Energy Storage Market -Overview
The availability of diverse energy storage options is estimated to further the energy storage market in 2020. The power generation, transmission & distribution reports are made by Market Research Future, which includes market options for progress. A 20.18% CAGR is foreseen to add momentum to the global market in the forecast period.
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The upsurge in demand for renewable energy is estimated to create a promising backdrop for the energy storage market share in the approaching period. The inclination towards a new source power, as opposed to conventional energy sources, is predicted to create fresh opportunities for investment in the global energy storage market through the forecast period.
Segmentation
The segmental study of the Energy Storage Market is conducted on the basis of type, end-user and region. On the basis of types, the market for energy storage is segmented into thermal, mechanical, electrochemical and chemical. On the basis of end-user, the energy storage market is segmented into commercial & industrial, utility, and residential. Based on the regions, the energy storage market is segmented into the Asia Pacific, Europe, North America and other critical regions.
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) and SolarReserve, LLC. (U.S).
Detailed Regional Analysis
The regional review of the energy storage market includes regions such as the Asia Pacific, Europe, North America and other critical regions. In the European region, the Energy storage generation is fighting against climate change as well as a source of power for isolated and off-grid areas quite a chunk of the regional population lives. However, the growth of the North American market can be estimated to create options for expansion in the coming period. The APAC energy storage market is compelled by several factors such as development in gradual fall in technology charge, renewable energy power creation, and growing use of energy storage in each end-user industry. Also, as energy storage systems are not as much polluting and create lesser carbon emissions when associated with conventional energy resources such as oil, coal and petroleum.Moreover, in the coming period, the European and North American region has considerably added towards the development of a utility-scale energy storage market, compelled by guidelines and advanced sellers and project creators. The Asia Pacific energy storage market is estimated to reduce its dependence on resources systematically and this is estimated to befit the energy storage market.
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