DUBLIN – (BUSINESS WIRE) – Dec. 30 2021–
the “Global Energy Storage Systems Market Size, Share and Trend Analysis Report by Technology (Water Pump, Electrochemical Storage, Electromechanical Storage, Thermal Storage), Region and Segment Forecast, 2021-2028” the report was added to ResearchAndMarkets.comoffer.
The market is expected to grow at a CAGR of 9.6% from 2021 to 2028. The global energy storage systems market demand is expected to reach 402.0 GW by 2028.
The growing demand for efficient and competitive energy resources, the growing development of variable energy sources and the growing demand for batteries are factors that are expected to fuel the demand for energy storage systems.
The growing acceptance of electric and hybrid vehicles, coupled with government incentives offered for the promotion of electric vehicle technology, is expected to drive the growth of electric cars as well as battery industries. As battery service networks have yet to improve and overtake gasoline refueling infrastructure, volatile gasoline prices are expected to positively influence demand for electric vehicles during the forecast period.
The electrochemical storage segment is expected to experience the fastest growth over the next few years. This growth can be attributed to the beneficial characteristics of batteries including fast charging, falling prices and long life. Flow batteries are expected to see increased demand due to their low safety risks, improved capacity and cost effectiveness.
Battery energy storage systems (BESS) are growing in popularity due to the growing emphasis on reducing dependence on fossil fuels and increasing the share of clean energy in the energy mix. Rising demand for improved power quality, better grid utilization and emergency power is expected to propel the demand for BESS during the forecast period.
With increasing requirements for efficient grid management, constant load management, and continuous power supply, the market is expected to witness significant growth during the forecast period. Major manufacturers of thermal energy storage systems include Abengoa Solar, Evapco, Caldwell Energy, and Burns & McDonnell.
The main TES companies are integrated downstream and offer energy solutions such as micro-grids, cogeneration, cogeneration, district heating and cooling.
Highlights of the Energy Storage Systems Market Report
- In terms of technology, the pumped hydropower segment accounted for a significant share of the market in 2020 and furthermore is expected to experience significant growth during the forecast period.
- In 2020, Asia-Pacific accounted for over 45.0% market share. Rising demand for reliable electricity due to increasing population and industrial advancements in major economies, such as China and India, is expected to drive the regional market
- Growing consumer awareness of energy efficiency in commercial and residential buildings is expected to further drive the market growth. The increasing trend of power generation from renewable sources, along with the growing need for distributed power generation, are expected to propel the market growth during the forecast period.
- Energy storage technologies allow electricity providers to save excess electricity for later use, thereby improving the reliability and flexibility of the grid in the generation, transmission and distribution of electricity. The heat stored by short-term and seasonal thermal energy storage systems balances variations in renewable electricity production and distribution in a cost-effective manner
- In addition, the continued electricity demand is expected to grow exponentially in the coming years due to rapid industrialization, infrastructure development and continued population growth in the coming years. This trend is expected to positively influence the landscape of the energy storage industry.
Market Driver Analysis
- Growing demand for efficient and competitive energy resources
- Growing development of variable energy sources
- Increased battery demand
Analysis of market restrictions
- Lack of long-term energy storage
Energy Storage Systems Market – Porter’s Analysis
Energy storage systems market – PESTEL analysis
- GENERAL ELECTRIC
- LG Chem
- Langley Holdings Plc
- Showa Denko Materials Co. Ltd.
- Maxwell Technologies, Inc.
- THE FURUKAWA CO. BATTERY. LTD.
- Samsung SDI Co. Ltd.
For more information on this report, visit https://www.researchandmarkets.com/r/xqfjek
View source version on businesswire.com:https://www.businesswire.com/news/home/20211230005160/en/
Laura Wood, Senior Press Director
For EST office hours, call 1-917-300-0470
For USA / CAN call toll free 1-800-526-8630
For GMT office hours, call + 353-1-416-8900
INDUSTRY KEYWORD: OTHER ENERGY ENERGY
SOURCE: Research and markets
Copyright Business Wire 2021.
PUB: 12/30/2021 07:44 AM / DISC: 12/30/2021 07:44 AM
Copyright Business Wire 2021.