Battery Energy Storage (or Battery Energy Storage System, BESS) is the set of methods and technologies of an energy accumulator that enables the energy from original sources to be stored and then released when customers need the power later. The Battery Energy Storage technologies are essential to speeding up the replacement of fossil fuels with renewable energy. At the start of 2020, BESSs accounted for around 5% of the global energy storage capacity, significantly less than pumped-storage hydro. According to Fortune Business Insights, the Battery Energy Storage market size is expected to reach $19.74 billion at 20.4% CAGR globally by 2027.
Related Definitions in the Project: The Energy Storage System (ESS) and Battery; Energy Definitions
