Energy Storage Solutions (ESS) Market Growth Trend & Forecast with latest research study released by Delvens evaluating the market risk side analysis, highlighting opportunities, and leveraging strategic and tactical decision-making support. The report provides information on market trends and development, growth drivers, technologies, and the changing investment structure of the Global market, the global Energy Storage Solutions (ESS) market size was estimated at USD 46.4 billion in 2023 and is projected to reach USD 114.3 billion in 2030 at a CAGR of 13.75% during the forecast period to 2030.
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The growing adoption of renewable energy sources is increasing the demand for renewable energy storage systems worldwide. The significant increase in energy demand worldwide has led to the growth of the energy storage market. Growing government and private investment in renewable energy generation is expected to boost the growth of the global energy storage systems market. These factors have led to the expansion of the market and increased demand for Energy Storage Solutions (ESS) solutions.
Recent Developments
The partnership between FIMER and Vega Solar supplied 14 PVS-100 inverters, a three-phase string solution, to Albania. The PVS-100/120-TL is a cloud-connected three-phase string inverter by FIMER designed for cost-effective decentralized solar systems on both ground and rooftops.
Salient Energy, a company developing proprietary zinc-ion batteries as an alternative to lithium-ion batteries in residential energy storage, announced that it had formalized a partnership with Horton World Solutions (HWS), a sustainable homebuilder whose proprietary composite framing system enables best-in-class energy efficiency and construction time.
Asia Pacific to Dominate the Market
Asia Pacific is estimated to account for the largest market share during the forecast period owing to the growing electrification in emerging economies such as China, India.
Moreover, ongoing energy storage investments and government initiatives are driving demand for energy storage solutions.
The Prominent Players in the Energy Storage Solutions (ESS) Market:
- Scheider Electric
- General Electric
- GS Yuasa Corporation
- UniEnergy Technologies, LLC
- BYD Co. Ltd
- Tesla Inc.
- Langley Holdings plc
- LG Chem
- Maxwell Technologies, Inc.
- Saft
- Showa Denko Materials Co., Ltd.
- The Furukawa Battery Co., Ltd.
- Kokam
- Fluence
- Samsung SDI Co., Ltd.
- SMA Solar Technology AG
- Exide Industries Ltd
- SK Holdings
- Autobat SACI and More
Key Findings
- The technology segment is further fragmented into Pumped Hydro Storage, Battery Energy Storage, Compressed Air Energy Storage, and Flywheel Energy Storage. The pumped hydro storage segment is expected to account for a larger market size during the forecast period due to the increase in demand for pumped water storage across the globe.
- The end user segment is further bifurcated into Outdoor location and Indoor location. The utilities segment is the largest market during the forecast period due to increased investment in the construction of community power plants.
- The application segment is further bifurcated into Small and medium-sized enterprises and large enterprises. stationary segment to account for a larger market size during the forecast period. This is due to the rapid expansion of heavy industry and projects such as dams, power plants, power grids, refineries and factories.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia Pacific is estimated to account for the largest market share during the forecast period.
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Frequently Asked Questions
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- What is the compound annual growth rate (CAGR) of the Energy Storage Solutions (ESS) Market?
- Which region holds the largest market share in Energy Storage Solutions (ESS) Market?
- Which region is the fastest growing in Energy Storage Solutions (ESS) Market?
- Who are the major players in Energy Storage Solutions (ESS) Market?
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