Global Energy Storage market is expected showcase rohbust growth during the forecast period (2023-2030). Trends are shifting towards producing energy form renewable power sources to reduce carbon emissions and new technologies are being invented to store energy in any alternate form and use it when required. Such systems are divided mainly into mechanical, electrochemical, chemical, and thermal energy storage systems. Furthermore, surging demand for electric vehicles leading to increased adoption of energy storage systems in transportation sector would fuel the growth of energy storage devices such as tesla. The surging penetration of the electric vehicles across the globe is driving the demand for the batteries. Moreover, the popular EV manufacturers like Tesla are manufacturing vehicles based on the sustainable energy. The government in countries like Canada and Japan are providing subsidies to the buyers of the electric and hybrid vehicles, to encourage the adoption of the EVs and promote sustainable transportation. These government initiatives to promote the green energy sources are expected to drive the growth of the energy storage systems across the globe.
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The COVID-19 pandemic severely impacted several markets across the globe, particularly in India, the U.S., Spain, and other Western European nations. The energy storage market has been slightly impacted due to the outbreak of COVID-19 shutdown of manufacturing facilities in compliance with government regulations, to reduce the spread of disease. According to the IEA, the COVID-19 crisis has significantly impacted the global growth in renewable power capacity addition. However, renewable electricity net generation in 2020 grew by ~6% as compared to 2019.
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Based on Type, , the energy storage market is segmented into mechanical, electrochemical, thermal, and chemical. Among all mechanical category hold highest market share in which it s sub divided into pumped hydro storage and compressed storage. Moreover, compressed air storage also holds a prominent market share after pumped hydro storage due to previously installed and ongoing wind energy projects globally. Since wind energy is a clean way to produce energy therefore countries are investing heavily to achieve their targets for carbon neutral country and fulfil the treaty for Paris Agreement which was adopted by 196 parties at COP 21 in 2015.
Based on Application, In 2022, the global market for energy storage market divided into transpotation and grid management, where the systems was dominated by the grid storage segment, depending on the application. Energy storage on a big scale is frequently done via grid storage systems. The industrial sector has a significant demand for energy, which is what fuels the segment’s expansion. Additionally, extensive energy storage makes for a reliable and effective power source
Additionally, the report provides detailed initiatives that are being taken in the field of energy storage market. The market is classified into distinct regions including North America, Europe, Asia Pacific, and the Rest of World. Asia Pacific is likely to witness high growth due to rising economic growth resulting to high construction activities.
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Global Energy Storage Market Segmentation
Market Insight, by Type
· Mechanical
· Electrochemical
· Thermal
· Chemical
MARKET INSIGHTS BY APPLICATION
· Transportation
· Grid Management
Market Insight, by Region
· North America
· Europe
· Asia Pacific
· Rest of World
Top Company Profiles
· Contemporary Amperex Technology Co. Limited
· Convergent Energy and Power
· Duke Energy
· Fluence
· General Electric
· Hitachi Ltd
· NextEra Energy Inc
· NEC Corporation
· S&C Electric Company
· Tesla Inc.
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