Global Energy (Electricity) Storage Market Revenue to Register CAGR of 37.6% Over Next 10 Years - MarketResearch.biz
NEW YORK, May 2, 2018 /PRNewswire/ --
MarketResearch.biz announces publication of its most recently generated research report titled, "Global Energy (Electricity) Storage Market [https://marketresearch.biz/report/energy-electricity-storage-market ] by Product Type (Lithium-ion Battery, All-vanadium Flow Battery, Zinc-bromine Flow Battery, Advanced Lead-Acid Batteries and Others), By Application (Residential, Commercial, Industrial and Utility), and Region/Country - Global Forecast to 2026.", which offers a holistic view of the energy (electricity) storage market through systematic segmentation that covers every aspect of the target market. According to report, the energy (electricity) storage market is projected to reach a value of over US$ 13 Bn in 2025 at a CAGR of 37.6% over the forecast period. The first five-year cumulative revenue (2017-2021) of the global market is projected to be approximately US$ 10 Bn, which is expected to increase significantly over the latter part of the five-year forecast period.
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An Energy Storage System (ESS) stores electric energy, which can be utilized later. ESS improves energy efficiency by enhancing the quality of renewable energy that results in stabilization of a power supply system. Electrochemical batteries are a rapidly growing segment in the energy market. Batteries come in a wide array of sizes, and are specific for numerous applications. With costs falling as scale ramps up, applications of these batteries are expected to witness rapid growth.
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Global Energy (Electricity) Storage Market: Market Dynamics
Increasing demand for power from remote locations is on the rise. Increasing trend of shifting from high-cost diesel fuel to variable renewable resources, owing to which demand for both energy storage and sophisticated operations controls is expected boost growth of the global energy storage market. In addition, favorable regulatory scenario and increasing urban population and infrastructure development in emerging economies are other factors expected to fuel growth of the global market.
However, high cost associated with new storage technology deployment and new modeling challenges is expected to restrain growth of the global energy (electricity) storage market. The linking of modeling tools at a system planner disposal is a major barrier for an improved model of electric energy storage devices and further deployment.
Increasing penetration of variable energy generation systems such as solar and wind are expected to increase demand for ancillary services to manage higher levels of uncertainty and variability, which requires a reliable method for frequency regulation and load balancing operations, thereby creating high potential opportunities for players in the market.
Global Energy (Electricity) Storage Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global energy (electricity) storage management market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global energy (electricity) storage market is expected to expand at a CAGR of 37.6% during the forecast period.
Global Energy (Electricity) Storage Market: Segmental Snapshot
The market report has been segmented on the basis of product type, application, and region/country. The product type segment includes lithium-ion battery, all-vanadium flow battery, zinc-bromine flow battery, advanced lead-acid batteries and others. The application segment includes residential, commercial, industrial and utility. The regions/countries covered in the analysis are North America, Europe, China, Japan, Southeast Asia, India, South America, Middle East & Africa and RoW.
By Product type: The lithium ion battery segment accounted for highest revenue share contribution as compared to other type segment, and is expected to register a CAGR of over 39% between 2017 and 2026.
By application: The utility segment is projected to account for highest revenue share as compared to that of other application segment, and register a CAGR of over 35% over the forecast period, owing to need for new infrastructure to modernize and expand the grid and commercial rising interest from renewable generation developers seeking to add storage to large-scale solar installations to overcome existing network constraints.
By region/country: The energy (electricity) storage market in North America accounted for highest revenue share in the global electricity (energy) storage market in 2016, and is expected to register a CAGR of over 35% between 2017 and 2026, owing to the presence of prominent players in the region.
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Global Energy (Electricity) Storage Market: Competitive Analysis
The research report on the global energy (electricity) storage market includes profiles of some of major companies such as NGK Insulators Ltd., ABB Ltd., AEG Power Solutions B.V., LG Chem, Ltd., Princeton Power Systems, Inc., General Electric Company, Samsung SDI Co., Ltd., NEC Energy Solutions, SolarCity Corporation - (Tesla, Inc.), ZEN Energy Pty Ltd., S&C Electric Company, Outback Power Inc., Saft Groupe S.A., The AES Corporation, and Eos Energy Storage.
The Global Energy (Electricity) Storage Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2017-2026 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the Global Energy (Electricity) Storage Market for 2017-2026.
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