Energy Storage Market Poised for Global Expansion: Analysing Technology Trends and Business Opportunities

According to the latest market research report title “Energy Storage Market By Type (Battery [Lithium-ion Batteries, Lead-acid Batteries, Redox Flow Batteries], Pumped Storage Hydropower, Compressed Air Energy Storage, Gravity-based Energy Storage, Liquid Air Energy Storage [LAES], Flywheel Energy Storage [FES]), By End User (Residential, Commercial, Utilities), By Region (North America, South America, Europe, The Middle East Africa, Asia-Pacific)--Forecast to 2024″, published by MarkNtel Advisors, The Global Energy Storage Market size is valued at nearly USD 221.5 billion in 2023 is predicted to reach about USD 435.4 billion by 2030.

The data present in the report exhibit from the historic years (2019-22) and the base year (2023) to put together estimations for the forecast period (2024-30). In the study, our researchers put together reliable, unbiased, and accurate data to enlighten investors about fluctuations in the industry anticipations on what to expect in the future. Since the industry is dynamic and highly fragmented, this report enables the prominent players to make strategic moves associated with their investments in the coming years.

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Global Energy Storage Market Driver:

Growing Adoption of Renewable Energy Storage – The Energy Storage Market has been significantly propelled by the expanding adoption of renewable energy sources, notably solar wind, in recent years. The intermittent nature of these renewable sources necessitates the usage of energy storage systems to capture surplus energy during periods of high generation release it when demand peaks, ensuring a more dependable consistent supply of renewable energy. The growing prevalence of renewable energy sources, marked by their intermittency variability, has resulted in a supplemented need for energy storage solutions.

Moreover, the integration of large-scale renewable energy into power grids has introduced challenges related to grid stability, voltage control, and frequency regulation. Energy storage systems offer a viable solution by allowing grid operators to mitigate fluctuations in power generation and consumption, thereby enhancing grid stability and facilitating the seamless integration of renewables. As Europe, the Middle East, and the Asia-Pacific region embark on ambitious renewable energy projects to meet their clean energy targets, the demand for energy storage systems is expected to witness a notable upswing in the forecast period.

Energy Storage Market Segmentation

The Energy Storage Market is highly robust and fragmented into numerous segments;

By Type

-Battery- Market Size Forecast 2019-2030, USD Million

--Lithium-ion Batteries- Market Size Forecast 2019-2030, USD Million

--Lead-acid Batteries- Market Size Forecast 2019-2030, USD Million

--Redox Flow Batteries- Market Size Forecast 2019-2030, USD Million

-Pumped Storage Hydropower - Market Size Forecast 2019-2030, USD Million

-Compressed Air Energy Storage - Market Size Forecast 2019-2030, USD Million

-Gravity-based Energy Storage - Market Size Forecast 2019-2030, USD Million

-Liquid Air Energy Storage (LAES) - Market Size Forecast 2019-2030, USD Million

-Flywheel Energy Storage (FES) - Market Size Forecast 2019-2030, USD Million

By End User

-Residential- Market Size Forecast 2019-2030, USD Million

-Commercial - Market Size Forecast 2019-2030, USD Million

-Utilities- Market Size Forecast 2019-2030, USD Million

By Region

-North America

-South America

-Europe

-The Middle East Africa

-Asia-Pacific

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Key Players Operating in the Energy Storage Market: -

Voith GmbH Co. KGaA

-Business Description

-Type Portfolio

-Strategic Alliances or Partnerships

-Recent Developments

-Financial Details

-Others

Hitachi Energy

-Business Description

-Type Portfolio

-Strategic Alliances or Partnerships

-Recent Developments

-Financial Details

-Others

Mitsubishi Electric Corporation

-Business Description

-Type Portfolio

-Strategic Alliances or Partnerships

-Recent Developments

-Financial Details

-Others

Key Questions Answered:

What is the projected CAGR of the Energy Storage Market during the forecast period?
Which segment is expected to lead the Energy Storage Market?
Who are the prominent players driving market growth?

Key Offerings:

Market Share, Size, and Revenue Forecast
Market Dynamics: Growth drivers, restraints, investment opportunities, and key trends
Landscape: Leading key players and other prominent participants

About MarkNtel Advisors

MarkNtel Advisors is a leading research, consulting, data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial varied client base, including multinational corporations, financial institutions, governments, individuals, among others.

Our specialization in niche industries emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing forecasting, trend analysis, among others, for 15 diverse industrial verticals.

Using such information, our clients can identify attractive investment opportunities strategize their moves to yield higher ROI (Return of Interest) through an early mover advantage with top-management approaches.

We understand the mounting diverse needs of our clients. Hence, our analysts focus on emerging industries to provide services that fulfilled their assessment of the current future industry potential, identify white spaces hotspots, venture into new geographies or business segments in the future.