Global Energy Storage Market Information Report by Type (Mechanical, Thermal, Electro-Chemical and Chemical), End-User (Utility, Commercial & Industrial and Residential) and by Regions - Global Forecast To 2023

Pune, India -- (SBWire) -- 10/13/2017 --Market Highlights

The Global Energy Storage Market is expected to grow at a CAGR of more than 20.18% during the forecast period.

Energy Storage is a very diverse subject areas, it comprises from small to very large systems. Energy storage is broadly segmented into mechanical energy storage, electro-chemical energy storage, thermal storage and chemical storage. Energy storage systems have been dominating the renewable energy market as well conventional market in recent years because of the ability of store the energy in various forms and supply according to end user needs.

Energy storage can be described as a technology that provides a preference to source power as and when required without backsliding to conventional energy sources. These energy systems are highly efficient and acts as flexible generation when needed. Energy storage systems can contribute to optimal use of generation and grid assets, and support emissions reductions in several economic sectors.

The market is driven by various factors such as evolution in renewable energy power generation, gradual downfall in technology cost and increasing application of energy storage in all end-user industries.This is mainly because, energy storage systems are less polluting and produces less carbon emissions when compared with traditional conventional energy sources such as coal, oil and petroleum. Energy storage generation is helping in the fight against climate change as well as it is acting as a source of power for remote and off grid areas where still millions of global population lives. However, the growth of the market can be hindered by the due high initial capital investment and indistinct supervisory framework for energy storage systems.

Key Players

The key players of global energy storage market are
- AES Corporation (U.S),
- Tesla Inc. (U.S),
- General Electric Company (U.S),
- Voith GmbH (Germany),
- Sulzer Ltd. (Switzerland),
- Hydrostor Inc. (Canada),
- Highview Power Storage (U.K),
- Linde AG (Germany),
- Hydrogenics Corporation (Canada)
- SolarReserve, LLC. (U.S).

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Market Research Analysis

Mechanical energy storage segment by type in global energy storage is expected to dominate market in forecast period.

Mechanical energy storage, primarily refers to technologies, which convert electricity to mechanical or potential energy, and then store it as electricity, for later use. Currently, pumped hydro storage (PSH), compressed air energy storage and liquid air energy storage are generally considered the most mature method for electricity storage, with about PSH representing 99% of the currently installed electricity storage capacity. The growing demand for mechanical energy storage from the emerging economies, such as, Spain, Germany, China and India among others, are the key factor for driving the mechanical energy storage segment by type in global energy storage market.

Energy storage can be described as a technology that provides a preference to source power as and when required without backsliding to conventional energy sources. These energy systems are highly efficient and acts as flexible generation when needed. Energy storage systems can contribute to optimal use of generation and grid assets, and support emissions reductions in several economic sectors.

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Energy storage can be described as a technology that provides a preference to source power as and when required without backsliding to conventional energy sources. These energy systems are highly efficient and acts as flexible generation when needed. Energy storage systems can contribute to optimal use of generation and grid assets, and support emissions reductions in several economic sectors.

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