Energy Storage Systems Market Capacity 402.0 GW by 2028: Grand View Research, Inc.
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Read 66-page market research report, "Energy Storage Systems Market Size, Share & Trends Analysis Report By Technology (Pumped Hydro, Electrochemical Storage, Electromechanical Storage, Thermal Storage), By Region, And Segment Forecasts, 2021 - 2028", published by Grand View Research.
Energy Storage Systems Market Growth & Trends
Increasing acceptance of electric and hybrid vehicles coupled with government incentives offered for promoting EV technology is projected to boost the growth of electric cars as well as battery industries. While battery service networks are yet to improve and surpass the gasoline fueling infrastructure, volatile gasoline prices are expected to positively influence the demand for electric vehicles over the forecast period.
The electrochemical storage segment is expected to witness the fastest growth over the forthcoming years. This growth can be attributed to the beneficial characteristics of batteries including fast charging, declining prices, and long shelf life. Flow batteries are anticipated to observe an increased demand on account of their low safety risks, improved capacity, and cost-effectiveness.
Battery Energy Storage Systems (BESS) are gaining popularity owing to the rising emphasis on reducing the dependency on fossil fuels and increasing the share of clean energy in the energy mix. Ascending demand for time-shifting improved power quality, better grid network usage, and emergency power supply is expected to propel the demand for BESS over the forecast period.
With increasing requirements of efficient grid management, constant load management, and continuous power supply, the market is expected to witness significant growth over the forecast period. Major manufacturers of thermal energy storage systems include Abengoa Solar, Evapco, Caldwell Energy, and Burns & McDonnell. Major TES companies are forward integrated and offer energy solutions such as microgrids, CHP, cogeneration, district heating, and cooling.
Energy Storage Systems Market Segmentation
Grand View Research has segmented the global energy storage systems market based on technology and region:
Energy Storage Systems Technology Outlook (Capacity, MW, 2017 - 2028)
Energy Storage Systems Regional Outlook (Capacity, MW, 2017 - 2028)
List of Key Players of Energy Storage Systems Market
Check out more other studies published by Grand View Research:
Browse through Grand View Research's Power Generation & Storage Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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