The Energy Storage Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Energy Storage Systems Global Market Report 2024, The energy storage systems market size has grown strongly in recent years. It will grow from $234.26 billion in 2023 to $255.37 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to grid flexibility and demand response, increased demand for remote power solutions, expansion of microgrids, cost reduction and economies of scale, efficiency improvements.
The energy storage systems market size is expected to see strong growth in the next few years. It will grow to $357.44 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to market expansion and global demand, increasing demand response and energy management, circular economy and sustainability, hybrid energy systems.. Major trends in the forecast period include renewable energy integration, advancements in battery technologies, grid modernization initiatives, electrification of transportation, decentralized energy systems.
The increasing demand for electric vehicles is expected to propel the energy storage systems market going forward. Automobiles that are powered entirely or partially by electricity from a rechargeable battery are referred to as electric vehicles. Electric vehicles run on renewable energy, which requires energy storage systems to be kept in reserve, manage energy requirements, and improve grid reliability. For instance, according to a report from the International Renewable Energy Agency, an intergovernmental organization based in the United Arab Emirates that promotes renewable and sustainable energy, there will be 200 million electric cars on the road worldwide by 2030, and 10 million electric buses and light-duty vehicles. As a result, the market for energy storage systems is experiencing growth due to rising demand for electric vehicles.
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The energy storage systems market covered in this report is segmented –
1) By Technology: Pumped Hydro Storage, Battery Energy Storage, Compressed Air Energy Storage, Flywheel Energy Storage
2) By Application: Stationary, Transportation
3) By End User: Residential, Non-Residential, Utilities
Technological advancements are the key trends in the energy storage systems market. Major companies operating in the energy storage systems market are looking for new technologies to strengthen their position in the energy storage systems market. For instance, in May 2022, Danfoss India, an India-based company involved in producing energy-efficient technologies, launched a battery-based energy storage system engineered using the sustainable drives technology of Danfoss to store the excess energy generated. The system consists of a Danfoss 250 kW Power conversion system (PCS), 270 Kwph SARA battery, and an energy management system (EMS) with grid-scale technology. It is a versatile, dependable, scalable, and cost-effective solution.
The energy storage systems market report table of contents includes:
1. Executive Summary
2. Energy Storage Systems Market Characteristics
3. Energy Storage Systems Market Trends And Strategies
4. Energy Storage Systems Market – Macro Economic Scenario
5. Global Energy Storage Systems Market Size and Growth
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26. South America Energy Storage Systems Market
27. Brazil Energy Storage Systems Market
28. Middle East Energy Storage Systems Market
29. Africa Energy Storage Systems Market
30. Energy Storage Systems Market Competitive Landscape And Company Profiles
Top Major Players:
- Schneider Electric SE
- SMA Solar Technology AG
- Exide Industries Limited
- SK energy Co. Ltd
- Autobat SAC
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