According to Technavio Research Report, "Global Decentralized Energy Storage Market by technology (battery energy storage, thermal energy storage, and others) and geographic regions (EMEA, the Americas, and APAC) is expected to increase by 659.49 MW, at a CAGR of 18% from 2019-2023". However, the market is decelerating as the year over year growth of the market is expected to decrease.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190531005239/en/
Technavio has published a new market research report on the global decentralized energy storage market from 2019-2023. (Graphic: Business Wire)
Free sample report contains market size and forecast, drivers, challenges, trends, and more - Request for Samplehttps://www.technavio.com/talk-to-us?report=Global%20Decentralized%20Energy%20Storage%20Market%202019-2023&type=sample&src=report
Global decentralized energy storage market: Development of smart cities and ZEBs
The development of smart cities is gaining prominence as it will help to increase the quality of urban services including transportation, energy, and utilities. Governments across the globe are implementing several initiatives to enable sustainable smart city development. For instance, the Indian Government has released funds worth USD 1.62 billion towards developing smart cities. Therefore, increasing initiatives towards the development of sustainable smart cities, will lead to an increase in the demand for decentralized energy storage market.
"ZEBs is an emerging concept where a building generates its own energy using renewables equal to the amount of energy it consumes on an annual basis. ZEBs minimize energy use significantly by meeting energy demand from renewable energy sources including solar panels. This technology offers the advantage of enabling an emission-free energy production for a clean and sustainable future," says a senior research analyst at Technavio.
Global decentralized energy storage market: Segmentation analysis
This market research report segments the global decentralized energy storage market by technology (battery energy storage, thermal energy storage, and others) and geographic regions (EMEA, the Americas, and APAC).
EMEA led the market in 2018, followed by the Americas and APAC respectively. The market growth in EMEA can be attributed to key contributions from Germany and Spain. Moreover, the governments in many economies of the region are offering incentives to encourage investments in clean energy, which will boost market growth during the forecast period.
Speak to Research Expert https://www.technavio.com/talk-to-us?report=Global%20Decentralized%20Energy%20Storage%20Market%202019-2023&type=customization
Global decentralized energy storage market: Rising need for backup power drives growth
A key factor driving the global decentralized energy storage market is the rising need for backup power. Downtime caused by power outages often result in huge losses for companies in the commercial and industrial sectors. Disruption in the electricity supply of any length often creates difficulties for C&I business operations. This has resulted in the increasing demand for power backup systems. Several industrial sectors including construction, pharmaceutical, healthcare, manufacturing, and distribution rely on power backups to run their operations seamlessly. In addition, adverse weather conditions and problematic power grids also stimulate the demand for decentralized backup ESS. Energy storage systems help in reducing utility costs while improving power quality and reliability. Therefore, the rising need for power backups, will boost the demand for decentralized energy storage market in the upcoming years.
Few Major Players for the Decentralized Energy Storage Market are:
- CALMAC
- Fluence Energy LLC
- LG Chem Ltd.
- NEC Corp.
- NGK Insulators Ltd.
- SENER Ingeniería y Sistemas SA
Browse Industries Reports Independent Power and Renewable Electricity Producers
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20190531005239/en/
Contacts:
Technavio Research
Jesse Maida
Media Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com
