Global Energy Storage System Market is accounted for $7.16 billion in 2021 and is expected to reach $32.27 billion by 2028 growing at a CAGR of 24.0% during the forecast period. The energy storage system is any device that can store electrical energy produced at one time for use at another time. This includes batteries, fuel cells, and other systems such as pumped storage or flywheel. Energy stored in this way makes less dependence on the grid’s current availability to be able to work with electricity generated from renewable sources like solar power or wind power.
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By geography, The Asia Pacific is projected to have the highest CAGR due to the presence of fast-growing economies such as China and India. As this region is prone to frequent power cuts, energy storage systems are of utmost importance in applications such as UPS and data centers. The advantages of advanced energy storage systems including cost-effectiveness, eco-friendly nature, and reliability have driven the ESS market in this region.
Some of the key players profiled in the Energy Storage System Market include Altairnano, Ecoult, Electrovaya, Fluence, General Electric, Kokam, Langley Holdings Plc, LG Chem, Maxwell Technologies, Inc., Saft, Samsung SDI Co., Ltd., Showa Denko Materials, Co. Ltd., and The Furukawa Battery Co. Ltd.
Technologies Covered in Energy Storage System Market
• Electrochemical Storage
• Electromechanical Storage
• Pumped Hydro
• Thermal Storage
Types Covered:
• Flow Battery
• Lead Acid Battery
• Lithium-Ion Battery
• Sodium Sulfur (NaS) Battery
Applications Covered:
• Transportation
• Grid Storage
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