WASHINGTON, Aug. 15, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Energy Storage-System Market finds that the increasing demand for grid energy storage systems and rural electrification initiatives is expediting market growth. Primarily driven by growing investments in renewable energy, the total Global Energy Storage-System Market is estimated to reach USD 302 Billion by the year 2028.
The Global Market revenue stood at a value USD 191.4 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 7.9% during the forecast period.
Furthermore, the increasing government regulations & initiatives are also anticipated to augment the growth of the Global Energy Storage-System Market, states Vantage Market Research, in a report, titled “Energy Storage System Market Size, Share & Trends Analysis Report by Technology (Pumped Hydro Storage, Battery Energy Storage, Compressed Air Energy Storage, Flywheel Energy Storage), by End User (Residential, Non-Residential, Utilities), by Application (Stationary, Transportation), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Get Access to a Free Copy of Our Latest Sample Report @ https://www.vantagemarketresearch.com/energy-storage-system-market-1629/request-sample
Key Industry Findings & Insights from the report:
- The global Energy Storage System Market was valued USD 191.4 Billion in 2020 and is all set to surpass USD 302 Billion by 2028, exhibiting a CAGR of 7.9% during the forecast period 2021-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Energy Storage System industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
Market Dynamics:
Rising Demand for Grid Energy Storage Systems to Drive the Market Growth
The growing demand for grid energy storage systems and rural electrification initiatives owing to grid modernization is anticipated to augment the growth of the Global Energy Storage-System Market during the forecast period. Solar and wind energy are the two most frequent types of renewable energy stored in grids. The energy generation mechanism, however, changes when the sun is blocked by clouds or changing wind currents. As a result of these oscillations, flexible grid energy storage technologies are required. The use of battery energy storage technologies in grid upgrading is growing. These techniques help grid operators save electricity when electricity generated exceeds electricity demand. In terms of generation, transmission, and distribution, the usage of these technologies improves the reliability and flexibility of electrical supply networks.
Further, various economies are working to develop their remote locations like isolated rural and peri-urban areas, particularly in developing countries, also small islands that are separated from national grids. As a result, they expect a constant and uninterrupted power supply from renewable and conventional energy sources, which increases total system efficiency and ensures long-term cost benefits. Battery energy storage systems installed in rural areas could provide a reliable and safe power source to companies and residents.
Purchase This Premium Report (Price 4500 USD for a single-user license) at @ https://www.vantagemarketresearch.com/buy-now/energy-storage-system-market-1629/0
Benefits of Purchasing Energy Storage-System Market Reports:
- Customer Satisfaction: Our sales team of experts will available for you 24/7.
- Analyst Support: Speak to our analyst about your questions before or after purchasing the report.
- Assured Quality: Focuses on perfection and quality of reports.
- Incomparable Skills: Our Analysts in-depth insights are beyond comparison.
Surging Investments in Renewable Energy to Stimulate Market Growth
The increasing investments in renewable energy and development of modern infrastructure are anticipated to augment the growth of the Energy Storage-System Market in the years to come. Various policies for environmental protection and renewable energy are being altered and formed in both emerging and developed countries. Governments have been forced to invest extensively in sustainable future projects due to rising carbon emissions and deteriorating environmental circumstances. As a result, in recent years, expenditures on the development of renewable energy sources and infrastructure have expanded. This is a major market driver for energy storage systems worldwide. Also, countries like China and India are spending considerably on modern infrastructure and grid expansion. The demand for efficient power supply is increasing because of increased industrialization and urbanization, as well as a growing population. According to the United Nations, an investment of roughly US$45 billion is required to guarantee universal access to modern electric power.
The report on Energy Storage-System Market highlights:
● Assessment of the market
● Premium Insights
● Competitive Landscape
● COVID Impact Analysis
● Historic Data, Estimates and Forecast
● Company Profiles
● Global and Regional Dynamics
Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/energy-storage-system-market-1629
Regional Analysis:
Asia Pacific Dominated the Global Energy Storage-System Market
Asia Pacific dominated the Global Energy Storage-System Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the presence of fast-growing economies like China and India in the region. Furthermore, the benefits offered by modern energy storage systems, such as environmental friendliness, cost-effectiveness, and reliability is also likely to support the regional growth of the market. Additionally, the government is focusing on minimizing the adverse effects of the energy sector on the environment in the region which is also expected to fuel the growth of the market in the region.
List of Prominent Players in Energy Storage-System Market:
- Scheider Electric
- SMA Solar Technology AG
- Exide Industries Ltd.
- SK Holdings
- Autobat SACI
- Enerbrax Acumuladores Ltd
- Eguana Technologies
- Imergy Power Systems.
- Ionotec Ltd
- Tata Power
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on "Energy Storage System Market Size, Share & Trends Analysis Report by Technology (Pumped Hydro Storage, Battery Energy Storage, Compressed Air Energy Storage, Flywheel Energy Storage), by End User (Residential, Non-Residential, Utilities), by Application (Stationary, Transportation), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
December 2021: SAMSUNG SDI Co., Ltd. introduced PRiMX, a new battery brand that offers consumers quality, performance, and a proven advantage, which translates to user ease thanks to the company's exclusive technology. In Korea and Europe, the brand has been trademarked, and it will be registered in the United States soon.
December 2021: LG Energy Solutions Co., Ltd., and Siemens AG have signed a Memorandum of Understanding (MoU) for partnership in the field of battery manufacturing, specifically the digitization of the manufacturing process. LG Energy Solutions Co., Ltd. established innovative battery manufacturing procedures at its factories as a result of this strategic relationship.
June 2020: Panasonic and Span.IO, Inc. (US) have inked a new partnership to develop a domestic energy storage system. This solution is anticipated to be integrated into Panasonic's EverVolt and connected with the Span smart panel, giving homeowners a new degree of control over their battery backup power while also providing intuitive energy management.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Energy Storage-System Market for the base year and forecast period?
This market titled “Energy Storage-System Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
|
| Region & Counties Covered |
|
| Companies Covered |
|
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
Browse More Related Report:
- Industrial Control Transformer Market - Global Industrial Control Transformer Market was valued USD 848.1 Million in the year 2021 and is anticipated to reach a value of USD 1123.6 Million by the year 2028. The Global Market is forecasted to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.8% over the forecast period.
- Solar Energy System Market - Global Solar Energy System Market was valued at USD 85.1 Billion in the year 2021 and is forecast to reach a value of USD 255.3 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 20.1% over the forecast period.
- Gasification Market - Global Gasification Market is valued at USD 458.1 Billion in the year 2021 and is forecasted to reach a value of USD 610.3 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.9% over the forecast period.
- Concentrated Solar Power Market - Global Concentrated Solar Power Market is valued at USD 4.71 Billion in the year 2021 and is expected to reach a value of USD 8.04 Billion by the year 2028. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 9.3% over the forecast period.
- Top Companies in Energy Storage System Market | Top Players Competitor Analysis, Company Market Share, Revenue.
About Vantage Market Research:
We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies. The company provides high quality data and market research reports. The company serves various enterprises and clients in a wide variety of industries. The company offers detailed reports on multiple industries including Chemical Materials and Energy, Food and Beverages, Healthcare Technology, etc. The company’s experienced team of Analysts, Researchers, and Consultants use proprietary data sources and numerous statistical tools and techniques to gather and analyse information.
Follow Us on LinkedIn: https://www.linkedin.com/company/vantage-market-research/
Follow Us on Twitter: https://twitter.com/vantagemarketr
Contact us
Eric Kunz
6218 Georgia Avenue NW Ste 1 - 564
Washington DC 20011-5125
United States Tel: +1 202 380 9727
Email: sales@vantagemarketresearch.com
Website: https://www.vantagemarketresearch.com/
Latest Vantage Market Research Press Releases @https://www.vantagemarketresearch.com/insight/press-releases
Latest Vantage Market Research Blog @ https://www.vantagemarketresearch.com/insight/blogs
Blog:
- https://bwsc.kr/
- https://makitirapide.com/
- https://marketstrades.com/
- https://v-mr.biz/
- https://techwire24.com/
- https://eurooo.fr/
- https://basital.de/
- https://emarketbee.com/
- http://globalresearchwire.com/
- https://www.ourdia-medium.fr/
- https://www.ecofege.fr/
