Co-authored with: Ray Wu, Tungsten Associates; Jonathan
Haag, Tungsten Associates
Introduction
Around the world, countries large and small have set goals,
legislation, and financial incentives to transition towards
decarbonized societies and economies in the so-called "global
green energy transition." As part of efforts to adapt and
modernize the electrical grid to support renewable energies,
battery energy storage systems ("BESSs") are being
increasingly incorporated into electrical grids by public utilities
and private users. The global BESS market was estimated to be worth
US$7.8 billion in 2024, is projected to more than triple to US$17.5
billion by 2028 and by 2029 is projected to exceed US$25
billion.1