New York, July 13, 2021 (GLOBE NEWSWIRE) -- Energy Storage Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Energy Storage Market Research Report, Type, End-User and Region - Forecast till 2027” the market to grow at a rate of 25.49% CAGR during the forecast period 2021-2027.
The global energy storage market enjoys tremendous traction, witnessing the rising uptake in a number of application areas. Government initiatives to promote renewable energy create vast growth opportunities for the energy storage industry. With the continually rising demand for energy, primarily from the industrial sectors, the market is projected to witness significant gains in the future. The penetration of renewable energy sources such as solar power systems connected with the grid pushes the energy storage market growth.
Advances in e-mobility and energy storage systems (ESS) and vast developments of battery management system (BMS) platforms, as well as battery analytics software suites, influence the market revenues.
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List of the Key Companies Profiled in the Energy Storage Market Research Report are:
- Tesla Inc. (US)
- AES Corporation (US)
- General Electric Company (US)
- Sulzer Ltd. (Switzerland)
- Voith GmbH (Germany)
- Hydrostor Inc. (Canada)
- Linde AG (Germany)
- Highview Power Storage (UK)
- Hydrogenics Corporation (Canada)
- SolarReserve LLC. (US)
Growing Off-Grid Solar Panel Installations Substantiate Market Demand
Major energy storage market trends include vast investments in the production of energy storage equipment, spurring rise in manufacturing infrastructures & industry automation, and higher adoption of smart homes, and exponential growth in the consumer electronics sectors. Furthermore, increasing investments in renewable energy are anticipated to contribute to the market growth, driving primary energy production.
Also, the ever-expanding population and rapid industrialization & urbanization worldwide bolster the market growth. Especially, metro cities with the increased industrial infrastructures are witnessing huge demand for energy storage.
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Conventional energy generation sources, such as combustion fossil fuels, coal, and natural gas, contribute substantially to carbon emissions. Simultaneously, growing ecological concerns promote the need for renewable/clean energy generation to reduce pollution levels. In a scenario where the whole world is seeking to reduce carbon footprint, renewable become important.
Increasing government initiatives to raise renewable energy output and environmental safety awareness foster the energy storage market share. Moreover, increasing nuclear and renewable energy generation boosts the energy storage market size.
Prohibitive Costs Associated with Installment and Maintenance are Major Headwinds
Installment of energy storage requires vast investments. Also, regular maintenance of energy storage systems costs substantial amounts. Therefore, investment requirements for initial installment and maintenance of energy storage are considered a significant growth impeder. Also, the indistinct supervisory framework for energy storage systems poses challenges for market growth.
COVID-19 Impacts
The energy storage industry remained unaffected by the COVID-19 outbreak, mainly due to the reassuringly robust rise in the renewable energy market. The renewable energy market remained steadily growing throughout 2020, supporting the energy storage market demand.
Currently, the energy storage market is witnessing steady growth due to the increasing energy demand, especially from the industrial sector. The market value is projected to further following the uplift of the lockdown in many countries.
Segmentation
The market analysis is segmented into types, end-users, and regions. The type segment is sub-segmented into mechanical, thermal, chemical, electro-chemical, and others. The mechanical energy storage segment accounts for the largest market share witnessing the rising demand from emerging economies. The end-user segment is further sub-segmented into utility, commercial & industrial, and residential. The region segment is sub-segmented into the Americas, Europe, Asia Pacific, and rest-of-the-world.
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Regional Analysis
Europe has constantly been dominating the global energy storage market. The largest market share attributes to major storage technology upgrades by key manufacturers in Germany and the UK.
Besides, the rapid growth in the utility-scale energy storage industry and technology impact the market growth. Other energy storage market trends include the large base of innovative vendors & project developers and increasing purchasing capacity of consumers, and regulatory change.
Moreover, increased solar and other renewable energy generation increase the region's energy storage markets share. Additionally, the spurring rise in industrial, commercial, and utility sectors and government initiatives to promote renewable energy increase the energy storage market value in the region.
Competitive Analysis
Manufacturers strive to increase production capacities with improved cost efficiency and new possibilities offered by digitalization. Many energy storage developers are exploring expansion opportunities.
They also make strategic investments in driving research and development activities and fostering their expansion plans. Increasing strategic partnership deals and approaches, such as collaboration, mergers & acquisitions, expansion, and product launches, are expected to be seen during the next few years.
For instance, recently, on July 05, 2021, Global private markets firm Partners Group announced the acquisition of a controlling equity stake in Dimension Renewable Energy, a distributed energy platform to support growth in project development in EMEA.
Dimension is focused on originating, developing, financing, and operating community solar and battery storage facilities across the US. The company has developed a deep pipeline of over 180 projects totaling over 800 MWs of solar capacity and over 800 MWh of battery storage across eight states.
Segmentation of Market covered in the research:
Information by Type (Mechanical, Thermal, Electro-Chemical and Chemical), By End-User (Utility, Commercial & Industrial and Residential) and Region (North America, Europe, Asia-Pacific, and Rest of the World)
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