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Energy Storage Systems Market to Touch US$52.59 Billion by 2025, Advanced Power Storage Technologies to Augment Growth, Predicts TMR

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News provided by

Transparency Market Research

18 Apr, 2019, 10:00 GMT

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ALBANY, New York, April 18, 2019 /PRNewswire/ -- Transparency Market Research (TMR) says competition in the energy storage systems market is expected to heat up in the near future. This is mainly because of the entry of several new players in the market. Key players are focusing on advanced technologies for energy storage to tap ample of unexplored opportunities in the energy storage systems market.

This can be illustrated with the recent move by Alevo, a key player in the energy storage systems market. The company signed an agreement with Customized Energy Solutions to provide 200 MW of GridBank powered frequency regulation services to wholesale market.

Some of the prominent players operating in the energy storage systems market are ABB Ltd, EOS Energy Storage, BYD Company Limited, Maxwell Technologies, Inc., Hitachi, Ltd., General Electric Company, Siemens AG, and Tesla.

Request a Sample of Global Energy Storage Systems Market:

https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=32474

As per a recent report by TMR, the global energy storage systems market is expected to rise at a steady 5.6% CAGR from 2017 to 2025. Rising at this CAGR, the market is anticipated to attain a valuation of US$52.59 bn in 2025. The analyst, noted the global energy storage systems market at a value of US$32.60 bn in 2016.

Based on application, transportation segment is anticipated to grow at a significant rate during the forecast period. This is mainly due to a surge in sales of electric vehicles and growing railway networks. Geographically, Asia Pacific is projected to dominate the energy storage systems market with majority of share. This can be attributed with the rising demand for batteries from several commercial sectors. The market in Asia Pacific is expected to attain a valuation of 16.5 bn by the end of forecast period.

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Increasing Energy Demand at Peak Hours to Boost Prospects

The global energy storage systems market is expected to grow a noteworthy pace during the forecast period. This is mainly because of the factors such as increasing demand for grid-connected solutions, advancement in lithium-ion battery technology, and declining prices of batteries.

Apart from this factors like, need for efficient energy management in order to meet rising electricity demand at peak times is likely to facilitate utilization of energy storage system in the years to come. This is expected to fuel the energy storage system market in the years to come.

Further, increasing transition from fossil fuels to alternative sources is expected to balloon demand for advanced storage systems over the forecast period. This can be related with the recent report released by to the Energy Storage Association, US. As per the report, the utility-based battery storage installed capacity grew by 221 MW in 2016.

Request for Discount on This Report:

https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=32474

Shift from Tradition to Flywheel Power Storage Technology to Drive Market

Flywheel is an advanced mechanical energy storage system technology. It has several desirable features such as reliability, high shelf life, enhanced efficiency and less maintenance. The technology is poised to experience a high growth as a result of uninterrupted & continuous power supply to the grid with immediate response, quality improvement, and frequency regulation. Increasing demand of flywheel technology in industrial applications is expected to augment the growth of the energy storage systems market over the forecast period.

However, high capital investment for installation and maintenance of the flywheel technology is expected to be a major constraint for growth of the energy storage systems market over forecast period. Nevertheless, extensive investments on research and development of the technology by key players is anticipated to fuel the growth.

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This review is based on the findings of a TMR report, titled, "Energy Storage Systems Market (Technology - Electrochemical Storage (Lithium-Ion Battery, Lead Acid Battery, Sodium Sulfur (NAS) Battery, and Flow Battery), Mechanical Storage (Pumped Hydro Energy Storage, Flywheel Energy Storage, and Compressed Air and Liquid Air Energy Storage), and Thermal Storage; Application - Transportation and Grid Storage; End-use - Residential, Non Residential, Utilities, and Automotive) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."

Global Energy Storage Systems Market is segmented as below:

Technology

  • Electro Chemical
    • Lithium-Ion Battery
    • Lead Acid Battery
    • Sodium Sulfur (NAS) Battery
    • Flow Battery
    • Others
  • Thermal Storage
  • Mechanical Energy Storage
    • Pumped Hydro Energy Storage
    • Flywheel Energy Storage
    • Compressed Air & Liquid Air Energy Storage
  • Other Storage Technologies

Application 

  • Transportation
  • Grid Storage

End User

  • Residential
  • Non Residential
  • Utilities
  • Automotive

Geography

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • Middle East and Africa (MEA)
    • GCC Countries
    • South Africa
    • Rest of MEA
  • South America
    • Brazil
    • Rest of South America

Browse Energy & Natural Resources Market Research Reports

Popular Research Reports by TMR:

  • Battery Energy Storage Systems Market: https://www.transparencymarketresearch.com/battery-energy-storage-system-market.html
  • Flywheel Energy Storage Market: https://www.transparencymarketresearch.com/flywheel-energy-storage-market.html
  • Lead Acid Battery Market: https://www.transparencymarketresearch.com/lead-acid-battery-market.html

About Us

Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.

Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.

Contact
Mr. Rohit Bhisey
Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com

Research Blog: https://cmfenews.com

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