The global energy storage systems market demand is expected to reach a total capacity of 210,803 MW By 2026, according to a new report by Grand View Research, Inc. Growing demand for efficient and competitive energy resources over the last decade has primarily driven the market. It is estimated to register a CAGR of 2.3% from 2018 to 2026.
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Rising consumer awareness regarding efficient energy consumption coupled with demand for smart homes with effective load management is expected to play a major role in the development of energy storage system market. Ascending demand by electric utilities, on account of need for distributed energy integration with the main grid, is likely to fuel the growth over the forecast period.
Hybrid systems including start-stop systems, hybrid vehicles, and e-bikes are expected to present the strongest growth opportunity for lithium-ion battery manufacturers. Companies such as AES, GE Renewable, and Altairnano are investing huge capital in R&D of new technologies within the battery storage segment.
Pumped Hydro Storage (PHS) systems is expected to remain a dominant segment by 2026 due to ongoing investments to enhancing on-grid capacity and upgrading energy infrastructure in North America and Asia Pacific. The segment accounted for over 90% of the global energy storage systems capacity in 2017.
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Further key findings from the report suggest:
• Electrochemical storage capacity is projected to be the fastest growing segment with a CAGR of 12.6% from 2018 to 2026
• North America is estimated to expand at a CAGR of 4.0% over the forecast period
• Asia Pacific energy storage systems market holds the largest share globally with a cumulative capacity expected to exceed 102 GW by 2026
• Electromechanical storage capacity in Germany was estimated to be 688.2 MW in 2017 and is projected to register a CAGR of 3.9% over the forecast period