February 10, 2021 07:15 ET | Source: Market Research Future Market Research Future
Pune, February 10, 2021 (GLOBE NEWSWIRE) - Energy storage market analysis/energy storage market trends
The Market Research Future (MRFR) report shows that the global energy storage industry is profitable and is expected to achieve significant growth at a healthy compound annual growth rate of 20.18% during the forecast period (2019-2026). Energy storage is a key component of the clean energy transition. It refers to modular blocks that can store energy generated by renewable energy sources with higher efficiency and release energy when needed. Renewable energy has become an important part of the world's energy structure. The rapid construction of global new renewable energy power generation capacity is an important driving force for market growth.
Enhance the function of stimulating market growth
According to the MRFR report, there are many factors driving the scale of the energy storage market. These include the development of renewable energy power generation, the gradual decline in technology costs, the increasing application of energy storage in each end-user industry, and the growing demand for energy storage instead of traditional traditional energy sources such as petroleum, petroleum and coal. Reduce pollution and produce fewer carbon emissions, help combat climate change, and serve as a source of electricity for off-grid and remote areas. Other factors that increase market growth include the continuous promotion of renewable energy storage systems, the increase in energy consumption, a large number of public and private investments, the booming development of the renewable energy sector, various government policies and plans that support ESS (energy storage systems), And to improve the economics of energy storage.
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On the contrary, the unclear regulatory framework and high initial capital investment may have a negative impact on the outlook of the global energy storage market during the forecast period.
The ongoing COVID-19 pandemic has had a negative impact on the energy storage industry. The market faces many problems, including obtaining raw components and delivering the final product to attract workers in the quarantine area. The blockade measures implemented by governments around the world have inhibited the production of energy storage products, leading to soaring product prices, thereby reducing market demand.
On the bright side, the industry is quickly returning to normal, and energy demand is growing steadily, especially in the industrial sector. After the blockade is lifted in most countries, the end-use sector's demand for the product may pick up. This may increase revenue in the energy storage market during the forecast period.
The MRFR report provides a comprehensive analysis of the energy storage market based on types and end users.
By type, the global energy storage market can be subdivided into chemical, electrochemical, thermal and mechanical. Among them, the mechanical part will lead the market during the forecast period.
According to end users, the global energy storage market is divided into residential, commercial and industrial, and utilities. Among them, the residential sector will dominate the market during the forecast period.
View in-depth market research reports on the energy storage market (105 pages)
https://www.marketresearchfuture.com/reports/energy-storage-market-4476
Europe will have a place in the energy storage market
By region, the global energy storage market covers growth opportunities and latest trends in Europe, Asia Pacific (APAC), North America, and the rest of the world (RoW). Among them, during the forecast period, Europe will occupy the largest market share. The rapid growth of the utility-scale energy storage industry, the emergence of project developers and innovative suppliers, the growing purchasing power of consumers, and regulatory changes are increasing the region’s share of the global energy storage market.
The Asia-Pacific region will occupy the second largest share of the energy storage market
In the Asia-Pacific region, the global energy storage market is expected to seize the second largest share during the forecast period. Increasing production capacity, the presence of leading energy storage manufacturers, rapid industrialization and urbanization, the need for higher operational efficiency, process control industries, and reduced production costs are increasing the value of the global energy storage market in the region. In addition, the rise in the share of renewable energy, government initiatives to promote energy storage installations, the increase in total renewable energy generation across the region, and the growing demand for energy storage systems in India, South Korea, and China have also contributed to significant growth. .
Significant growth in the North American energy storage market
In North America, the global energy storage market is expected to grow significantly during the forecast period. Increasing investment in the renewable energy sector, increased renewable energy generation, increased grid development projects including microgrids and energy storage technologies, the presence of several leading companies, and the significant expansion of the industrial sector are driving this The growth of the regional global energy storage market.
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The main players introduced in the global energy storage market report include
Due to the existence of many well-known companies, the global energy storage market is inherently competitive and decentralized. These participants have adopted a number of strategies to maintain a leading position and meet the growing needs of customers, such as mergers and acquisitions, partnerships, geographic expansion, strategic alliances, etc.
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