According to the research report titled ‘Energy Storage Systems Market Size By Technology (Pumped Hydro, Electro-Chemical {Lithium Ion Battery, Sodium Sulphur Battery, Lead Acid Battery, Flow Battery, Others}, Electro-Mechanical {Flywheel, Compressed Air Energy Storage}, Thermal {Water, Molten Salt, Phase Change Material, Others}), By Application (Electric Energy Time Shift, Electric Supply Capacity, Black Start, Renewables Capacity Firming, Frequency Regulation, Other), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Saudi Arabia, UAE, South Africa, Brazil, Argentina, Mexico) Application Potential, Competitive Market Share & Forecast, 2019 – 2025’ available with Market Study Report, the global energy storage systems market is expected to exceed USD 500 billion by the year 2025.
 

According to the report, growing inclination towards sustainable sources of energy coupled with growing demand for continuous power supply are major factors driving the energy storage systems market growth. Various insurance companies have introduced favorable reimbursement policies in order to promote using clean sources of energy. This factor along with increasing awareness pertaining to adoption of green energy technologies coupled with depleting storage system costs are augmenting the product demand across the globe.
 

In terms of technology, the report states that electro-chemical segment is expected to register substantial growth during the estimated timeframe. Energy storage systems are cost effective, and enable high power conversion and safe operation. Adding to this, advancements in electro-chemical technology in order to enhance the battery performance are stimulating the industry outlook.
 

Based on the application spectrum, energy storage systems market from renewable capacity firming application segment is presumed to expand by 10% by the year 2025. Energy storage systems help in maintaining irregular output of sustainable sources of energy. The product also facilitates to control the ramp rate as well as smoothens the output of sustainable technologies, thereby facilitating the business scenario.
 

Considering the geographical landscape, the report cites that Japan energy storage systems industry is expected to cross USD 65 billion by the year 2025. Rising adoption of small grid technologies along with decentralization of distribution networks at local and regional level are contributing towards popularity of the product across the country. Growing demand for integration of storage systems with solar photovoltaic plants is further aiding the market expansion.
 

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On the other hand, energy storage systems market in Germany is predicted to grow by 3% by the year 2025, primarily driven by increasing dependency on green energy sources and introduction of renewable energy targets.
 

The prominent companies operating in the energy storage systems market are Calnetix Technologies, Amber Kinetics, Beacon Power, ABB Ltd., Axiom Energy, MC Dermott International Inc., Finetex EnE Inc., FAFCO, Evapco Inc., Steffes Corporation, Goss Engineering, Dunham-bush Holding Bhd., Cryogel Thermal Energy Storage, Baltimore Aircoil Company, Brightsource Energy Inc., Burns & McDonnell, SolarReserve LLC, Abengoa, DN Tanks Inc., CALMAC Manufacturing Corp., Ince Energy Technologies Inc., RusHydro, Enel Green Power, Nevada Hydro, Eskom Holding, EDF, GE Alstrom SA, Dongfang Electric Corp., Voith, J-POWER, Genex Power Ltd., Sinohydro, Schluchseewerk AG, Furukawa Battery Co. Ltd., and Hoppecke Batteries Inc. among others.