According to a report research titled ‘Energy Storage Systems Market Size By Technology, By Application (Electric Energy Time Shift, Electric Supply Capacity, Black Start, Renewables Capacity Firming, Frequency Regulation, Other), Industry Analysis Report, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Report Study LLC, energy storage systems market valuation is anticipated to hit USD 500 billion by the forecast period end.
 

Research findings state that rising consumer interest in energy efficiency, coupled with growing concerns regarding renewable energy assets will positively sway energy storage systems industry dynamics in the upcoming years.
 

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For the record, the International Energy Agency claims that the share of renewable power in total global power generation is anticipated to reach 40% by 2040, indicating an increased demand for energy storage units throughout the forecast period. Furthermore, escalating adoption of sustainable energy technology, as well as decreasing storage costs will augment the overall market remuneration scope.
 

On the basis of technology, energy storage systems market from electro-chemical segment is expected to gain considerable traction in the upcoming years. Benefits like better thermal stability, high energy density during operations, and cost effectiveness are enhancing the product demand in this segment. Further, technological advancements in system design for enhanced battery performance will boost the demand.
 

In terms of application scope, renewable capacity firming segment is poised to garner over 10% CAGR through 2025 owing to factors such as output smoothening, control over ramp rate and maintenance of intermittent output of sustainable technology.
 

Considering the geographical outlook, Japan energy storage systems industry valuation is set to exceed USD 65 billion by 2025. This can be attributed to the decentralized electrical network across regional and local levels, along with extensive application of small grid technologies in the nation.
 

Meanwhile, Germany industry is anticipated to register 3% CAGR during the forecast period owing to increased reliability on sustainable energy sources to meet the country’s ambitious renewable energy targets.
 

Major market players in energy storage systems market space are Voith Group, General Electric Company, Genex Power Ltd., Toshiba Corp., Mutlu Inc.., Nevada Hydro Co., Inc., BYD Auto Co., Ltd., LG Chem Ltd., Duracell Inc., FDK Corp., Primus Power Corp., ProLogium Technology Co., Ltd., Tesla, Inc., Exide Technologies, Panasonic Corp., Picodeon Ltd Oy,  Samsung SDI Co., GS Yuasa Corp., Steffes, LLC, SaltX Technology Holding AB, Abengoa Solar, S.A., SolarReserve, LLC, Ice Energy, EnergyNest A.S, BrightSource Energy, Inc., and Siemens Gamesa Renewable Energy S.A.