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Energy Storage Systems Market Size

  • Report ID: GMI4257
  • Published Date: Jul 2024
  • Report Format: PDF

Energy Storage Systems Market Size

Energy Storage Systems Market was valued at USD 486.2 billion in 2023 and is projected to grow at a CAGR of 15.2% between 2024 and 2032, driven by the increasing integration of renewable energy sources, advancements in battery technology, and the rising demand for grid stabilization and energy efficiency. ESS plays a crucial role in modernizing the power infrastructure, enhancing energy security, and supporting the transition to a sustainable energy future.

 

The increasing deployment of renewable energy sources such as solar and wind power requires efficient energy storage solutions to manage intermittency and ensure a stable power supply. Energy storage systems (ESS) allow for storing surplus energy produced during peak production periods for later use during periods of low production or high demand. Aging power infrastructure and the need for grid modernization are significant drivers of the ESS market. Energy storage systems provide grid stabilization, frequency regulation, and load balancing, enhancing the reliability and resilience of the power grid.
 

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of energy storage systems was reached USD 486.2 billion in 2023 and is projected to grow at 15.2% CAGR through 2032, driven by the increasing integration of renewable energy sources.

The electro-mechanical segment in the energy storage system market is anticipated to exceed USD 4.8 billion by 2032, backed by the increasing demand for efficient energy storage solutions to support grid stability, renewable energy integration, and industrial applications.

Europe energy storage systems market is projected to hit USD 361.1 billion by 2032, attributed to the deployment of renewable energy sources such as wind and solar power.

ABB, Abengoa S.A., Burns & McDonnell., BYD Company Ltd., CALMAC, Durapower Group, Exide Technologies, General Electric, Hitachi Energy Ltd., and Johnson Controls

Energy Storage Systems Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 20
  • Countries covered: 18
  • Pages: 80
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