Soaring Investment on Construction of Renewable Power Capacities to Drive the Global Energy Storage Market

Global Energy Storage market is witnessing astronomical growth in the past few years owing to the factors such as burgeoning investment towards the construction of renewable power capacities, robust spending on infrastructure development, supportive government initiative for energy storage system and snowballing demand for energy storage systems among end-users. Moreover, significant decline in the cost of batteries, burgeoning demand for perennial electricity supply among residential sector and escalating government funding toward R&D activities are the factors placing a positive impact on the growth of the market over the forecast period.

According to MarkNtel Advisors' research report "Global Energy Storage Market Analysis, 2021", the Global Energy Storage market is anticipated to grow at a CAGR of around 5.5% during 2021-26F. Based on Application, Electronic Devices is projected to grow at a high rate owing to the factors such as booming millennial population surging the demand for smartphones, wearable, significant rise in the demand for consumer drones which are powered by batteries. Besides this, Mobility is also projected to grow at a highest CAGR in the forthcoming timeline. The growth is attributed to increase inclination of countries toward electric vehicle in order to reduce carbon dioxide emission. Thus, these are expected to propel the demand for batteries for energy storage which would further surge the market growth in the coming years.

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Key questions answered in the study:
1. What are the current and future trends of the Energy Storage industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Energy Storage industry?
5. What is the customer orientation, purchase behavior, and expectations from the Energy Storage firms across various regions?

Asia-Pacific Acquired the Majority Share

Asia-Pacific acquired the majority share in the market in 2019. China, India and Japan are the fast emerging as a hub for Energy Storage in Asia-Pacific. However, China is among the major country for the production and consumption of energy storage systems in Asia-pacific. The increasing investment on Li-ion battery manufacturing capacity that can be use as energy storage systems in transportation due to growing electric vehicle due to rise in the demand for e-scooter and light-duty electric vehicle in China and India. However, growing adoption of renewable energy, boost in the integration of software for management of energy storage and robust industrialization are the driving factor anticipated to upsurge the growth of the Energy Storage Market in the forthcoming period as stated in MarkNtel Advisors' research report "Global Energy Storage Market Analysis, 2021".

For detailed analysis visit: https://www.marknteladvisors.com/research-library/global-energy-storage-market.html

According to MarkNtel Advisors', the key players with a considerable market share in the Global Energy Storage market are Greensmith Energy (Wartsila), NEC Energy Solutions Inc., Fluence Energy LLC, Convergent Energy and Power LP (Energy Capital Partners), Tesla Inc., LG CNS, Duke Energy Corporation, NextEra Energy Inc. etc.

Segmentation Analysis:
The Global Energy Storage market offers absolute facts, data, trends, and insights about the market's competitive structure. This research focuses on the major segments of the market and also provides a geographical analysis. These are the factors that help to classify the market:

o By Type
o Mechanical
o Pumped Hydro Storage
o Compressed Air Energy Storage
o Liquid Air Energy Storage
o Others
o Electrochemical
o Lithium Battery
o Lead-Acid Battery
o Sodium-Sulphur Battery
o Others
o Chemical
o Thermal

o By Application
o Electronic Devices
o Laptops
o Smartphones
o Tablets
o Power Banks
o Drones
o Wearables
o Mobility
o Light Duty Vehicles
o Medium and Heavy-Duty Vehicles
o E-Buses
o Personal Mobility
o Marine Vessels
o Stationary Storage
o Commercial & Industrial
o Residential
o Utility

o By End User
o Residential
o Commercial
o Industrial
o Utility

o By Region
o North America
o Europe
o Asia-Pacific

o By Company
o Revenue Shares
o Strategic Factorial Indexing
o Competitor Placement in MarkNtel Quadrant

Research Objectives
*To study and analyze the market value of products/services in key regions and segments, using historical data from 2016-2020 and forecasts for 2026.

*To identify the sub-segments within the Market to understand its structure.

*To analyze, identify, and describe market share, market price, market competition and SWOT analysis. Porter's Five Forces analysis is also used. Also, to develop growth strategies for key market participants over the forecast period.

*To assess the market's individual growth trends and market share contribution, as well as future prospects.

*To provide comprehensive information on market growth factors (growth potential, drivers and opportunities, industry-specific risks, challenges and threats).

*To predict the growth or dominance in key geographic areas (alongside their respective key nations).

*To determine the market's competition levels, such as new product/service launches and market expansions, deals, and acquisitions.

*To develop a strategic profile for the market leaders and perform a thorough analysis of their growth plans.

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