Energy Storage Market Research Report – Forecast To 2023. Global Energy Storage Market Information Report by Type (Mechanical, Thermal, Electro-Chemical and Chemical), End-User (Utility, Commercial & Industrial and Residential) and by Regions – Global Forecast To 2023
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The key players of global energy storage market are AES Corporation (U.S), Tesla Inc. (U.S), General Electric Company (U.S), Voith GmbH (Germany), Sulzer Ltd. (Switzerland), Hydrostor Inc. (Canada), Highview Power Storage (U.K), Linde AG (Germany), Hydrogenics Corporation (Canada) and SolarReserve, LLC. (U.S).
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 growing attention and substantial investment in renewable power energy generation is rigorously driving the global energy storage market. Major economies around the world are highly focusing on developing the renewable energy power generation so as to reduce their dependency on conventional power generation through fossil fuels. Renewable energy currently holds a substantial share in total global energy production. In 2016, World Energy Council quoted that, hydropower accounted for about 30% of the total global installed power generating capacity and about 23% of total global electricity produced.
The utility-scale energy storage industry has experienced significant growth in both the matured early adopter markets and new markets where technology has just begun to make an impact. Europe & North America has significantly contributed towards the growth of utility-scale energy storage market, driven by regulations and innovative vendors and project developers. The complexity surrounding energy storage, utilities around the world are exploring different approaches of working with the related technologies. The prime factors such as, buying power, brand recognition, and the ability to drive regulatory change, utilities, represent one of the most important drivers for enabling energy storage to truly scale worldwide.
The 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 populations 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.
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