Press release
Energy Storage Systems Global Market Report 2024 - By Size, Share, Key Trends, Drivers, Analysis, Outlook By 2033
The Business Research Company presents an extensive market research report on the Energy Storage Systems Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The energy storage systems market size has grown strongly in recent years. It will grow from $234.26 billion in 2023 to $255.37 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to grid flexibility and demand response, increased demand for remote power solutions, expansion of microgrids, cost reduction and economies of scale, efficiency improvements..
The energy storage systems market size is expected to see strong growth in the next few years. It will grow to $357.44 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to market expansion and global demand, increasing demand response and energy management, circular economy and sustainability, hybrid energy systems.. Major trends in the forecast period include renewable energy integration, advancements in battery technologies, grid modernization initiatives, electrification of transportation, decentralized energy systems..
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Key Market Players:
Major companies operating in the energy storage systems market report are Schneider Electric SE, SMA Solar Technology AG, Exide Industries Limited, SK energy Co. Ltd., Autobat SACI, Enerbrax Acumuladores Ltd., Eguana Technologies, Ionotec Ltd., Tata Power Company Limited, BYD Company Ltd., ABB Limited, Beacon Power LLC, Convergent Energy + Power, S&C Electric Company, General Electric Company, LG Chem Ltd., Samsung Electronics Co. Ltd., Panasonic Corporation, Tesla Inc., Hitachi Chemical, GS Yuasa Corporation, Japan Power Engineering & Consulting Inc., Toshiba Corporation, Sinohydro Corporation Limited, Voith GmbH, Genex Power Limited, Alstom SA, Schluchseewerk AG, East Penn Manufacturing Inc., Showa Denko Materials Co. Ltd.
Market Drivers:
The increasing demand for electric vehicles is expected to propel the energy storage systems market going forward. Automobiles that are powered entirely or partially by electricity from a rechargeable battery are referred to as electric vehicles. Electric vehicles run on renewable energy, which requires energy storage systems to be kept in reserve, manage energy requirements, and improve grid reliability. For instance, according to a report from the International Renewable Energy Agency, an intergovernmental organization based in the United Arab Emirates that promotes renewable and sustainable energy, there will be 200 million electric cars on the road worldwide by 2030, and 10 million electric buses and light-duty vehicles. As a result, the market for energy storage systems is experiencing growth due to rising demand for electric vehicles.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/energy-storage-systems-global-market-report
The energy storage systems market covered in this report is segmented -
1) By Technology: Pumped Hydro Storage, Battery Energy Storage, Compressed Air Energy Storage, Flywheel Energy Storage
2) By Application: Stationary, Transportation
3) By End User: Residential, Non-Residential, Utilities
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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