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Why is Global Energy Storage Market Experiencing Prosperity? | Top Player are Greensmith Energy, S&C Electric Company, LG CNS, NEC Energy Solution, Younicos, Fluence, Advanced Microgrid Solutions, Duke Energy, Convergent Energy and Power LP, Duke Energy,

04-27-2020 11:10 AM CET | Energy & Environment

Press release from: P&S Intelligence

The world is moving toward clean and renewable energy sources and witnessing a growing demand for efficient energy storage systems, as a result of the pollution emitted during the creation of energy from conventional sources. Additionally, due to the burgeoning use of lithium-ion (Li-ion) batteries and rapid surge in the demand for clean energy generation, energy storage is becoming the need of the hour. The installed capacity of the global energy storage market is projected to increase from 6,275.4 megawatts (MW) in 2017 to 51,426.0 MW by 2023, with a massive CAGR of 42.5% during 2018-2023.

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Energy storage can be defined as a tool which enables the effective storage of renewable energy, to provide clean and resilient energy supply. This requirement is even higher in countries such as India, China and Brazil. The rapidly growing population and urbanization in these countries have resulted in the power plants running at full capacity, thereby leading to a gradual increase in the power costs. Moreover, the dwindling availability of fossil fuels has led to a volatility in their prices, thereby resulting in a flourishing energy storage market.

Owing to the rapidly increasing need for efficient energy storage systems and integrated resource planning, Asia-Pacific (APAC) is set to dominate the energy storage market, growing with a CAGR of 45.4%, during the forecast period. This data shows a deviation from the historical trend of the North American control on the market during the historical period (2013-2017), with a share of over 35.0%. The key reasons behind is the rapid upgradation of the grid in several APAC countries, via the installation of energy storage systems.

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Owing to the increasing demand for clean energy sources, on account of the non-eco-friendly power generated from the traditional sources, namely oil, coal, and natural gas, the global energy storage market will experience fast growth in the future.

Scarcity of fossil fuels to serve as lucrative opportunity for market growth

It is seen that there is going to be a scarcity of fossil fuels including coal, uranium, and oil, in the coming years. With time, these fossil fuels will get depleted attributed to the present rate of consumption. It is seen that crude oil reserves are vanishing at the rate of 4 billion tons a year and if we continue using them at this rate, our known oil deposits will last until 2052. All these factors are paving the way for setting up of energy storage systems. Thus, the scarcity of fossil fuel can be seen as an opportunity for the energy storage market growth.

Energy Storage Market Competitive Landscape

Some of the major players operating in the global energy storage market are Greensmith Energy, S&C Electric Company, LG CNS, NEC Energy Solution, Younicos, Fluence, Advanced Microgrid Solutions, Duke Energy, Convergent Energy and Power LP, Duke Energy, Tesla, and Nextra Energy.

GLOBAL ENERGY STORAGE MARKET SEGMENTATION

By Type

Mechanical
Pumped Hydro Storage (PHS)
Liquid Air Energy Storage (LAES)
Compressed Air Energy Storage (CAES)
Others
Electrochemical
Lithium-Ion (LI-ION) battery
Sodium Sulfur (NaS) Battery
Others
Thermal
Pumped Heat Electrical Storage (PHES)
Concentrated Solar Power (CSP)
Others
Chemical
Hydrogen Energy Storage
Solar Power to Gas
Others
By Application

Fuel saving
Arbitrage
Ancillary Services
Back Up Supply
Others
By Installation

Front of Meter
Behind the Meter
By Geography

North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Spain
Italy
Rest of Europe
APAC
China
Japan
India
South Korea
Australia
Rest of APAC
Rest of the World (RoW)
South America
Africa
Middle East

Contact:
P&S Intelligence
International: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com

About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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