Global Energy Storage Systems Market Set For Rapid Growth, To Reach Value Around USD 296.0 Billion by 2024
Sarasota, FL -- (SBWIRE) -- 09/05/2018 -- Zion Market Research has published a new report titled "Energy Storage Systems Market by Technology (Compressed Air, Pumped Hydro Storage, Lithium Ion, Sodium Sulfur, Nickel Cadmium, Lead Acid, Redox-Flow, and Flywheel), by Application (Transportation and Grid Storage), and by End-User (Non-Residential, Utility, and Residential): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024". According to the report, global energy storage systems market was valued at approximately USD 194.3 billion in 2017 and is expected to generate revenue of around USD 296.0 billion by the end of 2024, growing at a CAGR of around 6.2% between 2018 and 2024.
Growing focus on energy management to achieve increasing demand for electricity is expected to increase the use of energy storage systems over the forecast period. Moreover, a wide range of research and development activities for development of sustainable energy sources will further drive the industry growth. Energy storage system is an imperative element for the management of electricity system due to fluctuation in changing demand with respect to season. Rising concern regarding energy conservation and transition from fossil fuels to the alternate sources is predicted to upsurge demand for advanced storage systems over the forecast timeframe. Energy storage systems are essential for electrical, chemical, and thermal energies, which are utilized for transport and industrial applications. Energy storage system consists of high efficiency, low self-discharge, high capacity, growing number of charging and discharging cycles, high performance, and low costs coupled with growing adoption rate.
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Based on technology, the global energy storage systems market is segmented as compressed air, pumped hydro storage, lithium ion, sodium sulfur, nickel cadmium, lead acid, redox-flow, and flywheel. Pumped hydro energy storage and lead-acid batteries are modern technologies and can be clearly specified. Furthermore, flexible operation of large-scale industrial plants with rising energy demand is expected to drive the segment growth in future years.
Based on application, energy storage systems market has been bifurcated as transportation and grid storage. Transportation segment contributed for significant revenue share. In transportation, fuel cells are mainly used in refrigerated cars, passenger cars, pushback tractors, materials transportation, public buses and shuttle buses in airports, and also auxiliary power units in the airplanes. Toyota developed the world's first commercial fuel cell passenger vehicle Mirai in December 2014.
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The end-user segment includes non-residential, utility, and residential. Residential segment held significant revenue share in 2017. Increasing demand for integration of renewable energies and growing use of battery energy storage systems (BESS) in residential buildings is predicted to increase demand for the technology and drive segment growth over the forecast period.
Some of the key players operating in energy storage systems market includes Exide Industries Ltd., SMA Solar Technology AG, Autobat SACI, Scheider Electric, SK Holdings, Imergy Power Systems, Enerbrax Acumuladores Ltd., Eguana Technologies, Beacon Power, LLC, Tata Power, Ionotec Ltd., ABB Ltd., LG Chem., Convergent Energy and Power Inc., AES Energy Storage, LLC, BYD Company Limited, Greensmith Energy Management Systems, Eos Energy Storage, S&C Electric Company, and Seeo, Inc.
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Global Energy Storage Systems Market: Regional Segment Analysis
The Middle East and Africa
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