In emerging countries such as India, Brazil and China power generation sector has been supremely witnessing a strong growth due to increasing development of industries. The demand for power generation sector is anticipated to increase the energy storage market share in next five years. The shortage of fossil fuels including uranium, coal, and oil is estimated to boost energy storage industry in the future.
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Global Energy Storage Market has been witnessing a high growth resulting in an imbalanced power supply and demand from fire accidents, storms, and equipment failures. Energy poverty is believed to be one of the key factors that are primarily anticipated to dive the energy storage industry in the near future.
Energy storage market has been surrogating traditional energy sources owing to the cost benefits associated with these systems. Due to increasing pollution and poor power quality associated with energy storage, the demand for energy storage devices has been steadily increasing, thereby, the trend is expected to increase the energy storage market size over the forecast period. Demand for hydropower, wind energy, and solar energy is mainly known to be essential drivers that are expected to drive the market over in the coming future.
Due to the production of excessive power, demand is tentative to project less and can lead to an unexpected loss for the organization when energy is not stored. Energy storage helps in attaining supply and demand for equilibrium and maintaining the profitability of maximum count of the companies. However, resulting high installation cost of an energy storage industry systems is specifically anticipated to challenge the market growth over the next seven years.
In the past two years, Solar power energy market is efficiently winning the global market and is one of the fastest growing industry. The market holds few major drivers for which growth of solar power has mainly known to be one of the key factor demanding for energy storage system. According to market research, in 2016, energy storage market share valued for USD 113.7 billion, whereas Germany is believed to be one of the leading countries in energy storage industry in terms of technology for renewable energy system.
In 2017, Germany invested nearly 80,000 commercial and household operations in the PV-battery system. Analyzing the market overview, the country is expected to install 50,000 more PV-battery system annually, by 2020. The increasing demand for solar PV is estimated to increase in response to de-carbonization and declining system cost of the energy sector across the globe. Thus, the energy storage market is expected to be majorly driven by the growing solar power market.
Slightly analyzing the future outlook about Global Energy Storage Market, China is going to hold the title of world’s second biggest market for stationary energy storage. The United States is estimated to be one of the largest contributor to energy storage market. US is estimated to witness a high growth rate during the forecast period.
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Energy Storage Market Major Players:
Sunverge Energy, Inc.
ENGIE Storage Services NA
Samsung SDI Co. Ltd
LG Chem Ltd
Saft Groupe S.A
Global Energy Storage Market segmentation:
Pumped Hydro Storage
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Based on technology, lead-acid batteries, and pumped hydro storage has been accounted in a category of modern technologies and can be clearly specified. Furthermore, operations of large-scale industrial technologies with growing energy demand is anticipated to drive the global energy storage market segment growth in the coming future.
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