Dublin, May 07, 2024 (GLOBE NEWSWIRE) -- The "Energy Storage Technologies (EST) Market Report 2024-2034" has been added to ResearchAndMarkets.com's offering.
World revenue for the Energy Storage Technologies Market is forecast to surpass US$48.2 billion in 2024.
The Expanding Applications in Electric Vehicles, Combined with Innovations in Long-Duration Storage Technologies, Open New Avenues for Growth
The energy storage technologies market is propelled by a confluence of factors. The growing demand for reliable and stable power supply, coupled with the increasing deployment of renewable energy sources, is a primary driver. Governments worldwide are implementing supportive policies and incentives, fostering the adoption of energy storage technologies. Additionally, advancements in battery technology, declining costs, and a rising awareness of environmental sustainability contribute to the market's positive trajectory.
The market presents promising opportunities, particularly in the integration of energy storage with smart grids and microgrids. The expanding applications in electric vehicles, combined with innovations in long-duration storage technologies, open new avenues for growth. Moreover, the exploration of innovative business models and the development of grid-scale projects offer lucrative opportunities for industry stakeholders. Collaborations between utilities, technology providers, and research institutions are poised to unlock further potential.
Despite the promising outlook, the energy storage market faces challenges. Technological limitations, such as the energy density of batteries and the environmental impact of certain technologies, pose hurdles to widespread adoption. Regulatory complexities, uncertain economic conditions, and the need for substantial upfront investments also present challenges. Addressing these obstacles requires collaborative efforts across the industry to develop sustainable and cost-effective solutions.
Key Market Dynamics
Market Driving Factors
- Expanding Energy Demand and Rising Renewable Share: Catalysts for Energy Storage Market Growth
- The Rising Global Demand for Energy, Driven by Population Growth and Industrialization
- Ongoing Research and Development Driving Advances in Energy Storage Technologies
Market Restraining Factors
- Risk Associated with Battery Energy Storage System Hinders Market Growth
- High Cost of Installing Energy Storage Technologies Hinder the Market Growth
- Meeting the Diverse needs of Long-Duration Energy Storage Remains a Challenge
Market Opportunities
- Exploiting Urbanization Trends Leveraging Microgrid Networks for Localized Energy Storage Solutions
- Government Initiatives Substances for Advanced Energy Storage Solutions
- Seizing Opportunities for Growing Investments in Sustainable Energy Resources
Forecasts to 2034 and other analyses reveal commercial prospects
- In addition to revenue forecasting to 2034, the new study provides you with recent results, growth rates, and market shares.
- You will find original analyses, with business outlooks and developments.
- Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising energy storage technologies prices and recent developments.
Report Segmentation
Market Segment by Integration Type
- On-Grid
- Off-Grid
Market Segment by Duration
- Short Duration Storage
- Medium Duration Storage
- Long Duration Storage
Market Segment by Application
- Ancillary Services
- Peaking Capacity
- Energy Shifting
- Transmission & Distribution Level
Market Segment by End-Use
- Residential
- Commercial
- Industrial
- Utility (grid-scale)
- Other End-Use
Market Segment by Technology Type
- Battery Energy Storage Systems (BESS)
- Pumped Hydro Storage (PHS)
- Thermal Energy Storage (TES)
- Flywheel Energy Storage
- Compressed-Air Energy Storage (CAES)
- Other Technology
In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for four regional and 20 leading national markets.
The report also includes profiles and for some of the leading companies in the Energy Storage Technologies Market, 2024 to 2034, with a focus on this segment of these companies' operations.
Leading companies profiled in the report
- ABB Ltd.
- Beacon Power, LLC
- BYD Co. Ltd
- Convergent Energy and Power Inc.
- Eos Energy Enterprises Inc
- Exide Industries Limited
- Greensmith Energy Management Systems
- LG Chem
- S&C Electric Company
- Schneider Electric SE
- Seeo, Inc.
- SMA Solar Technology AG
In summary, the report provides you with the following knowledge:
- Revenue forecasts to 2034 for Energy Storage Technologies Market, with forecasts for integration type, duration, application, end-use, and technology type, each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues.
- Revenue forecasts to 2034 for four regional and 20 key national markets
- Prospects for established firms and those seeking to enter the market - including company profiles for 12 of the major companies involved in the Energy Storage Technologies Market.
For more information about this report visit https://www.researchandmarkets.com/r/drjqkn
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