Energy Storage Market 2019 Upcoming Trends, Dynamic Demand, Business Opportunities, Growth Factors, Top Key Players, Share & Size by 2023
Energy storage market is expected to grow over the CAGR of more than 20.18% during the period 2018 to 2023.
Global Energy Storage Market – Competitive Landscape
The market appears to be well-established and competitive owing to the presence of many giants as well as small players. The market will witness fierce competition during the forecast period. Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players.
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), SolarReserve, LLC. (US), and Hydrogenics Corporation (Canada) are some of the prominent players at the forefront of competition in the global energy storage market and are profiled in the MRFR analysis.
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Energy Storage is a very diverse subject areas, it comprises from small to very large systems. Energy storage is broadly segmented into mechanical energy storage, electro-chemical energy storage, thermal storage and chemical storage. Energy storage systems have been dominating the renewable energy market as well conventional market in recent years because of the ability of store the energy in various forms and supply according to end user needs.
Energy storage can be described as a technology that provides a preference to source power as and when required without backsliding to conventional energy sources. These energy systems are highly efficient and acts as flexible generation when needed. Energy storage systems can contribute to optimal use of generation and grid assets, and support emissions reductions in several economic sectors.
The Global Energy Storage Market is driven by various factors such as evolution in renewable energy power generation, gradual downfall in technology cost and increasing application of energy storage in all end-user industries. This is mainly because, energy storage systems are less polluting and produces less carbon emissions when compared with traditional conventional energy sources such as coal, oil and petroleum. Energy storage generation is helping in the fight against climate change as well as it is acting as a source of power for remote and off grid areas where still millions of global population lives. However, the growth of the market can be hindered by the due high initial capital investment and indistinct supervisory framework for energy storage systems.
The Global Energy Storage Market is expected to grow at a CAGR of more than 20.18% during the forecast period.
Global Energy Storage Market – Segmentation
MRFR has segmented the report into three key dynamics for the convenience and enhanced understanding;
– Chemical energy storage
– Commercial & Industrial
– Residential among others
– North America
Detailed Regional Analysis
The utility-scale energy storage market has witnessed noteworthy development in both the developed early adopter markets and new markets where technology has just begun to influence the state of growth. The European & North American regions have considerably added towards the growth of the market for utility-scale energy storage, encouraged by the regulations and the innovative vendors and project developers. The European region is the foremost region for the market and is followed by Asia Pacific region. The intricacy around energy storage, utilities around the world are discovering diverse approaches to working with related technologies. The prime factors such as brand recognition, buying power, and the ability to drive regulatory change, represent some of the most significant drivers for enabling energy storage to scale at a global
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As of Thursday, 01-03-2019 23:59, the latest Comtex SmarTrend® Alert,
an automated pattern recognition system, indicated a DOWNTREND on
05-14-2012 for GE @ $18.70.