Press release
Renewable Energy Storage Market: Emerging Trends, Future Growth, and Application Potential by 2031 | Delta Electronics, Inc., General Electric Company, Hitachi, Ltd.
Renewable Energy Storage Market || 2024-2031
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What is the projected growth rate (CAGR) of the Global Renewable Energy Storage market from 2024 to 2031, and what is the market value expected to change by 2031?
Global Renewable Energy Storage Market reached US$ 949.9 Million in 2023 and is expected to reach US$ 2,253.0 Million by 2031, growing with a CAGR of 11.4% during the forecast period 2024-2031.
The Renewable Energy Storage market focuses on technologies designed to store energy generated from renewable sources like solar, wind, and hydro, for later use. These storage solutions, such as batteries, pumped hydro storage, and compressed air energy storage, help stabilize power grids and ensure a reliable energy supply. The market is driven by the increasing adoption of renewable energy, the need for grid stability, and advancements in energy storage technologies to improve efficiency, reduce costs, and support the transition to a low-carbon energy system.
Key Developments:
On March 19, 2024, Goodenough Energy announced the launch of India's first battery energy storage gigafactory in Jammu and Kashmir, with plans to begin operations by October 2024. The project aims to expand its production capacity to 20 GWh by 2027. This initiative supports India's goal of achieving 500 GW of renewable energy capacity by 2031, bolstered by US$452 million in government incentives.
On September 14, 2023, Hithium, a manufacturer of Lithium-ion and energy storage systems (ESS), introduced its 5MWh energy storage container solution to the market. The container houses 48 battery modules equipped with Hithium's new 314 Ah lithium iron phosphate (LFP) cells, designed to offer reliable and efficient energy storage for large-scale applications.
List of the Key Players in the Renewable Energy Storage Market:
Delta Electronics, Inc., General Electric Company, Hitachi, Ltd., Siemens Energy, Tesla, Inc., Toshiba Corporation, Trina Solar Co., Ltd., ABB Ltd., EVLO Energy Storage Inc. and NEC Corporation.
Research Process:
Both primary and secondary data sources have been used in the global Renewable Energy Storage Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.
Segment Covered in the Renewable Energy Storage Market:
By Type: Wind Power, Hydroelectric Power, Solar Power, Bio Energy, Others.
By Technology: Battery Storage, Pumped Hydro Storage, Flywheel Energy Storage, Thermal Storage, Others.
By End-User: Residential, Industrial, Commercial.
Regional Breakout:
The global Renewable Energy Storage Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.
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Regional Analysis:
The global Renewable Energy Storage Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter's five force analysis. The Renewable Energy Storage Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.
**The full version of the report includes an in-depth analysis of emerging players and startups, which will provide valuable insights into the evolving market landscape and key strategies being adopted**
Chapter Outline:
⏩ Market Overview: It contains chapter wise data, as well as information about the research scope, major manufacturers covered, market segments, Renewable Energy Storage market segments, study objectives, and years considered.
⏩ Market Landscape: The competition in the Global Renewable Energy Storage Market is evaluated here in terms of value, turnover, revenues, and market share by organization, as well as market rate, competitive landscape, and recent developments, transaction, growth, sale, and market shares of top companies.
⏩ Companies Profiles: The global Renewable Energy Storage market's leading players are studied based on sales, main products, gross profit margin, revenue, price, and growth production.
⏩ Market Outlook by Region: The report goes through gross margin, sales, income, supply, market share, CAGR, and market size by region in this segment. North America, Europe, Asia Pacific, Middle East & Africa, and South America are among the regions and countries studied in depth in this study.
⏩ Market Segments: It contains the deep research study which interprets how different end-user/application/type segments contribute to the Renewable Energy Storage Market.
⏩ Market Forecast: Production Side: In this part of the report, the authors have focused on production and production value forecast, key producers forecast, and production and production value forecast by type.
⏩ Research Findings: This section of the report showcases the findings and analysis of the report.
⏩ Conclusion: This portion of the report is the last section of the report where the conclusion of the research study is provided.
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Frequently Asked Questions
✹ What is the expected growth rate of the global market for the forecast period?
✹ What are the key driving factors that are responsible to shape the fate of the Renewable Energy Storage market during the forecast period?
✹ What will be the overall size of the market during the analysis period?
✹ What are the prominent market trends which influence the development of the Renewable Energy Storage market across various regions?
✹ Who are the key market players and the market strategies that have helped them to secure the leading position in the global market?
✹ What are the challenges and threats that are likely to act as a barrier to the growth of the Renewable Energy Storage market?
✹ What are the major opportunities that the companies can get to attain success in the world?
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Contact Person: Sai Kiran
Email: Sai.k@datamintelligence.com
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About Us -
DataM Intelligence is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
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