Sarasota, FL -- (SBWire) -- 04/12/2019 --According to the report, global energy storage systems market was valued at approximately USD 194.3 billion in 2017 and is expected to generate revenue of around USD 296.0 billion by the end of 2024, growing at a CAGR of around 6.2% between 2018 and 2024.
With the presence of a large pool of participants, the global energy storage systems market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Exide Industries Ltd, SMA Solar Technology AG, Autobat SACI, Schneider Electric, SK Holdings, Immerge Power Systems, Enerbrax Acumuladores Ltd, Eguana Technologies, Beacon Power, LLC, Tata Power, Ionotec Ltd, ABB Ltd, and LG Chemare are some of the key vendors of energy storage systems across the world. These players across energy storage systems market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the energy storage systems market study.
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Citing an instance, in October 2018, Eguana Technologies – designer & manufacturer of intelligent power electronics for distributed smart grid & micro-grid applications- and Ameresco Solar declared that former's home energy storage system will be made accessible to Ameresco's particular partner network in North American regions.
In another such instance, on October 8th 2018, CPS Energy launched solar energy & battery storage project at Greater San Antonio by joining hands with Southwest Research Institute. Reportedly, the project is expected to be completed in the next three years. Analysts project that the decision to launch the project is based on the use novel technology for producing emission-free sustainable energy.
As estimated in this report, the global energy storage systems market stood at US$ 194.3 billion in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this energy storage systems market is expected to reach US$ 296.0 billion by the end of the forecast period.
"Growing focus on energy management activities for fulfilling massive demand for electricity is anticipated to contribute significantly towards energy storage systems market revenue during the estimated timeframe," says the author of this energy storage systems market study. Apart from this, wide spectrum of research & development activities resulting in massive requirement of renewable sources of energy is expected to boost energy storage systems market earnings. In addition, rising concerns pertaining to energy conservation and shift from fossil fuel consumption to alternate sources of renewable energy is expected to accelerate energy storage systems market demand.
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Setting Up Of Large Green Energy Projects To Aid Europe Maintain Dominance
Regionally, Europe has been leading the worldwide energy storage systems market and is anticipated to continue on the dominant position in the years to come, states the energy storage systems market study. Growing renewable energy trends along with rise in the solar power plants establishments in the region are the key factors behind the dominance of the Europe energy storage systems market. The high number of market players being headquartered in Europe is another significant factor that is supporting the growth of this regional energy storage systems market.
The global energy storage systems market is segmented as follows:
By Technology
Compressed Air
Pumped Hydro Storage
Lithium Ion
Sodium Sulfur
Nickel Cadmium
Lead Acid
Redox-Flow
Flywheel
By Application
Transportation
Grid Storage
By End-User
Non-Residential
Utility
Residential
By Region
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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Rising Renewable Energy Trends to Boost Market Growth
Global energy storage systems market expected to generate revenue of around USD 296.0 billion by the end of 2024, growing at a CAGR of around 6.2% between 2018 and 2024. Growing focus on energy management to achieve increasing demand for electricity is expected to increase the use of energy storage systems over the forecast period.