Market Highlights
Energy Storage is a very diverse subject areas, it comprises from small to very large systems. Energy storage is broadly segmented into mechanical energy storage, electro-chemical energy storage, thermal storage and chemical storage. Energy storage systems have been dominating the renewable energy market as well conventional market in recent years because of the ability of store the energy in various forms and supply according to end user needs.
Energy storage can be described as a technology that provides a preference to source power as and when required without backsliding to conventional energy sources. These energy systems are highly efficient and acts as flexible generation when needed. Energy storage systems can contribute to optimal use of generation and grid assets, and support emissions reductions in several economic sectors.
The market is driven by various factors such as evolution in renewable energy power generation, gradual downfall in technology cost and increasing application of energy storage in all end-user industries. This is mainly because, energy storage systems are less polluting and produces less carbon emissions when compared with traditional conventional energy sources such as coal, oil and petroleum. Energy storage generation is helping in the fight against climate change as well as it is acting as a source of power for remote and off grid areas where still millions of global population lives. However, the growth of the market can be hindered by the due high initial capital investment and indistinct supervisory framework for energy storage systems.
The Global Energy Storage Market is expected to grow at a CAGR of more than 20.18% during the forecast period.
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)
- SolarReserve, LLC. (U.S).
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Global Energy Storage Market
Currently, there is a phenomenal growth in the energy storage sector throughout the world. The wide application of energy storage around all the end users is creating a good potential for the energy storage market. Currently there are limited options available for the end-user in energy storage sector, thus an advancement in technology will provide prudent substitute options to the end-users. The current cost of technology is higher and it cost a lot for the end-user to opt for these energy storage at all stages of operations. The upcoming advancement and government initiative will certainly boost the economic viability of the energy storage.
The substantial growth in the overall global energy consumption and volatility in global fuel prices has driven the global energy storage market. These factors have certainly created a great potential for energy storage market all around the world. Europe region is the leading market for energy storage market and is followed by Asia-Pacific.
The growing attention and substantial investment in renewable power energy generation is rigorously driving the global energy storage market. Major economies around the world are highly focusing on developing the renewable energy power generation so as to reduce their dependency on conventional power generation through fossil fuels. Renewable energy currently holds a substantial share in total global energy production. In 2016, World Energy Council quoted that, hydropower accounted for about 30% of the total global installed power generating capacity and about 23% of total global electricity produced.
Scope of the Report
This study provides an overview of the global energy storage market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global energy storage market by its type, by end-user, by regions.
- By Type
- Mechanical
- Thermal
- Electro-Chemical
- Chemical
- By End-User
- Utility
- Commercial & Industrial
- Residential
- By Regions
- North America
- Asia Pacific
- Europe
Rest of the World
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List Of Tables
Table 1 Market Synopsis 13
Table 2 Growth Drivers: Impact Analysis 22
Table 3 Growth Barriers: Impact Analysis 23
Table 4 Global Energy Storage Market, By Type, 2015-2023 (Usd Million) 33
Table 5 Mechanical: Global Energy Storage Market, By Sub-Type, 2015-2023 (Usd Million) 34
Table 6 Electro-Chemical: Global Energy Storage Market, By Type, 2015-2023 (Usd Million) 34
Table 7 Thermal Storage: Global Energy Storage Market, By Type, 2015-2023 (Usd Million) 35
Table 8 Chemical Energy Storage: Global Energy Storage Market, By Type, 2015-2023 (Usd Million) 35
Table 9 Global Energy Storage Market, By End-User, 2015-2023 (Usd Million) 38
Table 10 Asia-Pacific: Global Energy Storage Market, By Country, 2015-2023 (Usd Million) 43
Table 11 Asia-Pacific: Global Energy Storage Market, By Type, 2015-2023 (Usd Million) 43
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