Raipur, Oct. 14, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the Energy Storage Systems Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
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How is the Report Helpful?
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
What are the Top Market Drivers?
According to the report, the energy storage systems market is driven by a host of factors, some of which are noted below:
- Increasing demand for continuous electricity supply and growing focus on renewable energy,
- Governments have been compelled to make significant investments in sustainable future initiatives due to increasing carbon emissions and diminishing environmental circumstances.
The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Energy Storage Systems Market Segmentation:
Stratview Research has segmented the market in the following ways, fulfilling the market data needs of multiple stakeholders across the industry value chain.
- By Technology (Pumped Hydro, Electro-Chemical, Lithium Ion Battery, Sodium Sulphur Battery, Lead Acid Battery, Flow Battery, and Others) Electro-Mechanical (Flywheel and Compressed Air Energy Storage), Thermal (Water, Molten Salts, Phase Change Materials, and Others),
- By Application Type (Electric Energy Time Shift, Electric Supply Capacity, Black Start, Renewable Capacity Firming, Frequency Regulation, and Others),
- By Region (North America, Europe, Asia-Pacific, and the Rest of the World).
Energy Storage Systems Market Insights
Market Trends Technology Type
The market is segmented as pumped hydro, electro-mechanical, electrochemical, and thermal. The pumped hydro segment is projected to be the market’s largest segment during the forecast period. Higher efficiency, greater stability, longer lifespan, and low storage cost are some of the major features of the pumped hydro segment driving its growth in the global market.
Market Trends by Application Type
The market is segmented as electric energy time shift, electric supply capacity, black start, renewable capacity firming, frequency regulations, and others. The electric energy time-shift segment is projected to remain the largest segment of the market. Electric energy time-shift involves purchasing inexpensive energy during low cost for storage and using it later when cost or price is high.
Which region offers the best opportunity and growth?
Asia-Pacific is estimated to be the largest market led by China, Japan, India, South Korea, ASEAN Countries, and Others. Expanding industrial sector, rapid urbanization, significant economic development in the region, and increased focus on a sustainable source of energy are the major factors driving the growth of the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
COVID-19 Impact on the Energy Storage Systems Market
COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.
To know more about the covid-19 impact, get a free sample report, here:
https://www.stratviewresearch.com/Request-Sample/1751/energy-storage-systems-market.html#form
Who are the Top Market Players?
After a thorough analysis of the market, the experts have listed a few key players and discussed the company profiles of the below-given players -
- Samsung SDI
- Tesla Inc.
- Panasonic
- Hitachi Chemical
- GS Yuasa
- J-Power
- LG Chem
- Exide Technologies
- Toshiba
- BYD Co
- Sinohydro
- Voith
- EDF
- Dongfang Electric
- Goss Engineering
- Evapco
- Steffes Corporation
- Genex Power Limited
- Alstom
- Schluchseewerk AG.
What deliverables will you get in this report?
- In-depth analysis of the energy storage systems market
- Detailed market segmentation.
- Competitive landscapepe analysis.
- Historical, present, and future market size analysis.
- Industry trends, technologies, and advancements.
- Growth and operation strategies adopted by key players.
- Potential segments/regions offering promising growth.
- Geographical presence of the key players.
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