The increasing production of renewable energy by major economies across the world is driving the market for energy storage systems. Coupled with the increasing usage of renewable resources, the growing interest towards adoption of electric vehicles will also fuel the growth of energy storage systems
Portland, OR -- (SBWIRE) -- 09/25/2017 -- These systems are undergoing continuous technological revolution that supports overcoming of the traditional barriers of continuous supply of energy. Further the market is shaping up owing to continuous promotion of renewable energy resources energy storage systems that have gained increased importance recently. This increased focus on production of renewable is mainly due to increasing energy consumption at a global level. Energy Storage Systems Market was valued at $172,236 million in 2015, is expected to reach $264,953 million by 2022, supported by a CAGR of 6.4% during the forecast period 2016 - 2022.
Currently, increased focus on the renewable energy production is gaining momentum due to heavy public-private investment. The report focuses on current market trends and future growth opportunities of energy storage systems, in various end-user industries such as grid storage and transportation. Furthermore, it provides insights on various technologies available for storage for wide range of energy types. The report suggests growth opportunities by analyzing the current energy storage systems market trends and government regulations & policies in different geographies. The figures provided in this report are based on the consumption quantity across various technologies and end users, while the market value and volume are derived by means of a bottom-up approach and considering price trends across various regions.
Key findings of Energy Storage Systems Market Study:
- Pumped hydro storage segment is expected to account for major market share in 2015 and is expected to stay in the dominating position along the forecast period
- Non-residential end-user segment is expected to grow at a CAGR of 7.6% during the forecast period
- Asia-Pacific is anticipated to lead the market throughout 2022, growing at a CAGR of 7.3%, in value terms.
- Flywheel is the fastest growing segment in the Asia-pacific region growing at an estimated CAGR of 28.9% in terms of value
- In North America, U. S occupies a major share of around 83.8% in 2015
In 2015, Europe and North America collectively accounted for nearly three-fifth of the worldwide demand for energy storage systems and are expected to grow at a steady pace during the forecast period. This is mainly due to increased focus of these economies on the production of renewable energy.
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