According to the new research report available at MarketStudyReport.com under the title ‘Global Energy Storage Systems (ESS) Market Insights, Forecast to 2025’, the worldwide energy storage systems market is anticipated to exceed US $14840 million by the year 2025.
The main aim of energy storage is to capture and store the energy generated so it can be used later as per the requirement. This energy is generally stored using battery or accumulator. Growing expenditure in residential industry, launching of new products, intense competition among market players, and renovation of old technology across various industries & regions will stimulate the growth of energy storage systems (ESS) market.
As per the report, energy storage systems market was worth US $2796.8 million in 2019 and is projected to grow at the rate of 26.9% during the forecast timeframe. The product cost is observed to show decreasing trend as the production technology is comparatively old than the high-tech equipment, hence, propelling the industry growth.
The global ESS market is examined on the basis of type, application spectrum and regional outlook. Speaking of the type, the market is segmented as NaS, lithium, lead acid, and others. While based on the application spectrum, the market is fragmented as utility & commercial and residential.
Considering the regional outlook, energy storage systems market is divided into five major regions; Europe comprises of UK, France, Italy, Germany, Russia, and rest of Europe; the U.S, Canada, and Mexico fall under North America; India, Japan, Malaysia, China, Australia, Philippines, South Korea, Indonesia, Vietnam, and Thailand come under Asia Pacific; Brazil and rest of South America compose Central & South America; and Egypt, GCC countries, South Africa, Turkey, and rest of Middle East & Africa fall under Middle East & Africa region.
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Furthermore, Asia Pacific region dominated the ESS market with 40% revenue share in 2018, due to low cost of labour and raw material in the region. While, the United States and Europe are anticipated to register significant demand for energy storage systems over the analysis period, thereby aiding the market growth, cites the report.
Prominent manufacturers operating in the ESS market include BYD, Samsung SDI, Panasonic, LG Chem, Primus, Hitachi, General Electric, Kokam, NGK, Fluence Energy, SMA Solar Technology, LSIS, Con Edison Solutions, Younicos, Eos Energy Storage, Saft Batteries, and Lockheed Martin Energy.