According to the business intelligence report titled ‘Global Energy Storage Market Analysis, 2021’, available with Market Study Report, global energy storage market is speculated to grow at an annual rate of 5.5% between 2021-2026.
 

Increasing use of portable electronics and hybrid vehicles, decreasing prices of batteries, and rising demand for distributed power generation systems are key factors spurring global energy storage market growth.
 

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Surging deployment of smart grid technology in emerging economies, rapid commercialization of innovative technologies such as flow batteries and solid state batteries, and growing inclination towards renewable energy development will stimulate industry expansion.
 

Based on application scope, global energy storage market is bifurcated into electronic devices, mobility and stational storage. Speaking of end user spectrum, the industry is segmented into industrial, residential, commercial and utility.
 

As per type, the market space is divided into mechanical, thermal, electrochemical and chemical segments. The report states that electrochemical segment is predicted to expand significantly during the analysis timeframe, with lithium battery emerging as a major revenue generator for the industry participants.
 

Rising demand for heavy duty vehicles due to growing investments towards infrastructure development and increasing efforts to reduce carbon emissions have augmented the demand for lithium batteries. In addition, favorable initiatives which promote the use e-bus and hybrid vehicles are fueling global energy storage industry size from the electrochemical segment.
 

Regionally speaking, the business intelligence report analyzes this market sphere with respect to North America, Asia Pacific, Europe and Rest of the World. Specifics pertaining to market share, growth rate projections, revenue garnered, and sales amassed by each region are highlighted in the report.
 

Key players profiled in worldwide energy storage market report are Greensmith Energy Management Systems Inc., Fluence Energy LLC, Tesla Inc., NextEra Energy Inc., NEC Energy Solutions Inc., LG CNS, Convergent Energy and Power Inc., Contemporary Amperex Technology Co. Limited, and Duke Energy Corporation.
 

These companies have undertaken strategic decisions like mergers & acquisitions, investments, partnerships, alliances, and innovative product launches to maximize profits as well as strengthen their foothold in this market sphere.