(MENAFN- Ameliorate Digital Consultancy) Consumption of energy storage systems is predicted to increase at a CAGR of 5.6% from 2022 to 2031, . The global energy storage systems market stands at US$ 45.1 billion in 2022, and is projected to reach a valuation of US$ 73.8 billion by the end of 2031.
Rising popularity of electric vehicles will also positively boost demand for energy storage systems (ESS) along with electric car battery charger systems. The market for energy storage systems in the Asian region is anticipated to expand at a higher CAGR of 6% through 2031.
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Competitive Landscape
Energy storage system manufacturers are focusing on mergers, acquisitions, collaborations, and partnerships to expand their business scope and fast-track their production processes in order to gain a competitive edge in the global landscape.
In December 2021 , LG Energy Solution , a storage battery manufacturing organization, announced the signing of a MoU (Memorandum of Understanding) with Siemens AG . This collaboration will be aimed at the digitization of the battery manufacturing process.
Prominent Key Players Of The Energy Storage Systems Market Survey Report:
ABB Ltd. BYD Company Limited EOS Energy Storage Evapco Inc. Maxwell Technologies Inc. General Electric Company Hitachi Ltd. LG Chem Ltd. NEC Corporation Panasonic Corporation Schneider Electric SE Siemens AG Tesla
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Growing Adoption of Electric Vehicles Will Fuel Industry Demand for Energy Storage Systems
The adoption of electric vehicles (EVs) is growing rapidly, and this trend is expected to continue in the coming years. This growth in EV adoption is driving the demand for energy storage systems, as these systems are essential for powering EVs. Energy storage systems are used to store energy generated from renewable sources such as solar and wind, and they can also be used to store energy generated from the grid.
This stored energy can then be used to power EVs. As the number of EVs on the road increases, so too will the demand for energy storage systems. This increased demand will create opportunities for companies that specialize in the design, manufacture, and installation of energy storage systems.
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Key Segments Covered :
by Technology : Electro Chemicals Lithium-Ion Batteries Lead Acid Batteries Sodium Sulfur (NAS) Batteries Flow Batteries Others
Thermal Storage Mechanical Energy Storage Pumped Hydro Energy Storage Flywheel Energy Storage Compressed Air & Liquid Air Energy Storage
Other Storage Technologies
by Application : Transportation Grid Storage
by End User : Residential Non-residential Utilities Automotive
by Region : North America Latin America Europe East Asia South Asia & Oceania MEA
Questionnaire answered in the report include:
How the industry has grown? What is the present and future outlook on the basis of region? What are the challenges and opportunities? Why the consumption in region? In which year segment is expected to overtake segment?
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