Published on : Nov 06, 2017
Albany, New York, November 6, 2017: According to a recent analysis, the global energy storage systems market is shaping up. Energy storage systems are vital equipment that can efficiently and conveniently store multiple forms of energy that can be utilized as per requirement. The global energy storage systems market is being primarily driven by the soaring uptake of electric vehicles which are much less polluting than fuel-powered ones. To elaborate further on this rapidly growing market, a study titled “Energy Storage Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025” has been broadcasted to the vast repository of Market Research Hub (MRH). This 186-pages study offers detailed insights and analysis on the energy storage systems market throughout the given forecast period. In order to explain the intensity of competition in the market, the report has been segmented geographically into major regions including North America, Europe, Asia Pacific, South America, and the Middle East and Africa.
In the initial section, the report begins with an executive summary which offers highlights and gist of the report. The succeeding sections involve information on the leading drivers, trends, opportunities, and restraints that the global energy storage system industry players are facing currently. With the presence of a large number of local and global players, the market appears to be fragmented. The players are competing with one another in the global energy storage systems market. To make headway in the market, players are focusing on product development, improvement in their distribution network; and strategic mergers and acquisitions.
These systems are undergoing continuous technological revolution that supports overcoming the traditional barriers of continuous supply of energy. As per the analysts’ estimations, the global energy storage systems market to become worth US$52.59 bn by 2025 from US$32.60 bn in 2016 by expanding at a steady CAGR of 5.6% from 2017 to 2025. The report further adds that major driver in the global energy storage systems market worldwide is the pressing need to address vehicular pollution which is serving to rapidly deteriorate the air quality in cities particularly. This has led people to adopt electric vehicles, which as a result propelling energy storage systems market growth.
Further, the report segments global energy storage systems market on the basis of technology, application, end user and geography. In terms of geography, the research states that Asia Pacific has maximum market share and is also expected to outshine all other regions. On the other hand, growing thrust on electricity cost reduction and need for energy efficient devices are expected to result in higher demand for energy storage within the residential and automotive end-use segments.
Apart from the automotive segment, the commercial and industrial establishments too are resulting in sales as their need to store energy is high. The residential sector is another crucial sponsor to sales because of the uptake of solar panels. By technology, the market is segmented into electrochemical storage, mechanical storage, thermal storage and others.
Later, the report covers detailed competitive view that includes market share and profiles of crucial players operating in the global market. Panasonic Corporation, ABB Ltd., NEC Corporation, BYD Company Limited, Calmac, Dynapower Company, LLC, EOS Energy Storage, Maxwell Technologies, Inc., General Electric Company, Hitachi, Ltd., LG Chem, Ltd., Evapco, Inc., Schneider Electric SE, Siemens AG and Tesla are some of the major players profiled in this study.
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