Edison, NJ -- (SBWIRE) -- 06/08/2020 -- HTF Market Intelligence released a new research report of 103 pages on title 'Global Energy Storage Systems Market Insights by Application, Product Type, Competitive Landscape & Regional Forecast 2025' with detailed analysis, forecast and strategies. The study covers key regions that includes South America, Asia Pacific, Europe, MEA (Middle East, Africa), North America and important players such as LG Chem Ltd. (South Korea), ABB Ltd. (Switzerland), AES Energy Storage, LLC (United States) etc.
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Scope of the Study
Over the last century, the Energy Storage Industry has continued to evolve and adapt to changing Energy Requirements and Advances in the Technology. Energy Storage Systems are equipment that can efficiently and conveniently store multiple forms of energy and can be utilized as per requirement, for example lithium ion batteries. It also provides a wide array of technological approaches to manage power supply in order to create a more resilient energy infrastructure and bring cost savings to utilities and consumers. The market study is being classified by Type (On-Grid Energy Storage Systems and Off-Grid Energy Storage Systems), by Application (Grid storage and Transportation) and major geographies with country level break-up that includes South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). According to HTF MI, the Global Energy Storage System market is expected to see growth rate of 6.0%
LG Chem Ltd. (South Korea), ABB Ltd. (Switzerland), AES Energy Storage, LLC (United States), Beacon Power, LLC (United States), BYD Company Ltd. (China), Convergent Energy and Power Inc. (United States), Greensmith Energy Management Systems (United States), Eos Energy Storage (United States), Seeo, Inc. (United States), S&C Electric Company, Scheider Electric SE (France), SMA Solar Technology AG (Germany), Exide Industries Ltd.(India), SK Holdings.(South Korea), Autobat SACI (Argentina) and Enerbrax Acumuladores Ltd. (Brazil) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Eguana Technologies (Canada), Redflow Ltd. (Australia), Imergy Power Systems (United States), Ionotec Ltd. (United Kingdom) and Tata power (India).
The market appears to be fragmented with a large number of local and global players who are competing with one another in the Global Energy Storage Systems market. The market is also witnessing the foray of new players wanting to cash in on the unmet demands of consumers. Players are focusing on product development and strategic mergers and acquisitions. For instance, In February 2018, JLM Energy deployed more than 2000 Phazr Micro Storage units and is successfully managing the residential time of use for customers in three utilities in California. Phazer is a distributed energy storage platform. It pairs a single solar panel with a battery pack in a one-on-one ratio. They are also enhancing their distribution networks to steal a march over their competitors.
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Market Drivers
Increasing adoption of Energy Storage System in transportation
Rising adoption of Renewable Energy Sources
Decreasing cost of Lithium Ion batteries
Incorporation of software integration for the management of Energy Storage System
Market Trend
Growing demand for Energy Storage Systems due to pollution associated with traditional energy sources.
Restraints
High capital investment needed for establishing Storage Systems may hamper the growth of the market.
Opportunities
Increasing focus on rural electrification worldwide by the Government and Rising spotlight on the production of renewable energy source due to increasing energy consumption at a global level.
In February 2018, Zinc-bromine flow batteries from Australian Energy Storage Company Redflow Ltd. are storing solar energy to provide a reliable power supply for a remote village in mountainous northern Thailand that has long lacked electricity. The village is using solar cells to harvest energy and a high-performance hybrid energy storage system, including Redflow ZBM2 batteries, to supply energy for a village microgrid that is separated from the national electricity distribution network.
Key Target Audience
Energy Storage System Manufacturers
Stakeholders
Distributors, Suppliers and Traders
Potential Investors
Government Agency
Research Institutes
Market Research and Consultant firms
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Strategic Points Covered in Table of Content of Global Energy Storage Systems Market Insights by Application, Product Type, Competitive Landscape & Regional Forecast 2025 Market:
Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Global Energy Storage Systems Market Insights by Application, Product Type, Competitive Landscape & Regional Forecast 2025market. (Introduction, Scope of the Report)Chapter 2: Exclusive Summary – the basic information of the Global Energy Storage Systems Market Insights by Application, Product Type, Competitive Landscape
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