Pune, India, Aug. 24, 2021 (GLOBE NEWSWIRE) -- As per expert analysts, global energy storage market size is projected to grow at a CAGR of 5.5% over 2021-2026, creditable to widespread deployment of smart grid, shifting focus towards renewable power, and commercialization of innovative technologies like flow and solid-state batteries.
Proceeding further, the report offers an in-depth scrutiny of the competitive landscape of this vertical, including details such as product offerings, business profile, and other financial parameters of the major firms, along with overview of new contenders in the domain. The business intelligence report acknowledges research & development activities, strategic initiatives, as well as key business expansion roadmaps prevailing in the marketplace. It also elaborates the aftermath of COVID-19 pandemic on the industry sphere, and suggests best practices that will help businesses stay afloat during uncertain times.
Further, surging demand for distributed power generation model, and increasing use of hybrid vehicles as well as portable electronics are significantly contributing to the market remuneration. Besides, reducing prices of batteries is positively impacting the industry dynamics.
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Market segmentation overview
With respect to type, electrochemical segment held a significant market share in 2020 and is expected to expand further over the coming years, owing to escalating demand for lithium battery which is used on heavy and light duty electric vehicles. There has been a surge in electric vehicles sales in recent years, which along with increased infrastructure expenditure, and government initiatives to reduce carbon emissions by encouraging adoption of e-buses and hybrid vehicles are impelling the segmental share.
Moving on to end user scope, global energy storage market share from residential segment is predicted to record robust CAGR over the assessment timeframe.
The document further explicates the key results derived from the market surveys conducted during the analysis period. It offers a rundown of the primary innovations, technology upgrades, lucrative prospects, and regulations in the industry space.
Geographical terrain summary
North America, Asia Pacific, and Europe are the leading contributors to overall industry progression. The report states that Asia Pacific energy storage industry is projected to amass notable profits over 2021-2026, presenting immense growth opportunities for key players in the vertical.
The research literature further mentions the market size and share, along with the revenue accrued by each geography.
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Global Energy Storage Market by Type (Value, USD Million, 2016-2026)
Mechanical
- Liquid Air Energy Storage
- Compressed Air Energy Storage
- Pumped Hydro Storage
- Others
Electrochemical
- Sodium-Sulfur Battery
- Lead-Acid Battery
- Lithium Battery
- Others
Thermal
Chemical
Global Energy Storage Market by Application Spectrum (Value, USD Million, 2016-2026)
Electronic Devices
·Wearables
·Drones
·Power Banks
·Tablets
·Smartphones
·Laptops
Mobility
·Marine Vessels
·Personal Mobility
·E-Buses
·Medium and Heavy-Duty Vehicles
·Light Duty Vehicles
Stationary Storage
·Utility
·Residential
·Commercial & Industrial
Global Energy Storage Market by End User Scope (Value, USD Million, 2016-2026)
- Utility·Industrial
·Commercial
·Residential
Global Energy Storage Market Regional Bifurcation (Value, USD Million, 2016-2026)
North America
·Mexico
·Canada
·The United States
Europe
·Netherlands
·France
·Germany
·The United Kingdom
Asia-Pacific
·Australia
·South Korea
·India
·Japan
·China
Global Energy Storage Market Major Contenders (Value, USD Million, 2016-2026)
- NextEra Energy Inc.
- Duke Energy Corporation
- LG CNS
- Tesla Inc.
- Convergent Energy & Power LP (Energy Capital Partners)
- Contemporary Amperex Technology Co. Ltd. (CATL)
- Fluence Energy LLC
- NEC Energy Solutions Inc.
- Greensmith Energy (Wartsila)
Table of Content:
1. Introduction
1.1. Product Definition
1.2. Research Process
1.3. Assumptions
1.4. Market Segmentation
2. Preface
3. Executive Summary
4. Impact of COVID-19 on Global Energy Storage Market
5. Global Energy Storage Market Outlook, 2016-2026F
5.1. Market Size & Analysis
5.1.1. Market Revenues
5.2. Market Share & Analysis
5.2.1. By Type
5.2.1.1. Mechanical
5.2.1.1.1. Pumped Hydro Storage
5.2.1.1.2. Compressed Air Energy Storage
5.2.1.1.3. Liquid Air Energy Storage
5.2.1.1.4. Others
5.2.1.2. Electrochemical
5.2.1.2.1. Lithium Battery
5.2.1.2.2. Lead-Acid Battery
5.2.1.2.3. Sodium-Sulfur Battery
6. North America Energy Storage Market Outlook, 2016-2026F
6.1. Market Size & Analysis
6.1.1. Market Revenues
6.2. Market Share & Analysis
6.2.1. By Type
6.2.2. By Application
6.2.3. By End User
6.2.4. By Country
6.2.4.1. The US
6.2.4.2. Canada
6.2.4.3. Mexico
6.3. The US Energy Storage Market Outlook, 2016-2026F
7. Europe Energy Storage Market Outlook, 2016-2026F
7.1. Market Size & Analysis
7.1.1. Market Revenues
7.2. Market Share & Analysis
7.2.1. By Type
7.2.2. By Application
7.2.3. By End User
7.2.4. By Country
7.2.4.1. Germany
7.2.4.2. The UK
7.2.4.3. France
7.2.4.4. The Netherlands
7.2.4.5. Others
8. Asia-Pacific Energy Storage Market Outlook, 2016-2026F
8.1. Market Size & Analysis
8.1.1. Market Revenues
8.2. Market Share & Analysis
8.2.1. By Type
8.2.2. By Application
8.2.3. By End User
8.2.4. By Country
8.2.4.1. China
8.2.4.2. India
8.2.4.3. Japan
8.2.4.4. Australia
8.2.4.5. South Korea
9. Rest of the World Energy Storage Market Outlook, 2016-2026F
9.1. Market Size & Analysis
9.1.1. Market Revenues
9.2. Market Share & Analysis
9.2.1. By Type
9.2.2. By Application
9.2.3. By End User
10. Global Energy Storage Market Government Regulations and Policies
11. Global Energy Storage Value Chain Analysis
12. Global Energy Storage Market Trends & Insights
13. Global Energy Storage Market Dynamics
13.1. Growth Drivers
13.2. Challenges
13.3. Impact Analysis
14. Global Energy Storage Market Hotspot & Opportunities
15. Global Energy Storage Market Key Strategic Imperatives for Success & Growth
16. Competition Outlook
Related Report:
Global Advanced Battery Energy Storage System Market Size study, by Application (Residential, Commercial, Industrial, Utility) and Regional Forecasts 2020-2027
Global Advanced Battery Energy Storage System Market to reach USD 221.12 billion by 2027. Global Advanced Battery Energy Storage System Market is valued at approximately USD 151.96 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4.8% over the forecast period 2020-2027. Battery energy storage systems can store viable amount of energy from renewable sources, such as wind and sun. This means that the power grids can be supplied, through using clean, natural sources, preserving on energy production costs, and preventing the distribution of pollutants into the environment. Power storage is a benefit as a consequence of its swift response and as compared to any fossil fuel, storage technologies can deliver energy much more rapidly. This is a vital benefit particularly when the consumption of electricity increases and surpasses the supply. Therefore, rising focus toward improving the cost competitiveness of the power grid by safeguarding high stability, coupled with extensive adoption of clean energy sources will strengthen the demand for advanced battery energy storage system market.
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