Energy Storage Market: Booming Energy Industry to Drive Growth
Energy Storage Systems Market was valued at $172,236 million in 2015, is expected to reach $264,953 million by 2022, supported by a CAGR of 6.4% during the forecast period 2016? 2022. Energy Storage Systems are equipment that can efficiently and conveniently store multiple forms of energy that can be utilized as per requirement, for example lithium ion batteries.The increasing production of renewable energy by major economies across the world is driving the market for energy storage systems. Coupled with the increasing usage of renewable resources, the growing interest towards adoption of electric vehicles will also fuel the growth of energy storage systems. Inspite of increasing need for energy storage systems elements such as high capital investment and environmental concerns pose as a constraint to the market. High cost is another hurdle for the energy storage systems market owing to price sensitive nature of the buyers.
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China and South Korea are driving the growth of energy storage systems market in Asia-pacific with an increasing focus on production of electric vehicles in future.
Key findings of Energy Storage Systems Market Study:Pumped hydro storage segment is expected to account for major market share in 2015 and is expected to stay in the dominating position along the forecast period
Non-residential end-user segment is expected to grow at a CAGR of 7.6% during the forecast period
Asia-Pacific is anticipated to lead the market throughout 2022, growing at a CAGR of 7.3%, in value terms.
Flywheel is the fastest growing segment in the Asia-pacific region growing at an estimated CAGR of 28.9% in terms of value
In North America, U. S occupies a major share of around 83.8% in 2015
In 2015, Europe and North America collectively accounted for nearly three-fifth of the worldwide demand for energy storage systems and are expected to grow at a steady pace during the forecast period. This is mainly due to increased focus of these economies on the production of renewable energy.
Top key Players:
The key players that operate in the world energy storage systems market such as LG Chem., ABB Ltd., AES Energy Storage, LLC, Beacon Power, LLC, BYD Company Limited, Convergent Energy and Power Inc., Greensmith Energy Management Systems, Eos Energy Storage, Seeo Inc., and S&C Electric Company. These players occupy a major share in the world energy storage systems market followed by other tier 2 and tier 3 players worldwide.