Research Nester published a report titled “Energy Storage System Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global energy storage system market in terms of market segmentation by technology, component, application, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global energy storage system market is anticipated to attain a CAGR of ~6.5% over the forecast period, i.e., 2022 – 2031. The market is segmented on the basis of application, into grid storage, transportation, and others, out of which, the transportation segment is anticipated to hold a substantial share in the market over the forecast period. This can be attributed to the increasing need to transport energy across the globe, owing to the variation in the energy production and consumption capacity in different regions.
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The global energy storage system market is estimated to witness growth on the back of the increasing demand for electricity amongst the ever-increasing global population. Moreover, the rapid urbanization, industrial development and commercialization are also raising the demand for energy across various sectors, which is estimated to boost the market growth. Additionally, the growing adoption of smart grids is anticipated to drive the market growth. As per a report by the International Energy agency (IEA), electricity grid investments are expected to reach USD 290 billion in 2021.
On the basis of geographical analysis, the global energy storage system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period, owing to the growing energy demand, coupled with the rising government initiatives to provide access to electricity in remote areas. Moreover, the growing adoption of renewable energy is also anticipated to boost the regional market growth. As per the report by the IEA, China accounts for 40% of global renewable capacity expansion.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Need for Energy Storage to boost the Market Growth
Energy storage systems are used to store multiple forms of energy. The various applications of energy storage systems, including, grid storage and energy transportation, are anticipated to boost the market growth. Moreover, the ongoing technological transformation of the energy sector is expected to fuel the growth of the market.
However, disrupted supply-chain in the power generation industry is expected to operate as key restraint to the growth of global energy storage system market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global energy storage system market which includes company profiling of Showa Denko Materials, Co. Ltd., Electrovaya Inc., Langley Holdings plc, LG Chem Ltd., Hitachi, Ltd., The General Electric Company, Siemens AG, ABB Ltd, NEC Energy Solutions, Inc., and East Penn Manufacturing Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global energy storage system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.