Energy Storage Market 2021-2027 Generate New Growth Opportunities by Top Players Are Contemporary Ampere.x Technology Co. Limited, Convergent Energy and Power LP
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Over the years focuses to reduce carbon emissions has been increasing, globally. Production of energy from renewable power sources have attained huge advancements in techniques although storage is still a major concern. Further, adoption of electric vehicles have been linearly increasing due to supporting government policies and very less carbon emission. For instance, in 2020 an increase of nearly 45% was observed in stock of plug-in electric vehicle (PHEV) in Europe. This shift will accelerate dramatically in the years to come and electrified vehicles are likely to witness double digit growth in the sales of light vehicles sold globally.
Increasing demand for EV’s would increase the electricity demand from grid during peak hours. Thus, to fulfil the need of electricity for fast EV charging station during the peak hours, installation of energy storage system near EV charging station would lessen the burden of electricity from grid. Therefore, with increasing demand for EV’s demand for energy storage devices would also propel to fulfil the electricity demand for EV charging station.
The global economy faced unprecedented challenges from the COVID-19 crisis, with millions of people suffering from impacts on health, family, and financial conditions. In addition to the human toll of the pandemic, businesses are also facing significant challenges and the energy storage industry is no exception. Further, Energy Storage Assosciation has surveyed industry stakeholders, and the results have revealed immediate and potentially devastating impacts to industry, which employed more than 60,000 people in the U.S. in 2019.
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Global energy storage market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily categorized into:
o Pumped hydro storage (PHS)
o Liquid air energy storage (LAES)
o Compressed air energy storage (CAES)
o Others (flywheel)
o Lithium battery
o Lead–acid battery
o Sodium–sulfur battery
Currently, mechincal energy storage hold prominent market share this is mainly owing to huge installed capacity of pumped hydro storage. Moreover, compressed air storage also holds a prominent market share due to previously installed and ongoing wind energy projects globally. Since wind energy is a clean way to produce energy therefore countries are investing heavily to achieve their targets for carbon neutral country and fulfil the treaty of Paris Agreement which was adopted by 196 parties at COP 21 in 2015.
Global Energy Storage Market Region Segmentation Includes:
• North America
• Asia Pacific
• Rest of World
Based on the estimation, Asia Pacific is likely to witness high growth due to stringent government regulations leading to surge in demand for renewable source of energy which need energy storage system to store energy in low consumption hours and use it later in peak consumption hours.
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The major players targeting the market includes:
• Contemporary Ampere.x Technology Co. Limited
• Convergent Energy and Power LP
• Duke Energy Corporation
• Fluence Energy LLC
• General Electric Company
• Hitachi Chemical Co. Limited
• NextEra Energy Inc
• NEC Energy Solutions Inc.
• S&C Electric Company
• Tesla Inc.
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Global context. The specialist team of research analysts sheds light on various traits such as Global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global energy storage market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the global energy storage market?
• Which factors are influencing the global energy storage market over the forecast period?
• What are the global challenges, threats, and risks in the global energy storage market?
• Which factors are propelling and restraining the global energy storage market?
• What are the demanding global regions of the energy storage market?
• What will be the market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by the companies?
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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