Press release
2019-2025 | How would mounting concerns over renewable power assets foster global energy storage systems market outlook : Samsung, Panasonic,Toshiba,ABB
In addition, growing concerns over renewable power assets would likely add up to the market expansion. In fact, as per the IEA, renewable energy share in power creation is estimated to increase up to 40% by 2040.
Apart from renewable asset concerns, surging need for continuous power supply and effective load management would possibly outline the market expansion as well.
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Growth Drivers:
• Growth in renewable energy sector
• Increasing concerns toward security of supply
• Growing electricity demand
According to a research report by Global Market Insights, Inc., global energy storage systems market is estimated to exceed $500 billion through 2025.
Why is ESS market experiencing robust growth across the APAC and Europe?
APAC ESS market is anticipated to dominate the industry share through the forecast timespan. Japan is projected to lead the industry growth in the region. in fact, the Japan ESS market is estimated to cross $65 billion by 2025.
Extensive use of small grid technologies is a major factor fostering market growth in the region. additionally, decentralization of electrical network at local and regional level would likely be another key factor responsible for the proliferation of the industry through 2025.
Along with electrical network, mounting demand for installation of solar photovoltaic plants with energy storage capabilities to reduce carbon emissions would possibly drive the industry trends in Japan. Installation of solar photovoltaic plants would also help to reduce electricity bills.
Apart from APAC, Europe ESS market is projected to observe considerable growth through 2025. Germany is likely to be at the forefront of the market expansion in the region and is estimated to surpass 3% through the forecast timespan.
Introduction of new renewable energy targets by the government which is favored by increasing dependency over sustainable energy sources would be a major factor augmenting the market trends in Germany. In fact, the government of Germany is aiming to meet 65% of its power consumption through sustainable energy sources by 2030.
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Organizations included:
• Samsung SDI Co. Ltd
• Panasonic Corporation
• TESLA Inc
• GS Yuasa Corporation
• Hitachi Chemical Co Ltd
• LG Chem Ltd, Durapower
• Exide Technologies
• BYD Co, Ltd.
• Toshiba Corporation,
How would the electro-chemical segment impel the growth of global ESS market?
Driven by unique characteristics that allow it to provide high energy density and temperature stability at the time of operation would augment the electro-chemical segment growth in the market. Sodium Sulphur, Lead Acid, Flow batteries, and Lithium-Ion are few of the most crucial electro-chemical technologies used for stationary storage.
Cost-effectiveness, safe operation and high-power conversion are some of the crucial features proliferating the segment growth. In addition, several technological advancements in system design to enhance the performance of batteries would also drive the segment growth.
How is the renewable capacity firming application segment expected to emerge in global ESS market?
Renewable capacity firming application is projected to observe healthy growth of more than 10% through 2025. Maintenance of the intermittent power outputs, control of the ramp rate and output smothering of sustainable technologies are some of the distinguishing characters of renewable capacity which would positively influence the application growth in the market in the future.
All in all, the above-mentioned factors are indicative of a massive range of opportunities for energy storage systems market players. The competitive landscape of energy storage systems industry is inclusive of players like Genex Power Limited, Steffes Corporation, Toshiba, Beacon Power, Inc, Alstom, FAFCO, Cryogel, Brightsource Energy, Inc, Voith, Schluchseewerk AG, Finetex EnE, RusHydro, DN tanks, Inc, Sunwell Technologies, Panasonic, J-Power, LLC, Axoim Energy, Samsung SDI, Solar Reserve, and Northland Power amongst others.
Read Related News : https://www.marketwatch.com/press-release/2019-2025-global-heating-and-cooling-market-report-by-industry-growth-regional-forecast-2020-01-14
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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