Press release
Energy Storage Market Analysis 2018: Global Industry Current Research Scenario, Demand, Trends and Analysis 2023
Market Scenario
Energy Storage is a very diverse subject areas, it comprises from small to very large systems. Energy storage is broadly segmented into mechanical energy storage, electro-chemical energy storage, thermal storage and chemical storage. Energy storage systems have been dominating the renewable energy market as well conventional market in recent years because of the ability of store the energy in various forms and supply according to end user needs.
Energy storage can be described as a technology that provides a preference to source power as and when required without backsliding to conventional energy sources. These energy systems are highly efficient and acts as flexible generation when needed. Energy storage systems can contribute to optimal use of generation and grid assets, and support emissions reductions in several economic sectors.
The growing attention and substantial investment in renewable power energy generation is rigorously driving the global energy storage market. Major economies around the world are highly focusing on developing the renewable energy power generation so as to reduce their dependency on conventional power generation through fossil fuels. Renewable energy currently holds a substantial share in total global energy production. In 2016, World Energy Council quoted that, hydropower accounted for about 30% of the total global installed power generating capacity and about 23% of total global electricity produced.
Key Players
• AES Corporation
• Tesla Inc.
• General Electric Company
• Voith GmbH
• Sulzer Ltd.
• Hydrostor Inc.
• Highview Power Storage
• Linde AG
• SolarReserve, LLC. (U.S).
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Scope of the Report
This study provides an overview of the global energy storage market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global energy storage market by its type, by end-user, by regions.
By Type
• Mechanical
• Thermal
• Electro-Chemical
• Chemical
By End-User
• Utility
• Commercial & Industrial
• Residential
By Regions
• North America
• Asia Pacific
• Europe
• Rest of the World
Global Energy Storage Market: Regional Analysis
Currently, there is a phenomenal growth in the energy storage sector throughout the world. The wide application of energy storage around all the end users is creating a good potential for the energy storage market. Currently there are limited options available for the end-user in energy storage sector, thus an advancement in technology will provide prudent substitute options to the end-users. The current cost of technology is higher and it cost a lot for the end-user to opt for these energy storage at all stages of operations. The upcoming advancement and government initiative will certainly boost the economic viability of the energy storage.
The substantial growth in the overall global energy consumption and volatility in global fuel prices has driven the global energy storage market. These factors have certainly created a great potential for energy storage market all around the world. Europe region is the leading market for energy storage market and is followed by Asia-Pacific.
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Market Research Future:
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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