for off-grid and micro-grid systems are expected to drive the market growth. However, factors such as safety concerns and environmental issues related to battery disposal may hinder the market growth.
Here is more information from MarketWatch.