Global energy storage systems market is expected to grow with a CAGR of 5.5% over the forecast period of 2018-2024

LONDON, Sept. 20, 2018 /PRNewswire/ -- The report on global energy storage systems market provides qualitative and quantitative analysis for the period of 2016 to 2024.



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The report predicts the global energy storage systems market to grow with a CAGR of 5.5% over the forecast period of 2018-2024. The study on energy storage systems market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific and RoW for the period of 2016 to 2024.
The energy storage systems are associated with the storage of produced energy by using the mechanical storage or electrochemical storage technologies for storing energy for later use. The renewable energy production is unpredictable as the renewable energy sources are very unsteady. The energy storage system helps to provide economical and conventional way to store the energy for further use.

The adoption of renewable energy across the world is growing very rapidly that is driving the energy storage system market worldwide. The energy storage systems play a vital role in the storage of renewable energy storage. The energy storage systems come in the various capacities i.e. Ampere/Hrs. The rising consumer's interest towards the use of on-demand energy source is likely to boosts the growth of the energy storage system market. In addition, use of the software's to manage the energy storage system is expected to contribute to the growth of the energy storage system market. However, the initial high set-up cost of energy storage system is expected to hamper the growth of the energy storage system. Moreover, rising adoption of energy storage system across various industries is expected to create several opportunities for the energy storage system market in the upcoming market.

Regionally, Asia Pacific region is the largest and fastest growing region in the energy storage system market owing to increased use of renewable energy sources such as solar energy and wind energy. Also, government regulation and incentives to use renewable source of energy and increased the sales of electric vehicles in this region to facilitate growth in the Asia Pacific region. Moreover, China accounts for the major market share in term of production of batteries that is likely to drive the growth of the energy storage system market in this region.

The report on energy storage systems market is a comprehensive study and presentation of drivers, restraints, opportunities, demand factors, market size, forecasts, and trends in the global energy storage systems market over the period of 2016 to 2024. Moreover, the report is collective presentation of primary and secondary research findings.
Porter's five forces model in the report provides insights into the competitive rivalry, supplier and buyer positions in the market and opportunities for the new entrants in the global energy storage systems market over the period of 2016 to 2024. Further, IGR- Growth Matrix given in the report brings an insight on the investment areas that existing or new market players can consider.

Research Methodology

A) Primary Research
Our primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents, the primary respondents are approached through
1. Key Opinion Leaders associated with Infinium Global Research
2. Internal and External subject matter experts
3. Professionals and participants from LinkedIn, Hoovers, Factiva and Bloggers

Our primary research respondents typically include
1. Executives working with leading companies in the market under review
2. Product/brand/marketing managers
3. CXO level executives
4. Regional/zonal/ country managers
5. Vice President level executives.

B) Secondary Research
Secondary research involves extensive exploring through the secondary sources of information available in both public domain and paid sources. At Infinium Global Research, each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources.

The secondary sources of the data typically include
1. Company reports and publications
2. Government/institutional publications
3. Trade and associations journals
4. Databases such as WTO, OECD, World Bank, and among others.
5. Websites and publications by research agencies

Segment Covered
The global energy storage systems market is segmented on the basis of technology and end-user.

Global Energy Storage Systems Market by Technology
- Mechanical Storage
- Electrochemical Storage
- Thermal Storage
Global Energy Storage Systems Market by End-User
- Residential
- Commercial
- Transportation
- Utility

Company Profiles
- ABB
- Siemens
- Panasonic
- LG Chem
- Samsung SDI
- General Electric
- Hitachi
- Tesla
- General Electric Company
- Maxwell Technologies, Inc.
- NEC Corporation
- Others

How this report delivers?
1. Comprehensive analysis of global as well as regional markets of energy storage systems market.
2. Complete coverage of all the segments in energy storage systems market to analyze the trends, developments in the global market and forecast of market size up to 2024.
3. Comprehensive analysis of the companies operating in global energy storage systems market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.
4. IGR- Growth Matrix presents analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.

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