Global Energy Storage Systems Market valued approximately USD 174 million in 2016 is anticipated to grow with a healthy growth rate of more than 6 % over the forecast period 2017-2025. Key factors that drive the market growth of energy storage systems are growing adoption in transportation and software integration for management of energy storage systems and growth in renewable energy adoption. However technical challenges and high cost are restraining the market growth.
Energy Storage System is equipment, which conveniently and efficiently store various forms of energy which can be utilized as per the requirement, example lithium ion batteries. These are undergoing for constant technological development which overcome the traditional barriers for continuous supply of energy. Furthermore, rising focus on production of renewable is due to growing energy consumption across the globe.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
- Pumped Hydro Storage
- Compressed Air Energy Storage (CAES)
- Sodium Sulfuric
- Lithium Ion
- Lead Acid
- Nickel Cadmium
- Grid Storage
- North America
- Asia Pacific
- Latin America
- Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2015
Base year – 2016
Forecast period – 2017 to 2025
Some of the key manufacturers involved in the market are LG Chem., ABB Ltd.
AES Energy Storage, LLC, Beacon Power., LLC, BYD Company Limited, Covergent Energy & Power Inc., Greensmith Energy & Power Inc., EOS Energy Storage, Seeo, Inc., and S&C Electric Company. Acquisitions and effective mergers are some of the strategies adopted by the key manufacturers. New product launches and continuous technological innovations are the key strategies adopted by the major players.
Target Audience of the Global Energy Storage Systems Market in Market Study:
- Key Consulting Companies & Advisors
- Large, medium-sized, and small enterprises
- Venture capitalists
- Value-Added Resellers (VARs)
- Third-party knowledge providers
- Investment bankers