Energy Storage Systems Market 2022 Overview by Recent Opportunities, Size, Share, Demand, Regional Analysis, Growth, Outlook and Forecast to 2028 | Grand View Research, Inc.

“Grand View Research, Inc. – Market Research And Consulting.”
According to a new report published by Grand View Research, the authorities concerned with energy storage in the aforementioned European countries have opted for battery energy storage systems in order to increase the utilization of renewable energy sources and reduce dependency on fossil fuels. The increasing popularity of electric vehicles in countries including Germany and France is expected to boost the growth of the energy storage systems market over the long-term.

The global energy storage systems market demand is expected to reach 402.0 GW by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.6% from 2021 to 2028. Growing demand for efficient and competitive energy resources, increasing development for variable energy sources, and rising battery demand are factors anticipated to fuel the demand for energy storage systems.

Increasing acceptance of electric and hybrid vehicles coupled with government incentives offered for promoting EV technology is projected to boost the growth of electric cars as well as battery industries. While battery service networks are yet to improve and surpass the gasoline fueling infrastructure, volatile gasoline prices are expected to positively influence the demand for electric vehicles over the forecast period.

The electrochemical storage segment is expected to witness the fastest growth over the forthcoming years. This growth can be attributed to the beneficial characteristics of batteries including fast charging, declining prices, and long shelf life. Flow batteries are anticipated to observe an increased demand on account of their low safety risks, improved capacity, and cost-effectiveness.

Battery Energy Storage Systems (BESS) are gaining popularity owing to the rising emphasis on reducing the dependency on fossil fuels and increasing the share of clean energy in the energy mix. Ascending demand for time-shifting improved power quality, better grid network usage, and emergency power supply is expected to propel the demand for BESS over the forecast period.

With increasing requirements of efficient grid management, constant load management, and continuous power supply, the market is expected to witness significant growth over the forecast period. Major manufacturers of thermal energy storage systems include Abengoa Solar, Evapco, Caldwell Energy, and Burns & McDonnell. Major TES companies are forward integrated and offer energy solutions such as microgrids, CHP, cogeneration, district heating, and cooling.

Browse full report with Table of Content @ https://www.grandviewresearch.com/industry-analysis/energy-storage-systems-market

Energy Storage Systems Market Report Highlights

In terms of technology, the pumped hydro segment accounted for a prominent share in the market in 2020 and is further expected to witness prominent growth over the forecast period
As of 2020, Asia Pacific accounted for more than 45.0% market share. Growing reliable power demand due to rising population and industrial advancements in major economies, such as China and India, is expected to drive the regional market
Rising consumer awareness regarding energy efficiency in commercial and residential buildings is expected to further promote market growth. The growing trend of renewable source-based power generation, along with the increasing need for distributed electricity generation, is anticipated to propel market growth over the forecast period
Energy storage technologies allow power suppliers to save excess electricity for later use, thereby enhancing the grid reliability and flexibility with respect to electricity generation, transmission, and distribution. Heat stored by short-term and seasonal thermal energy storage systems helps balance the variations in the production and distribution of renewable electricity in a cost-effective manner
Furthermore, the demand for continuous power is anticipated to attain exponential growth in the years to come owing to rapid industrialization, infrastructure development, and continuous population growth over the coming years. This trend is expected to positively influence the energy storage industry landscape

For Requesting a Sample Copy of This Report, Please Visit @ https://www.grandviewresearch.com/industry-analysis/energy-storage-systems-market/request/rs1

Energy Storage Systems Market Segmentation

Grand View Research has segmented the global energy storage systems market based on technology and region:

Energy Storage Systems Technology Outlook (Capacity, MW, 2017 – 2028)

Pumped Hydro
Electrochemical Storage
Electromechanical Storage
Thermal Storage

Energy Storage Systems Regional Outlook (Capacity, MW, 2017 – 2028)

North America
U.S.
Canada
Mexico
Europe
France
Germany
U.K.
Asia Pacific
China
India
Japan
Central & South America
Argentina
Middle East & Africa
South Africa

List of Key Players of Energy Storage Systems Market

GENERAL ELECTRIC
LG Chem
Langley Holdings Plc
Altairnano
Electrovaya
Showa Denko Materials Co., Ltd.
Maxell Technologies, Inc.
Saft
THE FURUKAWA BATTERY CO., LTD.
Ecoult
Kokam
Fluence
Samsung SDI Co., Ltd.

Inquire more or share questions if any before the purchase on this report @ https://www.grandviewresearch.com/inquiry/5776/ibb

 

About Grand View Research

 

Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.

Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1888202951
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/energy-storage-systems-market