According to Goldstein Research, Global energy storage system market is projected to nurture at a CAGR of 7.2% over the forecast period 2016-2024 to reach USD 296 billion by 2024 from USD 170 billion in 2016. Major driving factor for global energy storage system market is the rapidly growing expenditure on the energy sector majorly in the renewable energy sector.

However, energy storage system costs competitive energy storage technology which poses a major challenge for the growth of energy storage system market growth. Installation of energy storage systems with high installed capacity is an expensive venture as compared to the conventional process. Global Energy storage system market segmentation has been done on the basis of technology, application, end user, and geography.

Based on technology, the global energy storage system market is dominated by mechanical energy storage systems in 2016 with 24.0% market share, followed by electromechanical energy storage system segment. Based on geography, energy storage system market is mainly dominated by Asia Pacific which is expected to grow at a CAGR of 10.0% in during the forecast period, followed by Middle East & Africa. MEA energy storage system market is projected to grow rapidly at a CAGR of 9.0% during the analysis period. Also, Brazil and Mexico are anticipated to create a pool of opportunities for energy storage system in Latin America region.

Market Segmentation

On the basis of our in-depth analysis, Global Energy Storage System Market can be segmented and sub-segmented as follows:

Based on Technology

• Mechanical Energy Storage
o Pumped Hydro Storage (PHS)
o Compressed Air Energy Storage (CAES)
o Flywheels
o Liquid Air Energy Storage (LAES)
o Hot Water Systems

Electrochemical Energy Storage

• Advanced Lead Acid battery
• Lithium-Ion (LI-ION) battery
• Sodium Sulfur (NaS) Battery
• Flow Systems
• Thermal Energy Storage
o Pumped Heat Electrical Storage (PHES)
o Concentrated Solar Power (CSP)
• Chemical Energy Storage
o Hydrogen Storage
o Solar Power to gas (P2G)

Based on Application

• Grid Storage
• Energy Transmission

Based on End-User

• Residential
• Commercial
• Energy & Utilities

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Based on Region

• North America (United States, Canada) {Market Share (%), Market Size (USD Billion, Adoption Rate (%)}
• Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
• The Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of the Middle East & Africa) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
• Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
• Asia Pacific energy storage system Market(China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}

“Energy Storage System Market Outlook 2024” contains a detailed overview of the global energy storage system market. On the basis of our in-depth analysis, the market can be segmented in terms of market segmentation by technology, application, and end user.

Further, for the in-depth analysis, Global Energy Storage System Market Report technology and end-user encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.

This industry analysis report also includes competitive outlook of some of the major players profiling of companies such as ABB Ltd., LG Chem, Ltd., Tesla, Inc., Samsung SDI Co, Ltd, AES Energy Storage, EnSync Energy, General Electric, Panasonic, Mitsubishi Heavy Industries, Enersys, Active Power, Beacon Power, Greensmith Energy Management Systems, Convergent Energy and Power Inc., Sonnen, Redflow, Eos Energy Storage, Alevo, Seeo Inc., BYD Company Ltd., Scheider Electric, SMA Solar Technology AG, SK Holdings, Enerbrax Acumuladores Ltda, Eguana Technologies, Autobat SACI, Imergy Power Systems., Ionotec Ltd., Exide Industries Ltd., etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services, and industries catered, financial analysis of the company and recent developments.

The objective of the Report:
To analyze and forecast market size of energy storage system market.
To calculate the expected growth rate of the energy storage system market.
To classify and forecast energy storage system market based on technology, application, end user, and geography.
To identify market key players, driving factors, & trends of energy storage system market with the help of SWOT Analysis.

To identify and analyze the profiles of leading players involved in the manufacturing and supplying of energy storage system market.
To identify market opportunities for the existing and entry-level players.
Overall, the report represents the global energy storage system market trends along with a market forecast that will help industry consultants, technology providers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.

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Our mission is simple: to develop insightful business solutions, help our clients make powerful future decisions to keep them well ahead of the game which is the market, and leave a mark across businesses and communities through our well-defined ideas and clear-cut forecasts. Our market research reports provide in-depth analysis of global and regional variations along with competitors’ overview.

Our analysts working on energy sector market research reports to help various tech-giants, tech start-ups and entry players to assess the current and upcoming business scenario. We believe in the vigorous examination of the current market scenario and build around creative ideas and approaches that are most suitable to our clients’ needs and business agenda.

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