Industry Background:
Energy storage systems make easier the modernization of electricity grids to ensure the delivery of reactive and active power. Todays electric system is facing huge challenges such as handling of energy needs, climate change, enhancing efficiency from non-renewable energy processes. The grid energy storage helps to tackle these challenges by enhancing operating capabilities of the grid, lowering cost and ensuring high reliability, reducing infrastructure investments. And it also provides backup power as well as grid stabilization services.
According to AMA Research, the market for Grid Energy Storage is expected to register a CAGR of 27.0% during the forecast period to 2030. This growth is primarily driven by Modernizing the Electric System
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | K Units |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Energy & Resources sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as ABB (Switzerland), Beacon Power (United States), Hydrostor (Canada), Tesla (United States), General Electric (United States), Samsung SDI (South Korea), EnerVault (United States), S&C Electric (United States) and Maxwell Technologies (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In January 2022, Fluence Energy, Inc. (a Siemens company) and AES Corporation announced a definitive agreement to combine their global energy storage businesses, creating a leading energy storage technology and services provider. The combined company, Fluence Energy, Inc., offers a comprehensive portfolio of energy storage solutions across applications, including grid modernization, renewables integration, distributed energy, and microgrids.
In May 2021, Tesla unveiled its Powerwall+ home battery storage system, offering increased capacity and power output compared to its previous Powerwall models. This product caters to the growing demand for home energy independence and self-consumption.The global grid energy storage market is highly competitive and consists of some key players. In terms of market share, few of the key players presently dominate the global market. These market players are leveraging on strategic collaborative creativities to intensification their market share and escalation their profitability.
Influencing Trend:
Growing Demand in Europe and Japan Because Of Higher Fraction of Grid Storage and Increasing Storage Development in Europe and Asia
Market Growth Drivers:
Modernizing the Electric System, High Movement of Nations towards Electrification of the Transportations Sector and Increase Penetration of Renewable Energy on the Grid
Challenges:
Growing Cost Competition in Energy Storage Technologies
Restraints:
Stringent Regulatory Environment and Growing Concern towards Safety, Reliability in Energy Storage Systems
Opportunities:
Growing Demand in China and India, Because Of Growing Number of Energy Storage Programs to Support the Rapid Growth in Electric Energy Needs
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Grid Energy Storage Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Grid Energy Storage Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Grid Energy Storage players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Grid Energy Storage Study Sheds Light on
The Grid Energy Storage Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Grid Energy Storage industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Grid Energy Storage industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.