The global energy storage systems market size is anticipated reach 211,823 MW by 2026 and the market is expected to display a CAGR of 2.2% during the estimated years. The market is driven by surge in the demand for the smart home across the world.
Growing consumer mindfulness in regards to energy effectiveness in residential and commercial buildings is required to be a conspicuous factor driving the new development in coming years. Increasing prerequisite of persistent power supply and efficient grid and load management is foreseen to additionally fuel the development. Rising consumer awareness about effectual energy consumption paired with increasing need for smart homes with viable load management is anticipated to drive the demand. Rising demand from electric utilities, on account of increasing need for distributed energy integration with the main grid, is expected to drive the development over the prediction period.
Expanding acknowledgment of hybrid and electric vehicles couple with the government incentives offered for advancing EV innovation is anticipated to support development of electric vehicle and energy storage system industry. While battery services are yet to improve and outperform the gasoline fueling infrastructure, unstable costs of gas are relied upon to decidedly impact the demand for electric vehicles over the estimated period.
Governments over the globe are finding a way to put effectively in sustainable power innovations. Endeavours are being taken to utilize electrochemical storage for transportation purposes. Organizations including Tesla are producing cars, for example, Tesla Roadster, Model S, Model X, and Model 3 dependent on sustainable energy. These vehicles keep running on the electricity generated utilizing batteries and they have been generally acknowledged over the globe.
Market By Technology
Market By Geography
Asia Pacific drove the worldwide market with a storage capacity exceeding surpassing 81 GW in 2017. Up and coming PHS projects are foreseen to help the area development over the estimate time frame. Rising power utilization has brought about the requirement for storage systems in China, Japan, and Southeast Asia. Growing requirement for energy the executives in utility-scale ventures and peak load requirement are relied upon to drive the need for different ESS, for example, batteries, CAES, and flywheel.
Spain, Switzerland, Germany, France, Italy, and Austria represented a storage capacity limit of over 6.6 GW in 2017. Be that as it may, the huge market entrance of existing hybrid and pure renewable energy technologies in Germany and U.K. is probably going to drive need in potential areas over these nations.
AltairNano; GE; The Furukawa Battery Co., Ltd.; Maxwell Technologies, Inc.; Electrovaya; Active Power; EnSync; Furukawa Battery; and Fluence; Saftarenoteworthy companies operating in the worldwide energy storage systems market.