SEOUL-- August 04, 2022 -- This new Fact.MR research report on the energy storage systems market predicts the industry to evolve at a CAGR of 5.6% from 2022 to 2031. At present, the energy storage systems market accounts for a net worth of USD 45.1 billion.
Energy storage technologies have seen rapid advancements in the past few years owing to increasing investments in research & development to create more efficient energy storage systems. This is projected to majorly guide energy storage systems market potential. Rising use of energy storage systems in the automotive industry owing to increasing sales and popularity of electric vehicles will also positively influence energy storage system consumption. However, high costs of installation are expected to hinder the adoption of energy storage systems to a certain extent.
Energy storage system vendors are adopting new strategies to maximize their sales and revenue potential across the world, and are also focusing on collaborations to strengthen their market presence.
· In June 2020, Siemens Energy AG, an energy company of Siemens Group, announced a collaboration with Norway-based EnergyNest. This will be a long-term commitment aimed at offering standardized modular thermal energy storage systems for their industrial customers.
Why is the consumption of energy storage systems increasing in Asia Pacific?
On a worldwide basis, East Asia and South Asia are predicted to be the most profitable areas. Rising urbanisation and the popularity of electric vehicles are anticipated to be key developments propelling the Asian region's ESS market potential. Energy storage technology is expected to be in great demand in China and India.
The market for energy storage systems in the Asian region is anticipated to have a dominant perspective throughout the course of the forecast period and be worth USD16.5 billion by 2031.
Energy storage system manufacturers are adopting organic and inorganic growth strategies to maximize their business scope on a global level. Increasing demand for advanced and next-generation energy storage systems will favor market potential over the coming years.
Supportive government initiatives and subsidies are also expected to favor energy storage system sales going forward.
The study divulges essential insights on the market on the basis of technology (electro chemicals, thermal storage, mechanical energy storage, other storage technologies), application (transportation, grid storage), and end user (residential, non-residential, utilities, automotive), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
