Press release
Energy Storage Systems Market Research Report 2023, Industry Trends, Share, Size, Demand and Future Scope 2028
Energy Storage Systems Market
IMARC Group's latest research report, titled "Energy Storage Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the global energy storage systems market size reached 217.5 GW in 2022. Looking forward, IMARC Group expects the market to reach 372.9 GW by 2028, exhibiting a growth rate (CAGR) of 8.8% during 2023-2028. The growing demand for electricity during emergency power cuts, increasing utilization of renewable energy, and rising concerns to reduce harmful emissions worldwide represent some of the key factors driving the market.
What are Energy Storage Systems and Uses ? :
Energy storage systems are designed to store excess electricity generated during periods of low demand and supply it back to the grid or power systems during peak hours or when needed. These systems play a pivotal role in the efficient utilization and management of energy resources. Energy storage systems store energy in various forms such as electrochemical batteries, pumped hydro, compressed air, flywheels, and thermal storage. They enable grid stabilization, integration of renewable energy sources, load shifting, and backup power supply. With the increasing focus on renewable energy integration, grid reliability, and energy sustainability, the demand for energy storage systems is on the rise.
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Who are the key Players Operating in the Industry ? :
• Altair Nanotechnologies Inc.
• Eguana Technologies
• Electrovaya Inc.
• Exide Industries Limited
• Furukawa Electric Co. Ltd.
• General Electric Company
• Kokam Ltd.
• LG Chem Ltd.
• Saft (TotalEnergies SE)
• Samsung SDI Co. Ltd.
• Schneider Electric SE
• Showa Denko K. K.
• Tata Power Company Limited
What are the Growth Prospects and Trends in the Energy Storage Systems Industry ? :
The energy storage systems market is majorly driven by the rising need for effective energy storage solutions to overcome intermittency issues and ensure a stable and reliable power supply. In line with this, the growing adoption of renewable energy sources, such as solar and wind enabling energy integration into the grid and facilitating renewable energy penetration is fueling the market. Moreover, the increasing demand for grid modernization and microgrid deployments is driving the need for energy storage systems to enhance grid resiliency, improve power quality, and provide backup power during outages.
Additionally, the increase in electrification of transportation, including electric vehicles (EVs), is fueling the demand for vehicle-to-grid (V2G) integration, thereby creating a positive market outlook. Moreover, favorable government policies, incentives, and regulations promoting energy storage deployment are driving market growth. Additionally, advancements in battery technologies, such as lithium-ion batteries with improved energy density and longer lifespans, are fueling the adoption of energy storage systems.
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Key Market Segmentation:
Breakup by Technology:
• Pumped Hydro
• Electrochemical Storage
• Electromechanical Storage
• Thermal Storage
Breakup by Application:
• Stationary
• Transportation
Breakup by End User:
• Residential
• Non-Residential
• Utilities
Breakup by Region:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
Related Report IMARC Group:
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• https://www.einnews.com/pr_news/629710453/india-kitchen-appliances-market-price-size-share-cost-module-and-forecast-during-2023-2028
• https://www.einnews.com/pr_news/629715183/india-calcium-chloride-market-analysis-2023-share-industry-growth-and-business-opportunities-by-2028
• https://www.einnews.com/pr_news/629719144/india-ferrite-magnet-market-to-reach-68-350-tons-by-2028
• https://www.einpresswire.com/article/629723013/india-frozen-finger-chips-market-trends-price-analysis-growth-and-forecast-2023-2028
Contact us:
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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