According to the Stellar Market research report "Energy Storage Market with COVID-19 Impact Analysis by Technology, End-User, and Region- Global Forecast to 2027", the Energy Storage market size is expected to grow from USD 12.37 billion in 2020 to USD 42.80 billion in 2027; it is expected to grow at a CAGR of 10.9 % from 2021 to 2027.

View detailed Table of Content here - https://www.stellarmr.com/report/toc/Energy-Storage-Market/291

Market Overlook:

Energy storage is a critical tool for maximizing the use of renewable energy and maximizing the benefits of local generation while also assuring a clean and stable energy supply. The technology continues to prove its importance to grid operators throughout the world who must manage the intermittent generation of solar and wind energy.

To stimulate the market for battery energy storage, various governments have set significant goals to increase the installation of renewable energy storage technology. To ensure peak power usage supply, BESS units can be easily integrated into residential, commercial, and industrial-scale solar and wind energy producing systems. For example, in June 2020, global renewable power generation was pegged at 2,805.5 Terawatt-hours (TWh) in 2019, up 13.7 percent from 2,468.0 TWh in 2018.

Large-scale battery storage facilities are outfitted with a high-power BESS unit, which comes with a hefty upfront cost that could stymie the industry's growth prospects. Furthermore, the increasing commercialization of low-carbon power generating technologies such as fuel cell systems fueled by hydrogen, pumped hydro storage projects, and carbon fibre energy storage diverts funds away from new projects, limiting the expansion of the battery energy storage market.

Energy Storage Market Trends:

Because of their low pricing, lithium-ion batteries are in high demand in the battery energy storage sector. The US Department of Energy (DOE) has set an interim pricing target of USD 125 per kWh by 2020, with costs for lithium-ion batteries expected to drop to USD 73 per kWh by 2027. Moreover, lithium-ion batteries are expected to have the largest share of the battery energy storage market due to its low maintenance, light weight, long cycle life, high energy density in terms of volume, and high charge/discharge efficiency.

Energy Storage Regional Insights:

Through the forecast period, the North America region is expected to increase at a CAGR of 16.8%. Because this region is prone to frequent power outages, energy storage devices are vital in applications such as UPS and data centres. The advantages of current energy storage systems, such as cost-effectiveness, environmental friendliness, and reliability, have propelled the energy storage market in this region. Also, the deployment of storage in front of the metre for grid applications is assisting the growth of the regional market. The region has a robust energy storage funding mechanism in place, which is expected to considerably assist behind-the-meter storage deployments in the region.

Energy Storage Market Key Players:

• Greenko Energies Pvt Ltd (India)
• Siemens Energy (Germany)
• ABB Ltd. (Switzerland)
• Eos Energy Storage (United States)
• GS Yuasa Corporation (Japan)
• Contemporary Amperex Technology Co. Limited (China)
• UniEnergy Technologies (United States)
• BYD Co. Ltd (China)
• Tesla Inc. (US)
• General Electric Company (US)
• AES Corporation (US)
• Sulzer Ltd. (Switzerland)
• Hydrostor Inc. (Canada)
• Voith GmbH (Germany)
• Linde AG (Germany)
• Hydrogenics Corporation (Canada)
• Highview Power Storage (UK),
• SolarReserve LLC. (US)

Energy Storage Market Segmentation:

Market segmentation allows marketers to design campaigns more easily since it allows them to focus on specific client groups rather than the whole public. Marketers can be more efficient in terms of time, money, and other resources by segmenting their data. Market segmentation allows clients to better understand their customers. Client acquire a greater understanding of their customers' requirements and wants, allowing them to customise campaigns to the client segments that are most likely to buy products.

By Technology

• Batteries
• Pumped-Storage Hydroelectricity (PSH)
• Thermal Energy Storage (TES)
• Flywheel Energy Storage (FES)
• Others

By End User

• Utility
• Commercial & Industrial
• Residential

• Inline
• Online

By Region

• North America
• Europe
• Asia Pacific
• MEA
• South America

About Stellar Market Research:

Stellar Market Research, an Indian consulting and advisory organisation, was founded in 2018 with the intention of assisting customers in achieving their business transformation goals by providing advisory services and strategic business planning. As a strategic knowledge partner, the company's mission is to become an important part of the client's business. The firm gives suggestions that help to determine the future of the organisation. The company has been entirely funded by revenue since its inception in November 2018. To date, the firm has worked with over 335 businesses in 25 industries, generating accurate data with a 94% accuracy rate.

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