Selbyville, Delaware, United States, October 30 2020 (Wiredrelease) Global Market Insights, Inc –:Rising demand for uninterrupted power supply along with shifting trends toward utilization of renewable energy systems is likely to drive global energy storage systems market outlook. Energy storage systems are indispensable to the operation of power systems, as they ensure continuity of energy supply and improve reliability of the system.
With growing environmental concerns and speedy adoption of renewable energy resources, energy storage is becoming imperative. Renewable energy sources are intermittent in nature, due to which the produced energy is stored and used when required. According to the International Energy Agency, renewable share in power generation is expected to grow at a steady rate of 40% by 2040.
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Ongoing R&D activities to improve the energy density and cycle life of storage technologies will augment industry landscape. Mounting demand for effective load management from various end-user industries is likely fuel product penetration over the coming years. In terms of revenue, energy storage system market share is touted to cross the USD 500 billion mark by 2025.
Growing concerns pertaining to exhausting energy resources is prompting consumers to adopt sustainable energy technologies. The decreasing costs of energy storage systems will also fuel product adoption in future. Policymakers have provisioned various financial incentives in the form of reduced price of energy storage systems to promote utilization of clean energy sources. For instance, in 2017, the government of Italy proposed a 50% tax reduction for the deployment of residential energy storage systems.
Lead acid, lithium ion, sodium Sulphur and flow batteries are among the most imperative electro-chemical technologies primarily installed for stationary storage. The electro-chemical segment is likely to witness steady growth owing to its ability to provide temperature stability and high energy density during operations. High power conversion, cost effectiveness, and safe operation are some of the key advantages offered by electro-chemical technology, which will be conducive to product adoption. Moreover, technological advancement in system design, such as improved battery performance will also boost product penetration.
Additionally, control of the ramp rate, output smoothening, and maintenance of the irregular output of sustainable technologies are some of the of the key parameters, which will positively impact the product adoption.
Application-wise, renewable capacity firming application is poised to grow at 10% CAGR over the forecast period.
Japan energy storage systems market is forecast to gain above USD 65 billion in revenue over the analysis period. In a bid to limit carbon emissions, as well as electricity bills, several solar photovoltaic plants equipped with storage systems are being installed across the region. Extensive application range of small grid technologies will positively impact business expansion. Moreover, decentralization of the electrical network at regional and local level across Japan will favor regional growth.
Germany energy storage systems market is estimated to register CAGR of 3% over 2019-2025. Introduction of renewable energy targets coupled with increasing dependency on sustainable energy sources will supplement industry share. The government of Germany has set targets to meet 65% of the power consumption from sustainable sources by 2030.
Major industry players operating in energy storage systems market include DN tanks, Inc, Finetex EnE, Panasonic, Samsung SDI, Axoim Energy, Solar Reserve, Genex Power Limited, Northland Power, Beacon Power, Inc, Alstom, Toshiba, Steffes Corporation, FAFCO, Cryogel, Sunwell Technologies, J-Power, LLC, RusHydro, Voith, Brightsource Energy, Inc., and Schluchseewerk AG amongst others.
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