“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 the Middle East and Africa)” and Global Forecast 2018-2025.
The global energy storage systems market is expected to grow from USD 196.7 Billion in 2017 to USD 301.4 Billion by 2025 at a CAGR of 8.1% during the forecast period from 2018-2025. Major drivers that fuel the growth of energy storage systems market are:
- Growing focus on energy management
- Rising concern regarding energy conservation
- Research and development activities for the development of sustainable energy sources devices
The demand for electricity is increasing day by day and this has created a huge requirement for the power generation and storage systems. Thus the need for the usability of solar and other substitute renewable resources has been increased. To fulfil this rising demand the energy storage systems are used. These storage systems helps in saving the power for later use. Rising concern with respect to energy protection and progress from petroleum products to the substitute sources is anticipated to upsurge interest for cutting edge storage systems over the estimate time period. The batteries such as lithium ions, sodium sulfur, nickel cadmium, lead acid, and other are being used to store the energy source.
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Growing focus on energy management and research and development activities for development of sustainable energy sources is anticipated to drive energy storage systems market:
Growing focus on energy management and research and development activities for development of sustainable energy sources are the key driving factors for the energy storage systems market. In addition, rising concern regarding energy conservation will lead to the growth of energy storage systems market in a couple of years. High capital investments may limit the growth of the market.
The global energy storage systems market is segmented on the basis of application technology, end-user, and regions.
Lithium-ion system segment is anticipated to grow with the highest CAGR of 9.94% over the forecast period
Technology segment includes compressed air, pumped hydro storage, lithium ion, sodium sulfur, nickel cadmium, lead acid, redox-flow, and flywheel. Lithium ion segment is anticipated to grow with the highest CAGR over the forecast period. The high energy density is the major advantage of a lithium ion battery and hence is the reason for its growth and a larger market share.
Grid storage is expected to grow with the highest CAGR of 9.6% over the forecast period.
Application segment is divided into transportation and grid storage. Grid storage is anticipated to grow with the highest CAGR over the forecast period. The increased use of battery-powered vehicles that includes hybrid vehicles, plug-in hybrid vehicles, and electric vehicles need the energy storage system which benefits this segment’s growth in the future.
Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America held the largest market share of approximately 29.41% in 2017. Increase in the demand for energy storage systems and the technological advancements in automotive vertical are some of the factors that led to the growth of energy storage systems market in this region.
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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.
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