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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.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=112809494

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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

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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.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/battery-energy-storage-system-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/battery-energy-storage-system.asp

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Blockchain Press Releases

Howe-Baker International Signs Memorandum of Understanding with D.Energy to Pioneer Clean Hydrogen Production Using Blockchain Technology

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TYLER, Texas, July 17, 2024 /PRNewswire/ — Howe-Baker International, a leader in design and engineering for the energy sector, is pleased to announce the signing of a Memorandum of Understanding (MOU) with D.Energy, a layer 1 blockchain pioneering clean energy protocols. This strategic partnership aims to advance the research and development of implementing blockchain technology in the generation of clean hydrogen.

Under the terms of the MOU, Howe-Baker and D.Energy will collaborate to explore and develop blockchain-based systems to enhance the efficiency, transparency, and security of hydrogen production processes. The collaboration aligns with both companies’ commitment to fostering innovation and sustainability in the energy sector, heralding a new era of clean hydrogen production powered by blockchain technology.

Key Objectives of the Collaboration:

  1. Efficiency Enhancement: Utilizing blockchain technology to optimize hydrogen production processes, reducing costs and improving overall efficiency.
  2. Transparency and Traceability: Ensuring transparent tracking of hydrogen production from renewable sources to end-users, enhancing trust and accountability in the supply chain.
  3. Security and Data Integrity: Implementing robust blockchain solutions to safeguard data integrity and prevent unauthorized access or tampering.
  4. Sustainability Goals: Contributing to global efforts to reduce carbon emissions by promoting the adoption of clean hydrogen as a viable and sustainable energy source.

Comments from Leadership:

“We are thrilled to partner with D.Energy on this groundbreaking initiative,” said Layken White, president of Howe-Baker. “Combining our extensive experience in energy infrastructure with D.Energy’s blockchain expertise, we are poised to revolutionize the clean hydrogen production industry. This collaboration not only supports our sustainability goals but also positions us at the forefront of technological innovation in clean energy.”

Shafi Rafi, founder of D.Energy, added, “This MOU marks a significant milestone in our mission to integrate blockchain technology into the energy sector. By partnering with Howe-Baker, we aim to develop scalable and secure blockchain solutions that will drive the future of clean hydrogen production. Together, we are committed to creating a more efficient and sustainable landscape for On-Chain Real World Assets (RWAs).”

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About Howe-Baker International:

Howe-Baker International is a global technology company providing engineering, fabrication and construction services for the energy industry. With a rich history of delivering innovative solutions, Howe-Baker is dedicated to driving progress in the energy sector and supporting the transition to cleaner energy sources.

For more information, please contact: 
Reem Ellafi
[email protected]
www.howebaker.com

About D.Energy:

D.Energy is a layer 1 blockchain that specializes in tokenizing sustainable Real World Assets (RWAs). Its platform supports a wide range of applications, including trading climate assets, enhancing the efficiency and security of renewable energy production, and promoting the integration of sustainable energy technologies.

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For more information, please contact: 
Luke Potter
[email protected]
www.d.energy

Photo – https://mma.prnewswire.com/media/2463771/d_energy_howe_baker_square.jpg

 

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Blockchain

Artificial Intelligence takes Center Stage at Blockchain Futurist Conference 2024 in Toronto

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 The highly anticipated Blockchain Futurist Conference, Canada’s Largest Web3 Event, is set to return for its sixth year to Toronto this August 13-14, 2024, with a focus on Artificial Intelligence as a core theme. This year’s event promises to offer sessions, panels, and sub-events centered around AI, highlighting how these technologies are transforming Web3 and reshaping our world. The dedicated AI segment is scheduled for Wednesday, August 14, 2024, and is accessible with all conference passes.

AI and Web3 technologies are rapidly converging to create a future that promises to revolutionize the digital landscape. AI’s ability to analyze vast amounts of data, and automate complex processes, complements Web3’s decentralized and transparent framework. This integration enables more secure, and equitable solutions across various sectors.

At this year’s event, attendees can hear from top industry leaders in AI such as:

  • Anthony Di Iorio, Founder, Ethereum, Decentral, Andiami

  • Ben-Zion Benkhin, CEO, WOMBO

  • Ashley Nandan, Google Canada, Startups

  • Ari Juels, Chief Scientist, Chainlink Labs

  • Christopher Johnson, Developer, Bad Idea AI

  • Trevor Koverko, Co-Founder, Sapien

  • JD Seraphine, CEO, Raiinmaker

  • Breeze Liu, Founder & CEO, Alecto AI

  • Christopher Obereder, Investor, Startup Chris Ventures

  • Adam Benzine, Creator & Oscar®-Nominated Filmmaker

AI Futurist Conference will also host multiple sponsors dedicated to AI organizations, such as Inference Labs, a Gold Sponsor at this year’s event.

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Inference Labs specializes in developing advanced infrastructure and products for AI on Web3. Their lab focuses on AI inference interoperating on the blockchain, an essential step for building a future where anyone can access AI without counterparty risk.

Ron Chan, Co-Founder of Inference Labs, and a visionary entrepreneur dedicated to pioneering the future of Decentralized AI had this to say:

“In all my years navigating tech cycles, I have never witnessed the level of developer interest in Artificial Intelligence that we see today. We’re at an inflection point where Internet traffic is roughly split 50/50 between humans and machines. I firmly believe that inference will soon become the dominant form of Internet traffic.”

With two decades of experience as a serial entrepreneur, Ron Chan has successfully navigated the ever-evolving tech industry, leading multiple technology and infrastructure startups to successful exits. His expertise spans architecting data centers, defense projects, and developing mission-critical civil aviation applications, showcasing his versatility and adeptness in managing complex, high-stakes ventures.

Futurist Conference will also host multiple sub-events and meetups for the AI community throughout the venue on both days. These include:

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  • Crypto x AI Book Signing: Ari Juels, Chief Scientist of Chainlink Labs and author of “The Oracle,” will discuss Crypto x Artificial Intelligence on the Main Stage, followed by a book signing.

  • AI Ethics Roundtable: A critical exploration of the ethical implications of AI and the transformative role of Web3 technologies.

  • AI Web3 & Robotics for Kids: A fun and interactive workshop for kids to learn about AI and Web3, with hands-on experience with robots.

  • Robots Live Onsite: Witness jaw-dropping innovations in action and experience the thrill of future technologies before your eyes.

Futurist Conference aspires to be more than just an event; it aims to create a future world within a conference, immersing attendees in the cutting-edge technologies that will shape tomorrow. By offering interactive experiences, and live demonstrations, the conference allows participants to see, feel, and engage with the latest advancements in AI, Web3, and beyond.

Futurist Conference is the perfect place for these industries to convene, providing a unique platform for thought leaders, innovators, and enthusiasts to explore the transformative potential of AI and Web3 technologies. Get ready to step into the future this August.

The post Artificial Intelligence takes Center Stage at Blockchain Futurist Conference 2024 in Toronto appeared first on HIPTHER Alerts.

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Blockchain Press Releases

Zilliqa makes blockchain history by buying a racehorse

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SINGAPORE, July 17, 2024 /PRNewswire/ — Zilliqa, the long-established layer-1 blockchain and market leader in Web3 sports and entertainment, is proud to announce its venture into the world of horse racing through the acquisition of a racehorse.

Aptly named “The HRSE Horse”, the racehorse’s unique moniker is a nod to $HRSE, the recently-launched fan token of The Winners Circle, an innovative new loyalty platform that uses Web3 to redefine the racing fan experience.

The ownership will see The HRSE Horse sporting community-selected colours and branding when racing, generating mainstream exposure for both The Winners Circle and the Zilliqa blockchain.

The HRSE Horse is the first racehorse to ever be owned by a blockchain company, and its unusual name was not chosen only to prick up the ears of the established horse racing community, but also to demonstrate how The Winners Circle is combining the physical world of horse racing with its core tenet of digital ownership unlocked by harnessing the capabilities of the Zilliqa network.

Launched by Racing League and powered by Zilliqa, The Winners Circle is a fan engagement platform supercharged by Web3 that features a free-to-play prediction game where fans are rewarded with $HRSE tokens by correctly choosing the winners of real-world horse races. These tokens can then be used to influence the decisions of teams competing in the exciting Racing League competition while also unlocking exciting features such as discounts on racehorse ownership shares, tickets, merchandise, and more..

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The Token Generation Event (TGE) for $HRSE was concluded on July 17th, with the token now listed on participating exchanges such as MEXC and Pancake Swap.

Zilliqa’s foray into horse racing goes beyond sport; it is an opportunity to bridge the gap between physical and digital realms, echoing The Winners Circle’s vision of embracing opportunities in both spheres.

The HRSE Horse is trained by former National Hunt jockey and globally renowned racehorse trainer Jamie Osborne, whose mission to reinvigorate the world of horse racing and attract a younger demographic is aligned with the innovative fan-first approach taken by The Winners Circle that leverages Web3 to redefine the fan experience. Osborne’s extensive knowledge of horse racing and bright sense of humour birthed the idea of finding a horse for Zilliqa to own and naming it The HRSE Horse.

With a global presence amplified by the audience of this thrilling sport, Zilliqa aims to capture the imagination of communities worldwide, celebrating the spectacle of horse racing while promoting meaningful innovation powered by the Zilliqa blockchain and The Winners Circle.

Commenting on the announcement, Zilliqa CEO Matt Dyer, said:

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“We are thrilled to announce our ownership of The HRSE Horse, who we hope will turn heads for his speed as well as his unique name. In becoming the first blockchain to own a racehorse, not only do we showcase the potential for The Winners Circle to redefine fan engagement in this age-old sport, but we also demonstrate how the HRSE token brings the real and digital worlds together. We’ve bought a racehorse, and by signing up for The Winners Circle, fans can have the chance to own a share of one, too.”

Commenting on the announcement, Trainer Jamie Osborne, said

“I am excited by Zilliqa’s ownership of The HRSE Horse and excited to see him perform on the race track. Horse racing needs to embrace new technologies to attract a younger demographic, and I believe The Winners Circle has the potential to drive a new generation of racing fans to this thrilling sport, which is why I’ve supported their mission from the start. Hopefully The HRSE Horse and Zilliqa will achieve great success and make this season be remembered as the Zilliqa summer, on and off the track.”

About Zilliqa

Zilliqa, the industry-recognised layer-1 blockchain founded in Singapore in 2018 is a high-performance, high-security, and low-fee blockchain platform. Designed to scale with the demands of global businesses, the blockchain serves as a versatile foundation that facilitates a broad array of Web3 applications and services across a multitude of sectors, providing a robust platform for emerging developers and established enterprises alike. The next evolution of the network, Zilliqa 2.0, is currently under development and offers a user-centric platform designed for ease of use and customisability.

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