Energy storage systems Market to hit $500 billion by 2025: Global Market Insights, Inc.

The U.S energy storage systems market is set to register a significant CAGR from 2019 to 2025, owing to increasing deployment of grid connected energy storage systems along with the implementation of federal tax incentive programs.

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Germany energy storage systems market is anticipated to witness growth over 3% by 2025. Increasing dependency on renewable energy sources in line with the introduction of RE targets will drive the business growth. For instance, Government of Germany has set the goal to meet 65% of its electricity consumption from renewable energy by 2030.

Japan energy storage systems market is set to exceed USD 65 billion by 2025. Widespread implementation of smart grid technologies along with the decentralization of the grid at local and regional level will drive the business growth. Surging demand for integration of solar PV plants with ESS to reduce the electricity bills and minimize the carbon emission will further enhance the business landscape.

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ESS market from renewable capacity firming application will grow over 10% by 2025. Control of the ramp rate, maintenance of the variable intermittent power output of renewable technologies and output smoothening are some of the key features which will positively influencing the demand for energy storage systems over the forecast timeframe.

Global Energy Storage Systems Market is set to register USD 500 billion by 2025, as reported in the latest study by Global Market Insights, Inc. Rising consumer awareness toward energy efficiency coupled with shifting trends toward renewable energy utilization will drive the energy storage systems market size. For instance, as per the International Energy Agency, share of renewables in electricity generation is anticipated to reach 40% by 2040. In addition, increasing demand for continuous power supply and effective load management will positively influence the product demand.

Browse key industry insights spread across 490 pages with 674 market data tables & 59 figures & charts from the report, “Energy Storage Systems Market By Technology (Pumped Hydro, Electro-Chemical {Lithium Ion Battery, Sodium Sulphur Battery, Lead Acid Battery, Flow Battery, Others}, Electro-Mechanical {Flywheel, Compressed Air Energy Storage}, Thermal {Water, Molten Salt, Phase Change Material, Others}), By Application (Electric Energy Time Shift, Electric Supply Capacity, Black Start, Renewables Capacity Firming, Frequency Regulation, Other), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Saudi Arabia, UAE, South Africa, Brazil, Argentina, Mexico) Application Potential, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents:     

https://www.gminsights.com/industry-analysis/energy-storage-systems-market

ESS market will witness growth on account of declining storage costs along with growing consumer awareness toward adoption of clean energy technologies. Policymakers across the globe have introduced financial incentives to promote the utilization of renewable energy which has positively influenced the price of storage systems. For instance, in 2017, the Government of Italy announced 50% tax deduction for the installation of residential energy storage systems. Ongoing research and development to improve the energy density and cycle life of storage technologies will further enhance the product penetration.

Electro-chemical energy storage systems market is set to witness strong growth on account of their ability to offer high energy density and temperature stability during operation. Lithium Ion, Lead Acid, Flow batteries and Sodium Sulphur are some of the most prominent electro-chemical technologies deployed for stationary storage. Cost effectiveness, high power conversion and safe operation are some of the eminent features favoring the product deployment. In addition, technological advancement in system design to enhance the battery performance will further boost the product demand over the forecast timeline.

Key participants operating across the global energy storage systems market include Beacon Power, Axoim Energy, Finetex EnE, Inc, FAFCO, Sunwell Technologies, Steffes Corporation, Cryogel, Brightsource Energy, Inc, J-Power, Solar Reserve , LLC, DN tanks, Inc, RusHydro, Northland Power, Voith, Genex Power Limited, Toshiba, Panasonic, Schluchseewerk AG, Samsung SDI, and Alstom, amongst others.   

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.


        

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