Press release
Lithium-Ion Battery Pack Market Is Growing At US$ 75.3 Bn By The End Of 2031
Manufacturers of li-ion battery packs are focusing on increasing the efficiency of batteries. Thus, lightweight batteries are being preffered by the electronic gadgets industry. In addition, the use of li-ion battery packs in electrical vehicles is increasing the sales of the same. Additionally, grid energy storage applications are generating further expansion prospects, given the highly robust nature of li-ion batteries.
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐ ๐ซ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ฉ๐ฒ ๐จ๐ ๐๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ: https://www.factmr.com/connectus/sample?flag=S&rep_id=3075
Energy storage technologies have advanced rapidly in recent years as a result of increased spending in research and development to generate more efficient energy storage systems. This is expected to significantly influence the market potential for energy storage systems.
The increased usage of energy storage systems in the automotive sector as a result of increased sales and popularity of electric vehicles will also have a favourable impact on energy storage system consumption. However, high installation costs are projected to stymie the adoption of energy storage devices to some extent.
Energy storage system providers are implementing new methods to increase their global sales and income potential, as well as concentrating on collaborations to expand their market position.
โข Siemens Energy AG, a Siemens Group energy firm, announced a cooperation with Norway-based EnergyNest in June 2020. This will be a long-term commitment targeted at providing their industrial clients with standardised modular thermal energy storage solutions.
๐๐จ๐ฆ๐ ๐จ๐ ๐ญ๐ก๐ ๐ฅ๐๐๐๐ข๐ง๐ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐ข๐ง๐๐ฅ๐ฎ๐๐:
ABB Ltd., BYD Company Limited, EOS Energy Storage, Evapco Inc., Maxwell Technologies Inc., General Electric Company, Hitachi Ltd., LG Chem Ltd., NEC Corporation, Panasonic Corporation, Schneider Electric SE, Siemens AG, Tesla,
๐๐ก๐๐ซ๐ ๐๐จ๐ฎ๐ซ ๐๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ๐ฌ & ๐๐๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ- https://www.factmr.com/connectus/sample?flag=RC&rep_id=3075
๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ ๐๐ซ๐จ๐ฆ ๐ญ๐ก๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ญ๐ฎ๐๐ฒ
โข Currently, the energy storage systems market stands at US$ 45.1 billion.
โข From 2022 to 2031, the energy storage systems market is expected to expand at a CAGR of 5.6%.
โข By 2031, the energy storage systems market is projected to attain a valuation of US$ 73.8 billion.
โข Increasing use of renewable energy, rising demand for electric vehicles, and supportive government initiatives majorly drive demand for energy storage systems.
โข High cost of installation is predicted to hamper industry growth a bit.
โข Lithium-ion batteries to see hike in demand as sales of electric vehicles increase across the world.
โข The energy storage systems market in Asia Pacific is projected to hold a dominant stance over the forecast period and expand at a CAGR of 6% through 2031.
๐๐ก๐ข๐๐ก ๐ซ๐๐ ๐ข๐จ๐ง ๐ข๐ฌ ๐ฌ๐๐๐ข๐ง๐ ๐๐ง ๐ข๐ง๐๐ซ๐๐๐ฌ๐ ๐ข๐ง ๐ญ๐ก๐ ๐ฎ๐ฌ๐ ๐จ๐ ๐๐ง๐๐ซ๐ ๐ฒ ๐ฌ๐ญ๐จ๐ซ๐๐ ๐ ๐ฌ๐ฒ๐ฌ๐ญ๐๐ฆ๐ฌ?
East Asia and South Asia are expected to be the most profitable markets on a global basis. Rising urbanisation and the growing popularity of electric cars are predicted to be major factors boosting the Asian region's ESS market potential. Energy storage technologies are expected to be in great demand in India and China.
The Asian region's energy storage systems market share is predicted to be dominating during the projection period, with a value of US$ 16.5 billion by 2031
๐ ๐ฎ๐ฅ๐ฅ ๐๐๐๐๐ฌ๐ฌ ๐จ๐ ๐ญ๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ฌ ๐๐ฏ๐๐ข๐ฅ๐๐๐ฅ๐ ๐๐ญ: https://www.factmr.com/checkout/3075
๐๐๐ฒ ๐๐๐ ๐ฆ๐๐ง๐ญ๐ฌ ๐๐จ๐ฏ๐๐ซ๐๐ ๐ข๐ง ๐๐ง๐๐ซ๐ ๐ฒ ๐๐ญ๐จ๐ซ๐๐ ๐ ๐๐ฒ๐ฌ๐ญ๐๐ฆ๐ฌ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐๐๐ฌ๐๐๐ซ๐๐ก
Energy Storage Systems Market by Technology :
Electro Chemicals
โข Lithium-Ion Batteries
โข Lead Acid Batteries
โข Sodium Sulfur (NAS) Batteries
โข Flow Batteries
โข Others
Thermal Storage
โข Pumped Hydro Energy Storage
โข Flywheel Energy Storage
โข Compressed Air & Liquid Air Energy Storage
Other Storage Technologies
Energy Storage Systems Market by Application :
โข Transportation
โข Grid Storage
Energy Storage Systems Market by End User :
โข Residential
โข Non-residential
โข Utilities
โข Automotive
Energy Storage Systems Market by Region :
โข North America Energy Storage Systems Market
โข Latin America Energy Storage Systems Market
โข Europe Energy Storage Systems Market
โข East Asia Energy Storage Systems Market
โข South Asia & Oceania Energy Storage Systems Market
โข MEA Energy Storage Systems Market
๐๐จ๐ฆ๐ฉ๐๐ญ๐ข๐ญ๐ข๐ฏ๐ ๐๐๐ง๐๐ฌ๐๐๐ฉ๐
Energy storage system manufacturers are focusing on mergers, acquisitions, collaborations, and partnerships to expand their business scope and fast-track their production processes in order to gain a competitive edge in the global landscape.
In December 2021, LG Energy Solution, a storage battery manufacturing organization, announced the signing of a MoU (Memorandum of Understanding) with Siemens AG. This collaboration will be aimed at the digitization of the battery manufacturing process.
๐๐ก๐๐๐ค ๐จ๐ฎ๐ญ ๐ฆ๐จ๐ซ๐ ๐ซ๐๐ฅ๐๐ญ๐๐ ๐ฌ๐ญ๐ฎ๐๐ข๐๐ฌ ๐ฉ๐ฎ๐๐ฅ๐ข๐ฌ๐ก๐๐ ๐๐ฒ ๐ ๐๐๐ญ.๐๐ ๐๐๐ฌ๐๐๐ซ๐๐ก: https://www.prnewswire.com/news-releases/increasing-usage-of-cloud-based-solutions-to-steer-digital-transaction-management-market-past-us-83-25-billion-by-2032--301628185.html
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