Source: P&S Market Research

Energy Storage Market to Cross 51,426 MW Installed Capacity by 2023: P&S Market Research

NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, the installed capacity in the global energy storage market is projected to reach 51,426.0 MW by 2023, the market growth is driven by substantial growth in the amount of renewable energy being deployed around the world and increasing need of the smart grid systems.

Based on type, the energy storage market is categorized into mechanical, electrochemical, thermal, chemical, and others; ‘others’ include fossil fuel and biological storage. Of these, electrochemical is expected to be the fastest growing type in the market during the forecast period, with a CAGR of 47.4%. The increasing need of 24/7 electricity services is fueling the demand for electrochemical energy storing systems globally.

Request to get the sample pages: https://www.psmarketresearch.com/market-analysis/energy-storage-market

Based on application, the energy storage market is categorized into fuel saving, arbitrage, ancillary services, back up supply, and others; ‘others’ include air conditioning and running mills. Of these, arbitrage is expected to be the fastest growing application area in the market, advancing at a CAGR of 44.1% during the forecast period. Arbitrage refers to the application of energy trading strategies within an electricity environment, aiming to buy energy from the grid at a low price and sell it back to the grid at higher price. Although much of the present-day grid operates effectively without storage, cost-effective ways of storing electrical energy can help make the grid more efficient and reliable.

During the forecast period, the energy storage market is expected to witness the fastest growth in Asia-Pacific (APAC), with a CAGR of 45.4%. Currently, energy storage systems are considered as a next level of upgradation in smart grid technologies by Asian power utilities. With increasing demand for smart grid (an electricity supply network that uses digital communication technology), governments of different countries in the region are shifting to such grids, in order to meet the electricity and power supply. This further drives the market growth in the region.

Browse report overview with detailed TOC on "Energy Storage Market" at: https://www.psmarketresearch.com/market-analysis/energy-storage-market

It is seen that there is going to be a scarcity of fossil fuels including coal, uranium, and oil, in the coming years. With time, these fossil fuels will get depleted attributed to the present rate of consumption. It is seen that crude oil reserves are vanishing at the rate of 4 billion tons a year and if we continue using them at this rate, our known oil deposits will last until 2052. All these factors are paving the way for setting up of energy storage systems. Thus, the scarcity of fossil fuel can be seen as an opportunity for the energy storage market growth.

Some of the major players operating in the global energy storage market are Greensmith Energy, S&C Electric Company, LG CNS, NEC Energy Solution, Younicos, Fluence, Advanced Microgrid Solutions, Duke Energy, Convergent Energy and Power LP, Duke Energy, Tesla, and Nextra Energy.

More Reports by P&S Market Research

Power Rental Market

Continuous power-based generators held the largest share in the power rental market during the historical period and are estimated to account for more than 45.0% share in the market in 2017. Industrial sites, oil and gas facilities, and construction and mining sites are some of main end users of continuous power-based rental generators driving their market growth.

https://www.psmarketresearch.com/market-analysis/power-rental-market

Thermal Energy Storage Market

The increasing shift towards non-fossil fuels has increased the share of renewable energy in the generation mix. This has created significant demand in the global thermal energy storage market enabling the end-users to store energy for effective later use. Additionally, the rapid industrialization across the globe has increased the need for uninterrupted power supply which would further lead to the growth in the overall market for thermal energy storage during the forecast period.

https://www.psmarketresearch.com/market-analysis/thermal-energy-storage-market

About P&S Market Research

P&S Market Research is a market research company, which offers market research and consulting services for various geographies around the globe. We provide market research reports, industry forecasting reports, business intelligence, and research-based consulting services across different industry/business verticals.

As one of the top growing market research agency, we’re keen upon providing market landscape and accurate forecasting. Our analysts and consultants are proficient with business intelligence and market analysis, through their interaction with leading companies of the concerned domain. We help our clients with B2B market research and assist them in identifying various windows of opportunity, and framing informed and customized business expansion strategies in different regions.

Contact:
P&S Market Research

347, 5th Ave. #1402

New York City, NY - 10016

Toll-free: +1-888-778-7886 (USA/Canada)

Email: enquiry@psmarketresearch.com

Web: https://www.psmarketresearch.com

Connect with us: LinkedIn | Twitter | Google + | Facebook