Trusted Business Insights presents the Updated and Latest Study on Energy Storage Systems Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Abstract, Snapshot, Market Analysis & Market Definition: Energy Storage Systems Market
Industry / Sector Trends
Energy Storage Systems Market was valued over USD 340 billion in 2018 and is set to expand over 6% by 2025.
UK Energy storage systems Market Size, By Technology, 2018 & 2025 (USD Million)
Increasing demand for continuous electricity supply along with growing focus toward renewable energy power generation will drive the global energy storage systems market. According to the International Renewable Energy Agency (IRENA), the total U.S. installed renewable energy capacity witnessed an increase from 127 GW in 2009 to over 245 GW in 2018. Ability of storage system to capture and store the electrical and thermal energy for later utilization are some of the key underlying factors making its adoption preferable.
Government policies & measures to minimize carbon emissions along with growing concerns toward grid stability will stimulate the industry growth. In December 2017, the government of China announced the commencement of the first phase of the Emission Trading Scheme (ETS) to reduce GHG emissions. The ETS will focus on the power sector covering about 3.5 billion tonnes of carbon dioxide and the full scheme is anticipated to be implemented by 2019.
Market Segmentation, Outlook & Regional Insights: Energy Storage Systems Market
Energy Storage Systems Market, By Technology
Pumped hydro storage market will witness growth over 3 % by 2025. High efficiency, greater stability, longer lifespan and low storage costs are some of the key factors positively influencing the business outlook. Low energy installation costs, reasonable round-trip efficiency and low discharge rates will further complement the industry growth.
Surging demand to integrate large-scale clean energy systems along with favorable measures to promote adoption of sustainable solutions to minimize carbon emissions will stimulate the electro-chemical energy storage demand. In addition, technological innovations to improve the performance & efficiency of batteries will further enhance the business landscape.
Energy Storage Systems Market, By Application
China Energy storage systems Market Size, By Application, 2018 & 2025 (MW)
ESS market from electric supply capacity application is set to surpass USD 30 billion by 2025. Growing demand for cost effective and uninterrupted power supply across off grid locations will positively influence the product adoption. In addition, intermittent nature of renewable energy sources has created an increased demand for efficient storage technologies. As per the EIA, in the U.S., renewable based electricity generation increased from 382 MWh in 2008 to 742 MWh in 2018.
Energy storage system deployment for the renewables capacity firming application will witness growth on account of increasing investments toward expansion and integration of wind and solar energy plants. These systems can smooth the output and control the ramp rate by eliminating the rapid voltage & power swings on electrical grid which make its adoption preferable.
Energy Storage Systems Market, By Region
Asia Pacific Energy Storage Systems Market Size, By Country, 2025 (USD Million)
The Asia Pacific ESS market size will witness gains over 7% by 2025. Surging demand for uninterruptable & reliable power supply along with increasing efforts to reduce fossil fuel dependency by promoting utilization of renewable energy technologies are some of the paramount factors which will propel the business growth. Growing electricity demand, ongoing investments toward R&D sector and growing adoption of clean technologies will further enhance the product penetration over the forecast timeframe.
The U.S ESS market is anticipated to witness growth on account of increasing deployment of grid connected energy storage systems along with the implementation of federal tax incentive programs. These incentives and mandates have resulted in increased deployment of ESS across states with high levels of renewable energy penetration. For instance, in May 2017, the California Public Utility Commission (CPUC) implemented Assembly Bill 2868, obligating its investor owned utilities for the procurement of additional 500 MW of distributed energy storage.
Energy storage systems deployment across Europe is set to experience significant growth by 2025. Ongoing efforts to minimize the carbon footprint along with surging investments toward development of green economy will drive the industry growth. As per the European Commission, EU’s Research and Innovation Programme Horizon 2020 will invest USD 6.57 billion in energy projects between 2014 and 2020. The aim of the project is to improve the performance of clean energy technologies which include tidal power, energy storage and energy networks.
Key Players, Recent Developments & Sector Viewpoints: Energy Storage Systems Market
Notable industry participants across the ESS market include Samsung SDI, Tesla Inc, Panasonic, Hitachi Chemical, GS Yuasa, J-Power, LG Chem, Exide Technologies, Toshiba, BYD Co, Sinohydro, Voith, EDF, Dongfang Electric, Goss Engineering, Evapco, Steffes Corporation, Genex Power Limited, Alstom and Schluchseewerk AG.
Business expansions, new technological innovations and mergers & acquisitions are some of the significant initiatives undertaken by prominent industry players. Furthermore, the key competitors are involved in R&D activities to sustain a competitive edge over other market participants.
Energy Storage Systems Industry Viewpoint
Energy storage systems is a technology that stores energy in the form of heat and electricity which can be utilized later whenever required. Pumped hydro storage is the most prominent ESS technology being deployed followed by the other systems including electro-chemical, electro-mechanical and therma
What are the Key Insights Covered: Exhaustive Energy Storage Systems Market
1. Market size (sales, revenue and growth rate) of Energy Storage Systems industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Energy Storage Systems industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Energy Storage Systems industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Energy Storage Systems industry.
What is the Research Methodology used: Energy Storage Systems Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
Quick Read Table of Contents of this Report @ WorldWide Energy Storage Systems Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 – 2025
This post was originally published on Downey Magazine