Press release
Energy Storage Market Is Predicted to Grow at 20.18 % CAGR by 2023 | Global Key Players: AES Corporation (U.S), Tesla Inc. , General Electric Company , Voith GmbH, SolarReserve, LLC.
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 utility-scale energy storage industry has experienced significant growth in both the matured early adopter markets and new markets where technology has just begun to make an impact. Europe & North America has significantly contributed towards the growth of utility-scale energy storage market, driven by regulations and innovative vendors and project developers. The complexity surrounding energy storage, utilities around the world are exploring different approaches of working with the related technologies. The prime factors such as, buying power, brand recognition, and the ability to drive regulatory change, utilities, represent one of the most important drivers for enabling energy storage to truly scale worldwide.
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The market is driven by various factors such as evolution in renewable energy power generation, gradual downfall in technology cost and increasing application of energy storage in all end-user industries. This is mainly because, energy storage systems are less polluting and produces less carbon emissions when compared with traditional conventional energy sources such as coal, oil and petroleum. Energy storage generation is helping in the fight against climate change as well as it is acting as a source of power for remote and off grid areas where still millions of global population lives. However, the growth of the market can be hindered by the due high initial capital investment and indistinct supervisory framework for energy storage systems.
The global energy storage market is expected to grow at a CAGR of more than 20.18% during the forecast period.
Industry Top Key Players:-
• AES Corporation
• Tesla Inc.
• General Electric Company
• Voith GmbH
• Sulzer Ltd.
• Hydrostor Inc.
• Highview Power Storage
• Linde AG
• SolarReserve, LLC.
Global Energy Storage Market 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.
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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.
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
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By Regions
• North America
• Asia Pacific
• Europe
• Rest of the World
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