“Global Energy Storage Systems Market By Technology (Compressed Air, Pumped Hydro Storage, Lithium Ion, Sodium Sulfur, Nickel Cadmium, Lead Acid, Redox-Flow, and Flywheel), Application (Transportation and Grid Storage), End-User (Non-Residential, Utility, and Residential), Region (North America, Europe, Asia Pacific, South America and Middle East and Africa)” and Global Forecast 2018-2025.
The global energy storage systems market is projected to jump USD 301.4 Billion by 2025 from USD 196.7 Billion in 2017. It may achieve a CAGR of 8.1% during the forecast period from 2018-2025. Following factors drive the growth of energy storage systems market:
- Increase in focus on energy management
- Growing concern about energy conservation
- Research and development schemes for the development of sustainable energy sources devices
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The Global Energy Storage Systems Market Synopsis:
The increasing demand for electricity across the world has been marked as the key reason behind the huge requirement for the power generation and storage systems. This indirectly has increased the necessity for the usability of solar and other substitute renewable resources. The energy storage systems are used to fulfill this demand. These systems have the capacity to save the power which can be used later. The aspects such as growing concern regarding energy protection and development from petroleum products to the substitute sources could upsurge interest in cutting edge storage systems throughout the forecast period, according to estimates. The batteries such as lithium ions, sodium sulfur, nickel cadmium, lead acid, and others are commonly used to store the energy source.
Drivers and Restrainers of Global Energy Storage Systems Market
Energy management and research and development activities being followed to develop sustainable energy sources and their presence is expected to drive energy storage systems market. Rising concentration on energy management and research and development activities for the production of sustainable energy sources are some of the main drivers for the energy storage systems market. High capital investments may restrain market growth. However, growing concern regarding energy conservation is evaluated to lead to the growth of energy storage systems market in several years.
Market Segments Covered In This Report:
The global energy storage systems market is segmented on the basis of application technology, end-user, and regions. Lithium-ion system segment may touch the highest CAGR of 9.94% over the estimated time period. Technology segment covers compressed air, pumped hydro storage, lithium ion, sodium sulfur, nickel cadmium, lead acid, redox-flow, and flywheel. A lithium ion battery offers the high energy density which contributes to the growth of the market and a larger market share.
Grid storage is forecasted to grow with the highest CAGR of 9.6% throughout the forecast period. Application segment covers transportation and grid storage. Grid storage may hit the highest CAGR in upcoming years. The increased use of battery-powered vehicles such as hybrid vehicles, plug-in hybrid vehicles, and electric vehicles has contributed to this segment’s growth in the future. These vehicles require the energy storage system.
Regional Segmentation Coverage:
North America, Europe, Asia Pacific, South America, and the Middle East and Africa are the key regions where the market is analyzed. In North America, the demand for energy storage systems and the technological advancements in automotive vertical has increased which has benefited this energy storage systems market’s growth. The country held the largest market share of approximately 29.41% in 2017.
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The major players for energy storage systems market include Exide Industries Ltd., SMA Solar Technology AG, Autobat SACI, Tata Power, Ionotec Ltd., Scheider Electric, Convergent Energy and Power Inc., AES Energy Storage, LLC, SK Holdings, Imergy Power Systems, BYD Company Limited, Greensmith Energy Management Systems, Enerbrax Acumuladores Ltd., Eguana Technologies, Eos Energy Storage, Beacon Power, LLC, ABB Ltd., LG Chem., S&C Electric Company, and Seeo, Inc.
The key market players are evaluated on various parameters such as company overview, product portfolio, and recent development trends of the energy storage systems market The study focuses on the key trends and the driving force behind it. Study researchers have split their finding by technology, application, and regions.
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