Energy Storage Systems Market To Show Huge Growth Opportunities By 2026 Due To Rising Demand For Connected Or Smart Homes And Increasing Awareness For Energy-Efficient Solutions | Million Insights

October 04 05:26 2021
Energy Storage Systems Market To Show Huge Growth Opportunities By 2026 Due To Rising Demand For Connected Or Smart Homes And Increasing Awareness For Energy-Efficient Solutions | Million Insights
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According to new report available with Million Insights, the global energy storage system industry report provides a detailed evaluation of the industry by highlighting information on different aspects which include drivers, restraints, growth opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.

The global demand for Energy Storage Systems Market is anticipated to reach 210,803 MW, by the end of 2026. It is expected to grow at a CAGR of 2.3% over the forecast period, 2018 and 2026, according to the new report by Million Insights. The increasing demand for energy efficient resources is a key factor propelling the market growth.

Growing demand for connected or smart homes, along with increasing awareness about energy-efficient solutions is projected to surge the need for energy storage solutions. Moreover, distributed energy solution is propelling the demand for electric utilities. All these effective energy measures are expected to positively impact the market growth over the next few years. 

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U.S. energy storage systems market

Hybrid technology is allowing manufacturers to develop e-bikes and hybrid vehicles. This trend is projected to create huge opportunities for battery manufacturers. Major companies including Altairnano, GE Renewable, and AES invest in R&D activities for developing battery storage solutions with higher energy efficiency.

Pumped hydro storage type system is anticipated to lead the market by the end of the forecasting period. This growth is estimated owing to high investment in the enhancement of energy infrastructure especially in the Asia Pacific and North America. In 2017, this segment constituted more than 90.0% in the global market.

Major players in the energy storage system market include, Active Power, EnSync, Maxwell Technologies, Electrovaya, Fluence, AltairNano, and Saft.

To browse report summary & detailed TOC, “please” click the link below:

Global energy storage systems market

Further key findings from the report suggest:

• Electrochemical storage segment is expected to register CAGR of around 12.6% over the forecasted period.

• North America is estimated to grow at a CAGR of 4.0% during the forecast period, 2018 to 2026.

• Asia Pacific led the market with highest share, in 2017 and is anticipated to reach 102 GW by 2026.

• Electromechanical storage segment in Germany is expected to grow at the CAGR of over 3.9% from 2018 to 2026.

Million Insights has segmented the global energy storage systems market based on technology, and region:

Energy Storage Systems Technology Outlook (Capacity, MW, 2014 – 2026)

    • PHS

    • Electrochemical

    • Electromechanical

    • Thermal

Energy Storage Systems Regional Outlook (Capacity, MW, 2014 – 2026)

    • North America

        • U.S.

        • Canada

    • Europe

        • France

        • Germany

        • U.K.

    • Asia Pacific

        • China

        • India

        • Japan

    • Central & South America

        • Argentina

    • Middle East & Africa

        • South Africa

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