February 17, 2023/Industry News Global/ -- This new report from Stratview Research analyses the Energy Storage Systems Market over the trend period from 2017 to 2020 and the forecast period from 2022 to 2028. The insights of the report shall enable informed decision-making and strategy formulation for the near future to capitalize on the opportunities.
Energy Storage Systems Market Overview:
Energy storage systems market demand was estimated at 210.94 GW in 2021 and is likely to grow at a CAGR of 11.1% from 2022-2028 to reach 440.71 GW in 2028.
What is Energy Storage System?
The energy storage system is a device used to convert electrical energy from a power system into a form that can be stored for converting back to electrical energy.
Segment Analysis
- By Technology Type
- The market is segmented as pumped hydro, electro-mechanical, electrochemical, and thermal. The pumped hydro segment is projected to be the market’s largest segmentduring the forecast period. Higher efficiency, greater stability, longer lifespan, and low storage cost are some of the major features of the pumped hydro segment driving its growth in the global market.
- By Application Type
- The market is segmented as electric energy time shift, electric supply capacity, black start, renewable capacity firming, frequency regulations, and others. The electric energy time-shift segment is projected to remain the largest segmentof the market. Electric energy time-shift involves purchasing inexpensive energy during low cost for storage and using it later when cost or price is high.
- By Region
- Asia-Pacific is estimated to be the largest marketled by China, Japan, India, South Korea, ASEAN Countries, and Others. Expanding industrial sector, rapid urbanization, significant economic development in the region, and increased focus on sustainable sources of energy are the major factors driving the growth of the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
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About Stratview Research
Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace Defense, Automotive Mass Transportation, Consumer Goods, Construction Equipment, Electronics and Semiconductors, Energy Utility, Healthcare Life Sciences, and Oil Gas.
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