Global Energy Storage Systems Market 2018 Industry Demand, Segment, Statistics Report 2024

Our latest research report entitled Energy Storage Systems Market (by technology (mechanical, electrochemical, thermal storage), end-user (residential, commercial, transportation, utility)) provides complete and deep insights into the market dynamics and growth of Energy Storage Systems. Latest information on market risks, industry chain structure Energy Storage Systems cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential Energy Storage Systems growth factors.

The forecast Energy Storage Systems Market information is based on the present market situation, growth opportunities, development factors, and opinion of the industry experts. An in-depth analysis of the company profiles, Energy Storage Systems on a global and regional level and applications is conducted. The analysis of downstream buyers, sales channel, raw materials, and industry verticals is offered in this report. According to the report the global energy storage systems market is projected to grow at a CAGR of 5.5% over the forecast period of 2018-2024.

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Market Insights

The energy storage systems are associated with the storage of produced energy by using mechanical storage or electrochemical storage technologies for storing energy for later use. Renewable energy production is unpredictable as renewable energy sources are very unsteady. The energy storage system helps to provide an economical and conventional way to store the energy for further use.

The adoption of renewable energy across the world is growing very rapidly that is driving the energy storage system market worldwide. The energy storage systems play a vital role in the storage of renewable energy storage. The energy storage systems come in the various capacities i.e. Ampere/Hrs. The rising consumer’s interest in the use of on-demand energy source is likely to boosts the growth of the energy storage system market. In addition, the use of the software’s to manage the energy storage system is expected to contribute to the growth of the energy storage system market. However, the initial high set-up cost of the energy storage system is expected to hamper the growth of the energy storage system. Moreover, the rising adoption of energy storage system across various industries is expected to create several opportunities for the energy storage system market in the upcoming market.

Regionally, Asia Pacific region is the largest and fastest growing region in the energy storage system market owing to increased use of renewable energy sources such as solar energy and wind energy. Also, government regulation and incentives to use renewable source of energy and increased the sales of electric vehicles in this region to facilitate growth in the Asia Pacific region. Moreover, China accounts for the major market share in term of production of batteries that is likely to drive the growth of the energy storage system market in this region.

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Market Segmentation by Technology and End-User

The report on global energy storage systems market covers segments such as technology and end-user. On the basis of technology, the global energy storage systems market is categorized into mechanical storage, electrochemical storage, and thermal storage. On the basis of end-user, the global energy storage systems market is categorized into residential, commercial, transportation and utility.

Rising Adoption of Renewable Energy Across the World to Promote the Growth in Energy Storage Systems Market

The adoption of renewable energy across the world is growing very rapidly that is driving the energy storage system market worldwide. The energy storage systems play a vital role in the storage of renewable energy storage. The energy storage systems come in the various capacities i.e. Ampere/Hrs. The rising consumer’s interest in the use of on-demand energy source is likely to boosts the growth of the energy storage system market. In addition, the use of the software’s to manage the energy storage system is expected to contribute to the growth of the energy storage system market. However, the initial high set-up cost of the energy storage system is expected to hamper the growth of the energy storage system. Moreover, the rising adoption of energy storage system across various industries is expected to create several opportunities for the energy storage system market in the upcoming market.

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DEWA Tests Energy Storage System at Dubai’s solar park

In August 2018, Dubai Electricity and Water Authority (DEWA) has launched a pilot project to install and test a 1.2MW/7.2MW per hour sodium sulfur battery energy storage system (NaS BESS) at the Mohammed bin Rashid Al Maktoum Solar Park. The project, in cooperation with the Amplex Emirates, supports DEWA’s efforts to promote clean-energy production and storage technologies. DEWA will connect the storage systems to its grid.

DEWA is disrupting the business model of public utilities by creating a new digital future for Dubai through Digital DEWA, its digital arm. DEWA will implement a leading model for utilities that is based on innovation in renewable energy, energy storage, artificial intelligence (AI) and digital services,” Saeed Mohammed Al Tayer, managing director and CEO of DEWA.

Andhra Pradesh CM to Inaugurate First-Ever Thermal Battery Plant

In August 2018, Chief Minister N Chandrababu Naidu will unveil the world's first-ever thermal battery in his Andhra Pradesh. Manufactured by the Bharat Energy Storage Technology Private Limited (BEST), the first-of-its-kind cell is aimed at boosting up renewable sources of energy production, instead of non-renewable fossil fuel-based energy generation. The technology, which will help in mitigating carbon emissions, is best suited for grid balancing and stabilizations. It will also be used to store energy for telecommunication, commercial establishments, electric vehicles and highway charging stations. It can also be effectively used in remote locations, such as hilly terrains and islands.

Utility Rates Driving Record Demand for Home Energy Storage Systems
In August 2018, Installations of home energy storage system in the U.S. hit a record high in the first quarter of 2018. The new capacity of 36 megawatt-hours will sustain an estimated 4,000 home systems and adds to the 1,080 megawatt-hours installed in the past 4 years.

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