Energy Storage Systems Market to record USD 500 billion by 2025, at 6% CAGR from 2019 to 2025
Global Energy Storage Systems Market is set to grow from its current market value of more than $340 billion to over $500 billion by 2025; according to a new research report by Global Market Insights, Inc.
Increasing consumer inclination subject to energy efficiency along with rising concerns pertaining to renewable energy assets will stimulate the energy storage systems market growth. According to the IEA, renewable share in power generation is projected to grow to 40% by 2040. Furthermore, rising demand for effective load management and continuous power supply will enhance the product penetration.
Escalating consumer awareness with respect to the adoption of sustainable energy technologies along with decreasing storage costs will foster the energy storage systems market. The policymakers have proposed various financial incentives to encourage the utilization of clean energy sources which has positively impacted the price of energy storage systems. The Government of Italy in 2017, has proposed 50% tax reduction for the deployment of residential ESS. Prevailing R&D activities to improve the cycle life and energy density of storage technologies will boost the product demand.
Japan energy storage systems market is projected to surpass USD 65 billion by 2025. Decentralization of the electrical network at regional and local level coupled with extensive application of small grid technologies will fuel the industry growth. Rising demand for incorporation of solar photovoltaic plants with storage systems to limit the carbon emissions and to reduce the electricity bills will enhance the business landscape.
Germany energy storage systems market is projected to exceed 3% by 2025. Introduction of renewable energy targets favored by the rising dependency on sustainable energy sources will fuel the industry growth. The government of Germany has set an ambitious target to meet 65% of the power consumption from sustainable sources by 2030.
Ability to provide temperature stability and high energy density during operation will stimulate the electro-chemical segment growth. Lead Acid, Sodium Sulphur, Lithium Ion and Flow batteries are among the most imperative electro-chemical technologies installed for stationary storage. Safe operation, high power conversion and cost effectiveness are few of the essential features encouraging the product adoption. Furthermore, technological enhancements in system design to improve the battery performance will augment the product demand.
Renewable capacity firming application is set to onlook growth over 10% by 2025. Output smoothening, control of the ramp rate and maintenance of the intermittent output of sustainable technologies are few of the indispensable parameters which will positively influence the product demand for the foreseeable future.
Eminent industry players operating across the energy storage systems market comprises of Finetex EnE, DN tanks, Inc, Panasonic, Axoim Energy, Samsung SDI, Solar Reserve, Northland Power, Genex Power Limited, Beacon Power, Inc, Toshiba, Steffes Corporation, Alstom, FAFCO, Cryogel, J-Power, LLC, Sunwell Technologies, RusHydro, Schluchseewerk AG, Voith and Brightsource Energy, Inc, amongst others.
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