Energy Storage Market Size To Expand at a Notable CAGR Of 20.18% During 2018 - 2023

Pune, India, January 2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Energy Storage Market

Energy Storage Market – Overview

The development of energy storage technologies has gained momentum recently following the growing energy crisis globally. Market reports connected with energy and power industry have been offered by Market Research Future which creates reports on other industry verticals that aims to examine the current market situations. The market stands to benefits from an estimated 20.18% CAGR growth in the duration of the forecast period.

The enormous pace of growth witnessed in the utility sector has reinforced the growth of the energy storage market. The need to ensure cost savings to electric grids around the world is a key factor fuelling the growth of the energy storage market. Moreover, increasing focus on large scale energy storage is expected to provide novel opportunities for expansion in the forecast period.

Segmental Analysis

The segmentation of the energy storage market is carried out on the basis of type, end user and regions. On the basis of type, the energy storage market is segmented into thermal, mechanical, electro-chemical and chemical. The end-user basis of segmentation of the energy storage market comprises of commercial & industrial, utility, and residential. The regions covered in the energy storage market are Europe, Asia Pacific, North America and the rest of the world.

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Detailed

Regional Analysis

The regional analysis of the energy storage market covers regions such as Europe, Asia Pacific, North America and the rest of the world. The analysis observes that the European region is the chief market for energy storage market and is followed by the Asia Pacific region. The market for energy storage displays an outstanding growth potential in the energy storage sector throughout the world. The varied application of energy storage in almost all types of end-user bases is creating an effective potential for the energy storage market to capitalize on in the forecast period. Presently, the market has limited options existing for the end-users in the energy storage sector, therefore an improvement in technology will offer practical substitute choices to the end-users of the market. The existing cost of technology is increased and it is currently expensive for the end users to opt for this energy storage at all phases of operations. The imminent progress of the energy storage market and government initiatives will positively increase the financial viability of the energy storage market. The considerable growth in the global energy consumption rates and the instability in fuel prices around the world is motivating the global energy storage market. These factors have created an enormous capability for energy storage market globally.

Competitive Analysis

The efficient implementation of strategies is likely to stimulate the market in the coming years.The expansion of a strong value chain is additionally motivating the development of the market. Augmented conformity of market players to new customers and market trend inclinations are increasing the growth curve of the market and will persist in the forecast period. Substantial cuts in administrative costs are inducing further expansion of the market. The evolution of the market is moving in a promising direction due to new product introductions or intensifying gross revenue of the players in the market. The vertical supplements and product tactics of the market are advancing the potential of the market players. The strategic goals envisioned for the market are buoyed due to the beneficial product differentiation carried out by market competitors.

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

Industry Updates:

Jan 2019 Highview Power which is a liquid air energy storage company is gearing up to launch two US projects this year. To achieve this goal, the firm has partnered up with engineering firm Citec to help upgrade its storage facilities to multiple GWh from 50 MW/500 MWh.