Global Energy Storage Systems Market was valued at US$ 32.2 Bn in 2019 and is expected to reach US$ 56.23 Bn by 2027, at a CAGR of 6.03% during the forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
To know about the Research Methodology:-Request Free Sample Report
Global Energy Storage Systems Market Dynamics:
Increasing consumer awareness about efficient energy consumption coupled with the growing demand for smart homes with effective load management is projected to play a major role in driving the demand. Ascending demand from electric utilities, on account of the rising need for distributed energy integration with the main grid, is likely to propel the growth over the forecast period.
In 2019, the energy storage market grew by 50% compared to 2018. The market is driven by local subsidies, coupled with strong demand for solar. Germany is the largest market for energy storage systems (ESS) in the region. ESS is an integral part of Germany’s Energy Transition. It is one of the biggest players in the energy storage market. The Nordic countries are expected to witness strong demand for industrial and commercial energy storage systems, coupled with the growth of data centers in the region. Demand for ESS in Asia-Pacific is driven by China. China has registered a record sale of more than 650,000 estimated electric vehicles (EVs) in 2019, compared to 500,000 units in 2016. It accounted for 40% of the global EV sale.
Global Energy Storage Systems Market Segment Analysis:
Based on application, the transportation segment is anticipated to grow at a significant rate during the forecast period. This is mainly because of a surge in sales of electric vehicles and growing railway networks.
On the basis of technology, the pumped hydro storage is an established technology occupying a major share across geographies, and applications. So the below exhibit depicts an opportunity scenario for other technologies that hold potential for investment. Among the other energy storage technologies measured compressed air storage is an attractive market for investment owing to its efficient energy storage at low cost.
Global Energy Storage Systems Market Regional Insights:
North America was the largest energy storage market, accounting for more than 35.0% share in 2019. Energy storing systems are used to better manage onsite solar systems and take advantage of low utility rates when demand for electricity is low. In the U.S., various states are making integrated resource planning a necessary requirement for utility companies. Also, companies are themselves including energy-storing options in their rate proposals which they are submitting to regulatory agencies, thus driving the market growth.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data, and projections with a suitable set of assumptions and methodology. The report also helps in understanding electric vehicle supply equipment market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence.
Global Energy Storage Systems Market, Key Highlights:
• Global Energy Storage Systems Market analysis and forecast, in terms of value.
• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Energy Storage Systems Market
• Global Energy Storage Systems Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
• Global Energy Storage Systems Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.
• Global Energy Storage Systems Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East Africa (MEA) and Latin America along with country-wise segmentation.
• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Energy Storage Systems Market are also profiled.
For More Information Visit: https://www.maximizemarketresearch.com/market-report/global-energy-storage-systems-market/31732/
Scope of the Global Energy Storage Systems Market Report: Inquire before buying
Global Energy Storage Systems Market, By Technology
• Pumped Hydro Storage
• Compressed Air
• Sodium Sulphur
• Lead Acid
• Nickel Cadmium
Global Energy Storage Systems Market, By End-User
Global Energy Storage Systems Market, By Applications
• Grid Storage
Global Energy Storage Systems Market, By Region
• North America
• Asia Pacific
• Middle East and Africa
• South America
Key Players Operating in the Global Energy Storage Systems Market:
• G Chem.
• ABB Ltd.
• AES Energy Storage, LLC
• Beacon Power, LLC
• BYD Company Limited
• Convergent Energy and Power Inc.
• Greensmith Energy Management Systems
• Eos Energy Storage
• Seeo, Inc.
• SC Electric Company
• Scheider Electric
• SMA Solar Technology AG
• Exide Industries Ltd.
• SK Holdings.
• Autobat SACI
• Eguana Technologies
• Imergy Power Systems.
• Ionotec Ltd
• Tata Power
This Report Is Submitted By :Maximize Market Research Company
Customization of the report:
Maximize Market Research provides free personalized of reports as per your demand. This report can be personalized to meet your requirements. Get in touch with us and our sales team will guarantee provide you to get a report that suits your necessities.
About Maximize Market Research:
Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.