According to report, the energy (electricity) storage market is projected to reach a value of over US$ 13 Bn in 2025 at a CAGR of 37.6% over the forecast period. The first five-year cumulative revenue (2017–2021) of the global market is projected to be approximately US$ 10 Bn, which is expected to increase significantly over the latter part of the five-year forecast period.
Increasing demand for power from remote locations is on the rise. Increasing trend of shifting from high-cost diesel fuel to variable renewable resources, owing to which demand for both energy storage and sophisticated operations controls is expected boost growth of the global energy storage market. In addition, favorable regulatory scenario and increasing urban population and infrastructure development in emerging economies are other factors expected to fuel growth of the global market.
Global Energy (Electricity) Storage Market: Segmental Snapshot
By Product type: The lithium ion battery segment accounted for highest revenue share contribution as compared to other type segment, and is expected to register a CAGR of over 39% between 2017 and 2026.
By application: The utility segment is projected to account for highest revenue share as compared to that of other application segment, and register a CAGR of over 35% over the forecast period, owing to need for new infrastructure to modernize and expand the grid and commercial rising interest from renewable generation developers seeking to add storage to large-scale solar installations to overcome existing network constraints.
By region/country: The energy (electricity) storage market in North America accounted for highest revenue share in the global electricity (energy) storage market in 2016, and is expected to register a CAGR of over 35% between 2017 and 2026, owing to the presence of prominent players in the region.
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Global Energy (Electricity) Storage Market: Competitive Analysis
The research report on the global energy (electricity) storage market includes profiles of some of major companies such as NGK Insulators Ltd., ABB Ltd., AEG Power Solutions B.V., LG Chem, Ltd., Princeton Power Systems, Inc., General Electric Company, Samsung SDI Co., Ltd., NEC Energy Solutions, SolarCity Corporation – (Tesla, Inc.), ZEN Energy Pty Ltd., S&C Electric Company, Outback Power Inc., Saft Groupe S.A., The AES Corporation, and Eos Energy Storage.