openPR Logo
Press release

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.

Request to get a sample copy of the market analysis:

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.

Make enquiry before purchase:

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.


By Type

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

Fuel saving
Ancillary Services
Back Up Supply
By Installation

Front of Meter
Behind the Meter
By Geography

North America
Rest of Europe
South Korea
Rest of APAC
Rest of the World (RoW)
South America
Middle East

P&S Intelligence
International: +1-347-960-6455

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.

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release 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, here

News-ID: 2025473 • Views: 410

More Releases from P&S Intelligence

Data Center Colocation Market | Covid19 Impact Analysis | Business Outlook, Grow …
Large enterprises are currently the larger users of colocation services, on account of their desire to decrease their operational expenses and increase focus on their more-critical areas. This is being done by giving the responsibility to house their expensive information technology (IT) hardware, such as routers, modems, and servers, to data centers, which also let them store huge amounts of data. Get the Sample Copy of this Report at: In addition, as
How Surging Interaction Through Enterprise Messaging Applications Driving Key Ma …
In the wake of the rising cyber attacks, adoption of cloud technologies, and focus on digital transformation, the need to meet the associated regulatory compliance is increasing around the world. Health Insurance Portability and Accountability Act (HIPAA), Payment Card Industry Data Security Standard (PCI DSS), General Data Protection Regulation (GDPR), and Federal Information Security Management Act (FISMA) are the various acts and standards which govern cyber security. Get the Sample Copy
Digital Out of Home Market Growth Declines, However COVID-19 Pandemic May Bring …
Digital out of home or DOOH refers to digital media displayed in outdoors that is accessible to the public and used for advertising and marketing purposes. It is displayed via electronic displays in a variety of formats, excluding radio and TV advertising. It consists of digital billboards, out of home (OOH) displays, digital signages, LEDs, and screen technologies. Request Sample Copy of Report : The digital out of home market is
Medical Device Outsourcing Market - Future Developments, Trends, and Opportunity …
The healthcare industry is witnessing rapid growth because of the surging prevalence of diseases all across the world. The medical industry does not only deal with drugs and therapy, but medical devices are an important part of it. Attributed to this, the medical devices industry is registering swift growth as well. In 2018, the global medical devices market attained a value of $425.5 billion and is predicted to reach $612.7

All 5 Releases

More Releases for Energy

Wind Energy Technology Market
HTF MI released a new market study on Southeast Asia Wind Energy Technology Market with 100+ market data Tables, Pie Chat, Graphs & Figures spread through Pages and easy to understand detailed analysis. At present, the market is developing its presence. The Research report presents a complete assessment of the Market and contains a future trend, current growth factors, attentive opinions, facts, and industry validated market data. The research study
Skylight Energy Melbourne
Skylight Energy is the leading provider of solar energy in Australia. We specialise in high quality yet affordable renewable energy products for either your home or business. Our large selection of products consists of only the finest Tier 1 solar panels, solar inverters and home battery packs. All of our products have been approved by the Clean Energy Council, and certified for safety to the highest Australian and international standards. Whether
Green energy
Green energy is the electricity derived from smooth assets generating minimum pollution and consists of sun photovoltaic, hydropower, wind electricity, bio-fuels and geothermal. expanded investments in era studies and improvement, supportive regulatory frameworks, extended consciousness and electricity security troubles and environmental concerns amongst others are fueling the boom in call for for clean and inexperienced energy. The report on the Global Smart Cards Automated Fare Collection System Market is a thorough
Complete Energy Management from eSight Energy
Why choose eSight Energy? You can manage and reduce your energy with the eSight software by importing data into the software and managing your expectations with informative and intuitive graphs and charts. Please view the video here: eSight Energy provides energy management solutions for use across any type of building or process. With installations across Europe, the US, Middle East and Asia, solutions are provided through a network of resellers
Breakthrough Energy Solutions
RenewAge Energy Solutions, which is based at Los Angeles in California, has just emerged as the fastest growing energy & water efficiency service provider in the country. The energy solutions and energy efficiency California offered by the company are able to reduce the electricity requirements in homes and commercial properties substantially. Because of this, the operating costs on electricity demands can be cut by as much as 30% to 60%.
Plant Optimisation Saves Energy
Can the coating dry more quickly? Is it possible to reduce the rejection rate? Does the plant use too much energy? Many companies ask themselves questions like these. Energy and material costs are important considerations for industrial companies who wish to maintain or improve their competitiveness. At the same time, the optimisation of existing plant can often be the more sensible and cost-effective option over installing new plant. A