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Shooting up demand of electric vehicles to escalate the demand of energy storage system

Global Energy Storage market is expected showcase rohbust growth during the forecast period (2021-2027). Trends are shifting towards producing energy form renewable power sources to reduce carbon emissions and new technologies are being invented to store energy in any alternate form and use it when required. Such systems are divided mainly into mechanical, electrochemical, chemical, and thermal energy storage systems. Furthermore, surging demand for electric vehicles leading to increased adoption of energy storage systems in transportation sector would fuel the growth of energy storage devices. Players in the market have huge opportunity to grow as conventional energy resources emit huge carbon particles. Unconventional sources of energy like solar energy produces energy during daytime and in case of wind turbine energy is produced when high pressure winds blow. If the energy produced is not consumed at the time of production then it gets exhausted. Therefore, to make renewable energy more viable energy storage systems are installed in order to store energy during low demand and consume during peak time. Thus, surging demand of energy from green energy sources would boost the energy storage  However, high overall cost of energy storage systems would hamper the market growth.

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The COVID-19 pandemic severely impacted several markets across the globe, particularly in India, the U.S., Spain, and other Western European nations. The energy storage market has been slightly impacted due to the outbreak of COVID-19 shutdown of manufacturing facilities in compliance with government regulations, to reduce the spread of disease.  According to the IEA, the COVID-19 crisis has significantly impacted the global growth in renewable power capacity addition. However, renewable electricity net generation in 2020 grew by ~6% as compared to 2019.

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Based on Type, the energy storage market is segmented into mechanical, electrochemical, thermal, and chemical. Among all, mechanical category hold lucrative market share this is mainly owing to huge installed capacity of pumped hydro storage. Moreover, compressed air storage also holds a prominent market share after pumped hydro storage due to previously installed and ongoing wind energy projects globally. Since wind energy is a clean way to produce energy therefore countries are investing heavily to achieve their targets for carbon neutral country and fulfil the treaty for Paris Agreement which was adopted by 196 parties at COP 21 in 2015.

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Additionally, the report provides detailed initiatives that are being taken in the field of energy storage market. The market is classified into distinct regions including North America, Europe, Asia Pacific, and the Rest of World. Asia Pacific is likely to witness high growth due to rising economic growth resulting to high construction activities.

Global Energy Storage Market Segmentation

Market Insight, by Type

  • Mechanical
    • Pumped hydro storage (PHS)
    • Liquid air energy storage (LAES)
    • Compressed air energy storage (CAES)
    • Others (flywheel)
  • Electrochemical
    • Lithium battery
    • Lead–acid battery
    • Sodium–sulfur battery
    • Others
  • Thermal
  • Chemical

Market Insight, by Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of World

Top Company Profiles

  • Contemporary Amperex Technology Co. Limited
  • Convergent Energy and Power LP
  • Duke Energy Corporation
  • Fluence Energy LLC
  • General Electric Company
  • Hitachi Chemical Co. Limited
  • NextEra Energy Inc
  • NEC Energy Solutions Inc.
  • S&C Electric Company
  • Tesla Inc.

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