Global Energy Storage market is witnessing astronomical growth in the past few years owing to the factors such as burgeoning investment towards the construction of renewable power capacities, robust spending on infrastructure development, supportive government initiative for energy storage system and snowballing demand for energy storage systems among end-users. Moreover, significant decline in the cost of batteries, burgeoning demand for perennial electricity supply among residential sector and escalating government funding toward R&D activities are the factors placing a positive impact on the growth of the market over the forecast period.
According to MarkNtel Advisors’ research report “Global Energy Storage Market Analysis, 2021”, the Global Energy Storage market is anticipated to grow at a CAGR of around 5.5% during 2021-26F. Based on Application, Electronic Devices is projected to grow at a high rate owing to the factors such as booming millennial population surging the demand for smartphones, wearable, significant rise in the demand for consumer drones which are powered by batteries. Besides this, Mobility is also projected to grow at a highest CAGR in the forthcoming timeline. The growth is attributed to increase inclination of countries toward electric vehicle in order to reduce carbon dioxide emission. Thus, these are expected to propel the demand for batteries for energy storage which would further surge the market growth in the coming years.
“Global Energy Storage Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Energy Storage providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Asia-Pacific Acquired the Majority Share
Asia-Pacific acquired the majority share in the market in 2019. China, India and Japan are the fast emerging as a hub for Energy Storage in Asia-Pacific. However, China is among the major country for the production and consumption of energy storage systems in Asia-pacific. The increasing investment on Li-ion battery manufacturing capacity that can be use as energy storage systems in transportation due to growing electric vehicle due to rise in the demand for e-scooter and light-duty electric vehicle in China and India. However, growing adoption of renewable energy, boost in the integration of software for management of energy storage and robust industrialization are the driving factor anticipated to upsurge the growth of the Energy Storage Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Energy Storage Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Global Energy Storage market are Greensmith Energy (Wartsila), NEC Energy Solutions Inc., Fluence Energy LLC, Contemporary Amperex Technology Co. Limited, Convergent Energy and Power LP (Energy Capital Partners), Tesla Inc., LG CNS, Duke Energy Corporation, NextEra Energy Inc. etc.
Key questions answered in the study: