February 1st, 2022
Energy Storage Systems Market
Energy Storage Systems Market is supported by a compound annual growth of 6.4% during the coming years. Energy storage systems refer to instruments that can effectively and easily store different forms of energy to be used as per need. The ongoing technological modernizations have encouraged market growth.
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Energy Storage Systems Market Dynamics
The increasing adoption of electric vehicles across different nations has captivated leading players and government bodies, which stands to be the foremost factor contributing to the growth of the global Energy Storage Systems Market. The research report published by International Energy Agency (IEA) and World Bank in 2019, energy storage deployments in the developing markets are projected to expand by more than 40% yearly in the coming years. For example, the emerging countries will have to magnify their energy output to cater to the growing demand. Also, the IEA stated that by 2035, these nations would gauge for nearly 80 percent of the overall growth in energy consumption. Besides this, the global Energy Storage Systems Market research report, the limited discharge, portability, and negligible effects on the environment are some other major factors contributing to the market growth. For example, Tesla, in 2017, designed and established the world's most monumental Li-ion technology, including Tesla Powerpack batteries across South Australia's Hornsdale province, which assisted in reserving over US$ 40 million, leading to the elevation of the market share. The apex of reduction in the battery costs and the mechanized electrification is likely to elevate the market growth. However, the high cost of grid connections will restrain the Energy Storage Systems Market size.
Technology Segment Drivers
Based on the technology, the hydro pump storage segment is likely to witness a faster CAGR over the forecast period. This is because of the benefits proffered by the technology, such as it helps to balance the variable output of baseload power plants and inexhaustible sources. In addition, as per the Energy Storage Systems Market report, the constant investments in technology have resulted in market growth. For example, the U.S. government in 2018 proclaimed a US$ 9 million allowance for research pursuits planned at decreasing the costs of pumped hydro systems.
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