The global Energy Storage Systems Market size was USD 12.97 Billion in 2022 and is expected to reach USD 22.59 Billion in 2032, and register a rapid revenue CAGR of 6.2% during the forecast period. Rising demand for uninterruptible power supply and increasing deployment of Renewable Energy sources are major factors driving market revenue growth.
Energy storage devices are essential for preserving the stability and dependability of electrical grid by balancing the supply and demand of electricity. Recent years have seen a substantial increase in the use of renewable energy sources, such as wind and Solar Energy, and energy storage devices are now more crucial than ever for storing energy produced during times of low demand and supplying it during times of high need.
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Top companies profiled in the report are:
The global energy storage systems market is highly competitive, with several large and medium-sized players accounting for a significant portion of the market revenue. Major players in the market are utilizing various strategies such as mergers and acquisitions, partnerships, product launches, and collaborations to expand their presence in the market. Some of the major companies included in the global energy storage systems market report are:
- Tesla, Inc.
- LG Chem Ltd.
- Samsung SDI Co., Ltd.
- Panasonic Corporation
- General Electric Company
- ABB Ltd.
- Hitachi, Ltd.
- Siemens AG
- Fluence Energy, LLC
- Saft Groupe S.A.
Energy Storage Systems Market Segmentation:
By Technology Outlook:
- Lithium-ion
- Lead-acid
- Flow batteries
- Others
By Application Outlook:
- Residential
- Commercial & Industrial
- Utilities
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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