NOIDA, India, July 6, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights theEnergy Storage Market is expected to grow at a CAGR of 5.3% from 2021-2027. The analysis has been segmented into Type (Mechanical (Pumped hydro storage (PHS), Liquid air energy storage (LAES), Compressed air energy storage (CAES), and Others (Flywheel)), Electrochemical (Lithium Battery, Lead-acid battery, Sodium-sulfur battery, and Others), Thermal, Chemical); Region/Country.
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The energy storage market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the energy storage market. The energy storage market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the energy storage market at the global and regional levels.
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Market Overview
The demand for energy storage systems is driven by the increasing need to reduce the dependence on oil, gas, and coal for electricity generation to reduce carbon emissions. In 2019, transportation and electricity generation were responsible for nearly 54% of greenhouse gas emissions in the US. As a result, nations across the globe are shifting towards renewable energy sources. However, fluctuating power requirements during different times of the day are propelling the demand for energy storage systems from renewable energy power plants. These energy storage devices store the generated energy from power plants during low energy demand and supply the energy during peak hours.
COVID-19 Impact
The COVID-19 pandemic has impacted the growth of many industries which include manufacturing, education, agriculture, finance, healthcare, sports, education, food, and tourism. It also had a profound impact on the energy industry.According to International Energy Agency (IEA), the energy demand decline in 2020 is the largest in the last 70 years. As compared to 2019, the global energy demand in 2020 declined by 6% which is a 7 times greater fall than the 2009 financial crisis. From 2015-2019, the mean electricity generation of 16 European countries dropped by 9% (25 GW) in April 2020. Due to this the energy storage industry was also impacted as the developing projects were postponed and there wasn't enough workforce to complete the ongoing projects.
The global energy storage market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- Based on type, the energy storage market is divided into mechanical, electrochemical, thermal, and chemical storage systems. Among all, mechanical storage methods hold a lucrative market share this is due to the presence of a considerable number of pumped hydro storage systems using water reservoirs. Further, compressed air energy storage is also a type of mechanical storage system and accounts for a considerable market share for energy storage systems. It stores compressed air when surplus energy is produced from wind turbines and there is less energy consumption. Compressed air energy storage involves converting electrical energy into high-pressure compressed air that can be released at a later time to drive a turbine generator to produce electricity
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Energy Storage Market Geographical Segmentation Includes:
- North America (United States, Canada, Rest of North America)
- Europe (Germany, United Kingdom, France, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific)
- Rest of the World
North America grabbed a significant market share as the economy, health, and safety of citizens along with national security of it depend on the reliable delivery of electricity. The region has witnessed the acceleration in the deployment of technologies that help in improving the reliability and efficiency of utility operations, including the deployment of systems and practices to better engage utility customers in the management of energy. Therefore, there has been a rise in smart grid deployment and investment in countries including the U.S., Canada, etc. For instance, the investment in smart grids rose by 41% between 2014 and 2016 from $3.4 billion to $4.8 billion annually. This investment is expected to rise to $13.8 billion by 2024.
The major players targeting the market include
- Contemporary Amperex Technology Co. Limited
- Convergent Energy and Power LP
- Duke Energy Corporation
- Fluence Energy Inc.
- General Electric Company
- Showa Denko
- NextEra Energy Inc.
- NEC Energy Solutions Inc.
- S&C Electric Company
- Tesla Inc.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the energy storage market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the energy storage market?
- Which factors are influencing the energy storage market over the forecast period?
- What are the global challenges, threats, and risks in the energy storage market?
- Which factors are propelling and restraining the energy storage market?
- What are the demanding global regions of the energy storage market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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About UnivDatos Market Insights (UMI)
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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