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Electro-chemical Energy Storage Systems Market Size

Report ID: GMI9679
Published Date: May 2024
Report Format: PDF

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Electro-chemical Energy Storage Systems Market Size

Electro-chemical Energy Storage Systems Market was valued at USD 99.7 billion in 2023 and is anticipated to grow at a CAGR of 25.2% from 2024 to 2032, due to the increasing demand for renewable energy sources like solar and wind power that necessitates efficient energy storage solutions to manage intermittency. The automotive industry's shift towards electric vehicles (EVs) is propelling demand for high-performance batteries, particularly in lithium-ion batteries, enhancing energy density and reducing costs, further driving market expansion.

Electro-chemical Energy Storage Systems Market

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Governments worldwide are implementing supportive policies and incentives to promote energy storage deployment, fostering market growth. The key players in thus market are expanding their business capacities with the ongoing investment in this market. The emergence of new applications such as grid-scale energy storage and portable electronics further diversifies the market opportunities. These factors contribute to a dynamic electrochemical energy storage systems market, poised for continuous expansion in the coming years.

Electro-chemical Energy Storage Systems Market Report Attributes
Report Attribute	Details
Base Year:	2023
Electro-chemical Energy Storage Systems Market Size in 2023:	USD 99.7 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	25.2%
2032 Value Projection:	USD 868.2 Billion
Historical Data for:	2021 – 2023
No. of Pages:	350
Tables, Charts & Figures:	15
Segments covered:	Technology, and Applications
Growth Drivers:	Favourable Regulatory Framework Growth in the Renewable Energy Sector Increasing Concerns toward the security of supply
Pitfalls & Challenges:	Safety Concerns

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Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market size of electro-chemical energy storage systems was reached USD 99.7 billion in 2023 and is anticipated to grow at 25.2% CAGR during 2024 to 2032, owing to the increasing favorable regulatory framework.

The lithium-ion segment in the in electro-chemical energy storage systems market will generate USD 547.7 billion by 2032 due to its widespread adoption across electric vehicles (EVs), consumer electronics, grid-scale energy storage, and industrial applications.

Asia Pacific electro-chemical energy storage systems market will surpass USD 446.5 billion attributed to the rapid industrialization and urbanization in China, India, Japan, South Korea, and Australia.

A123 Systems, LLC, ABB, BYD Company Ltd., Duracell, Inc., Durapower Group, Exide Technologies, Furukawa Battery Co., Ltd., General Electric, Hitachi Energy Ltd., Invinity Energy Systems, Jena Batteries GmbH, and Johnson Controls.