Overview and Scope
Energy Storage System (ESS) refers to a device or collection of equipment created to convert electrical energy from power systems and store energy. An ESS also aids in managing and using electrical energy efficiently. The energy storage systems store energy from renewables and release energy when customers need power.
Sizing and Forecast
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.
To access more details regarding this report, visit the link:
https://www.thebusinessresearchcompany.com/report/energy-storage-systems-global-market-report
Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the energy storage systems market share in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the energy storage systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Intrigued to explore the contents? Secure your hands-on sample copy of the report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=8208&type=smp
Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the energy storage systems market report are Schneider Electric SE, SMA Solar Technology AG, Exide Industries Limited, SK energy Co. Ltd., Autobat SACI, Enerbrax Acumuladores Ltd., Eguana Technologies, Ionotec Ltd., Tata Power Company Limited, BYD Company Ltd., ABB Limited, Beacon Power LLC, Convergent Energy + Power, S&C Electric Company, General Electric Company, LG Chem Ltd., Samsung Electronics Co. Ltd., Panasonic Corporation, Tesla Inc., Hitachi Chemical, GS Yuasa Corporation, Japan Power Engineering & Consulting Inc., Toshiba Corporation, Sinohydro Corporation Limited, Voith GmbH, Genex Power Limited, Alstom SA, Schluchseewerk AG, East Penn Manufacturing Inc., Showa Denko Materials Co. Ltd.
The energy storage systems market report table of contents includes:
- Executive Summary
- Energy Storage Systems Market Characteristics
- Energy Storage Systems Market Trends And Strategies
- Energy Storage Systems Market – Macro Economic Scenario
- Global Energy Storage Systems Market Size and Growth
- Energy Storage Systems Market Segmentation
- Energy Storage Systems Market Regional And Country Analysis
………………….
- Key Mergers And Acquisitions In The Energy Storage Systems Market
- Energy Storage Systems Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Energy Storage Systems Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Energy Storage Systems Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Energy Storage Systems Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
…………
Table 74: Schneider Electric SE Financial Performance
Table 75: SMA Solar Technology AG Financial Performance
Table 76: Exide Industries Limited Financial Performance
Table 77: SK energy Co. Ltd. Financial Performance
Table 78: Autobat SACI Financial Performance
Explore the trending research reports from TBRC:
https://goodprnews.com/cargo-inspection-market-size/
https://topprnews.com/coated-paper-market-demand/
Learn About Us:
The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
