Energy Storage Systems Market to Witness Exponential Growth by 2025
The
global energy storage systems market is fragmented in nature on
account of the presence of a copious number of regional and
international players. In order to tap into the market, which has
ample room for growth, new players are rushing in. As a result,
competition in the market is predicted to heat up in the near future.
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In
order to surge ahead in the global energy storage systems market
savvy players are banking on product development and
carefully-considered mergers and acquisitions. They are also focusing
on improving their distribution network and managing working capital
effectively in order to thrive in the market.
Some
of prominent players operating in the global energy storage systems
market are ABB Ltd., BYD Company Limited, EOS Energy Storage, Evapco,
Inc., Maxwell Technologies, Inc., General Electric Company, Hitachi,
Ltd., LG Chem, Ltd., NEC Corporation, Panasonic Corporation,
Schneider Electric SE, Siemens AG, and Tesla.
As
per a report by Transparency Market Research, the global energy
storage systems market will likely rise at a steady CAGR of 5.6% from
2017 to 2025 to become worth US$52.59 bn in 2025 from US$32.60 bn in
2016.
Depending
upon application, the global energy storage systems market can be
split into transportation and grid storage. Of the two, the segment
of transportation is expected to register higher growth owing to
soaring sales of battery operated electric vehicles, which help to
keep vehicular pollution in check, and expanding railway networks.
Geographically,
the key segments in the global energy storage systems market are Asia
Pacific, Europe, North America, Latin America, and the Middle East
and Africa. Of them, Asia Pacific has maximum market share and is
also expected to outshine all other regions vis-Ã -vis growth rate.
China, which is a key manufacturing hub of batteries for electric
vehicles and is also a major demand driver for such vehicles is
mainly powering the growth in the region. By 2025, the market in Asia
Pacific is expected to pull in a revenue to the tune of 16.5 bn.
Majorly
fuelling the global energy storage systems market worldwide is the
pressing need to address vehicular pollution which is serving to
rapidly deteriorate the air quality in cities particularly. This has
resulted in policy changes forcing commuters to opt for less
polluting vehicles such as electric cars, two-wheelers, buses, and
trucks. This in turn has provided a boost to the sales of energy
storage systems. The growing railway network is also providing a
fillip to the market.
Besides
the automotive segment, commercial and industrial establishments –
together known as non-residential segment – are other key drivers
of the global energy storage systems market as their need to store
energy is high. The residential sector too is expected to grow at a
healthy clip in the upcoming years because of the increasing adoption
of solar panels to reduce electricity cost and tide over power cuts.
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In
addition, focus of players to come with high-tech and highly
customized batteries for battery energy storage is also positively
influencing the market. For example, the emergence of Li-ion,
sodium-sulfur, and advanced LAB products from the stables of
well-entrenched companies have served to up sales.
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