Zion Market Research has published a new report titled “Energy Storage Systems Market”. According to the report, global energy storage systems market was valued at approximately USD 194.3 billion in 2017 and is expected to generate revenue of around USD 296.0 billion by the end of 2024, growing at a CAGR of around 6.2% between 2018 and 2024.
Growing focus on energy management to achieve increasing demand for electricity is expected to increase the use of energy storage systems over the forecast period. Moreover, a wide range of research and development activities for the development of sustainable energy sources will further drive the industry growth.
Energy storage system is an imperative element for the management of electricity system due to fluctuation in changing demand with respect to season. Rising concern regarding energy conservation and transition from fossil fuels to the alternate sources is predicted to upsurge demand for advanced storage systems over the forecast timeframe.
Energy storage systems are essential for electrical, chemical, and thermal energies, which are utilized for transport and industrial applications. Energy storage system consists of high efficiency, low self-discharge, high capacity, growing number of charging and discharging cycles, high performance, and low costs coupled with growing adoption rate.
Based on technology, the global energy storage systems market is segmented as compressed air, pumped hydro storage, lithium ion, sodium sulfur, nickel cadmium, lead acid, redox-flow, and flywheel. Pumped hydro energy storage and lead-acid batteries are modern technologies and can be clearly specified. Furthermore, flexible operation of large-scale industrial plants with rising energy demand is expected to drive the segment growth in future years.
According to the research firm transportation segment contributed for significant revenue share in the storage systems market. In transportation, fuel cells are mainly used in refrigerated cars, passenger cars, pushback tractors, materials transportation, public buses and shuttle buses in airports, and also auxiliary power units in the airplanes. Toyota developed the world’s first commercial fuel cell passenger vehicle Mirai in December 2014.
The end-user segment includes non-residential, utility, and residential. Residential segment held significant revenue share in 2017. Increasing demand for integration of renewable energies and the growing use of battery energy storage systems (BESS) in residential buildings is predicted to increase demand for the technology and drive segment growth over the forecast period.
North America energy storage systems contributed a significant revenue share in 2017. The United States is the major country for the installed solar-plus-storage projects. As per California’s Self Generation Incentive Program (SGIP), in 2014, there were around 1118 energy storage projects in the development stage. Renewable energy technologies which include solar PV & wind are expected to witness high growth in the developed as well as developing countries such as China, U.S., Japan, India, Germany, and Italy. Such factors are expected to drive energy storage systems market growth over the forecast period.
Europe energy storage systems market accounted for substantial revenue share in 2017. The growth is attributed due to the increased proportion of renewable energy, which results in more flexible options to compensate for the fluctuations regarding electricity generation through wind turbines or photovoltaics power plants. The European Power Exchange Spot Market (EPEX SPOT) is the marketplace for countries of Germany, France, Austria, and Switzerland.
The Asia Pacific is predicted to witness the highest growth rate over the forecast period. The growth is attributed to the rising capacity additions due to increased demand for energy is expected to positively impact the market in the future years. In China, reforms and innovations in the energy sector are expected to drive energy storage systems market growth. In China, the emergence of groups such as China Renewable Energy Industries Association’s internal grid integration expert committee, the China Industrial Association of Power Sources energy storage application branch, and others is predicted to upsurge industry growth over the forecast period.
Latin America energy storage systems market is expected to experience lucrative growth over the forecast period says the firm . Countries such as Brazil, Colombia, Panama, Uruguay, Chile, and others are transitioning rapidly from fuel oil and hydroelectricity as important power sources to a more varied energy mix, including natural gas, solar, and wind. Solar and wind energies have been exploded in countries such as Brazil, Chile, Honduras, and Peru and recently in Argentina, where RENOVAR program has awarded 2,400 megawatts of projects.
Some of the key players operating in energy storage systems market includes Exide Industries Ltd., SMA Solar Technology AG, Autobat SACI, Scheider Electric, SK Holdings, Imergy Power Systems, Enerbrax Acumuladores Ltd., Eguana Technologies, Beacon Power, LLC, Tata Power, Ionotec Ltd., ABB Ltd., LG Chem., Convergent Energy and Power Inc., AES Energy Storage, LLC, BYD Company Limited, Greensmith Energy Management Systems, Eos Energy Storage, S&C Electric Company, and Seeo, Inc.
For more information click here.