Global Energy Storage System market is expected US$ 21 Billion by 2024

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Energy storage system can store different forms of energy, which can be used at the time of requirement examples are lithium ion batteries. There are many essential factors due to which energy storage market is rising globally. Mostly this market is growing due to electric vehicles, which causes less pollution compared to fuel cars. Industrial and Commercial and institutions are helping to grow this market as there requirement to store energy is high. Residential sector is growing due to solar panels, which helps them to lessen their dependence on grid electricity. Global Energy Storage System market is anticipated to be US$ 21 Billion opportunity by 2024.

Energy storage is a vital tool for allowing the successful amalgamation of renewable energy and releasing the benefits of local creation and a clean, durable energy supply. The technology continues to establish its significance to grid operators globally who manage the generation of solar and wind energy. So the development of energy storage systems (ESS) has been mainly concentrated in few developed countries.

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Applications of Energy Storage System
Utility Scale Energy Storage: In peak hours Utility scale energy storage supply energy stored in batteries to grid and absorb energy when its runs at capacity. The ability to store energy can also reduce dumping of wind or solar power when it is abundant, but not required. This maximizes the net output of a renewal energy system, growing income for the operator. It works as the reserve capacity when renewal energy is not there and we do not have to use dirty energy. Utility scale energy storage can be added in a short span of time to reduce peak demands on the power lines. This addition will delay the expense for a longer period of time.

Industrial Applications: Industrial use signifies considerable, unused development potential for lithium-ion batteries. The growing requirement for data communication equipment, cordless tools and energy storage applications increases the requirement for lithium-ion batteries. Factors that drive the use of lithium-ion batteries in industrial applications are light-weight, better performance, long life-cycle and High energy density.

Remote Power System: These system mostly use diesel based generators to meet there energy requirements. But per unit cost of electricity generated by these generators are high compared to grid-connected systems. Hence many new remote power systems are being run by integrating distributed wind, solar Panels , or other renewable resources into the network

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This market research report “Energy Storage System Market, Volume, Global Forecast by End-User (Utility-Scale, Commercial & Industrial, Residential, Remote Power System) Region (East Asia & Pacific, South Asia, Eastern Europe & Central Asia, Latin America & the Caribbean, Sub-Saharan Africa, Middle East and North Africa) Companies (Samsung SDI., LG Chemical, SANYO-Panasonic, BYD Company Limited, ATL and Exide Technologies)” talks about market trends, growth factors, challenges in energy storage system. The report also provides the market of following regions South Asia, East Asia & Pacific, Latin America & the Caribbean, Eastern Europe & Central Asia, Sub-Saharan Africa and Middle East and North Africa.

Key Topics Covered
1. Executive Summery
2. Global ESS (Energy Storage System) Market
3. Global ESS (Energy Storage System) Volume
4. Market Share – Global Energy Storage System (2016 – 2024)
5. Volume Share – Energy Storage System (ESS) Analysis (2016 – 2024)
6. By End-User – Market & Volume (2016 – 2024)
7. By Region – Market & Volume (2016 – 2024)
8. Utility-Scale ESS Market – by Region
9. Commercial & Industrial ESS Market – by Regions
10. Residential ESS Market – by Regions
11. Remote Power System ESS Market by Regions
12. Key Growth Drivers (Due to data confidentiality, growth drivers have not been disclosed in this table of contents)
13. Key Challenges (Due to data confidentiality, challenges have not been disclosed in this table of contents)
14. Global Key Players Analysis

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