The global demand for Energy Storage Systems Market is anticipated to reach 210,803 MW, by the end of 2026. It is expected to grow at a CAGR of 2.3% over the forecast period, 2018 and 2026, according to the new report by Million Insights. The increasing demand for energy efficient resources is a key factor propelling the market growth.
Growing demand for connected or smart homes, along with increasing awareness about energy-efficient solutions is projected to surge the need for energy storage solutions. Moreover, distributed energy solution is propelling the demand for electric utilities. All these effective energy measures are expected to positively impact the market growth over the next few years.
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Hybrid technology is allowing manufacturers to develop e-bikes and hybrid vehicles. This trend is projected to create huge opportunities for battery manufacturers. Major companies including Altairnano, GE Renewable, and AES invest in R&D activities for developing battery storage solutions with higher energy efficiency.
Pumped hydro storage type system is anticipated to lead the market by the end of the forecasting period. This growth is estimated owing to high investment in the enhancement of energy infrastructure especially in the Asia Pacific and North America. In 2017, this segment constituted more than 90.0% in the global market.
Major players in the energy storage system market include, Active Power, EnSync, Maxwell Technologies, Electrovaya, Fluence, AltairNano, and Saft.
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Further key findings from the report suggest:
• Electrochemical storage segment is expected to register CAGR of around 12.6% over the forecasted period.
• North America is estimated to grow at a CAGR of 4.0% during the forecast period, 2018 to 2026.
• Asia Pacific led the market with highest share, in 2017 and is anticipated to reach 102 GW by 2026.
• Electromechanical storage segment in Germany is expected to grow at the CAGR of over 3.9% from 2018 to 2026.
Million Insights has segmented the global energy storage systems market based on technology, and region:
Energy Storage Systems Technology Outlook (Capacity, MW, 2014 – 2026)
Energy Storage Systems Regional Outlook (Capacity, MW, 2014 – 2026)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa
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