Energy Storage Systems Market Set to Grow at a CAGR of 7.2% by 2024

Posted on 2018-11-01 by Goldstein Research in Energy // 0 Comments

New York, USA, 2018-Nov-01 — /EPR Network/ —According to Goldstein Research, global energy storage systems market is expected to reach USD 296.0 billion by 2024 from USD 170.0 billion in 2016, growing at a CAGR of 7.2% over the forecast period 2016-2024. Major driving factor for expansion of energy storage systems market is the growing spending on renewable energy across the world. Global energy storage systems market segmentation has been done on the basis of technology, application, end user and geography. Based on technology, mechanical & electrochemical energy storage systems segment are generating and distributing maximum power energy across the globe, where mechanical energy storage system occupies 24% share of global energy storage systems market in 2016. Global energy storage systems market is largely dominated by Asia Pacific with a market share of 10.0% in 2016. Whereas the Middle East and Africa is projected to witness a rapid growth with a CAGR of 9.0% over the forecast period.

Browse Full Report: https://www.goldsteinresearch.com/report/global-energy-storage-systems-market-analysis-forecast

Market Segmentation

On the basis of our in-depth analysis, Global Energy Storage Systems Market can be segmented as follows:

Based on Technology

Mechanical Energy Storage
Pumped Hydro Storage (PHS)
Compressed Air Energy Storage (CAES)
Flywheels
Liquid Air Energy Storage (LAES)
Hot Water Systems
Electrochemical Energy Storage
Advanced Lead Acid battery
Lithium-Ion (LI-ION) battery
Sodium Sulfur (NaS) Battery
Flow Systems
Thermal Energy Storage
Pumped Heat Electrical Storage (PHES)
Concentrated Solar Power (CSP)
Chemical Energy Storage
Hydrogen Storage
Solar Power to gas (P2G)

Based on Application

Grid Storage
Energy Transmission

Based on End-User

Residential
Commercial
Energy & Utilities

By Region

North America Energy Storage Systems Market Analysis, 2016-2024
Europe Energy Storage Systems Market Analysis, 2016-2024
The Middle East And Africa Energy Storage Systems Market Analysis, 2016-2024
Latin America Energy Storage Systems Market Analysis, 2016-2024
Asia Pacific Energy Storage Systems Market Analysis, 2016-2024
Rest Of The World Energy Storage Systems Market Analysis, 2016-2024

“Global Energy Storage Systems Market Outlook 2024” contains a detailed overview of the global energy storage systems market. On the basis of our in-depth analysis, the market can be segmented in terms of market segmentation by technology, application, end user and geography.

The Global Energy Storage Systems Market Report highlights the competitive outlook of major global players that includes the business strategies, product portfolio, revenue distribution, financial analysis, R&D activities and investments. The in-depth analysis of energy storage systems market report will help the clients to assess their business strategies as per the competitive environment in the market space.

Major players of the global energy storage systems market discussed in the report are: ABB Ltd., LG Chem, Ltd., Tesla, Inc., Samsung SDI Co, Ltd, AES Energy Storage, EnSync Energy, General Electric, Panasonic, Mitsubishi Heavy Industries, Enersys, Active Power, Beacon Power, Greensmith Energy Management Systems, Convergent Energy and Power Inc., Sonnen, Redflow, Eos Energy Storage, Alevo, Seeo Inc., BYD Company Ltd., Scheider Electric, SMA Solar Technology AG, SK Holdings, EnerbraxAcumuladoresLtda, Eguana Technologies, Autobat SACI, Imergy Power Systems., Ionotec Ltd., Exide Industries Ltd.,etc.

Further, Global Energy Storage Market Forecast Report encompasses the major trends & growth opportunities, market dynamics and other growth factors. The Energy Storage Systems Market outlook also comprises of key challenges for the market players, risk analysis, SWOT Analysis, BPS analysis, and Market Attractiveness. The report also includes the expert analysis which provides a complete overview of the market post analysis of the economic, political, environmental & social factors of each region and country.

Energy storage systems market is driving on the basis of advancement in branches mention below

Building Energy Management System Market

Global building energy market is a by the government regulatory pressure for minimizing the energy consumption and lowering energy wastage in buildings. Global building energy management system market is expected to reach USD 9.2 billion by 2024 from USD 2.8 billion in 2016, growing at a CAGR of 16.0% over the forecast period 2016-2024.

Global Battery Energy Storage System Market

Electrical power generated requires to be stored efficiently to use it in times of high demand of energy than supply of energy. Battery energy storage system is one used for the very purpose, using different kinds of batteries. Global battery energy storage system market is expected to grow at a CAGR of 6.5% during 2017-2025 period to reach a market size nearly USD 10 billion by 2025.

Smart Grid Market

A rapid development of innovative technologies in the energy sector is considered as a major growth engine for the smart grid market. The smart grid is extensively capturing telecommunication and energy sector and witnessing significant investment by technology companies in smart grid technologies and solutions. The market is expected to expand at a compound annual growth rate (CAGR) of 13.15% over the forecast period i.e. 2016-2024.

Electric Transmission and Distribution (T&D) Equipment Market

Modernization in the electric grid and the technological advancement of T&D equipment are the major driving factors in the growth of the market. Electric T&D equipment market is set to reach nearly USD 312 billion by 2024, growing at a CAGR of 6.41% over the forecast period (2017-2025).

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