The market for energy storage systems is being driven by a greater global emphasis on the production of renewable energy. In the next years, market growth is expected to be constrained by expensive capital expenditures on energy storage systems and growing environmental concern.
The global market for energy storage systems is divided into four categories for analysis: technology, end user, application, and geography. Market segments include pumped hydro storage, battery energy storage, compressed air energy storage, and flywheel energy storage, depending on technology. Residential, non-residential, and utility end customers are all included in the study's end users. The market is divided into stationary and transportation segments according to application. It is examined from the perspectives of North America, Europe, Asia-Pacific, and LAMEA.
Energy Storage Systems Market: Segmentation Analysis
Energy Storage Systems Market Segmentation by Storage System:
- Front-of-the-meter
- Behind-the-meter
Energy Storage Systems Market Segmentation by Element:
- Battery
- Hardware
- Others
The Battery Storage Segment led the global Energy Storage Systems Market and accounted for the largest market share in the market.
Energy Storage Systems Market Segmentation by Battery Type:
- Lithium-Ion Batteries
- Advanced Lead-Acid Batteries
- Flow Batteries
- Others
The Lithium-Ion Batteries segment has been dominating the market and accounted for the largest revenue share in the global Lithium-Ion Batteries market. This high share is attributed to its features like less weight, high energy density, high life expectancy and high energy density.
Energy Storage Systems Market Segmentation by Connection Type:
- On-grid
- Off-Grid
The On-grid segment is anticipated to register substantial growth with the growing CAGR over the forecast period.
Energy Storage Systems Market Segmentation by Energy Capacity Type:
- Below 100 MWh
- Between 100 to 500 MWh
- Above 500 MWh
Energy Storage Systems Market Segmentation by Application:
- Residential
- Commercial
- Utility
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Top Key Players:-
- LG Chem
- Langley Holdings Plc
- Altairnano
- Electrovaya
- Showa Denko Materials, Co. Ltd.
- Maxwell Technologies, Inc.
- Saft
- THE FURUKAWA BATTERY CO., LTD.
- Ecoult
- Kokam
- Fluence
- Samsung SDI Co., Ltd.
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