As stated in our extensive report; providing insights Key Drivers, Key Restraints, Segments (i.e.,Technology, Application, End User and Region); the Global Energy Storage System Market accounted for USD 191.4 Billion in the year 2021.
The energy storage system is a piece of equipment that allows various types of energy, such as electrochemical and mechanical, to be stored and used as needed. The global focus on renewable energy production is fueling the demand for energy storage systems. However, excessive capital investments in the direction of energy storage systems and upward push in a situation in the direction of environmental pollutants are predicted to restrain the market increase in the future. As a result, prominent companies are employing a variety of strategies to stay competitive in the energy storage systems market, including product launches, acquisitions, agreements, corporate development, and collaboration. The unexpected outbreak of the radical coronavirus has adversely affected the increase of software applications. A decline was witnessed within the setup of battery energy storage systems in diverse projects
“Key Factors Likely to Drive Growth of Energy Storage System Market”
The most common renewable energy types that can be stored in grids are solar and wind energy. However, hiding the sun with the help of clouds or changing wind currents results in variations in the energy generation process. Such oscillations necessitate the adoption of flexible grid systems to maintain energy. Grid upgrading is making battery energy storage devices a necessity. These structures aid grid operators in power shopping when power generation exceeds demand. Concerning the generation, transmission, and distribution of electrical power, the use of those structures increases the dependability and versatility of power supply systems.
However, because of the high energy density and improved overall performance provided by adopting battery energy storage technologies such as lithium-ion batteries, flow batteries, and lead-acid batteries, longer setup investments are required. Lithium-ion batteries are expensive because they have a high energy density, a low self-discharge rate, and require little maintenance. Moreover, lithium-ion battery costs are expected to decrease in the future. These batteries are also used in electric vehicles (EVs) because they are lightweight, small, and have a large capacity. Furthermore, the high initial investment necessary to manufacture flow batteries may function as a key barrier to market expansion.
Asia Pacific held the largest share in the Global Energy Storage System Market in 2021. The need to fulfill the requirement of peak electricity demands is the major factor contributing to the growth of the market in this region.
Some of the key players in the Global Energy Storage System Marketinclude-Scheider Electric, SMA Solar Technology AG, Exide Industries Ltd., SK Holdings, Autobat SACI, Enerbrax Acumuladores Ltda, Eguana Technologies, Imergy Power Systems., Ionotec Ltd, Tata Power and others.