Global Energy Storage Systems (ESS) Market Report 2022-2027: Focus on Pumped Hydro, Electrochemical Storage, Electromechanical Storage, & Thermal Storage – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Energy Storage Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The global energy storage systems market reached a volume of 196.14 GW in 2021. Looking forward, the market to reach a volume of 344.46 GW by 2027, exhibiting a CAGR of 9.84% during 2021-2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
An energy storage system (ESS) is designed to store energy, such as radiation, chemical, gravitational, potential, electrical, latent heat, and kinetic, which can be used later to carry out useful operations. It offers various technological solutions for regulating power supply, building more resilient energy infrastructure, and saving costs for utilities and customers.
In addition, it improves the efficiency and capacities of the electric grid while minimizing greenhouse gas (GHG) emissions. As a result, it finds extensive applications in the residential, commercial, utilities, and transportation sectors across the globe.
Energy Storage Systems Market Trends:
At present, there is a rise in the utilization of clean and renewable energy around the world to reduce global warming, air pollution, and considerable reliance on fossil fuels.
This, along with the growing requirements of efficient grid management, constant load management, and continuous power supply among various organizations, represents one of the key factors driving the market.
Moreover, governments of several countries are extensively investing in renewable energy technologies (RET). This, coupled with increasing government incentives to promote the adoption of electric vehicles (EVs) across the globe, is propelling the growth of the market.
Additionally, the growing employment of lithium-ion batteries due to their high efficiency, better temperature performance, and low self-discharge over time is positively influencing the market. Besides this, the rising installation of thermal energy storage (TES) systems in buildings as advanced energy storage systems is offering lucrative growth opportunities to end-users and industry investors.
Apart from this, the increasing electrification, in confluence with the growing number of transmission and distribution stations worldwide, is projected to catalyze the demand for energy storage systems globally in the coming years.
Key Questions Answered in This Report:
- How has the global energy storage systems market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global energy storage systems market?
- What are the key regional markets?
- What is the breakup of the market based on the technology?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global energy storage systems market and who are the key players?
- What is the degree of competition in the industry?
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
- Altair Nanotechnologies Inc.
- Eguana Technologies
- Electrovaya Inc.
- Exide Industries Limited
- Furukawa Electric Co. Ltd.
- General Electric Company
- Kokam Ltd.
- LG Chem Ltd.
- Saft (TotalEnergies SE)
- Samsung SDI Co. Ltd.
- Schneider Electric SE
- Showa Denko K. K.
- Tata Power Company Limited.
Key Market Segmentation:
Breakup by Technology:
- Pumped Hydro
- Electrochemical Storage
- Electromechanical Storage
- Thermal Storage
Breakup by Application:
- Stationary
- Transportation
Breakup by End User:
- Residential
- Non-Residential
- Utilities
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/kqk3cr
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