Oceania Steel Bess Company

What innovations will be in the Bess industry this year?

Along with advancements in safety, BESS will also see innovative developments in technology this year. The BESS industry has been dominated by lithium-ion batteries, but the need for more long-duration storage, which cannot currently be done economically and safely with lithium, will open the door for promising non-lithium technologies.

Where does Bess come from?

The argument for BESS is especially strong in places such as Germany, North America, and the United Kingdom, where demand charges are often applied. The final C&I subsegment consists of harsh environments—applications for mining, construction, oil and gas exploration, and events such as outdoor festivals.

How much is the Bess market worth in 2024?

Market reports show the global BESS market was worth $7.8 billion in 2024 and will likely reach $25.6 billion by 2029 growing at a rate of 26.9% each year. Several things are causing this big growth. These include ongoing efforts to update the power grid more use of renewable energy, and the growing need to store energy.

What is a Bess system architecture?

The BESS system architecture includes a built system that combines batteries, power conversion systems, and smart energy management software. This careful mix of parts allows BESS companies to offer many benefits. These range from self-reliance and grid integration to frequency control and energy time-shifting.

Who is a Bess provider?

Customers of FTM installations are primarily utilities, grid operators, and renewable developers looking to balance the intermittency of renewables, provide grid stability services, or defer costly investments to their grid. The BESS providers in this segment generally are vertically integrated battery producers or large system integrators.

How much money was invested in Bess in 2022?

More than $5 billion was invested in BESS in 2022, according to our analysis—almost a threefold increase from the previous year. We expect the global BESS market to reach between $120 billion and $150 billion by 2030, more than double its size today. But it’s still a fragmented market, with many providers wondering where and how to compete.