The report of Global Energy Storage Systems Market by Technology (Pumped Hydro Storage, Compressed Air, Sodium Sulphur, Lithium Ion, Lead Acid, Nickel Cadmium, Flywheel, Redox-Flow), Application (Grid Storage, Transportation), End-user (Residential, Non-Residential, Utility), and Region (North America, Asia Pacific, Europe, South America, Middle East & Africa) is expected to reach US$ 56.23 Bn by 2026, at a CAGR of 6.03% during a forecast period.
Increasing consumer awareness regarding efficient energy consumption coupled with increasing demand for smart homes with effective load management is expected to play a major role in driving the demand. Ascending demand from electric utilities, on account of growing need for distributed energy integration with the main grid, is likely to propel the growth over the forecast period.
Transportation segment is expected to grow at the highest CAGR during the forecast period.
Transportation segment demanded the largest share of the market in 2018; it is also expected to grow at the highest CAGR during the forecast period. This is mainly owing to a surge in sales of electric vehicles and growing railway networks.
North America is anticipated to be the leading region in the global energy storage systems market during the forecast period.
North America has a large number of PHS facilities as associated to other ESS technologies. The global market is anticipated to witness significant growth in the near future owing to a large number of planned electrochemical facilities. Increasing initiatives in R&D investments coupled with stringent regulations pertaining to the environmental emissions of fossil-fueled power generation is expected to further fuel the growth.
Key players operating the Global Energy Storage Systems Market are 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., S&C Electric Company, Scheider Electric, SMA Solar Technology AG, Exide Industries Ltd., SK Holdings., Autobat SACI, EnerbraxAcumuladoresLtda, Eguana Technologies, Imergy Power Systems., Ionotec Ltd, Tata Power
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Market. The driving forces, as well as considerable restraints, have been explained in depth. in addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Market positioning of competitors.
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