Energy Storage Systems (ESS) Market 2019
Energy storage is the capture of energy produced at one time for use at a later time. A device that stores energy is generally called an accumulator or battery.
Scope of the Report: In the coming years there is an increasing demand for Energy Storage Systems (ESS) in the regions of Europe and United States that is expected to drive the market for more advanced Energy Storage Systems (ESS). Increasing of residential fields expenditures, more-intense competition, launches in introducing new products, retrofitting and renovation of old technology, increasing adoption of Energy Storage Systems (ESS) will drive growth in global market.
The Energy Storage Systems (ESS) industry market is low concentrated as the manufacturing technology of Energy Storage Systems (ESS) is relatively matures than some high-tech equipment. And some enterprises, like Samsung SDI, LG Chem, Hitachi, Kokam, etc. are well-known for the wonderful performance of their Energy Storage Systems (ESS) and related services. At the same time, Asia-Pacific, occupied 40% sales market share in 2018, is remarkable in the global Energy Storage Systems (ESS) industry because of their lowest cost of raw material and labor.
The worldwide market for Energy Storage Systems (ESS) is expected to grow at a CAGR of roughly 25.8% over the next five years, will reach 9053.4 million US$ in 2024, from 2877.8 million US$ in 2019.
This report focuses on the Energy Storage Systems (ESS) in global market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application.
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Market Segment by Manufacturers, this report covers Samsung SDI LG Chem Hitachi Kokam Fluence Energy LSIS SMA Solar Technology NGK General Electric Primus Panasonic BYD Younicos ABB Saft Batteries Lockheed Martin Energy Eos Energy Storage Con Edison Solutions
Market Segment by Regions, regional analysis covers North America (United States, Canada and Mexico) Europe (Germany, France, UK, Russia and Italy) Asia-Pacific (China, Japan, Korea, India and Southeast Asia) South America (Brazil, Argentina, Colombia etc.) Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Market Segment by Type, covers Lithium Lead Acid NaS Others
Market Segment by Applications, can be divided into Residential Utility & Commercial
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The energy & power sector is expected to expand due to constant consumer demands. Changing regulations owing to governmental changes, temperamental climatic conditions, and growing pollution levels remain challenges that need to be addressed on an immediate basis.
Power generation companies are training personnel to cater to growing demands of consumers. Training programs have been known to educate on the latest technology and gain expertise on the field. Moreover, latest software can assist in pinpointing abnormalities and anomalies which can pose a bigger threat. The companies in charge of generating power are optimizing assets to increase their operational efficiency adhering to latest standards. Moreover, light bills have been sent to customer emails in order to cut down reliance on paper and promote sustainability.
Companies are adopting transformative models in order to maintain and optimize refineries, wells, plants, and facilities. Positive effects witnessed include increased production at units, improved safety of workers, and lowered maintenance & operation expenditure. Modernization of legacy equipment and upgradation of infrastructure are prime objectives of utilities.
Smart grids are electrical grids which can function as a secure and reliable electricity infrastructure for meeting energy demands of consumers. These comprise smart appliances, smart meters, and renewable energy resources which can compile data gathered through devices to ascertain fluctuations or over usage of these devices. Initiatives to reduce energy consumption by governments will ensure the adoption of these systems. This is exemplified by the seven-year contract between OGE Energy Corporation and Accenture to lower peak demand and peak voltage reduction.
Technology Innovation is probably going to assume a stupendous job with the foundation of networks and related framework. Internet of things will make every single electronic gadget or gear kept running by power a bit more intelligent. Grids and utilities will wind up more brilliant because of increasing demand for energy management and efficiency. Intelligent lighting solutions can show light as per diverse climatic conditions in different pieces of the city, saving money on vitality costs and furnishing influence to zones with extreme blackouts.
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