Global Energy Storage Market Size is estimated to expand rapidly in coming years, at a CAGR of 31.05% from 2018 to 2027. In 2017, the global market valuation was USD 11.6 billion, and it is anticipated to be greater than USD xx.xx billion by 2027. A new trend in electricity production has seen intense growth in the past, which is energy storage, to increase the performance of the energy industry. The key drivers for energy storage demand are anticipated in the coming years to be factors including the rising renewable energy sector and supporting government policies and energy storage systems and increasing energy storage environment. The ambiguity of the EU's energy storage system legislation, however, forces network operators not to use the ESS, which in turn restricts market growth in such key regions.
Global Market Growth Opportunities (Revenue, Growth) By 2018-2027
Increased demand for hydro, solar and wind power is a key driver that is expected to drive the energy storage market during the prediction timeframe. Due to rapid industrialized countries, like India, China and Brazil, the power generation market has seen strong growth. In the next five years, high growth in the electricity sector will boost the power storage market. Fossil fuels, including coal, oil and uranium, are projected to be scarce during the future era for raising the energy storage demands.
The energy storage system contributes to the use of green energy by reducing damaging air emissions, which are anticipated to fuel the energy storage demand. If demand is less, generating excess power may contribute to tremendous losses for businesses if they are unable to store it. Energy storage leads to the equilibrium of demand and supply and the protection of different industries ' productivity. Nonetheless, in the forecast period, high costs of building energy storage systems are likely to create problems for market growth.
This global market study report analysis offers in-depth insights, revenue details, and other vital information regarding the global energy storage market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global energy storage market report has been segmented on the basis of type, application, and region. It includes the estimation of the market size, in terms of value, with respect to 4 main geographies, namely, North America, Europe, APAC, and RoW.
The analysis of the report is carried on various primary and secondary data sources. The primary sources include conduction interviews with numerous industry analysts, suppliers, distributors, and other involved professionals. The secondary sources include a review of statistical data from press releases, government websites, annual reports of the companies, and other relevant documents.
During interviews, these primary and secondary sources provide exclusive information, which acts as a validation from global energy storage market leaders. Access to an extensive internal repository and external proprietary databases helps this study to address questions and details regarding the market. Also, the report uses the top-down approach to assess the figures for each segment and to counter-validate them with the bottom-up approach.
We have covered two proprietary models in the energy storage report, the FPNV Positioning Matrix and the Competitive Strategic Window and. The FPNV Positioning Matrix analyses players’ competitive marketplace in terms of product satisfaction and business strategy they follow to sustain in the market. In terms of applications, markets, and geographies, the Competitive Strategic Window analyses the competitive landscape.
By Application Insights: On the basis of application, global energy storage market has been segmented into residential, commercial and industrial. The residential segment will lead over the forecast period in the energy storage industry. Due to the increasing need to mitigate the black-outs arising from increasing energy demands from the existing energy grid, home use of energy storage devices is growing significance.
In most markets, business behaviors of residential energy storage systems remain at early stage of development. Residential customers should however actively participate in the adjustment of their energy expenditure patterns by real-time tracking of their actual consumption.
The energy storage market is divided into regions that are North America - U.S, Canada, Other; Asia-Pacific -India, Japan, China, Australia, Other; Europe - UK, Russia, France, Brazil, Other; Middle East and Africa. Every region analysis details in sense of growth, revenue, volume, challenges, and opportunities with the regional and global key players. Asia-Pacific is anticipated to maintain its dominance over the forecast period in the energy storage market. The area comprises two main power grid types, each with different features and energy storage system opportunities. On the other hand, highly developed economies like Japan, South Korea, New Zealand and Australia, and other major cities, have modern networks that efficiently run and use the latest technologies.
Global Energy Storage Market Size, Share Analysis by Region 2018
On the other side, countries continue to develop basic infrastructure structures that have unstable and restricted power networks. Developing areas often face rapid population growth and urbanization, rising electricity demand. In additional the rise in demand for battery energy storage systems from key economies such as India, China, Japan, and Korea, among others, Asia-Pacific is projected to grow at the highest CAGR during the forecast period. Growing government spending in renewable energy projects across emerging economies like India and China is driving the growth of this region's markets.
North America holds a significant market share. The growth of the North American market is depended on the increasing demand for renewable energy storage systems in the residential, non-residential, and utility sectors. In 2019, the US accounted for about 0.9 GW of battery energy storage system installed. Companies such as Tesla, ABB, General Electric, and Honeywell are the key players in the region, which are focusing on installing and providing battery energy storage systems. There is a pipeline of giant lithium-ion projects scheduled for completion by 2021 in the US.
Global Energy Storage Market Study Objective
1. To forecast the market size of energy storage market, along with describing and defining the market, in terms of volume and revenue as well as market opportunities for stakeholders, in order to provide a competitive landscape for global market players.
2. Market analysis and forecast of energy storage market on the basis of region, substrate, and application or end-use industry. To profile major market players, and to analyze their market shares and essential competencies comprehensively.
3. To analyze and elaborate significant factors that will have a major impact on the growth of energy storage market, such as drivers, restraints, challenges, and opportunities.
4. The regional analysis of energy storage market, to induce market size of five global major regions, which include, Europe, North America, South America, Middle East & Africa, and the Asia Pacific.
5. Strategic analysis of micro markets, in terms of individual prospects, opportunities, growth trends and their involvement in the overall market.
6. To provide detailed analysis of competitive and strategic developments in the energy storage market like a new product launch, partnership & agreement, investment & expansion, and company merger & acquisitions.
Key Players Landscape
GS Yuasa Corporation, Contemporary Amperex Technology Co. Limited, UNIENERGY TECHNOLOGIES LLC, BYD Co. Ltd, and Johnson Controls International PLC are some of the key players in the market of energy storage. These companies have adopted multiple solutions to grow and to improve their company conditions. In order to meet the growing supplies from creating business bulbs representatives, these managers adopt the primary development strategies for improving their products and world presence through development, newly created brands, fusion & acquisition and collaboration.
Global Energy Storage Market Study Report Offer You!
The global energy storage market study report gives an idea about market size, share, stock, equity, investment and total price analysis. Also, the report provides comprehensively industry insights with all major factors such as market credit, allocation, demand, distribution, market scope, key players, end user & applications, provisions, livestock, commodities and industry economics analysis, future growth & forecast. The global market report includes all depth data like pre-market emphasis, market survey, market investment, industry advice, portfolio, finance, access, trade, market exploration, industry review and market predication & projection to develop effective strategies for optimizing their market position.
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