Energy Storage Market Expected to Inflate at CAGR 20.18% % By 2023

Global Thermal Energy Storage Market Research Report- Forecast to 2022

Energy Storage Market Expected to Inflate at CAGR 20.18% % By 2023

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Copyright Š 2018 Market Research Future.

Global Energy Storage Market Research Report- Forecast to 2023

1 Summary The growing attention and substantial investment in renewable power energy generation is rigorously driving the global energy storage market. Major economies around the world are highly focusing on developing the renewable energy power generation so as to reduce their dependency on conventional power generation through fossil fuels. Renewable energy currently holds a substantial share in total global energy production. In 2016, World Energy Council quoted that, hydropower accounted for about 30% of the total global installed power generating capacity and about 23% of total global electricity produced.

Key Players: The key players of global energy storage market are AES Corporation (U.S), Tesla Inc. (U.S), General Electric Company (U.S), Voith GmbH (Germany), Sulzer Ltd. (Switzerland), Hydrostor Inc. (Canada), Highview Power Storage (U.K), Linde AG (Germany), Hydrogenics Corporation (Canada) and SolarReserve, LLC. (U.S).

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Copyright Š 2018 Market Research Future.

Global Energy Storage Market Research Report- Forecast to 2023

2 Market Overview The market is driven by various factors such as evolution in renewable energy power generation, gradual downfall in technology cost and increasing application of energy storage in all end-user industries. This is mainly because, energy storage systems are less polluting and produces less carbon emissions when compared with traditional conventional energy sources such as coal, oil and petroleum. Energy storage generation is helping in the fight against climate change as well as it is acting as a source of power for remote and off grid areas where still millions of global population lives. However, the growth of the market can be hindered by the due high initial capital investment and indistinct supervisory framework for energy storage systems.

Segments

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Copyright Š 2018 Market Research Future.

Global Energy Storage Market Research Report- Forecast to 2023

3 Market Research Analysis Currently, there is a phenomenal growth in the energy storage sector throughout the world. The wide application of energy storage around all the end users is creating a good potential for the energy storage market. Currently there are limited options available for the end-user in energy storage sector, thus an advancement in technology will provide prudent substitute options to the end-users. The current cost of technology is higher and it cost a lot for the end-user to opt for these energy storage at all stages of operations. The upcoming advancement and government initiative will certainly boost the economic viability of the energy storage.

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Copyright Š 2018 Market Research Future.

Global Thermal Energy Storage Market Research Report- Forecast to 2022

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Copyright Š 2018 Market Research Future.