Dublin, Feb. 20, 2024 (GLOBE NEWSWIRE) -- The "Global Commercial Energy Storage Market - Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Commercial Energy Storage Market has undergone an in-depth analysis, revealing a market value of USD 3.25 billion in 2022, and showcasing an impressive growth trajectory. Industry experts predict this market to expand at a Compound Annual Growth Rate (CAGR) of 6.25% through to 2028, underpinning the substantial role energy storage systems are set to play in the commercial sector. These sophisticated systems are engineered to harness and stockpile excess energy produced from renewable resources like solar and wind turbines. By leveraging such technologies, businesses not only become adept at managing energy consumption with greater dexterity but also make significant strides towards sustainability by diminishing dependence on traditional power grids.
Advancements in Battery Innovation Propel Market
At the forefront of this growth are battery energy storage systems, which are instrumental in modulating voltage and frequency, serving the dual purpose of reducing peak demand charges and integrating renewable energy sources efficiently. Lithium-ion batteries, in particular, are leading the path forward due to their diminishing costs, superior energy density, reliability across charge cycles, and minimal maintenance requirements.
Europe Leads the Charge
Europe emerges as a dominant force within the market, thanks in part to swift adoption rates of rooftop solar power and incentivizing policies like Germany's 30% subsidy on battery systems. The region's steadfast commitment to renewable energy integration has positioned it as a nexus of activity, sustaining its market leadership.
Emerging Trends and Drivers
- Lithium-Ion Technology Dominance: Known for their efficiency and longevity, lithium-ion batteries are poised to command the market with their superior performance and declining price points.
- Influx of Renewable Integration: With ambitious targets set across various geographies like India and South Korea, the increased integration of renewable energy sources predicates a heightened need for reliable energy storage solutions.
- Technical and Regulatory Landscape: Technological complexity and regulatory barriers remain hurdles. Yet progressive policies and advancements in compatibility and maintenance continue to catalyze market growth.
Pioneering Market Players
A collective of innovative companies like Tesla, Inc., LG Chem Ltd., and Sonnen GmbH, among others, are making significant contributions to the landscape of the commercial energy storage market. These organizations are not only enhancing storage capacities and efficiencies but also driving forward the conversation on sustainable energy usage for commercial entities.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 188 |
| Forecast Period | 2022-2028 |
| Estimated Market Value (USD) in 2022 | $3.25 Billion |
| Forecasted Market Value (USD) by 2028 | $4.91 Billion |
| Compound Annual Growth Rate | 6.2% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes:
- Tesla, Inc.
- LG Chem Ltd.
- Sonnen GmbH
- Enphase Energy, Inc.
- Sunrun Inc.
- Panasonic Corporation
- Orison
- Eguana Technologies Inc.
- Pika Energy
- BYD Company Limited
For more information about this report visit https://www.researchandmarkets.com/r/zbu03j
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