9-May-2019: The global energy storage systems market demand
is expected to reach a total capacity of 210,803 MW By 2026, according to a new
report by Grand View Research, Inc. Growing demand for efficient and
competitive energy resources over the last decade has primarily driven the
market. It is estimated to register a CAGR of 2.3% from 2018 to 2026.
Rising consumer awareness
regarding efficient energy consumption coupled with demand for smart homes with
effective load management is expected to play a major role in the development
of energy storage system market. Ascending demand by electric utilities, on
account of need for distributed energy integration with the main grid, is
likely to fuel the growth over the forecast period.
Hybrid systems including
start-stop systems, hybrid vehicles, and e-bikes are expected to present the
strongest growth opportunity for lithium-ion battery manufacturers. Companies
such as AES, GE Renewable, and Altairnano are investing huge capital in R&D
of new technologies within the battery storage segment.
Pumped Hydro Storage (PHS)
systems is expected to remain a dominant segment by 2026 due to ongoing
investments to enhancing on-grid capacity and upgrading energy infrastructure
in North America and Asia Pacific. The segment accounted for over 90% of the
global energy storage systems capacity in 2017.
In
depth research report on Energy Storage Systems Market
Further
key findings from the report suggest:
· Electrochemical
storage capacity is projected to be the fastest growing segment with a CAGR of
12.6% from 2018 to 2026
· North
America is estimated to expand at a CAGR of 4.0% over the forecast period
· Asia
Pacific energy storage systems market holds the largest share globally with a
cumulative capacity expected to exceed 102 GW by 2026
· Electromechanical
storage capacity in Germany was estimated to be 688.2 MW in 2017 and is
projected to register a CAGR of 3.9% over the forecast period
· Some of
the prominent market players include The Furukawa Battery Co.; GE; Electrovaya;
Active Power; Fluence; Saft; EnSync; Maxwell Technologies, Inc.; and
AltairNano.
Grand View Research has
segmented the global energy storage systems market on the basis of technology
and region:
Energy
Storage Systems Technology Outlook (Capacity, MW, 2014 - 2026)
· PHS
· Electrochemical
· Electromechanical
· Thermal
Browse
more research reports of this category:
About
Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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