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Japan Battery Energy Storage System (BESS) Industry Analysis
The Grid-scale/Utility Scale Battery Energy Storage Systems (BESS) industry in Japan is currently experiencing a surge in construction of new projects. This is due to the increasing demand for renewable energy sources and the need to balance the grid's supply and demand. The BESS industry is expected to grow at a CAGR of 34.5% from 22 to 225.
The construction of new BESS projects is being driven by several factors. Firstly, the Japanese government has set a target of achieving a 22-24% renewable energy mix by 23. This has led to an increase in the deployment of solar and wind power plants, which require BESS systems to balance the grid's supply and demand.
Secondly, the BESS industry is being driven by the need to improve the reliability and stability of the grid. BESS systems can provide backup power during blackouts and can also help to regulate the frequency and voltage of the grid.
Thirdly, the BESS industry is being driven by the need to reduce the cost of electricity. BESS systems can store excess energy during times of low demand and release it during times of high demand, reducing the need for expensive peaker plants.
The outlook for the BESS industry in Japan is positive. The government has set a target of achieving a 3-45 GW capacity of BESS systems by 23. This will require significant investment in the industry, which is expected to create new jobs and drive economic growth.
In conclusion, the Grid-scale/Utility Scale Battery Energy Storage Systems (BESS) industry in Japan is experiencing a surge in construction of new projects due to the increasing demand for renewable energy sources, the need to balance the grid's supply and demand, and the need to reduce the cost of electricity. The outlook for the industry is positive, with the government setting ambitious targets for the deployment of BESS systems.
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