According to Goldstein Research, “Storage technology helps in managing grid resiliency and reliability for generation of large amount of energy from wind, solar, and other renewable energy sources and contributes in strong economic growth of the nation. Advance energy storage system provides an edge for energy transportation in areas with limited transmission capacity and to meet the demand in critical situations such as blackouts and power outages. Large scale deployment of grid energy storage system is supporting the growth of global energy storage system market.”
Global energy storage system market is segmented on the basis of types of technology, by application and by end user. Pumped hydro storage is the dominating segment for mechanical storage system. Pumped hydro storage is expected to dominate the market as pumped-storage hydroelectricity (PSH) generated from hydroelectric dams has the largest capacity for grid energy storage and helps in bulk storage of energy.
Global energy storage system market is estimated to reach USD 296.5 billion by 2024, registering a notable CAGR during the analysis period. Middle East and Africa are more focused towards the investment in energy sector and creating huge potential for energy storage systems market. Countries such as Saudi Arabia & Nigeria have high rate of deployment of grid equipment and energy storage technology. Moreover, deployment of modernized grid equipment and energy storage projects in countries such as Japan, South Korea, China & India boosting the energy storage systems market in Asia-Pacific region.
Battery Energy Storage System: New prospect for clean energy future
Japan based companies such as Toshiba and Panasonic are competing with South Korea based multinational companies such as LG Chem, Ltd. and Samsung for achieving market dominance in battery energy storage market mainly from renewable energy source such as solar and wind for power generation. Moreover, countries such as Mitsubishi, Nissan are partnering and starting joint ventures with lead acid automobile and motorcycle battery manufacturing companies for battery-powered electric vehicles which is expected to encourage the battery energy storage business in the near future.
“Global Energy Storage System Market 2024” contains detailed overview of the global energy storage system market in terms of market segmentation by technology, by application and by end user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global energy storage system market also provides competitive outlook of some of the major players of global energy storage system market which includes profiling of companies such as ABB Ltd., LG Chem, Ltd., Tesla, Inc., Samsung SDI Co, Ltd, AES Energy Storage, EnSync Energy, General Electric, Panasonic, Mitsubishi Heavy Industries, Enersys, Active Power, Beacon Power, Greensmith Energy Management Systems, Convergent Energy and Power Inc., Sonnen, Redflow, Eos Energy Storage, Alevo, Seeo Inc., BYD Company Ltd., Scheider Electric, SMA Solar Technology AG, SK Holdings, Enerbrax Acumuladores Ltda, Eguana Technologies, Autobat SACI, Imergy Power Systems., Ionotec Ltd and Exide Industries Ltd. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global energy storage system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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