Energy storage is a critical tool for facilitating effective renewable energy integration and maximising the benefits of local generation while maintaining a clean and stable energy supply. The technology continues to prove its importance to grid operators throughout the world who must manage the intermittent generation of solar and wind energy. The development of advanced energy storage systems (ESS) has, on the other hand, been concentrated in a few markets, particularly in highly developed economies. Despite fast cost reductions, ESSs remain expensive, and the large upfront investment required is difficult to overcome without government aid and/or low-cost financing. The segment analysis in the Energy Storage Market report is provided by technology, end-user, and geography.
Energy Storage Market Report Scope and Research Methodology:
Automobile finance businesses acquire massive amounts of client data. This data helps businesses understand their clients better, but the sheer amount stops them from evaluating and acting on it. Automobile loan businesses sift through data to understand more about a customer's financial history and preferences. Because of these insights, businesses may now provide more customised financial solutions that are tailored to a customer's specific demands. More business leads will be generated as a result of firms' ability to differentiate their services, keeping customers away from fraudsters and defaulters.
Cars feature 50 or more sensors that collect data on speed, pollution, fuel use, resource utilisation, and security. All of this information can be used to identify patterns and promptly correct or prevent quality issues. Analytics can increase both customer satisfaction and quality control at a minimal cost. In addition, forward-thinking businesses are cooperating with the government to employ predictive analytics to forecast and identify high-congestion zones based on data acquired from automobiles for town planning and smart city development. Urban metropolitan concerns such as effective traffic management, resource allocation, and environmental challenges can be solved using insights from automotive data and other sources such as satellite, mobile, and GPS data.
Energy Storage Market Overview:
Stellar Market Research has published a report titled Energy Storage Market Manufacturers, Regions, Types, Applications, Segments, and Forecast to 2029. The report examines insights in the context of the Energy Storage market, including its ever-changing patterns, industrial environment, and other key market components.
Energy Storage Market size was valued at US$ 12.37 Bn. in 2020. Global Energy Storage Market is estimated to grow at a CAGR of 19.4% over the forecast period.
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Energy Storage Market Segmentation:
The Energy Storage Market is divided into four technology segments: Batteries, Pumped-Storage Hydroelectricity (PSH), Thermal Energy Storage (TES), Flywheel Energy Storage (FES), and Others. With an 83.2% market share in 2020, the Batteries category has dominated the market. Battery energy storage is seen as a critical technology in the transition to a sustainable energy system. Battery energy storage systems regulate voltage and frequency, reduce peak demand costs, integrate renewable energy sources, and provide backup power. Batteries are an essential component of energy storage systems, accounting for around 60% of the entire cost of the system. In contrast, batteries are only expected to contribute a small portion of the total installed storage capacity.
Among the several types of batteries used in energy storage systems are lead-acid, lithium-ion, nickel-metal hydride (NiMH), nickel-cadmium (NiCD), nickel-zinc (NiZn), and flow batteries. Lithium-ion batteries are in high demand in the battery energy storage market due to their low cost. The US Department of Energy (DOE), for example, has set an intermediate pricing target of USD 125 per kWh by 2020, with lithium-ion battery costs predicted to fall to USD 73 per kWh by 2030. Furthermore, due to its low maintenance, lightweight, extended cycle life, high energy density in terms of volume, and high charge/discharge efficiency, lithium-ion batteries are expected to hold the greatest share of the battery energy storage industry.
Energy Storage Market Key Players:
Greenko Energies Pvt Ltd (India)
Siemens Energy (Germany)
ABB Ltd. (Switzerland)
Eos Energy Storage (United States)
GS Yuasa Corporation (Japan)
Contemporary Amperex Technology Co. Limited (China)
UniEnergy Technologies (United States)
BYD Co. Ltd (China)
Tesla Inc. (US)
General Electric Company (US)
AES Corporation (US)
Sulzer Ltd. (Switzerland)
Hydrostor Inc. (Canada)
Voith GmbH (Germany)
Linde AG (Germany)
Hydrogenics Corporation (Canada)
Highview Power Storage (UK),
SolarReserve LLC. (US)
Energy Storage Market Regional Insights:
The market study examines market size, dynamics, and market share in the following regions: North America, Europe, Asia Pacific, South America, the Middle East, and Africa.
Key Questions answered in the Energy Storage Market Report are:
- What is the expected Energy Storage market size by the end of the forecast period?
- What are the Energy Storage market segments?
- Which segment in the Energy Storage market is expected to grow rapidly during the forecast period?
- Which are the prominent players in the Energy Storage market?
- What key trends are expected to emerge in the Energy Storage market during the forecast period?
- Which region dominated the Energy Storage Market?
- Which regional market is expected to grow at a high rate during the forecast period?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by segments with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Stellar Market Research
Established in 2018, Stellar Market Research is an India-based consulting and advisory firm focused on helping clients reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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