Press release
Energy Storage Market Top Key Players - AES Corporation, TESLA Inc, SAMSUNG SDI co, GENERAL ELECTRICAL, LG CHEM Ltd, HITACHI CHEMS, PANASONIC CORPORATION, MITSUBISHI INDUSTRIES
The global energy storage market is witnessing growth due to imbalances in electricity supply and demand due to power outages caused by storms, equipment failures and fire accidents. It is expected that the demand for energy storage systems in the past few years due to deterioration in power quality and pollution of existing energy sources will continue over the forecast period of creation.
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Energy storage Market helps to eradicate energy poverty, one of the important factors expected to drive the market in the years to come. Conventional energy sources, such as coal or natural gas power plants, turn on or off as demand fluctuates.
ENERGY STORAGE MARKET DYNAMICS
• Increased adoption of energy storage systems in transport
• Software integration for energy storage system management
• Increased use of renewable energy
Electric vehicles need to accumulate energy and it helps the vehicle to cover the maximum distance. Therefore, large-capacity storage systems such as superconducting batteries are in demand.
The demand for energy storage is soaring as it adapts to new energy resources. Pollution by coal or natural gas is a threat to the environment. Natural resources do not last forever. As a result, the industry is moving to renewable resources such as solar and wind energy.
GLOBAL ENERGY STORAGE MARKET SEGMENTATION
By Type
• Pumped Storage Hydropower (PSH)
• Thermal Energy Storage (TES)
• Flywheel Energy Storage (FES)
• Others (Fuel cell, Li-ion etc.)
Thermal Energy Storage (TES) is used to shift heating or cooling energy from an on-peak demand period when rates are highest to an off-peak period, when rates are lower.
With new projects in the pipeline, global PSH capacity will increase by 30% to 215GW by 2026. Globally, PSH projects store around 9000 GWh of electricity as of Dec, 2020.
By Application
• Residential
• Commercial & Industrial (C&I)
The commercial and industrial (C&I) sector is increasingly adopting renewable power generation sources, such as solar and wind energy, for self-consumption. But renewable energy is an intermittent power source and the C&I sector is failing to utilize these resources to its fullest potential.
By Geography
• America
• Europe
• Asia-Pacific
• Middle-East
• ROW
COMPANIES PROFILED
• AES Corporation
• TESLA Inc
• SAMSUNG SDI co
• GENERAL ELECTRICAL
• LG CHEM Ltd
• HITACHI CHEMS
• PANASONIC CORPORATION
• MITSUBISHI INDUSTRIES
Read More Information: https://mobilityforesights.com/product/energy-storage-market/
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We envision the future of mobility every single day, following mobility domains is not just our profession rather it’s our passion. We are here, just to serve you in the most ideal way and your fulfillment is above everything else.
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