Energy storage refers to systems that are equipped to accumulate various forms of energy efficiently and conveniently.
Market By Application, Chemistry And Geography | Forecast 20 ..VIEW REPORT
Market by Product, Type, End-user, and Geography | Forecast ..VIEW REPORT
Energy storage refers to systems that are equipped to accumulate various forms of energy efficiently and conveniently. The sector is undergoing tremendous advancements, including the emergence of cutting-edge technologies, which will disable the conventional impediments of uninterrupted supply of energy. Recently, renewable energy resources are gaining momentum, owing to its continuous promotion. The proliferation in the production of renewables is primarily attributable to the escalating energy consumption and heavy public-private investment at a global level. Major economies around the globe have exhibited a keen interest in the production of renewable energy. Thus, this risen consumption and production is shifting the focus and need towards energy storage system.
Rapid response is another value-added aspect of the energy storage systems. Most of the storage technologies possess the capability to instantly discharge power, which ensures the stability of the grid at the time of an uncertain increase in demand. Hence, the sector is witnessing a risen urge for unconventional sources of energy, which can be stored and utilized as per requirement.
Electric adaptability is a steady trend of the automotive industry, which is generating demand for energy storage systems on a global scale. The international government agencies, including Environmental Government Agencies, etc. are majorly focusing on leveraging limits on the emission of carbon dioxide. For example, China is a prime economy in consumption as well as the production of energy storage systems in the overall Asia-pacific region. China aims to upsurge electric vehicle production approx. 11.9 million by 2020, which will supplement the battery storage systems market in the region. The rise in EV will also help the country to focus on cutting down carbon dioxide emission and provide environment-friendly transportation. Further, the country is flanked with the presence of prime storage system producers, such as BYD Battery Co. Ltd., AU Optronics Corp., Exide Industries Ltd., LG Chem and others.
Other trending factors that are responsible for driving the penetration of energy storage systems are the risen acceptance in the transportation sector and the integration of software for efficient supervision of energy storage systems. Moreover, prominent companies operating on an international platform such as ABB Ltd., S&C Electric Company, Schneider Electric, etc. are also contributing by actively participating in the market revenue.
Triton provides a broad range of reports on the topics such as Fuel Cell Market, Battery Market, Flywheel Energy Storage Market, Electric Vehicles Market, Utility and Energy Analytics Market, Distribution Transformers Market, and many more.
Our analysts, provide a qualitative study on top trends and future estimations to identify the prevalent market potential. Our experts also focus on analyzing related end-user markets and estimating the impact of dynamics based on market behaviour. The reports also offer an in-depth strategic understanding of crucial related topics that assist our clients in their informed decisions.