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Battery Energy Storage Market worth $17.5 billion by 2028 – Exclusive Report by MarketsandMarkets™

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CHICAGO, June 26, 2023 /PRNewswire/ — The battery energy storage system market is expected to reach USD 17.5 billion by 2028 from USD 5.4 billion in 2023, at a CAGR of 26.4 % during the 2023–2028 period according to a new report by MarketsandMarkets™. The significant growth factors associated with the battery energy storage system market is the increasing deployment of renewable energy sources. Additionally, the growth of electric vehicles (EVs) is driving the need for efficient and reliable charging infrastructure, where battery energy storage systems can play a significant role in managing peak loads and balancing the grid. Furthermore, advancements in battery technology, cost reduction, and favorable government policies and incentives are also contributing to the market’s growth by making battery energy storage systems more accessible and economically viable for various applications.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=112809494

Browse in-depth TOC on “Battery Energy Storage Market” 180 – Tables
80 – Figures
280 – Pages

Battery Energy Storage Market Report Scope:

Report Coverage

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Details

Market Revenue in 2023

$5.4 billion

Estimated Value by 2028

$17.5 billion

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Growth Rate

Poised to grow at a CAGR of 26.4%

Market Size Available for

2019–2028

Forecast Period

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2023–2028

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

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Segments Covered

By Element, Battery Type, Connection Type, Ownership, Energy Capacity and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

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Difficulties pertaining to installation of battery energy storage systems in remote and isolated locations

Key Market Opportunities

Reduction in prices of lithium-ion batteries

Key Market Drivers

Accelerated deployment of grid energy storage systems in ongoing grid modernization on projects

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Battery element segment is expected to account for the largest share of the battery energy storage system market during the forecast period.

The battery energy storage system constitutes components such as a battery, battery management system, energy management system, monitoring and control system, and power conversion system. The battery elements used in the battery energy storage system are in the form of modules and racks. The battery element alone constitutes 60% of the total battery energy storage system. It is the major element, where the functioning is regularized by hardware and software, which increases its efficiency. Mostly used battery types in battery energy storage systems are lithium-ion and advanced lead-acid batteries.

Utility application is projected to account for significant share of battery energy storage system market during the forecast period.

Battery energy storage systems play a crucial role in grid stabilization and peak load management, which are essential for maintaining a stable and reliable power supply. They can respond quickly to fluctuations in power supply and demand, regulating frequency and voltage to ensure grid stability. The need to fulfill the requirement of peak electricity demands is the major factor contributing to the growth of the market for utilities.

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Asia Pacific is expected to register the highest CAGR during the forecast period.

Asia Pacific rapid economic growth, urbanization, and industrialization have resulted in higher energy consumption. This increased demand for energy, along with the need for reliable and sustainable power supply, has driven the adoption of battery energy storage industry. The use of residential energy storage technology will enable to increase access to electricity for these remote and island communities in the region. Energy storage investments are expected to increase substantially within the region as the governments in growing economies are making new policies to improve the reliability and quality of the power distribution facilities to the residential customers. The growth of the market in the region is driven by several factors, including the increasing demand for renewable energy, growing concerns about climate change, improvements in battery technology, and government policies and regulations.

The report profiles key players in battery energy storage companies such as BYD Company Limited, SAMSUNG SDI Co., Ltd., LG Energy Solutions Co., Ltd., and Panasonic Corporation.

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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.

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Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra

MarketsandMarkets™ INC.
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Email: [email protected]
Visit Our Web Site: https://www.marketsandmarkets.com/
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Blockchain Press Releases

BC.GAME Launches Monkey King-Themed Slot Game Wukong

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NICOSIA, Cyprus, Dec. 26, 2024 /PRNewswire/ — BC.GAME has launched its latest slot game, Wukong, inspired by the highly acclaimed Black Myth: Wukong, a groundbreaking AAA game that has captivated players worldwide. Officially released on December 24, this 6-reel, 5-row slot game allows players to experience the essence of Wukong’s legendary journey while aiming for rewards of up to 10,000 times their bet.

The game incorporates iconic symbols and elements from Black Myth: Wukong, such as the Ruyi staff, gourd bottles, and treasure pearls, designed to recreate the mythical atmosphere of the original story. The addition of the Sticky Symbols feature enhances gameplay by keeping special symbols locked in place during free spins, significantly increasing the chances of winning and unlocking larger rewards.

Dark Visual Design and Storytelling Behind Wukong

The visual design of Wukong draws from traditional Chinese art styles, blending elements from Journey to the West. The reels are filled with recognizable symbols like the Ruyi staff, gourd bottles, and treasure pearls. These symbols immerse players in the mythical world of the story, faithfully recreating key moments from the novel, such as Sun Wukong’s havoc in Heaven and his encounters with the White Bone Demon.

The game’s background is rooted in Journey to the West, where Sun Wukong embarks on a journey with the monk Tang Seng and his companions to obtain sacred scriptures. Each detail of the game is carefully crafted to bring this legendary tale to life, offering a unique gaming experience and a tribute to Chinese culture and mythology.

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Key Features of the Wukong Slot Game:

Free Spins and Bonus Opportunities: Triggering free spins unlocks additional reward mechanisms, increasing the chances of landing big wins.

Sticky Symbols Feature: Special symbols remain in place during free spins, greatly enhancing winning potential.

Up to 10,000x Max Win: The game offers a maximum payout of up to 10,000 times the bet, providing significant winning opportunities.

“Wukong is not just about spinning reels; it’s about experiencing a rich part of Chinese culture. We’ve worked hard to ensure the game is stunning and fun and engaging for players, with layers of features that add excitement. We’re proud to offer a game that blends storytelling with gameplay, and we think players will love the journey through Wukong’s legendary world,” Jack Dorset, CEO of BC.GAME said.

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About BC.GAME

BC.GAME is a leading online gaming platform that integrates blockchain technology and cryptocurrency into its casino games, by offering a secure, transparent, and decentralized experience, BC.GAME allows players to enjoy a variety of gaming options, including slots, table games, and live casino offerings. The platform is dedicated to providing players with exciting, fair, and innovative ways to engage with the world of gaming. citing, fair, and innovative ways to engage with the world of gaming.

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Blockchain Press Releases

WSPN Appoints Former EY Global Chief Innovation Officer Jeff Wong as Independent Director

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SINGAPORE, Dec. 26, 2024 /PRNewswire/ — Worldwide Stablecoin Payment Network (WSPN), a leading stablecoin infrastructure company, announces the appointment of Jeff Wong as Independent Director. Mr. Wong brings over 25 years of experience in technology innovation and enterprise transformation to WSPN. He most recently served as EY’s Global Chief Innovation Officer from 2015 to 2024, where he spearheaded the firm’s global innovation initiatives and established EY’s advanced technology labs focusing on Artificial Intelligence, Blockchain, Quantum Computing, and Web3.

Prior to EY, Mr. Wong held leadership roles at eBay and JPMorgan Partners. He is a member of the Council on Foreign Relations, the Forbes Technology Council, and the founding Chair of Asia Society’s Technology and Innovation Council, helping drive the innovation and transformation agenda. He was also a member of the World Economic Forum’s Global Future Council on Innovation Ecosystems. He has previously served on the Oxford Foundry Board at Oxford University and the Advisory Board for AI4All. Mr. Wong is a recipient of the Outstanding 50 Asian Americans in Business award and an honoree of the A100 List by Gold House, recognizing individuals with Asian Pacific heritage who have made a significant impact on American culture and society.

“Joining WSPN at this pivotal moment in the stablecoin industry is incredibly exciting,” said Mr. Wong. “I look forward to contributing my experience in emerging technologies and enterprise transformation to help WSPN build the next generation of digital payment infrastructure.”

“Jeff’s appointment represents a significant strategic addition to WSPN,” said Raymond Yuan, Founder and CEO of WSPN. “His deep expertise in innovation management, enterprise transformation, and emerging technologies, combined with his leadership experience at global institutions, will be invaluable as we accelerate our market expansion and global development.”

About WSPN

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WSPN is a leading provider of next-generation stablecoin infrastructure, committed to building a more secure, efficient, and transparent payment solution for the global economy. Their flagship product, WUSD stablecoin, is pegged 1:1 to the U.S. Dollar and aims to optimize secure digital payments for Web3 users. WSPN’s Stablecoin 2.0 approach prioritizes user-centricity, community governance, and accessibility, paving the way for widespread stablecoin adoption.

Learn more: www.wspn.io | X | LinkedIn

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Blockchain Press Releases

Bybit Champions Web3 Innovation and Strengthens Ties with Asia’s Crypto Community at Taipei Blockchain Week

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DUBAI, UAE, Dec. 24, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange, debuted at the Taipei Blockchain Week Dec. 12 to 14, 2024, spotlighting the vibrant Web3 innovations on its platform alongside a dynamic roster of its strategic Layer 1 ecosystem partners.

Featuring side events in collaboration with the Solana Foundation, the Sui Foundation, and a dazzling lineup of multichain projects, Bybit Web3 dedicated the Taipei tour to building up communities and deepening connections with Web3 ecosystem partners. The Bybit delegation also took the stage to uncover the latest insights on Web3, building with a purpose, and the future of blockchain utilities and DeFi.

Purpose, Innovation, and Partnerships

Representing Bybit at the conference were MK Chin, Core Contributor for Blockchain for Good Alliance and Head of Marketing of Bybit Web3, and Angela Huang, Bybit VIP Relationship Manager, at various panels.

Expanding on blockchain technology’s potential in building better realities for all, Chin joined as a panellist in the session Marketing Web3: Strategies to Engage and Onboard the Next Billion Users. Chin shared learnings and actionable insights from the Bybit-supported Blockchain for Good initiative (BGA), elaborating on both real-world utilities of blockchain technologies and the trickling down of benefits to grassroot communities.

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Meanwhile, Angela Huang moderated three sessions closely tied to Bybit’s mission, steering conversations on crucial industry topics:

  • The panel Bridging TradFi and DeFi: The Exchange’s Role in User Onboarding on Dec. 12 examined how exchanges could elevate access to the digital economy for users at scale.
  • On Dec. 13, Networked Intelligence: The Rise of Decentralized AI explored the intersection of blockchain and AI, showcasing their potential to transform and democratize finance.
  • The Building for Impact: How Female Founders Drive Purpose-Driven Innovation panel on Dec. 14 highlighted the evolving role of women leaders in driving solution-oriented innovation.

Another highlight at the event was amplified globally via Bybit Livestream. Collaborating with the Sui Foundation, Ondo, DeepBook, Scallop, NAVI, and other leading projects, Bybit Web3 led a critical debate on the future of Sui’s growth strategy: Sui Ecosystem Showdown: Mass Adoption vs. Native Growth. Hosted by Emily Bao, Head of Web3 and Spot at Bybit, the livestream attracted over 6,500 viewers live at the Taipei Blockchain Week and globally on Dec. 13.

Deepening Bonds: Key Web3 Ecosystems and Communities

Bybit Web3 brought the local community closer to its world-class ecosystem partners with engaging community events, co-hosting Taiwan DeFi Flow with Sui and Scallop on Dec. 12, and Solana Ecosystem Taipei Greetings with the Solana Foundation and Solar with the support of Orderly Network, Zetachain, Jupiter, and Sonic, on Dec. 14. Through collaborations and innovation, Bybit Web3 opens up new on-chain possibilities for partners and stakeholders to expand the Web3 universe.

These relaxed evening gatherings provided a convivial backdrop for like-minded builders and entrepreneurs to network, exchange ideas, and celebrate their shared enthusiasm for DeFi and dApps in Asia’s growing Web3 innovation hub.

“It’s been an incredible experience connecting with the builders, believers, users, creators, and supporters driving innovation on Solana and Sui. These moments remind us of the heart and spirit of Web3—a vibrant ecosystem shaped by collaboration and shared vision. I’m deeply proud to witness this growth, grateful for every connection made, and excited for the road ahead,” said MK Chin, Core Contributor for Blockchain for Good Alliance and Head of Marketing of Bybit Web3.

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“Taipei Blockchain Week showcased the immense growth and potential of Web3 innovation in Asia. Representing Bybit, I had the honor to collaborate with industry leaders to explore Web3’s limitless possibilities, from DeFi and AI to real-world applications. Together, we are shaping a more inclusive global crypto community,” said Angela Huang, Bybit VIP Relationship Manager.

In the past year, Bybit has seen exponential growth in its user base, surging to over 60 million by the end of 2024. It has also invested in vertical growth through community engagements across the world. Connected by the passion for the future of crypto, blockchain, and Web3, the Bybit family is on track to building an inclusive and sustainable path to growth for the industry.

 

Bybit’s Angela Huang at the Networked Intelligence: The Rise of Decentralized AI panel at Taipei Blockchain Week 2024.

#Bybit / #TheCryptoArk / #BybitWeb3

About Bybit Web3

Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.

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Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 50 million users globally.

Join the revolution now and open the door to your Web3 future with Bybit.

For more details about Bybit Web3, please visit Bybit Web3.

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

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For more details about Bybit, please visit Bybit Press

For media inquiries, please contact: [email protected]

For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

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